The Union Ministry of Finance has approved the increase of chief general manager (CGM) posts in five more nationalised banks as per an official release.
With this revision, a total of 64 new CGM posts will be added in 11 state-run banks, the finance ministry said on Monday. So far, CGM posts were available in six out of the 11 nationalised banks.
These five banks are Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank.
Increase in existing CGM posts
The Finance Minister has also approved the increase in the existing number of CGMs in the banks that already have CGM level posts, as per the ministry. This step will significantly enhance the administrative structure and efficiency of banks, the ministry said.
The CGM post acts as an administrative and functional layer between the general manager (GM) and the executive director (board level post) in the nationalised banks.
The increase of CGM posts will enhance the capability of banks to better monitor critical positions such as digitalisation, cyber security, fintech, risk, compliance, rural banking, financial inclusion, etc., and sub-domains like retail credit, agricredit, MSME Credit, etc., thereby leading to more targeted strategies and improved overall performance.
NUMBER OF CGM , GM ,DGM AND AGM IN VARIOUS PUBLIC SECTOR BANKS ….✍️✍️#PSUBankspic.twitter.com/jjjTqKmIRc
— GKPeDia !!!!!! (@GKPeDia27) October 22, 2024
Better control and supervision
An increase in the number of CGMs will further enable the banks to have better control and supervision, thereby resulting in improved asset management and operational efficiency.
The number of posts has been revised based on the business mix of the banks as of March 31 previous year, with the ratio of one CGM for every four GMs. The immediate lower levels of executives, such as Deputy General Managers (DGM) and Assistant General Managers (AGM), will also benefit from this increase, as each CGM level post will result in an increase of 04 GM posts, 12 DGM posts, and 36 AGM posts. This benefit extends beyond the GMs who are promoted to the post of CGM.
Total increase from 80 to 144 CGM
With the revision, the number of CGM posts in all 11 nationalised banks has been increased from 80 to 144. Accordingly, the number of GM 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. Post enhancement at the senior management level will lead to increased oversight and will result in better identification and mitigation of risks, especially in complex financial environments.
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This significant step has been taken keeping in view the demands being received from various banks and also due to the substantial growth in business, verticals, domains, and branch expansions of the banks that require a dedicated pyramid of executives at the senior level.