The government has cancelled the current selection process of public sector banks (PSBs) chiefs and is coming up with a fresh system, as per a statement from the finance.
On the basis of the report of the committee consisting of secretary (expenditure & school education) and governor, reserve bank of India (RBI), the government has decided to cancel the current selection process of CMDs/EDs of PSUs. It will implement the fresh process for selection for filling-up the existing vacancies.
Eight posts of CMDs and 14 posts of EDs are required to be filled up afresh.
The government has decided that a fresh process for selection would have to be implemented for filling up these existing vacancies wherein the RBI governor or his nominee of the rank of deputy governor should be a part of the selection process.
The move comes in the wake of arrest of chairman of Syndicate Bank over alleged graft.
(Edited by Joby Puthuparampil Johnson)