Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • PM Modi in Manipur
  • Charlie Kirk killer
  • Sushila Karki
  • IND vs PAK
  • India-US ties
  • New human organ
  • Downton Abbey: The Grand Finale Movie Review
fp-logo
Syndicate Bank scandal fallout: Govt could split CMD post in PSU banks
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • Business
  • Economy
  • Syndicate Bank scandal fallout: Govt could split CMD post in PSU banks

Syndicate Bank scandal fallout: Govt could split CMD post in PSU banks

FP Staff • August 18, 2014, 10:22:20 IST
Whatsapp Facebook Twitter

In an attempt to bring in accountability to the positions, the government is likely to transfer MDs if banks fail to perform.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Syndicate Bank scandal fallout: Govt could split CMD post in PSU banks

After thebribery scandalinvolving Syndicate Bank chairman SK Jain, the government has gone into offensive mode with regard to appointment of executives at state-run banks and could even change the hierarchy in the banks’ organisation to reducethe scope of political interference.

Thecentral governmentis reportedly preparing a slew of appointment reforms and forstarters, the posts of chairman and managing director will be separated with the former will be a person of repute from the banking sector, while the MD will be given a fixed tenure of three years, which can be extended by two years, _The Times of India_reported.

STORY CONTINUES BELOW THIS AD

In an attempt to bring in accountability to the positions, the government is likely to transfer MDs if banks fail to perform.

Last week,Finance Minister Arun Jaitley had written to RBI governor Raghuram Rajan and cabinet secretary Ajit Seth on the matter.

More from Economy
Inflation likely to be a big focus area for budget 2024, say sources Inflation likely to be a big focus area for budget 2024, say sources Explained: Will the Bank of Japan break tradition and raise interest rates? Explained: Will the Bank of Japan break tradition and raise interest rates?

The Times of India then reported that Jaitley took action after some of the appointments processed by the previous government lacked transparency and hinted at political considerations having played a part.

_Firstbiz_ had earlier notedthe role of middlemen in the appointments of top-level executives at public sector banks. In many cases, prospective candidates pay up middlemen to negotiate with the power centres to ensure the slot.

The stake involved could be several crores of rupees, depending upon the profile of the position offered and size of the institution.

For those who bag the ‘costly job’, to recover the money through their regular compensation is impossible and the only way to do so is to extend favors to clients and receive kickbacks and they often do that. Some get caught, some do not.

_Firstbiz_ columnist Santosh Nair had spokento a former bank chairman , who indicated that the going rate for top-level jobs at PSU banks could beas high asRs 40 crore.

Tags
India Supreme Court bank Arun Jaitley Vijay Mallya Raghuram Rajan bribe LIC PSU UCO Bank Vinod Kambli Pawan Bansal Ranjit Sinha banker Syndicate Bank Shyamal Acharya middleman prakash industries
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Top Stories

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Top Shows

Vantage Firstpost America Firstpost Africa First Sports
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV