These posts are being created so that better attention can be given to important areas like digitalization, cyber security, financial technology, risk, compliance, banks in villages, financial inclusion.
Bank Posts: Finance Minister Nirmala Sitharaman has approved the creation of the post of Chief General Manager (CGM) in five more nationalized banks including Bank of Maharashtra, Central Bank of India and UCO Bank. This post will be below the Board of Directors level. Apart from this, Indian Overseas Bank and Punjab & Sind Bank will also be able to promote their General Managers to the post of Chief General Manager (CGM). Earlier, CGM posts were in six out of 11 nationalized banks.
The Finance Ministry said in a statement that while creating this post, the Finance Minister has also approved the increase in the existing number of CGMs in banks which already have posts of this level. This move will significantly increase the administrative structure and efficiency of the banks. The CGM post acts as an administrative and functional level between the General Manager (GM) and Executive Director (board level post) in nationalized banks.
According to the statement, the increase in the number of CGM posts will enable better attention to important areas such as digitization, cyber security, financial technology, risk, compliance, banking in villages, financial inclusion. Also, the capacity of banks to better monitor areas such as retail loans, agricultural loans will increase.
It said that the increase in the number of CGMs will help banks to exercise better control and monitoring. This will result in improved asset management and operational efficiency. It said that the number of CGMs has been revised based on the business of the banks as on March 31, 2023. Under this, there will be one CGM for every four General Managers.
The increase in the post will not only benefit the GMs promoted to the post of CGM, but will also benefit the officers below the GM level posts, i.e. Deputy General Managers (DGMs) and Assistant General Managers (AGMs). It said that 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 amendment, the number of CGM posts has increased from 80 to 144 in all 11 nationalized banks.
