look news india
Finance Minister Nirmala Sitharaman has approved the creation of the post of Chief General Manager (CGM) in five more nationalized banks, including Bank of Maharashtra, Central Bank of India and UCO Bank. This post will be below the board of directors level. Apart from this, Indian Overseas Bank and Punjab and Sindh Bank will also be able to promote their General Manager to the post of Chief General Manager (CGM). Earlier, six out of 11 nationalized banks had CGM posts.
While creating this post, the Finance Minister has also approved increase in the existing number of CGMs in those banks which already have posts at this level, the Finance Ministry said in a statement. This step will significantly increase the administrative structure and efficiency of banks. The CGM post serves as an administrative and functional level between General Manager (GM) and Executive Director (Board level post) in nationalized banks.
According to the statement, the increase in the number of CGM posts will enable better focus on important areas like digitization, cyber security, financial technology, risk, compliance, rural banking, financial inclusion. Also, the ability of banks to better monitor areas like retail loans, agricultural loans will increase.
It said the increase in the number of CGMs would help banks exercise better control and monitoring. This will improve asset management and operational efficiency. It said that the number of CGM has been revised based on the business of banks till March 31, 2023. Under this, there will be one CGM for every four general managers.
The increase in the post will not only benefit the GMs promoted to the post of CGM, but also the officers below the GM level posts, i.e. Deputy General Managers (DGMs) and Assistant General Managers (AGMs). It said there will be an increase of one CGM level post, four GM posts, 12 DGM posts and 36 AGM posts. It said that with the amendment, the number of CGM posts has increased from 80 to 144 in all 11 nationalized banks.
