Selection of chief executives at 5 state-run banks from Monday

As many as 26 shortlisted candidates, including executives from private sector banks, are to appear for interviews here for two days from Monday, for the posts of chief executive and managing director at five major banks.

A finance ministry source told IANS that this would be the first time when executives from private sector banks would be part of the selection process for top jobs in state-run banks including Punjab National Bank, Canara Bank and the Bank of India.

Each candidate will have to go through three sub-committees or screening committees of two members each, whose members are secretary, department of financial services, the additional secretary and a deputy governor of the Reserve Bank.

The sub-committees include three outside experts -- former State Bank of India managing director S. Viswanathan, Indian Institute of Management-Indore director Rishikesha T. Krishnan, and former Allahabad Bank chairperson S. Panse.

The final selection of candidates would be made by the appointment board chaired by the RBI governor.

The finance ministry had sought applications for the top posts in Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and IDBI Bank for a fixed term of three years.

However, it did not find an adequate number of candidates as per the criteria advertised, and, thus, relaxed the norms in April.