In a bid to improve the functioning of public sector banks, the government is planning a series of executive director level appointments. Finance minister Yashwant Sinha has approved the names of eight general managers for promotion and appointment as executive directors.
The banks where the appointments are to be made are the Calcutta-based Allahabad Bank, Dena Bank, Punjab National Bank, Syndicate Bank, Corporation Bank, UCO Bank, Bank of Maharashtra and the Central Bank of India.
The names of the eight candidates had been cleared by the appointments committee of the Cabinet earlier. The list of candidates has now been sent to the Central Vigilance Commissioner for vigilance clearance.
The present round of appointments are expected only after about two months as the clearances from various wings of the government require some time before the final notification is issued. Some of the posts have been lying vacant for the last few months on account of superannuation of the incumbant like A R Chabaria of Punjab National Bank who retired last month.
In some other cases, the current executive director has been appointed as a chairman and managing director. A case in point is Corporation Bank, where executive director N S Gujaral is likely to be appointed the chairman and managing director of Delhi-based Punjab & Sind Bank.
Sources said that the government plans to fill up vacancies that get vacant as soon as possible. Recently, the government appointed Verghese as the new chairman of Corporation Bank - a post which had been lying vacant for a while and Gujaral was holding concurrent charge.
Similarly, V P Shetty was appointed as the chairman and managing director of UCO Bank where he was earlier the executive director. The post of Punjab & Sind Bank chairman and managing director had been lying vacant since S S Kohli moved over as the chairman and managing director of another Delhi-based bank _ Punjab National Bank.
The government had issued a circular directing Punjab & Sind Bank executive director M S Kapoor to officiate as the chairman and managing till a permanent appointment is made.
