India’s PSU banks to soon get their new heads!

Troubled by the fact that some of the largest public sector banks have remained headless for a very long time, the government has now shortlisted candidates from the private sector banks the first for the state run banks.

According to a report by ET, the candidates will appear for interviews next week and have been selected for the positions of CEO and MD at the banks. The five large PSU banks include Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and IDBI Bank.

The report also suggested that 26 candidates have been selected for the interview which has been scheduled for June 15 and June 16. The candidates will be interviewed by a high-level panel headed by RBI governor Raghuram Rajan.

It should be noted that of the 26 candidates who have been shortlisted, nearly seven executive directors of the various public sector banks have been called for the interview.

The department of financial services in the apex bank had asked for applications for the post of MD and CEO in Punjab National Bank, Bank of Baroda, Bank of India, Canara Bank and IDBI Bank for a fixed term of three years.

The department also had to relax a few of its norms as it could not find suitable candidates for the posts. The age limit has been increased from 55 years to 57 years while the mandatory board-level experience for the applicants was slashed from to one year from three years.