Five more government banks will be able to create CGM posts, Finance Ministry approved

New Delhi| 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 & Sindh Bank will also be able to promote their General Managers to the posts of CGM.

Prior to this, only six of the 11 public sector banks had CGM positions. As of March 31, 2023, the number of CGMs has been revised based on the turnover of banks, the Finance Ministry said. Under this, there will be one CGM for every four general managers. With the amendment, the number of CGM posts in all 11 public sector banks has increased from 80 to 144

Creating the posts, the Finance Minister has also approved the increase in the existing number of CGMs in banks that already have this level of posts, the ministry said. This step will increase the administrative structure, monitoring and efficiency of banks.