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PSU bank chiefs can be from private sector

The top position in public sector banks is now available in the open. The government has invited applications from candidates in the private sector for the position of MD and CEO of five public sector banks. For the first time, the government issued advertisements on the finance ministry website seeking the applications. The positions are available in five public sector banks – Bank of Baroda, Canara Bank, Punjab National Bank, Bank of India and IDBI Bank. The positions are at present vacant in Bank of Baroda, Canara Bank and Punjab National Bank, while the CMDs of Bank of India, and IDBI Bank are to retire in May and June this year. Candidates in the age group of 45-55 years are eligible to apply for the positions and they should have at least three years of experience at the board level. The selected candidates will be given tenure of three years and the retirement age will be 60 years. The advertisement says the applications will be screened by a committee and suitable candidates chosen for an interaction with the selection committee, which will make recommendations to the government. The positions are also available to those working in public sector banks who have the prescribed qualifications and experience.

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