Eight govt banks to get new CMDs this year

The government has shortlisted candidates for top posts in eight public sector banks to replace the current chairmen and managing directors who retire this current financial year.

Union Bank of India, Central Bank of India, Corporation Bank, Dena Bank, Andhra Bank, Syndicate Bank, Oriental Bank of Commerce and Bank of Maharashtra would get new chiefs this year.

Executive directors from different banks are eligible to be promoted to the post of chairman and managing director.

The government had, last week, interviewed 20 executive directors for the posts of chairman and managing director.

The government had also summoned 30 general managers to interview them for the posts of executive directors.

It is likely that 13 posts of general managers would be vacant in 2011-2012.

The panel responsible for interviewing the candidates includes Reserve Bank of India Deputy Governor Anand Sinha, Financial Services Secretary S K Sharma and former HDFC Bank chairman Jagdish Capoor.

Union Bank of India Chairman and Managing Director M V Nair, who secured a three-month extension in March, is likely to join Star Union Dai-ichi Life Insurance as chairman, once his extension ends in June.

The chairman's post in the insurance company fell vacant recently, after M Balachandran, former chairman and managing director, Bank of India Chairman, retired.