There have been relaxations galore for the appointment of CMDs for the seven government-owned banks which will see vacancies during the current fiscal year.
The interviews of 19 executive directors (EDs)working at various public sector banks (PSBs) took place in New Delhi on Wednesday.
However, one of the candidates, P Pradeep Kumar, managing director of State Bank of Travancore, didn?t turn up.
The banks which will have vacancies for the CMDs position during the current fiscal, include Central Bank, Corporation Bank, Dena Bank, Andhra Bank, Bank of Maharashtra, Syndicate Bank and Union Bank.
The interviewers? panel had financial services secretary Shashikant Sharma, RBI deputy governor Anand Sinha, Kolkata IIM?s S Chaudhuri and the former HDFC chairman Jagdish Capoor. Except for Chaudhuri, who has been given an extension, all the remaining members of the panel are first timers.
Going by the normal practice of inviting only those EDs who have completed two years in their current position and having a residual service of two more years, then there were only three such officials namely Mohan Tanksale (Punjab National Bank), BA Prabhakar (Bank of India) and MG Sanghvi (Bank of Maharashtra).
All the three EDs who had appeared for the interview for CMD posts last year had missed the bus last year. Hence, the norm was relaxed to the one year and nine months of the residual services in which seven more EDs became eligible.
But the norms were relaxed further by saying that even those EDs, that have already completed six months in office are also eligible to be considered for the post of CMD. This change in the norms delighted eight more EDs, who have assumed their offices merely six months back.
In another development, four out of seven general managers who had been denied the opportunity on the grounds that they had already appeared for such interviews for three times in past are also likely to be called for the interview for the post of EDs.
The interview for 17 ED posts will begin later this month.
However, there are no relaxation in norms for the appointment of the EDs at various PSBs, which are to be filled up during the current financial year. The existing norms say a candidate needs to have completed of two years as general manager and should have three years of remaining services.
Four of the seven GMs who are likely to appear for the forthcoming interview were denied the opportunity during the last year on the plea that they had already appeared for the interview for three times in past and still couldn?t make it.
The interview of 34 GMs are likely to take place by end of April by the same panel, sources said.