The Union Finance Minister, Ms. Nirmala Sitharaman, has recently approved the creation of 64 additional Chief General Manager (CGM) posts in nationalised banks, raising the total from 80 to 144. This decision aims to enhance oversight in light of significant business growth within the sector.
The number of General Manager (GM) posts will increase from 440 to 576, while Deputy GM positions will rise from 1,320 to 1,728, and Assistant GM roles will expand from 3,960 to 5,184. The finance minister emphasized that this move will improve risk identification and mitigation, particularly in the complex financial landscape. The approval extends to CGM positions in five additional nationalised banks: Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab and Sindh Bank, and UCO Bank. Previously, CGM roles were limited to six out of eleven nationalised banks.
Furthermore, existing CGM positions in banks will be increased, strengthening the administrative framework and operational efficiency. With more CGMs, banks can better oversee crucial areas such as digitalization, cybersecurity, fintech, compliance, and financial inclusion, ultimately enhancing asset management and overall performance.
