The Finance Minister has approved the creation of Chief General Manager ( CGM ) posts in five additional nationalised banks: Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank, and UCO Bank.
Before this decision, CGM posts were only available in six out of eleven nationalised banks. Along with the new CGM positions, the Finance Minister also approved an increase in the existing CGM roles in banks that already had them.
The CGM position serves as an important link between the General Manager (GM) and the Executive Director (a board-level post) in nationalised banks. By increasing the number of CGMs, banks will be better equipped to monitor essential areas such as digitalization, cybersecurity, fintech, risk management, compliance, rural banking, and financial inclusion.
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This will allow for more focused strategies and improved overall performance in critical sub-domains like retail credit, agricultural credit, and MSME credit. More CGMs will also enable better control and supervision, leading to enhanced asset management and operational efficiency.
The revision of posts was based on the banks’ business mix as of March 31, 2023, maintaining a ratio of one CGM for every four GMs. This change will not only elevate GMs to the CGM role but will also benefit lower-level executives, including Deputy General Managers (DGM) and Assistant General Managers (AGM). Specifically, for every new CGM post created, there will be an increase of four GM posts, twelve DGM posts, and thirty-six AGM posts.
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With this revision, the total number of CGM posts in all eleven nationalised banks will rise from 80 to 144. Likewise, GM posts will increase from 440 to 576, DGM posts from 1,320 to 1,728, and AGM posts from 3,960 to 5,184.
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