94 candidates apply for six executive director positions in PSBs

FSIB likely to hold interviews month-end

Around 94 candidates have applied for six vacant posts of executive directors (EDs) in public sector banks (PSBs), the interviews for which are likely to be conducted by the end of this month by the Financial Services Institutions Bureau (FSIB), according to a senior government official.

 

“The vacancies have arisen following recent appointments to managing directors and chief executive officers (CEOs) posts, which triggered a reshuffle and created fresh openings across several state-run lenders. Additionally, some EDs are also set to retire this year, contributing to the vacancies,” the official said.

 

EDs in PSBs are senior management officials appointed to oversee various aspects of bank operations and strategy. The applications for ED positions have come from candidates, including the ones currently serving as general managers (GMs) and chief general managers (CGMs) in various PSBs.

 

“The final result too is likely to come by the end of this month only,” the official added. 

 

India currently has 12 public sector banks- Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Indian Bank, Indian Overseas Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of India, UCO Bank, and Union Bank of India.

 

Last month, FSIB recommended Asheesh Pandey for the position of MD & CEO of Union Bank of India, and Kalyan Kumar as the MD & CEO of Central Bank of India.

 

Several EDs in PSBs are set to complete their tenures by the end of this year. Among them are Joydeep Dutta Roy, ED at Indian Overseas Bank, who is expected to retire in October, while M. Paramasivam, serving as ED of Punjab National Bank, will complete his term in November. Other senior officials likely to see the end of their terms this year include Ramasubramanian S. at Union Bank of India, Lalit Tyagi at Bank of Baroda, and two EDs at Central Bank of India—Malladi Venkat Murali Krishna and Vivek Wahi. These upcoming vacancies are expected to significantly influence the current round of ED appointments across PSBs.

 

The FSIB sends its recommendations to the Department of Financial Services in the finance ministry. The department forwards those to the Appointments Committee of the Cabinet (ACC) chaired by Prime Minister Narendra Modi. After the ACC clears the appointments, the Department of Personnel & Training (DoPT) notifies the names of the selected candidates.

 

In 2024, FSIB recommended the elevation of five CGMs for the post of executive directors in various banks. The FSIB interviewed 57 candidates between June 13-17 for recommending suitable names for EDs in PSBs.