Finance Ministry make changes regarding appointment of CGMs

The Finance Ministry has made a decision to fix a cut-off mark in terms of total business of public sector banks (PSBs) to create the position of chief general managers (CGMs).

Finance Minister Nirmala Sitharaman previously said PSBs will now have the position of CGM which was thus far available only to the State Bank of India.

The government has also said that PSBs having a total business of ₹10 lakh crore will be eligible to have CGM posts in Scale VIII.

The total business of PNB-OBC-UBI pack will be around ₹18 lakh crore, the Canara and Syndicate combine will be ₹15 lakh crore and Union Bank-Corporation Bank-Andhra Bank will amount to ₹14.6 lakh crore. Indian Bank and Allahabad Bank combined had a total business of ₹8.08 lakh crore.

Candidates having two years of experience as general managers will now be eligible to become CGM, the Ministry has said in a communication adding that 50% relaxation would also be possible if the board approves the proposal.

 Eligible candidates must have at least two years of residual service.

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