Govt eases norms for selection of heads of five public sector banks

The government has eased the eligibility criteria pertaining to age and experience for selection of heads of five public sector banks (PSBs) in order to get a wider choice of candidates.

While the age limit has been increased to 57 years from 55 years, the mandatory Board-level experience for applicants has been reduced to one year from three years previously.

The department of financial services has invited applications till May 5 for the post of managing director (MD)-cumchief executive officers (CEOs) at five PSBs-Punjab National Bank (PNB), Bank of Baroda (BoB), Bank of India, Canara Bank and IDBI Bank.

"Officers of private as well as public sector banks with 45-57 years of age and Board-level experience of, at least, one year meeting the criteria are invited to apply for these positions", the department said in a notification.

Earlier, the department had invited applications from eligible candidates in the age group of 45-55 years with a minimum Board-level experience of three years.

The overall experience requirement of 15 years in the mainstream banking remains unchanged.

According to sources, the government has relaxed the norms so that more candidates get a chance to apply for these posts.

Earlier this year, the department had invited applications for top posts at these five banks but could not find suitable candidates.

BoB, PNB and Canara Bank are without any full-time chiefs and executive directors have been given additional charge of MD and CEO.

The MDs of BoI and IDBI Bank are going to retire soon.

The department also said that those having already applied need not apply again. Sources said that nearly 40 applications have been received in response to the earlier advertisement out of which the Reserve Bank of India has scrutinised 10-15 candidates.