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Informist, Wednesday, Apr. 30, 2025

 

By Sagar Sen and Priyasmita Dutta

 

NEW DELHI – In order to standardise operations across the banking sector, five small state-owned banks -- Bank of Maharashtra, Central Bank of India, UCO Bank, Indian Overseas Bank and Punjab & Sind Bank -- are likely to appoint chief general managers in May, a senior finance ministry official said. So far, there have been no chief general manager posts in these banks.

 

"Punjab & Sind Bank will have four chief general managers, whereas the rest four of them will have eight chief general managers each," the official told Informist, on the condition of anonymity. Chief general manager post acts as an administrative and functional layer between the general managers and the executive directors in public sector banks.

 

The appointments, which will be a promotion of general managers, will not need government approval and only board approval would suffice, the official added.

 

This move comes after Finance Minister Nirmala Sitharaman in October approved the proposal to add chief general manager level post to these five banks on identifying some gaps in seamless operations. "This step will significantly enhance the administrative structure and efficiency of banks," the ministry had said in a release at that time.

 

According to the official cited above, the five PSU banks will have three years to appoint the chief general managers. Bank of Maharashtra, Central Bank of India, UCO Bank and Indian Overseas Bank will have to appoint three chief general managers each in first and second year and two chief general managers in the third year. Punjab & Sind Bank is expected to appoint two chief general managers in first year and one each in the next two years, the official said.

 

The increase in number of chief general manager posts will enhance the capability of banks to better monitor critical operations such as digitalisation, cyber security, fintech, risk compliance, rural banking, financial inclusion, and sub-domains like retail credit, agriculture credit, small enterprises credit, thereby leading to more targeted strategies and improved overall performance.

 

As per individual banks' website, UCO Bank has 15 general managers each, while Bank of Maharashtra, Central Bank of India, Punjab & Sind Bank, have 18, 19 and 14 general managers, respectively. The Indian Overseas Bank website did not detail the number of general managers and did not respond to a query seeking information about it. 

 

At 1204 IST on the National Stock Exchange Wednesday, shares of Bank of Maharashtra were trading at INR 50.91, flat from the previous close; shares of Central Bank were trading at INR 37.09, up 2% from previous close; shares of Punjab & Sind Bank were trading at INR 26.87, down 1.2% from the previous close; shares of UCO Bank were trading at INR 31.21, down 2.7% from the previous close and shares of Indian Overseas Bank were trading at INR 37.73, down 1.6% from the previous close.  End

 

Edited by Deepshikha Bhardwaj

 

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