The Supreme Court on Tuesday issued a notice to the Centre on a Public Interest Litigation challenging the eligibility criteria laid down by the government for the direct selection of top executives in five public sector banks — Bank of Baroda, Bank of India, Canara Bank, IDBI Bank and Punjab National Bank.
A bench led by Justice Anil R Dave sought a response from the government on a petition filed by K D Khera, president of the All-India Bank Officers Confederation. Khera claimed that an advertisement — issued on February 26 by the Department of Financial Services to invite applications for the post of managing director and chief executive officer in the five banks — laid down arbitrary and illegal conditions.
The new eligibility conditions include 15 years of mainstream banking experience, of which three years should be at the board level. The requisite age group is between 45 and 55 and the term of service is three years.
Claiming that the eligibility criteria was against banking regulations, the PIL demanded that the posts should be filled up from the executive cadre of these public sector banks, not from the private sector. The government has invited applications from outsiders, primarily favouring those employed in private sector banks, stated Khera in the PIL.