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Tuesday, October 28, 2014

Government cancels appointment of 8 state-run bank CMDs, 14 EDs

The government on Monday cancelled the appointment of eight chairmen-cum-managing directors and 14 executive directors of state-run banks appointed by the previous UPA government.

In a statement released late on Monday, the finance ministry said the decision was taken after a committee set up to examine the selection process to the posts of CMDs/EDs of Public Sector Banks (PSBs) for 2014-15 submitted its report.

The committee, which was set up earlier this year after the Syndicate Bank cash for loan scam had surfaced, included secretary (expenditure), secretary (school education) and governor of the Reserve Bank of India (RBI).

"The government has decided to cancel the current selection process of CMDs/EDs of public sector banks (PSBs). As a result, eight posts of CMDs and 14 posts of EDs would require to be filled up de nonovo," the statement said.

The previous Manmohan Singhled UPA government had selected CMDs and executive directors for six state-run banks, including Bank of Baroda, Oriental Bank of Commerce, Canara Bank, United Bank of India and Indian Overseas Bank. Bank appointments had come under lens after Syndicate Bank chairman and managing director ( CMD) SK Jain was arrested by the Central Bureau of Investigation for allegedly accepting bribes of Rs 50 lakh to enhance the credit limit of some companies. CBI director Ranjit Sinha had then said that Jain was favoured during the appointment process and the investigation agency has sent a report to the finance ministry.

Source : Economic Times


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