FinMin appoints 7 new executive directors for PSU banks

The long wait came to an end for the short-staffed public sector banks. The ministry of finance, department of financial services, on Monday appointed seven general managers (GMs) in one-go for the post of executive directors (EDs) to fill up the vacancies across banks. There are total 17 such posts lying vacant with the banks as Moneycontrol.com had reported earlier.

"The ministry has sent notification to every general manager (who has been selected) asking them to take charge with immediate effect. It was duly signed by Vijay Malhotra, an under secretary with the department of financial services. Soon, they will fulfill rest of the vacancies," a person with the direct knowledge of the development told Moneycontrol.com, which managed to get the list of names. Later, a senior finance ministry official confirmed all the names.

Those names include P Sreenivas (from Andhra Bank to Bank of Baroda as third ED), B P Sharma (from Punjab National Bank to Bank of India as third ED),  S R Bansal (from Dena Bank to PNB third ED), S K Jain (Dena Bank to second Bank of Baroda), S D Arya (from Bank of Maharashtra to United Bank of India as second ED), R K Shenoy (from Corporation Bank to Vijaya Bank as second ED) and Arun Tiwari (Bank of Baroda to Allahabad Bank as second ED). Amongst all, B P Sharma (55) is likely to be the youngest official.

In 2012-13, there will be a slew of reshuffling of top management posts due to retirement of various chairman and managing directors (CMDs) and EDs. The post for third ED has been recently created to take charge of a bank's human resource developments. Earlier in January, the ministry interviewed around 40 GMs and later shortlisted 17 in February, 2012.

Amidst growing banking operations, staff strength has of late become a major issue for all state-owned banks. As a part of the Khandelwal committee recommendations, the government had suggested lenders to constitute a steering committee involving the chairman and managing director, ED, government director and two outside HR professionals. The committee is supposed to take cognizance of crucial HR issues.

saikat.das@network18online.com