The upcoming fiscal will see top positions in many public sector banks falling empty including the largest lender of the country, State Bank of India.
The government has already begun the process of hunting suitable successors to top positions of atleast 8 public sector banks.
The entire process might need 4-5 months to get completed and the finance ministry has already begun its job of collecting records and profiles of eligible candidates: the executive directors of various PSBs.
The top slot would be filled from the list of executive directors only, said sources while adding that there may also be cases where the CMD of one bank would get transferred to another bank.
The current heads of atleast 8 public sector banks are going to face retirement in the coming fiscal.
The selection committee would consist of members of ministry of finance and RBI followed by final approval from Finance Minister and cabinet appointed committee in this regard.
SBI Chairman O P Bhatt's term will end in March 2011. Besides, Dena Bank CMD D L Rawal is slated to retire in October next year.
The term of Ramnath Pradeep, CMD of Corporation Bank, ends September 30 next year while Vijaya Bank CMD Albert Tauro retires on March 31, 2011.