Finance Ministry Bolsters Senior Management in Nationalized Banks

The Finance Ministry has authorized the creation of Chief General Manager (CGM) posts in five more nationalized banks to enhance administrative efficiency. This move, which increases the number of CGM, GM, DGM, and AGM posts, aims to improve banks' capabilities in areas like digitalization, risk, and financial inclusion.

The Finance Ministry, led by Minister Nirmala Sitharaman, has approved the creation of Chief General Manager (CGM) posts in five additional nationalized banks, namely Bank of Maharashtra, Central Bank of India, and UCO Bank. This aims to enhance the administrative framework and efficiency of these institutions.

The move includes elevating General Managers to CGMs at Indian Overseas Bank and Punjab & Sind Bank. Previously, such posts were available in only six out of 11 nationalized banks. The decision also increases CGM numbers in banks with existing posts.

This structural change will enable better monitoring of critical banking functions like digitalization and cybersecurity, improving overall performance. The number of CGMs in 11 nationalized banks has risen from 80 to 144, alongside proportional increases in other senior management roles.

(With inputs from agencies.)