Bank Posts: 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 Managers to the post of Chief General Manager (CGM). Earlier, CGM posts were in six of the 11 nationalized banks.
The Finance Ministry said in a statement that while creating this post, the Finance Minister has also approved increase in the existing number of CGMs in those banks which already have posts of this level. This step will significantly increase the administrative structure and efficiency of banks. The CGM post works as an administrative and functional level between General Manager (GM) and Executive Director (Board level post) in nationalized banks.
According to the statement, by increasing the number of CGM posts, important areas like digitization, cyber security, financial technology, risk, compliance, rural banks, financial inclusion can be better focused. Also, the capacity of banks will increase for better monitoring of areas like retail loans, agricultural loans.
It has been said that increasing the number of CGMs will help banks in better control and monitoring. This will result in improved asset management and operational efficiency. It said that the number of CGM has been revised on the basis of 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 will also benefit the officers below GM level posts, i.e. Deputy General Managers (DGM) and Assistant General Managers (AGM). It said that there will be an increase in 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 in all 11 nationalized banks has increased from 80 to 144.
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