Why Modi government sacked CMDs of 6 PSU banks

October 28, 2014 08:26

CNN-IBN reports: The Narendra Modi government has sacked the heads of six Public Sector Unit banks. The move comes after the Chairman of Syndicate Bank was arrested on bribery charges in August.

A high-level panel report submitted to the government stated that there were irregularities in the selection process of the Chairman and Managing Directors of these banks.

A panel headed by the RBI Governor during the UPA rule had shortlisted the names for Bank of Baroda, Canara Bank, Indian Overseas Bank, Oriental Bank of Commerce, United Bank and Vijaya Bank. The government has now scrapped the process and decided to fill vacancies of 8 posts of CMDs and 14 posts of Executive Directors through a fresh process involving RBI Governor or his nominee.

The probe into the selections to banks like Bank of Baroda and Canara Bank followed arrest and termination of Syndicate Bank CMD SK Jain for alleged graft.

A finance ministry statement said future vacancies of chairman and managing directors (CMDs) as well as executive directors of PSU banks will now be filled through a new selection process.

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