New Delhi || 22-10-2024 The Finance Minister has approved the creation of Chief General Manager post in five more nationalized banks that is Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and UCO Bank.
Prior to this, CGM posts were available in six out of eleven nationalized banks. While creating the said post, the Finance Minister has also approved the increase in the existing number of CGMs in the banks that already have CGM level posts.
CGM post acts as an administrative and functional layer between the General Manager (GM) and the Executive Director (board level post) in the Nationalized Banks.
The increase of CGM posts will enhance the capability of banks to better monitor critical positions such as digitalisation, cyber security, fin-tech, risk, compliance, rural banking, financial inclusion etc., and sub-domains like retail credit, agri-credit, MSME credit etc., thereby leading to more targeted strategies and improved overall performance.
Increase in the number of CGMs will further enable the banks to have a better control and supervision thereby resulting in improved asset management and operational efficiency.
With the revision, the number of CGM posts in all the 11 Nationalised Banks has been increased from 80 to 144.
This significant step has been taken keeping in view the demands being received from various banks and also due to the substantial growth in business, verticals, domains and branch expansions of the banks that require a dedicated pyramid of executives at the senior level.
