Finance Minister Nirmala Sitharaman has approved the creation of Chief General Manager post (CGM), below board level, in five more nationalised banks.

The Finance Ministry said, these banks include Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab and Sind Bank, and UCO Bank.

The Finance Minister has also approved an increase in the existing number of CGMs in the banks that already have the posts. With this revision, the number of CGM posts in all the 11 Nationalised Banks has been increased from 80 to 144.

The Ministry noted that the number of posts has been revised based on the business structure of the banks with the ratio of one CGM for every four General Managers.

The ministry cited that this step has been taken due to the demands being received from various banks and also due to the substantial growth in business, verticals, domains and branch expansions of the banks that require a dedicated pyramid of executives at the senior level. It highlighted that this will significantly enhance the administrative structure and efficiency of banks.