Finance Minister approves raising of posts of Chief General Manager in five more PSU banks

Prior to this, CGM posts were available in six out of 11 nationalized banks

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NEW DELHI: Finance Minister Nirmala Sitharaman has approved the creation of Chief General Manager post (CGM), below board level, in five more nationalized banks including Bank of Maharashtra, Central Bank of India, and UCO Bank. Besides, Indian Overseas Bank and Punjab & Sind Bank would now elevate their General Managers (GM) to CGMs. Prior to this, CGM posts were available in six out of 11 nationalized banks.

“While creating the said post, the Finance Minister has also approved the increase in the existing number of CGMs in the banks that already have CGM-level posts. This step will significantly enhance the administrative structure and efficiency of banks,” the finance ministry said in a statement.