Finance Ministry Boosts Efficiency with New CGM Posts in Nationalised Banks

The Union Ministry of Finance has approved the creation of 64 new Chief General Manager posts in 11 nationalised banks, enhancing administrative efficiency and strategic oversight. This restructuring creates additional General Manager, Deputy General Manager, and Assistant General Manager positions, improving banks' capability in various critical areas such as digitalization and risk management.

In a move set to enhance the operational efficiency of nationalised banks, the Union Ministry of Finance has sanctioned the addition of Chief General Manager (CGM) posts to five more banks. According to the ministry's official statement, these additions will expand the total number of CGM posts to 144 across 11 public sector banks.

Previously, only six banks offered CGM positions. The newly included banks are the Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank. Beyond the introduction of CGMs, existing CGM numbers have also been increased in banks already featuring this tier.

The CGM posts serve as a crucial administrative layer between the General Manager and board-level Executive Director positions, enhancing capabilities in key areas like digitalisation, fintech, and risk management. This decision, prompted by demands from banks and spurred by business growth, results in the appointment of 64 CGMs, along with increases in General Manager, Deputy General Manager, and Assistant General Manager posts.

(With inputs from agencies.)