The Finance Minister, Nirmala Sitharaman, has approved the creation of 64 more posts of the Chief General Manager (CGM) in nationalised banks taking the number to 144 from 80. It has been done to step up oversight given the substantial business growth.
The number of posts of General Manager (GM) has, accordingly, been revised from 440 to 576, the number of deputy GM posts from 1,320 to 1,728 and the number of assistant GM posts from 3,960 to 5,184.
According to the statement of the Finance Minister, it will lead to increased oversight and will result in better identification and mitigation of risks, especially in complex financial environment.
The Finance Ministry has also approved the creation of CGM posts in five more nationalised banks – Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab and Sindh Bank and UCO Bank.
Earlier, CGM posts were available in only six out of eleven nationalised banks. This is not all. The Finance Minister has also approved to increase the existing number of CGMs in the banks that already have CGM-level posts. This step will significantly enhance the administrative structure and efficiency of banks.
With the increase of CGM posts, banks will be in a better position to monitor critical positions such as digitalisation, cyber security, fintech, risk, compliance, rural banking, financial inclusion etc., and sub-domains like retail credit, agri credit and MSME Credit etc. The higher number of CGMs will also enable the banks to have a better control and supervision of asset management and operational efficiency.
