The Government decided to separate the post of Chairman and Managing Director by prescribing that in the subsequent vacancies to be filled up the CEO will get the designation of MD & CEO and there would be another person who would be appointed as non-Executive Chairman of PSBs.  This approach is based on global best practices and as per the guidelines in the Companies Act to ensure appropriate checks and balances.  The selection process for both these positions has been transparent and meritocratic.  The entire process of selection for MD & CEO was revamped.  Private sector candidates were also allowed to apply for the position of MD & CEO of the five top banks i.e. Punjab National Bank, Bank of Baroda, Bank of India, IDBI Bank and Canara Bank.  Three stage screening was done for the MD’s position culminating into final interview by three different panels.

Five MD & CEOs were appointed earlier. Appointments of MD & CEOs of five more banks - Bank of Baroda, Bank of India, Canara Bank, IDBI Bank and Punjab National Bank and Non-executive Chairman of 5 banks are announced today, as per the list below:
 
MD & CEOs
 

 

Non-Executive Chairman
 

 
The CVs of newly appointed MD & CEOs / non-executive Chairman are in the docket.
The process of selection of Non-official / Independent Directors has been revamped and made transparent.
 
There are some vacancies of Non-Official Directors on the Boards of PSBs and we would like to complete the selection process in the next three months. The selection of non-executive Chairman in the remaining six PSBs will also be completed in next three months. Also the appointment of MD & CEO in two other banks will also be done as early as possible.