New Delhi : Finance Minister Sitharaman has taken a big decision regarding Bank of Maharashtra, Central Bank of India and UCO Bank and other 5 banks. In which he has approved to increase the appointment to the posts of Chief General Manager i.e. CGM in Nationalized Bank. However, it is being said that these posts will be of lower level than the post of Board of Directors.
Apart from this, Indian Overseas Bank and Punjab and Sindh Bank will also be able to promote their General Managers to the post of Chief General Manager i.e. CGM. Earlier, CGM posts were in six of the 11 nationalized banks.
approved for growth
The Finance Ministry has said in a statement that while creating this post, the Finance Minister has also approved increase in the existing number of CGMs in those banks which already have posts at this level. This step will significantly increase the administrative structure and efficiency of banks. The post of CGM works as an administrative and functional level between the posts of General Manager i.e. GM and Executive Director i.e. Board level in nationalized banks.
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Attention will increase on these sectors
According to the statement, the increase in the number of CGM posts will enable better focus on important areas like digitalization, cyber security, finance technology, risk, compliance, rural banks, financial inclusion. Also, the capacity of banks will increase for better monitoring of areas like retail loans, agricultural loans.
1 cgm at 4 gm
It said that the increase in the number of CGMs will help banks in better control and monitoring. This will result in improvement in asset management and asset efficiency. It said that the number of CGM has been revised based on the business of banks till March 31, 2023. Under this, there will be one CGM for every 4 General Managers.
Number of CGM increased
The creation/addition of the post will not only benefit the GMs promoted to the post of CGM, but also the officers below the GM level posts, i.e. Deputy General Managers i.e. DGMs and Assistant General Managers i.e. AGMs. It said there will be an increase of one CGM level post, four GM posts, 12 DGM posts and 36 AGM posts. It said that with the revision, the number of CGM posts in all 11 nationalized banks has increased from 80 to 144.
(with agency input)
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