New Delhi, May 29 (PTI) Facing shortage of experienced hand, the government has relaxed the criteria for selection of Chairman and Managing Director (CMD) of public sector banks, a decision that would make several executive directors eligible for elevation as CMD.
Under the new criteria, a bank executive director (ED) with a minimum experience of 6 months would also be eligible to become CMDs.
Earlier, an ED had to serve a minimum of one year to become eligible for the bank's top post.
The government has eased the experience clause to 6 months from earlier requirement of at least 12 months, official sources said.
The notification in this regard was issued earlier this month, sources said.
This would enable the government to overcome the dearth of experienced hand for elevation to the position of bank's chief.