28th March, 2013:  It was in the second week of February, 2013 that interviews for filling up the posts of CMDs and EDs in PS Banks during FY 2013-14, were held.  Since then, there was been lot of speculations and people were expecting that lists will be out soon.  However, we had kept silence as nothing create was available.  Now bankers have given hope of an early announcement of the list as CVC is likely to take its own time for approval of the list.  Thus, it may be even few weeks more - may be after end of the Parliament session - before the cat is out of the bag!

21st February, 2013:   For last few day, news has been coming that finally Ms Archana Bhargava will become CMD.     Now there are talks that she will take over as CMD of United Bank very soon.  Normally, whenever there is change at the top level, there are ripples down below.  Bankers are talking that this time in United Bank there may be bigger waves.    We wish good luck to all top management people of United Bank.

11th February, 2013:   It is reported that today only 17 EDs appeared for interviews for the likely 9 posts of CMD for the FY 2013-14.   Now in next round (13th February), there are likely to be 35 GMs appearing for interview for appointment as EDs in the forthcoming FY.  

6th February, 2013:   On 28th January, we had announced that interviews for appointments to the posts of CMDs and EDs for FY 2013-14 will be held in the middle of February, 2013.  Now the latest reports indicate that these have been scheduled for 11th February (for CMD) and 13th February, 2013 (for GM to EDs).  The atmosphere at the top level is now charged up and people are guessing who will be able to pull through with the new alignments in the political circles and funds required for the forthcoming elections!

2nd February, 2013 : Bankers are now talking about the new Secretary, Financial Services, Mr Rajiv Takru, who is a Gujarat cadre 1979 batch IAS officer.    He is likely to meet all the Bank CMDs on 5th February, 2013.      Bankers are closely watching the development as the tenure of earlier Secretary, Mr Mittal has sometimes been criticized by certain quarters.  However, another group felt he tried to bring back the detailed banking management on back on rails.    [Takru was previously Prasar Bharti CEO and has  replaced D K Mittal, who retired on 31st January, 2013.   Prior to this, he was Additional Secretary and Financial Adviser in the Ministry of Health and Family Welfare.]

28th January, 2013:   After lot of controversies in appointment of CMDs during 2012,  bankers are now talking about the likely interviews for selecting the panel of CMDs to be appointed during the FY 2013-14.    The interviews are likely to be held by the middle of February 2013 itself.    We are sure pulls and pushes must have began.

18th December, 2012: The talks in the bank circles once again indicate that R K Dube will be soon taking over as CMD of Canara Bank !  Has Mr Arun Kaul has  lost the battle for lateral promotions on account of some motivated complaints ?

21st November, 2012:   A few weeks back,  I have written an interesting article "Selection of CMDs and EDs in Public Sectors Banks  Are Nothing More Than Farce",  where inter-alia, I have talked about as to how the criteria is tweaked every year to suit the whims of political class.    Bankers are now talking about a report published in Business Standard confirming that this year even the candidates who have merely served for 6 months as ED are likely to be called for interview for selection to the posts of CMD falling vacant in FY 2013-14,  on the plea that sufficient candidates are not available.  (Till last year it was 2 years).    We are again vindicated about what we have written a few weeks back.   Why GoI can not plan the career paths in advance?    It appears the Congress Government wants to make best use of the last opportunity for appointment of CMDs before next LS elections.   Long live corrupt politicians and bankers!!.   Click here to read the full story   

20th November, 2012:   Reports are coming that  Mr Ashwani Kumar, at present  ED at Corporation Bank, is  likely to join as CMD of Dena Bank in December 2012 itself,  as Nupur Mitra, present CMD of Dena Bank is to retire on December 31.

, 2012:   3 big PS Banks are now (Headless) - Some EDs become de-facto CMDs and can run reign of terror.   Bankers are well aware that interviews for the forthcoming vacancies for CMDs were held way back in January 2012, on the pretext that the appointments this time will be made well in advance and Banks will not remain headless even for one day as these are important institutions for nation's development.   Now, in October 2012, almost 9 months later,  bankers find that there is still chaos in MoF and 3 big PS Banks - Allahabad Bank, Canara Bank and Bank of India are HEADLESS as on this day.  Bankers are talking about EDs of these banks, who have become de-facto Chairman of such banks (Some of them may be under constant scanner of vigilance / CBI, but have now got free hand for manipulations as head of the institution).   Bankers are well aware that this type of stop gap only brings new groupism and encourages corruption and nepotism.    A few weeks back, we have also received details about how  a General Manager of one of these PS Banks had a heart attack right in the middle of  board meeting   Luckily he is reported to have survived, but bank community was talking about the undue pressure created by seniors in almost all meetings.   Bankers were also talking in hushed tones about some VRS options being explored by GMs to save themselves from such humiliations and reign of terror among top management by certain EDs / CMDs in the past as well as to present day.   Slowly, this type of terrorism is percolating downwards to middle level management also. I am not sure when will this kind of corporate terrorism end.

 [Update: It is reported that Ms S. Panse has joined Allahabad Bank on 1st October late evening and will report to HO at Kolkatta on 3rd October]

Now once again the issue of lateral promotions are talk of the banking industry.  In the process Arun Kaul and TM Bhasin are likely to get lateral promotion whereas following others to become CMDs.

We will keenly watch the body line of Bank Chiefs in the forthcoming meeting with FM.  Certainly, most of them will be keen to bend to the maximum extent, but some of them may appear to be totally SPINELESS !

Soon you may see a new name plate outside CMD's room !!

1. Ranjan Dhawan-CGM, Punjab National Bank to Bank of Baroda
2. V.S. Krishna Kumar -Allahabad Bank to Canara Bank.
3. B.K. Shrivastava -Allahabad Bank to Corporation Bank.
4. Sadhu Ram Bansal -Dena Bank to Punjab & Sind Bank
5. S.D.Arya- Bank of Maharashtra to United Bank
6. Ramdas Shenoy -Corporation Bank to Vijaya Bank
7. Arun Tiwari- Bank of Baroda to Allahabad Bank
8. Sudhir Kumar Jain- Dena Bank to Bank of Baroda
9. Bhupinder Nayyar -Bank of India to Oriental Bank of Commerce
10. Atul Gautam- Oriental Bank of Commerce to Vijaya Bank
11. S.K.Kalra- Allahabad Bank to Andhra Bank.
12. Malay Mukherjee Indian Bank to Central Bank of India.
13. R.K.Goyal -Bank of India to Central Bank of India.
14. P Srinivas - Andhra Bank to Bank of Baroda.
15. K Subramanian- Indian Overseas Bank to Union Bank of India.
16. S K Sangar - Union Bank of India to Punjab National Bank.

Will this prove to be final list? or new names added  under political pressures is anybody's guess.  There is extraordinary delay on account of problems being faced by UPA government on various fronts.   Such appointments do not have priority and  much importance for political bosses.
 

ABS wishes all of them good luck in the elevated positions.

10th April, 2012 :  It has been quite sometime that we have not updated this column.  The reason is that there was silence as far as promotions to the posts of CMDs and EDs is concerned as Government was busy in fire fighting on many fronts - corruption in coal ministry, army controversies etc etc.  PM and his associates had no time to see the file relating to petty issues like promotion to the posts of CMDs etc.  Now, as new financial year has started and no appointments will become due, the rumors have started floating that file will be cleared by next month.

It is a known fact that the expected list of CMDs (which we have also hosted) contains certain names which across the industry are known to be not clean at all.   With delays, in some cases new issues relating to corruption might have surfaced as you can keep lid on some issues forever.  With government already under fire on corruption issues, can PM afford to put such people at the helm of the affairs?  There are hot talks that some earlier names may be struck off and new names added to the list. 

The million dollar question is whether the lobby of corrupt bankers will be able to continue dominate the scene and will have its own way or PM will be able to exclude some of such names.  The past trends do not give us confidence in the matter.   But the latest reports indicate that some changes are likely to happen.   Let us hope the new list is of the people with much more clean image.

15 March, 2012 :  We have not updated for almost for over a fortnight.  The reasons is that there is no news.   But no news can also be a news!  The process of promotions to EDs and CMDs for the current year is still in limbo.  Congress government is only fire fighting for its survival for last few weeks.  The files of promotion to EDs and CMDs have no priority as compared to save the government from the onslaught of the allies like TMC, DMK and reverses in the recent elections.   Government is working overtime to save itself from mid term polls.  In these circumstances, we have to wait whether PM will be able to find time for such non priority area.  Another question is whether things can be rushed if it becomes certainty that mid term polls can become reality in very near future.

28th February, 2012 :  Bankers are talking that Mr Anil Kumar, GM at Allahabad Bank, who died recently, was under stress as some top bosses were not at all in favour of his promotion for the post of ED.  Was vigilance clearance by the bank delayed and vigilance enquiries relating to his postings at Ludhiana were motivated but could not find any thing against him.    Ultimately clearance was to be given by the same elements.    Did these incidents perturbed him so much that he died.   In case these reports of pressure tactics used to harass GM are true, than it is a really a sad commentary  on the working of the top bosses in the banking sector.  

Every banker knows that bosses put undue pressure if they do not toe their line. Such pressures leads to high blood pressure, diabetes and other diseases.   Some ultimately die under such pressure.   But culprits are not booked as no banker has the guts to raise his voice against such bad bosses.  In case of deaths,  it is difficult to prove that the victim died purely on account of such pressures.

We prey God,  Save the Bankers from Bad Bosses.  Give strength to bankers so that at least some of them can raise voice against such bad bosses,  and others at least support the crusaders.

27th February, 2012 :   We have been reporting the developments relating to promotion to the posts of EDs and CMDs for last few weeks.   Today, we received two reports - one is really a sad one and the other a good one.

On 7th February we have reported that the name of Mr Anil Kumar, GM at Allahabad Bank is among the likely candidates to be promoted  as ED.   However, banking circles are shocked to know that Mr Anil Kumar breathed his last on 25th February.  Our heartfelt condolences for the bereaved family.

On 19th January we have given in these columns the names of the candidates who are likely to be promoted as CMDs.   However, the file remained pending for the reasons discussed in these columns.  Banking circles were talking about the pressures for change in the list.  On 21st February, we reported that bankers are discussing that Dr Subbarao has refused to budge.  We saluted Governor RBI for taking a firm stand.     Now after six weeks of speculation regarding lateral movement of CMDs, banking circle are again abuzz that the file with the names (as reported in these columns) has moved to PMO and thus following six candidates are likely to be promoted :-

Name of the Candidate       Present Posting as ED in         Likely Posting as CMD in

(a) Ms. Archana Bhargawa -             Canara Bank                    United Bank of India

(b) Mr H S Mundra -                  Union Bank of India,                  Bank of Baroda

(c) Mr R K Dube -                      Central Bank of India                  Canara Bank

(d) Ms. Shubhalakshmi Panse             Vijaya Bank                     Allahabad Bank

(e) Ms.V R Iyer -                        Central Bank of India                 Bank of India

(f) Mr Ashwani Kumar                  Corporation Bank                        Dena Bank

We again salute Governor RBI for his commitment to honesty and firm stand.  Best of Luck to the above candidates and we wish they learn from Dr Subbarao and do not become SPINELESS when confronted by babus of Finance Ministry and politicians. 

21st February, 2012 :   Honest bankers are admiring that  Dr Duvvuri Subbarao is proving a hard nut to crack as he is sticking to the original list of CMDs as per minutes signed by him.  Thus, there may not be any changes in the original list of candidates approved for the panel.  Hats off to Dr Subbarao for his stand.   It is wonderful news we have heard after a long time, as most of the CMDs and other finance ministry officials have proved  themselves as SPINELESS and always ready to change the lists as and when asked to do so.   All honest bankers are well aware that in bank internal promotions and postings lists are drawn, redrawn upto 10 times to accommodate the candidates who have pulled up the strings.  Will GMs, EDs and CMDs of PS Banks will learn from Dr Subbarao ?
 

21st February, 2012 :  The Hot talks are going around that Mr K C Chakrabarty will be able to get extension and in such a situation, no new DG is likely to be appointed in next few months as there will be no vacancy.    Is it an indication that  Mr SubbaRao feels that Mr Chakrabarty is now a domesticated tiger or are some other forces play major roles in such extensions and will not allow the writ of Governor to run ?

18th February, 2012 :   Last few days we were getting reports that Mr Kamath, CMD of PNB may move to RBI as DG.   We avoided the reporting as this was being talked in hushed tones.  Now reports indicate that these were only rumors for the time being.    Now bankers are talking as to whether Mr K C Chakrabarty, current DG in RBI will retire in June this year itself.  Let us wait what happens to this DG who had to be reigned by Governor of RBI on number of occasions for his outbrusts.   It was something like Mouthshut Dotcom syndrome.  His recent utterances that there is nothing to worry for NPAs of PS Banks has triggered controversy as recently Finance Ministry has contradicted him by saying that PS Banks have been overstating profits and there is a need for proper provisioning for bad loans.  

Where is Anna...............?? Instead of saying "I am Anna, You are Anna", now politicians say "Anna is Dead.   Nobody is Anna in India".   Long Live This Class of politicians !!!

13th February, 2012 :   The reported death of Mr. Shambhu Sharan Singh, Chief Manager of Punjab National Bank during a Manager's meeting has sent shock waves across the banking fraternity.   We feel there is an urgent need for IBA to take steps to stop such behaviour of top officials in open forums like Manager's meeting.   Read full article and suggestions  by allbankingsolutions.com to stop such abuse : Chief  Manager  Of  PUNJAB  NATIONAL   BANK  Dies  During   Manager's Meeting  

12th February, 2012 :   A sense of uneasy is prevailing among the top brass in the banking circles.   The issue of lateral movement of CMDs (which still remains a thorn for the GOI),  non clearance of files relating to promotions to the posts of EDs and CMDs, have created uncertainty and a sense of indecisiveness among the top management of most of PS banks.   No one is sure, what is likely to happen in next few days or what is not likely to happen in the coming week.    However, we can say with certainty that such an uncertainty is certainly bad for the PS banks, which are so near the closure of the financial year.   Hope good senses will prevail in Finance Ministry and files will be cleared soon.

7th February 2012 : 

(a) The hot talks in the banking circle are abuzz with the reports that IBA is in favour of later shifting of CMDs, but FM may not agree to the same owing to reasons already in public domain when a decision to scrap the earlier policy was undertaken.  We have to wait and watch for the final decision of Pranab da.

(b) In the meantime,  top circles in the banking are hotly discussing the reports that the names of the following existing GMs in different PS banks will find a place in the final list of candidates to be promoted as EDs in public sector banks.

The final list is likely to include few more names about which contradictory reports are coming.  Last minute efforts by some candidates with Government and God will certainly bear fruits for them.

6th February, 2012 : It is about 3 weeks back that we have discussed in this forum that soon the list of the EDs to be promoted as CMDs in 2012 will be declared.  The reports even indicated the likely Banks to be allocated to each of them.  However, since then we have reported that file is pending with FM.

The latest talks in the banking circle indicate that the file is pending owing to the objections by some existing CMDs of smaller banks, who wish that the earlier policy of lateral shifting of CMDs from smaller banks to bigger banks should be continued.   If FM agrees with the objections of these CMDs, then the newly promoted CMDs are likely to get smaller banks and not bigger banks like Canara Bank, Bank of Baroda, Bank of India.  Will the arguments and pressure tactics of existing CMDs will cut ice with FM?  Lets wait and the aspirants continue to be on tenterhooks as Pranab da takes his own time to settle the issue. 

30th January, 2012 :  Banking circles are abuzz with the selection process that has been initiated for promotions from General Managers of PS Banks to the posts of Executive Directors in PS Banks in the current year itself.   The process has been initiated and a majority of the candidates have already been interviewed, and remaining candidates are likely to be interviewed today itself.   The reports indicate that for 22 posts of EDs, only 39 candidates have been called for interviews.  The details of the GMs who are appearing for interviews are :-

AllBankingSolutions.com wishes all the candidates good luck.

30th January, 2012 :  The wide publicity that CVC's latest report (for the month of November, 2012) has received in the media has sent shock waves in banking circles as maximum officials who have been penalized are from nationalized banks.    Among the bankers, the maximum officials who have been penalised are from a small bank like Syndicate Bank, whereas the next in line is largest nationalised bank i.e. Punjab National Bank.  Earlier the general perception among the people about most corrupt bank was another north based bank.  The report indicates the shifting trends of corruption in the nationalised banks.  Now the top bankers  are already in damage control mode to save their reputation from being dubbed as among  the top most corrupt banks.  

Comments by AllBankingSolutions.com :  A number of surveys are conducted by reputed organisations like ET, Business Standard, Outlook etc.  to tell which are the Best Banks on various parameters.  General perception in public is that they conduct such surveys purely to get more and more ads from such banks or make happy that CMD.   Lakhs of rupees are wasted  on the award ceremonies conducted like FilmFare Awards.   Any one who is associated with these banks can easily dig out that such surveys are mostly  biased, but CMDs and EDs of such banks take pride in going through photo sessions showing the Awards they have got.    Then these are proudly shown on their banners and websites.   Can any media magnet has the guts to conduct an independent survey to find out the top 5 most corrupt banks in India and publish the same.  A few years back, IAS officers conducted a survey about the most corrupt officer.   Can IBA take lead and conduct survey for the most corrupt bank  or  can CMDs conduct a survey among themselves and publish the most corrupt CMD in banking sector every year.   We are sure, we are still far far away from such independent surveys or introspections.  Future of Anna Movement is really in danger.

27th January, 2012 :  The long wait for the final list of the EDs to be promoted as CMDs in Public Sector banks in the current year, appears to become still longer as the said file is reported to be pending.  We know it must be really tough time for the aspirants to the posts of CMDs.  

25th January, 2012 :  Banking circle are buzz with the hot talks about  Secretary Financial Services Shri D K Mittal and is tipped  to replace  Shri Rahul Khullar as Secretary Commerce.     This news is buzzing since Shri Mittal met Commerce Minister Anand Sharma. 

20th January, 2012 :  In banking circle, it is being hotly discussed as to why  CMDs of few banks have met Finance Minister separately.   Confirmation as to which of the CMDs met FM and what was the agenda of such CMDs  in meeting  secretly is awaited ?  Any guesses ???

20th January, 2012 : The list of new CMDs  to be appointed in the FY 2012-13 is still under consideration and it is reported that the same is now being directly dealt between Finance Minister, Mr Pranab da  and Mr DK Mittal Secretary Financial Service.   Will there be last minute changes ?  Bankers have to wait till cat is out of the bag.

19th January, 2012 :    We have been reporting about the new appointments of CMDs since interviews for the same were held.    On 16th January, 2012, we wrote that banking industry will soon see more and more women flexing their financial muscle power and given the names of 3 women likely to be approved for CMD posts.  (see report below).

Today a report in TOI under the heading "Women Set to Head 3 Public Sector Banks" has appeared proving that we were on the right track in this regard.   The reports now indicate that the following postings are likely to be given to these aspirants :-

     Name of the Candidate       Present Posting as ED in         Likely Posting as CMD in

(a) Ms. Archana Bhargawa -             Canara Bank                    United Bank of India

(b) Mr H S Mundra -                  Union Bank of India,                  Bank of Baroda

(c) Mr R K Dube -                      Central Bank of India                  Canara Bank

(d) Ms. Shubhalakshmi Panse             Vijaya Bank                     Allahabad Bank

(e) Ms.V R Iyer -                        Central Bank of India                 Bank of India

(f) Mr Ashwani Kumar                  Corporation Bank                        Dena Bank

Best of Luck to each one of them for their likely new assignments.

19th January, 2012 :  These days the top brass retiring from RBI and SEBI are allowed to take over new assignments immediately after retiring.    All this may soon change.  The appointment of DG of RBI to NSE soon after her retirement has raised this new controversy.  Till date  autonomous bodies like RBI and SEBI do not have a "cooling-off" period in their respective service rules.   Now Finance Ministry is contemplating of introducing the cooling period for the top brass of such institutions also.   Let us wait for the new rules and the date from which these will be made applicable 

18th January,  2012:  It is reported that Mr Narendra Singh has been appointed as CMD of Bank of Maharashtra wef 1st February, 2012.   Mr Singh at present is working as ED in Corporation Bank.  Shri. Narendra Singh, born on 11.09.1953, is a Master of Laws, with brilliant track of academics.  He started his career with Allahabad Bank in 1980 and become GM in 2005.

18th January,  2012: The file (see hot talks dated 16/01/2012 below) for issuance of final list of six CMDs for 2012-13 is reported to have not yet got the nod of Finance Minister.   Let us wait and see how long it will take and will there be some changes ?

16th January, 2012 :   

The interviews to fill up six posts of CMDs in various Public Sector banks were held on 12th January, 2012.   The public sector banks where  CMDs are to retire during the next financial year are Bank of Baroda, Bank of India, Canara Bank, Allahabad Bank, United Bank of India and Dena Bank.

It is reported that the following  Executive Directors posted in various banks appeared for the said interview :-

Ms. Archana Bhargawa - Canara Bank,

Mr R K Dube - Central Bank of India 

Ms.V R Iyer - Central Bank of India 

Mr Ashwani Kumar - Corporation Bank,

Mr Rajeev Rishi - Indian Bank,

Mr V Kannan - Oriental Bank of Commerce,

Mr Rakesh Sethi - Punjab National Bank,

Mr H S Mundra - Union Bank of India,

Ms. Shubhalakshmi Panse Vijaya Bank

Mr N.K.Maini of SIDBI

In the above list there are 3 women candidates.   Now question arises whether banking industry will soon see more and more women flexing their financial muscle power ??  The initial reports strongly indicate towards that.  Let us keep our fingers crossed and wait to see whether all the three women will make it to the top slots.

Among the above, the following are being considered the major  contenders and can find place in the final list to be declared soon :

(a) Ms. Archana Bhargawa - Canara Bank,

(b) Mr H S Mundra - Union Bank of India,

(c) Mr R K Dube - Central Bank of India 

(d) Ms. Shubhalakshmi Panse Vijaya Bank

(e) Ms.V R Iyer - Central Bank of India 

(f) ???

AllBankingSolutions.com wishes all the candidates good luck.