The selection of executive directors in various public sector banks has taken a new twist with the finance ministry once again drawing up a list of 83 eligible general managers for interviews.
With this the fate of nine GMs, who were interviewed in April 2002 and short-listed for appointment as ED as and when vacancies arise, hangs in the balance.
The nine were selected against identified vacancies. The fresh list of 83 GMs also includes 26 new faces who have become eligible for appointment as ED.
The nine GMs who will again have to go through the process of interviews, to be held either in mid-February or early March, are M Balachandran, Bank of Baroda (BoB); P Subba Rao, Central Bank of India; R N Pradeep, Dena Bank; A R Nagappan, Indian Bank; S K Awasthi, Punjab National Bank; Gajinder Singh, Punjab & Sind Bank; B Sambamurthy, Syndicate Bank; Ms H A Daruwala, Union Bank of India; and A Guha, State Bank of Travancore.
It may be recalled that the appointments sub-committee of the finance ministry consisting of RBI deputy governor GP Muniappan, then Banking Secretary Purkayastha, a management consultant from IIM Ahmedabad and retired Nabard chief P Kotiah, had interviewed around 80 GMs in April 2002.
Sometime in August 2002 the ministry came out with two lists of nine GMs each - one for immediate appointment as ED and the other as and when vacancies arise.
According to sources, the second list is supposed to be valid till November 2003. Of the first list of nine GMs, R Balakrishnan of Corporation Bank has been posted as ED, Andhra Bank; K N Prithviraj of Punjab National Bank to United Bank of India, K M Shet of Canara Bank to Syndicate Bank; Rohit M Desai of Bank of India to Indian Overseas Bank.
The five GMs who are awaiting their appointments are P S Sethi of BoB; K Rathnakar Hegde of Vijaya Bank; AV Duggade of Bank of Maharashtra; S P Roy of Union Bank of India and BK Datta of UCO Bank.
Over the next one year there will be vacancies at the ED level in Bank of Baroda; Bank of India; Canara Bank; Oriental Bank of Commerce; Punjab National Bank; Punjab & Sind Bank; Union Bank of India as the incumbent EDs are set to be elevated as chairmen and managing directors of various public sector banks and financial institutions.
Further the EDs of Indian Bank and Dena Bank will be retiring shortly.