With the retirement of Ms V R Iyer (CMD, Bank of India) on May 31 the fifth public sector bank (PSB) too became headless. Four PSBs have already been running headless namely; Bank of Baroda (vacant since July 31, 2014), Canara Bank (since October 01, 2014), Punjab National Bank (since October 28, 2014), Andhra Bank (since April 30, 2015).
Few largest banks (PNB, BoB, Canara Bank) of the country have been ailing for over months for want of MDs. The new Government at centre had decided to split the post of Chairman (non-functional chief) and MD/CEOs (functional chiefs) with a view to infuse top banking brains from private sectors but little shown interest.
Further the constrained government revised the eligibility criterion and increased the age limit from 55 yrs to 57 yrs and reduced the board level experience from 03 years to 01 year. All it has made 08 more EDs of PSB eligible for the four posts of MD. Reportedly, 58 aspirants are in the race for four posts of MDs.