.................The Finance Ministry is proposing to appoint public sector bank heads for five years, in a move to bring in more transparency in the appointments. “We are proposing that they should be appointed for five years — initially for three years and a further two years based on assessment,” said G. S. Sandhu, Secretary, Financial Services, Union Ministry of Finance, on the sidelines of the 67th annual general meeting (AGM) of the Indian Bank’s Association (IBA) here on Wednesday............
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The move to appoint public sector bank heads for longer tenures is most welcome. But, to find sufficient number of suitable candidates in the age group of 50 to 55 in the pool of candidates to be considered for selection will continue to be difficult, unless a revamp of recruitment and career progression policies across hierarchies is made. Recently, one large bank had only one eligible candidate when 'selection' of candidate for the top-most position was to be made. Finance Ministry had to bend rules to make more candidates eligible for being considered.
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