Economy News

Finance Minister Nirmala Sitharaman has given its nod to the creation of Chief General Manager (CGM) posts below the board level in five more nationalized banks.

The banks that will be getting these new CGM posts include Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab and Sind Bank, and UCO Bank.

In addition, the Finance Ministry has also approved an increase in the existing number of CGM posts in banks that already have them. This revision will raise the total number of CGM posts in all 11 nationalized banks from 80 to 144.

The decision to increase the number of CGM posts was based on a review of the business structures of the banks. The Finance Ministry noted that the new ratio will be one CGM for every four General Managers.

This move comes in response to demands from various banks and is also driven by the substantial growth in business, verticals, domains, and branch expansions. Sitharaman highlighted that the additional CGM posts will significantly enhance the administrative structure and efficiency of these banks.

The increased number of CGMs will enable banks to better monitor critical areas like digitalization, cyber security, and risk management. This will lead to more targeted strategies and improved overall performance. The creation of new CGM posts will also benefit lower-level executives, as it will create opportunities for promotions.

Powered by Capital Market - Live News