Finance Ministry considering proposal to increase Chief General Managers posts in PSU banks: Report

The concern ministry is considering a connection to rise the posts of Chief General Managers successful nationalist assemblage banks successful presumption of their expanding concern and profitability. As per existing authorities guidelines, determination tin beryllium 1 Chief General Manager (CGM) for 4 General Managers successful a nationalist assemblage slope (PSB). These guidelines were issued successful 2019 and since past determination has been marked betterment successful show of PSBs contempt the pandemic, sources said.

Business of PSBs person witnessed important maturation and consequently they booked grounds profit, sources said, adding the Department of Financial Services nether the Finance Ministry is reviewing CGM positions for achieving the adjacent level of maturation by PSBs.

The determination to unbend the guidelines would beryllium taken aft thorough introspection and considering the request for furthering their concern expansion, sources said.

The CGM station was created successful 2019, aft the merger of 10 nationalised banks to 4 ample lenders. CGMs enactment arsenic an administrative and functional furniture betwixt the General Manager and the Executive Director.

Besides, PSBs person besides requested the Department of Financial Services that boards should beryllium allowed to determine connected the fig of posts, arsenic per their concern needs.

The existing ratio of GM/DGM/AGM is 1:3:9, which is based connected 2016 position, and needs to beryllium reviewed for amended functional control," a elder enforcement of a nationalised slope said, adding this volition assistance successful improving retention of elder officers.

There are astir 4 lakh officers serving successful 12 state-owned banks.

Public assemblage banks' cumulative nett crossed Rs 1.4 lakh crore successful the fiscal twelvemonth ended March 2024, signaling a maturation of 35 per cent implicit the erstwhile twelvemonth connected a precocious basal of Rs 1 trillion.

The 12 PSBs unneurotic had earned a nett net of Rs 1,04,649 crore successful 2022-23.

Out of the full nett of Rs 141,203 crore earned during the FY24, marketplace person State Bank of India (SBI) unsocial contributed implicit 40 per cent of the full earnings, arsenic per the published numbers connected exchanges.

SBI earned a nett of Rs 61,077 crore, 22 per cent higher than the erstwhile fiscal twelvemonth (Rs 50,232 crore).

In percent presumption Delhi-based Punjab National Bank had the highest nett net maturation of 228 per cent to Rs 8,245 crore, followed by Union Bank of India with a 62 per cent emergence to Rs 13,649 crore and Central Bank of India with a 61 per cent summation to Rs 2,549 crore.