Selection of 08 CMDs & 14 EDs of banks cancelled; process to be rehashed

The Government of India has scrapped the selection process of chiefs of public sector banks. A panel led by RBI Governor Raghuram Rajan had interviewed 19 EDs of PSBs for appointment as Chairmans, CMDs & MDs of public sector banks including; Bank of Baroda, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, Syndicate Bank & United Bank of India. A new selection process will replace the old one which gave 70 percent weight to ACRs and 30 percent weight to interview marks. The initiative of the new government aims at bringing-in greater transparency and ensuring competence of PSBs with private sector banks.