Under the supervision of Finance Minister, Smt. Nirmala Sitharaman. The Union Ministry of Finance has approved the addition of Chief General Manager (CGM) posts in five more nationalized banks. This escalation of the total number of CGM posts in state-run banks to 64. Previously, only six out of 11 nationalized banks had CGM positions. The Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank will be getting new CGM’s.
This expansion of the workforce aims to enhance the administrative structure and efficiency of the listed banks. This focuses primarily on areas such as digitalization, cyber security, and financial inclusion. The CGM role serves as a crucial link between General Managers and Executive Directors.
This revision has increased the number of CGM posts in all 11 nationalized banks from 80 to 144. Accordingly, the General Manager posts has been revised from 440 to 576, the number of DGM posts from 1320 to 1728 and the number of AGM posts from 3960 to 5184.
This revision is enhancing the overall management and supervision of banks. The Ministry of Finance, under the guidance of Finance Minister has taken this important step in response to demands from various banks. The significant growth in their businesses, verticals, and branch expansions. This growth requires a dedicated structure of senior executives to manage operations effectively.
