Top Management Posts in 11 Public Sector Banks, Including SBI, Opened to Private Sector Candidates

The Indian government has opened top management positions in public sector banks (PSBs), including the State Bank of India (SBI), to candidates from the private sector. One of the four Managing Director (MD) positions at SBI is now available to professionals working in the private sector and public financial institutions. Until now, all MD and Chairman appointments were made from internal candidates only.

According to the revised appointment guidelines, one MD post will now be available for private sector applicants. Similarly, private sector professionals are now permitted to apply for Executive Director (ED) posts in PSBs under the new guidelines.

Besides SBI, the other 10 public sector banks include Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, and Bank of India. The Appointments Committee of the Cabinet has released the revised guidelines.

As per these guidelines, private sector applicants must have a minimum of 21 years of total work experience, including at least 15 years in banking, with at least 2 years of experience at the board level in a bank.

Eligible candidates from the private sector can apply for vacancies in public sector banks. The first vacancy for the MD position at SBI will be considered open from the date these guidelines come into effect. After the first appointment, subsequent vacancies will be filled by eligible candidates already working in public sector banks.

Regarding Executive Director (ED) roles in nationalized banks, each bank will have one position open to all eligible candidates, including those from the private sector. Larger nationalized banks have four ED positions, while smaller banks have two.