PSB posts: With ‘flexi pay’, govt lures private, public executives

“The MD and CEO shall hold the office for a term of three years from the date on which he or she enters the office as a MD and CEO subject to the age of superannuation as 60 years,” said the finance ministry, describing the key responsibility as “establishing a vision, mission and values in consultation with Board of Directors”. The last date for submitting applications for these posts is March 21.

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The public notice was issued after the new appointment process was cleared by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi, said an official release.

With the appointment of PSB chiefs under a cloud after the arrest of former Syndicate Bank chief SK Jain in an alleged bribery case, the advertisement for the post stressed that the applicant must be a “person of ability, integrity and standing with knowledge and experience in banking”.

The salary package payable to the appointees will be flexible. Applicants, however, must have at least 15 years of experience in mainstream banking, of which at least three years should be served at the board level.

Further, they should be in the age group of 45-55 years as on the date of advertisement. Shortlisted candidates will be called for preliminary interaction for the purpose of determining the eligibility.

Significantly, after the new government assume power, the Coal Ministry had invited applications from the private sector for the post of CMD in Coal India. But it got no application from private sector executives.