Govt raises PSB CEO term to 10 years, seeks younger talent at the top

A candidate can be appointed for 5 years initially, extendable for another five years; this is also applicable for executive directors who are also wholetime directors

The union government has decided to increase the term of wholetime directors in public sector banks, including MD & CEOs, to 10 years, from five years, a move aimed to bring in younger talent in the top position.

A candidate can be appointed for 5 years initially, which can be extended for another five years, the government said in a Gazette on Thursday. This is also applicable for executive directors who are also wholetime directors.

“A whole-time Director, including the Managing Director, shall devote his whole-time to the affairs of the nationalised bank and shall hold office for such initial