Like our Facebook Page

news details

Government scraps PSU Bank Chief Selection process 10/27/2014 10:31:55 PM Agencies New Delhi, Oct 27: PSU banks for the posts of chairman and managing director (CMD) and executive director (ED), the Finance Ministry said on Monday. PSU bank heads were earlier management-appointed. "The government constituted here today a committee consisting of Secretary (Expenditure), Secretary (School Education) and Governor, Reserve Bank of India (RBI) to examine the selection process adopted for the selections to the posts of CMDs/EDs of Public Sector Banks (PSBs) for the year 2014-15," the Finance Ministry said in a note. The move comes on the back of the Central Bureau of Investigation or CBI finding irregularities in the PSU chief selection process after Syndicate Bank CMD SK Jain's arrest in August over graft charges. RBI Governor or a nominee of the rank of Deputy Governor of the central bank has to be part of the selection process, according to the new methodology. RBI Governor Raghuram Rajan in September had stressed on the need for the selection process to be more transparent. As a result of scrapping the earlier selection process, eight posts of CMDs and fourteen posts of EDs would require to be filled up afresh. "The government would fill-up all these vacancies expeditiously. The government has also decided to finalise a new process for selection of CMDs/EDs for all future vacancies," the note said.   Share This News with Your Friends on Social Network     Comment on this Story

top stories of the day

Tainted officials get plum posting as Local Bodies department violates Model Code of Conduct Ex-Cong Mayor predicts humiliating defeat for party in Assembly polls JU Council: Guv leaves VC JU in lurch, withholds decision to grant extension BJP's poll providence runs viral on WhatsApp After induction as Secy MFC, Dr Tariq Azad heads nonexistent Emergency Medicine Department Rules allegedly changed to adjust blue-eyed SO in SMVDU Will resignation help Sham repeat his 2008 performance? BJP may surrender Habba Kadal seat to Saraf Demands mandate from Habba Kadal Factionalism intensified in Kathua Congress NC politicises relief distribution in Valley, deputes workers for selective relief operations Kashmir has excessive representation in Assembly Kashmiri separatists resume Hartal politics, annoy flood-hit Valleyites JKSSRB's failure to declare teachers' list, results uncertain future of over 2000 shortlisted candidates Paying guests replace Landholders, farmers from Revenue Deptt list 30 PHCs in Kupwara dysfunctional Increasing number of militants falsify normalcy claims Caught amidst border hostilities, wind storm aggravates farmers' plight

STOCK UPDATE

BSE Sensex NSE Nifty

CRICKET UPDATE