Public sector bankers gear up for the ED races

It's promotion time across public sector banks. About 85 general managers from various banks will be interviewed for the post of executive directors (EDs). According to banking sources, 12 to 16 vacancies will arise at the ED level over the next six to eight months.

The appointment committee, headed by K J Udeshi, deputy governor, Reserve Bank of India, will hold interviews in New Delhi on March 18 and 19, sources said. Currently, the executive director's post at Corporation Bank is vacant, while V N Saxena is due to retire in June 2005 as the ED of Central Bank of India.

Eight of the present executive directors ""K C Chakarbarthy from Punjab National Bank, K V Ramkrishnan from Bank of Baroda, M Balachandran from Bank of India, M V Nair from Dena Bank, H A Daruwalla from Oriental Bank of Commerce, B Sambamurthy from Indian Bank, P Subbarao from Punjab & Sind Bank and Ashok Dugade from Bank of Maharashtra"" were called for interviews earlier this month to be promoted as chairmen and managing directors. These promotions will expected to create more vacancies.

The minimum pre-requisites for being called for interview are two years of service as a general manager and two years of remaining service before retirement.

Earlier, the criteria was a bit more stringent: a minimum three years of residual service was required, sources said.

Eleven general managers from Bank of India, all 13 general managers from Union Bank of India, three general managers from Dena Bank among others have been called for the interview.

Bankers are hoping that the selection process will be faster this time unlike in the previous year. Last time round there was a lapse of one and half years in the case of some candidates, between the interview date and the final appointment letter.

Chairmen & managing directors of Bank of India, Oriental Bank of Commerce and Punjab National Bank are set to retire in April 2005. The chief at Central Bank of India will retire in June 2005, while the Bank of Baroda CMD has already retired.