Public Sector Banks: The Central Government has started seriously considering increasing the post of Chief General Manager (CGM) in public sector banks. This proposal is being seriously considered in view of the increasing business and profit of public sector banks in the country. At present, in public sector banks there is one Chief General Manager for every 4 General Manager posts. These guidelines were issued in 2019. Now the government is realizing that this is inadequate in view of the increasing performance of the banks. It has become necessary to increase this.
This proposal is being seriously considered in the Finance Ministry.
According to the report of Money Control, the proposal to appoint more than one Chief General Manager is under consideration in the Finance Ministry. According to sources, the Department of Financial Services feels that it has become necessary to do this in view of the increasing business of banks. Having more than one CGM will enable banks to grow faster. The post of CGM was created in 2019 after the merger of 10 public sector banks into 4 big banks.
Banks want to increase posts as per their needs
At present CGM works as a bridge between the General Manager and the Executive Director. Apart from this, public sector banks have demanded from the Department of Financial Services that they should be given the right to decide the posts so that they can decide the number as per their needs. Currently the average ratio between GM, DGM and AGM is 1:3:9. There is a need for its review for better functioning of banks. This will also make it easier for banks to delegate responsibilities to senior officers.
4 lakh officers working in 12 government banks
At present, about 4 lakh officers are working in 12 government banks of the country. The profit of public sector banks has been around Rs 1.4 lakh crore in the financial year ending March 2024. There has been a 35 percent jump in this as compared to Rs 1 lakh crore for the financial year 2023. Out of this, SBI’s profit has been Rs 61,077 crore. The profit of PNB was Rs 8,245 crore, that of Union Bank of India was Rs 13,649 crore and that of Central Bank of India was Rs 2,549 crore.
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