One-time relaxation in eligibility criteria for promotion to the post - 25th November 2024 - Ministry of Finance - Gazette Notification PDF
Issued by Ministry of Finance · Department of Financial Services
Read or download the official PDF of this gazette notification issued by the Ministry of Finance on 25th November 2024.
Executive Summary & Key Takeaways
Executive Summary The document, dated November 25, 2024, from the Department of Financial Services, provides a one-time relaxation in the eligibility criteria for promotion to the post of Chief General Manager (CGM) in five nationalised banks, namely Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and UCO Bank. This relaxation applies to the CGM promotion exercise for the year 2025-26. The relaxation considers General Managers with less than two years of service as on April 1, 2025.
Key Points / Main Content
Availability of CGM Posts: The post of CGM (Scale-VIII) is available in all nationalized banks, below board level, irrespective of the bank's business mix.
Eligibility Criteria Relaxation (2025-26):
- A one-time relaxation is extended to deserving General Managers with less than two years of service as of April 1, 2025, to be considered for the CGM position in the specified five nationalized banks.
- The Boards of these five banks may relax the two-year residual service eligibility criterion by one year.
Impact Analysis
Stakeholder: Managing Directors and CEOs of Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and UCO Bank.
- Impact: The document directly affects the eligibility and promotion process for CGM positions within these banks.
- Action Required: The Boards of these banks are authorized to relax the residual service eligibility criterion for CGM promotion exercise 2025-26 by one year and can now consider the candidature of deserving General Managers having less than two years of service.
Key Entities Referenced
Nationalised Banks: Banks owned and operated by the government. This document pertains to a one-time relaxation in eligibility criteria for promotion to the post of Chief General Manager (CGM) in these banks.
Chief General Manager (CGM): A senior management position (Scale-VIII) in nationalised banks. The document specifies eligibility criteria relaxation for promotion to this role.
Ministry of Finance, Department of Financial Services: The Indian government department issuing the circular and responsible for the policy regarding CGM promotions in nationalised banks.
Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980: Mentioned with relation to consequential amendments to the Officers' Service Regulations for creation of CGM posts.
Official Gazette PDF Record
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See Full Document Text & PDF Transcript
eF. No.2/1912004-IR
Government of India
Ministry of Finance
Department of Financial Services
Jeevan Deep Building, 3'd floor
p arl i ament S treet,
I:f,.T,I;
:!,or}|,:o
To:
Managing Director and CEOs
(Bank of Maharashtra, Central Bank of India, Indian Overseas Bank,
Punjab & Sind Bank and UCO Bank)
Subject: One-time relaxation in eligibitity criteria for promotion to the
post of Chief General Manager (CGM)
Sir,
Please refer to this Department's letter of even number, dated
21.10.2024, vide which it was inter-alia conveyed that the post of CGM (Scale-
VIII) shall henceforth be available in all the Nationalized Banks, below board
level, irrespective of bank's business mix. All the eligibility criteria including
residual service of two years were kept the same as was conveyed vide this
Department's letter F. No. 4lll8l20l5, dated 30.8.2019 (copy enclosed).
2.
It is decided to extend a one-time opporhrnity to the deserving General
Managers having less than two years of service as on date of eligibility i.e.,
01.04.2025 to be considered for the position of CGM in the 5 Nationalised banks
(BoM, CBI, IOB, P&SB and UCO) where the CGM post is being introduced for
the first time from 01.04.2025. Hence, the concerned Board of these
5
Nationalised Banks may relax the eligibility criterion of two years' residual
service by one year for the CGM promotion exercise 2025-26.
3.
This issues with the approval of the competent authority.
Yours faithfully,
(Vijay
Under Secretary to the Government of India
Tel: 011- 23362349 - Email: ir@nic.inF. No. 4/r/8/2015-IR
Govemment of India
Ministry of Finance
Department of Financial Services
3d floor,Jeevan Deep Building
Parliament Srreer, New Delhi - 110 001
Dated 30th August 2019
To:
Managing Director and CEO
All nationalised banks
Subiect PSB Governance Reforms - Empoweffnent of bank Boards - F'lexibilit-v to
inroduce Chief General N{anager level as per business necds
Madam/sh,
Folloudng consolidation and grorvth in business in a large Public Sector Bank,
introduction of Chief General Manager (CGN! level in the bank was proposed. With a
r"ierv to rnake the span of control more manageable and effective, Government has
decided to convey no obiection to introduction of CGIv{ level and to give all nationalised
banks flexibility to introduce CGM level as per business needs, with the approval of their
Board, subiect to the following:
(a) CGM posts (in a ftesh scale termed as Scale-VIID may be created in
nationalised banks that have a total business @eing the summation of the
gross loans and advances and the total deposit of the bank, reckoned as per
t
the last declared results of the bank) of 10 lakh crore or higher, to acr as an
administrative and funcdonal layer benveen the existing levels of Genetal
I{anager (GN$ and Executive Director.
&)'Ihe number of CGM posts created shall be such that the ratio benveen the
total number of posts of CGM and GM does nor exceed 1:4.
(c) Pay-scale for the post of CGIU shall be fixed at { 1,03,000-2,700/3-1,11,100-
28W/7-1,13.900 and other admissible allowances, duly approved by the
bank's Board.
(d) Nationalised banks desirous of creating such CGN.{ posts that frrlfil the above
criteria may submit consequential amendments to their Officers' Senice
Regulations for creation of these posts, as per the provisions of secrion 19 of
the Banking Companies (Acquisition and "fransfer of Undertakings) Act,
1970/1980.
2.
The following eligibiliry and other criteria for CGIvt post ruy be adopted bv
desirous banks, with the approval of the bank's Board:(i) GIus u,ith minimum trvo years'expetience may be considered for the post of
cGM. Flowever, up to 50Yo relaxation may be accorded with the approval of
the bank's lloard.
G) The eligible candidate may have ar leasr rwo years residual service.
(ut)Th. process for promotion to the post of CGN{ may be on lines of the exganr
Process for ptomotion to the posr of GMs in nationalised banks, which is
done by a selecdon comminee comprised of iv{anaging Director pID) and
CEO (senior-most Executive Director in case of vacancy in the office of Mf)
and CEO), Government nominee Director, RBI nominee Director and trvo
outside experts.
J This issues with the approval of competent authorir.y-.
Yor5[ayithtully,
(S. R. Mehar)
Deputy Secretary to the Govemment of India
Tet 011-23362133
Email: ir@nic.in
copy to:
L.
Secretary, Banks Board Bureau
2.
Government nominee Directors on the Boards of nationalised banks