New Delhi : Having appointed private sector professionals to head two large public sector banks (PSBs), the Finance Ministry said further such hiring of CEO and managing directors in banks would be from existing public sector talent pool and not from outside.
“For five large banks we had different procedure. For remaining banks we are going to hire from the pool of executive directors of the public sector banks itself,” Financial Services Secretary Hasmukh Adhia told PTI. “The eligibility criteria for the remaining bank vacancies have been approved and that is only for competition within the system. For remaining banks there would be normal procedure of selection from among the pool of executive directors,”
There is CEO and MD vacancy in Indian Bank and Andhra Bank and there would be vacancy in UCO Bank by the end of this month, he said.
In a first, the government last week roped in private sector professionals to run two of its largest banks — Bank of Baroda and Canara Bank — as it announced appointment of MDs and CEOs of five lenders.
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FinMin: Response to deal with yuan devaluation impact soon
Amid concerns over devaluation of Chinese yuan hitting Indian exports and investments, Finance Secretary Rajiv Mehrishi said the government will come out with a “carefully thought-out response” to deal with the situation. In an interview to PTI, Mehrishi pushed for RBI cutting interest rate to encourage manufacturing and boost exports, arguing risks are not much as inflation is low.
China last week devalued the yuan to combat the deepest economic slowdown since 1990. The move has made Indian exports to the communist country more uncompetitive and is likely to further widen the bilateral trade gap. “Where we are competing with China, our exports are likely to be adversely affected (following yuan devaluation). If China becomes a more attractive investment destination, then there would be an outflow of money from here. There will be a reverse flow.”
Indian exports to China declined 19.5 per cent yoy to USD 11.9 billion in 2014-15. Cost of production of steel in India was nearly 1.4 times the figure in other parts of the world and yuan devaluation will make it even more uncompetitive in comparison with Chinese products.
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