New Delhi: Union finance minister Nirmala Sitharaman has approved creation of additional senior level posts in nationalised banks, in a move aimed at enhancing their administrative efficiency.
" Post enhancement at the senior management level will lead to increased oversight and will result in better identification and mitigation of risks, especially in complex financial environments," a finance ministry statement said Monday.
With the revision, the number of Chief General Manager posts in all the 11 Nationalised Banks has been increased from 80 to 144.
Accordingly, the number of GM posts has been revised from 440 to 576, the number of Deputy GM posts from 1320 to 1728 and the number of Assistant GM posts from 3960 to 5184, it said.
This "significant step" has been taken keeping in view the demands received from various banks and also due to the substantial growth in business, verticals, domains and branch expansions of the banks that require a dedicated pyramid of executives at the senior level, it added.
The statement said that the finance minister had approved the creation of Chief General Manager post (CGM), below board level, in five more nationalized banks - Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and UCO Bank.
Prior to this, CGM posts were available in six out of eleven nationalized banks.
While creating the said posts, She has also approved the increase in the existing number of CGMs in the banks that already have CGM level posts, it said.
The number of posts has been revised based on the business mix of the banks as on 31.03.2023, with the ratio of one CGM for every four GMs.
This creation or increase will not only benefit the GMs elevating to the post of CGM but also benefit the immediate lower levels of executives.
CGMs acts as an administrative and functional layer between the General Manager (GM) and the Executive Director (board level post) in the Nationalized Banks.
The increase of CGM posts will enhance the capability of banks to better monitor critical positions such as digitalisation, cyber security, fin-tech, risk, compliance, rural banking, financial inclusion etc., and sub-domains like retail credit, agri credit, MSME Credit etc., thereby leading to more targeted strategies and improved overall performance, it noted.
" Post enhancement at the senior management level will lead to increased oversight and will result in better identification and mitigation of risks, especially in complex financial environments," a finance ministry statement said Monday.
With the revision, the number of Chief General Manager posts in all the 11 Nationalised Banks has been increased from 80 to 144.
Accordingly, the number of GM posts has been revised from 440 to 576, the number of Deputy GM posts from 1320 to 1728 and the number of Assistant GM posts from 3960 to 5184, it said.
This "significant step" has been taken keeping in view the demands received from various banks and also due to the substantial growth in business, verticals, domains and branch expansions of the banks that require a dedicated pyramid of executives at the senior level, it added.
The statement said that the finance minister had approved the creation of Chief General Manager post (CGM), below board level, in five more nationalized banks - Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and UCO Bank.
Prior to this, CGM posts were available in six out of eleven nationalized banks.
While creating the said posts, She has also approved the increase in the existing number of CGMs in the banks that already have CGM level posts, it said.
The number of posts has been revised based on the business mix of the banks as on 31.03.2023, with the ratio of one CGM for every four GMs.
This creation or increase will not only benefit the GMs elevating to the post of CGM but also benefit the immediate lower levels of executives.
CGMs acts as an administrative and functional layer between the General Manager (GM) and the Executive Director (board level post) in the Nationalized Banks.
The increase of CGM posts will enhance the capability of banks to better monitor critical positions such as digitalisation, cyber security, fin-tech, risk, compliance, rural banking, financial inclusion etc., and sub-domains like retail credit, agri credit, MSME Credit etc., thereby leading to more targeted strategies and improved overall performance, it noted.
