As many as 11 Executive Directors are in the fray to fill the six posts of Chairman and Managing Director (CMD) of public sector banks that will fall vacant in financial year 2012-13. A top-level panel, comprising a RBI Deputy Governor, Financial Services Secretary as well as certain external experts, is to meet here on January 12, to conduct interviews for the top slots in six public sector lenders, sources said. The public sector banks where the incumbent chief executives are to retire during the next financial year are Bank of Baroda, Bank of India, Canara Bank, Allahabad Bank, United Bank of India and Dena Bank. This panel will shortlist the names and also do allotment of banks. The names are expected to be finalised the same day after discussions with the RBI Governor. The names of the selected candidates would be forwarded to the Union Finance Minister and then to the Appointments Committee of the Cabinet, sources said. After a gap of two years, the panel may also look at the possibility of lateral movement of existing CMDs to the large banks (category A banks – over Rs 3 lakh crore turnover). In the next financial year, the CMDs of three large banks (Category A) — Bank of Baroda, Bank of India and Canara Bank — are to superannuate, raising expectations that some existing CMDs in mid-sized banks may get to move over to these banks. Over the last two years, the Government and the RBI have opted to elevate Executive Directors to the posts of CMDs rather than looking at lateral movement of CMDs.
HBL
