Selection process for CMDs of 8 Public Sector Banks to start on Nov 13, 2014

In significant change in the selection process for appointment of public sector bank chiefs, three sub-committees will now interview eligible candidates.

Each sub-committee will have two members and all eligible candidates will have to go through all these screening panel separately. The sub-committee members would be Department of Financial Services Secretary, RBI Deputy Governor and four experts, making it total six members in three sub-committees.

The final selection would be made by the appointment board chaired by RBI Governor based on the weighted average marks given by sub-committees to ensure objectivity and transparency.

Following shortlisting by the high level panel, the names of the candidates would be sent to Finance Minister and subsequently to the Appointments Committee of Cabinet (ACC). In the mean time, the process for vigilance and other necessary clearances would be undertaken.

An appointment board, headed by RBI Governor Raghuram Rajan, will hold interviews of eligible candidates for the post of CMDs of 8 public sector banks on November 13-14.

Earlier, the NDA government had scrapped the selection of six PSU bank heads and 14 executive directors (EDs) made during the UPA tenure following a separate panel finding irregularities in the process.