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Finance Minister Nirmala Sitharaman Recently Approves Creation of CGM Posts in 5 Nationalized Banks.

Banking & Finance | Dated: 30 Oct 2024

Union Minister Nirmala Sitharaman, Ministry of Finance (MoF), has approved the restructuring of nationalized banks by creating and increasing the number of Chief General Manager (CGM) posts.

🎯 Key Highlights:

  • - The restructuring is based on a review of the banks' business mixes as of March 31, 2023.
  • - The new structure seeks to maintain a ratio of one CGM for every four GMs, ensuring a more balanced distribution of responsibilities.
  • - Previously, CGM posts were available in six out of the eleven nationalized banks. The new CGM posts will be introduced in five additional banks: Bank of Maharashtra (BoM) in Pune, Maharashtra; Central Bank of India (CBI) in Mumbai, Maharashtra; Indian Overseas Bank (IOB) in Chennai, Tamil Nadu; Punjab & Sind Bank (PSB) in New Delhi, Delhi; and UCO Bank in Kolkata, West Bengal.

💡 Other Important Facts:

  • (i) The Finance Minister has approved the creation of 64 new Chief General Manager (CGM) posts, raising the total number of CGM positions across all 11 nationalized banks from 80 to 144.
  • (ii) As a result of this change, the number of General Manager (GM) positions will increase from 440 to 576, Deputy General Manager (DGM) positions will rise from 1,320 to 1,728, and Assistant General Manager (AGM) positions will grow from 3,960 to 5,184.
  • (iii) The CGM position serves as a crucial link between the GM and Executive Director (ED) roles.

📚 Test Your Knowledge:

Who recently approved the creation of CGM posts in 5 nationalized banks?

Correct Answer: Nirmala Sitharaman

🚀 Quick Recap:

About MoF

  • Union Minister : Nirmala Sitharaman
  • Secretary : Tuhin Kanta Pandey