{"id":125582,"date":"2022-11-19T13:25:07","date_gmt":"2022-11-19T07:55:07","guid":{"rendered":"https:\/\/www.gkseries.com\/blog\/?p=125582"},"modified":"2022-11-19T13:25:09","modified_gmt":"2022-11-19T07:55:09","slug":"govt-raises-maximum-tenure-of-psu-banks-ceo-to-10-years","status":"publish","type":"post","link":"https:\/\/www.gkseries.com\/blog\/govt-raises-maximum-tenure-of-psu-banks-ceo-to-10-years\/","title":{"rendered":"Govt Raises Maximum Tenure of PSU Banks\u2019 CEO to 10 Years"},"content":{"rendered":"\n<p><strong>Govt Raises Maximum Tenure of PSU Banks\u2019 CEO to 10 Years: <\/strong>The government has agreed to provide the managing director and other full-time directors of the public sector banks a longer term of employment. The original appointment can now be set for up to 5 years, with the option of an additional 5 years.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.gkseries.com\/blog\/category\/daily-quiz\/daily-quiz-november-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">November 2022 Current Affairs Quiz<\/a><\/strong><\/p>\n\n\n\n<p><strong>About The Amendment:<\/strong><\/p>\n\n\n\n<p>The amendment would be called<strong>&nbsp;Nationalised Banks (Management and Miscellaneous Provisions) Amendment Scheme, 2022.<\/strong><\/p>\n\n\n\n<p><strong>More Update:<\/strong><\/p>\n\n\n\n<p>Earlier, the MD or executive director of a&nbsp;public sector undertaking (PSU) bank&nbsp;was eligible for a maximum tenure of 5 years or 60 years whichever was earlier. This is also applicable for whole-time directors of all&nbsp;Central Public Sector Enterprises (CPSEs).&nbsp;Now, The term for the appointment has been extended to 10 years, from the earlier 5 years, subject to superannuation age of 60 years, as per government notification of 17 November.<\/p>\n\n\n\n<p><strong>What Has Been Said:<\/strong><\/p>\n\n\n\n<p>A&nbsp;whole-time director, including the managing director,&nbsp;shall devote his whole time to the affairs of the nationalised bank and shall hold office for such initial term not exceeding five years and extendable up to&nbsp;a total period, including the initial term, not exceeding 10 years, as the central government may, after consultation with the&nbsp;Reserve Bank, specify and shall be eligible for re-appointment,\u201d&nbsp;the notification said.<\/p>\n\n\n\n<p><strong>The Importance Of This Move:<\/strong><\/p>\n\n\n\n<p>The decision of the government would help banks to retain the talent who&nbsp;rise to the ladder of whole-time directors&nbsp;at a very early age of 45-50 years.<\/p>\n\n\n\n<p>Presently, there are&nbsp;many whole-time directors of&nbsp;PSU banks&nbsp;who entered the board at a young age. They would gain from the modification.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Govt Raises Maximum Tenure of PSU Banks\u2019 CEO to 10 Years: The government has agreed to provide the managing director and other full-time directors of the public sector banks a longer term of employment. The original appointment can now be set for up to 5 years, with the option of an additional 5 years. November [&hellip;]<\/p>\n","protected":false},"author":894,"featured_media":125583,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4982],"tags":[74],"class_list":["post-125582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current-affairs-november-2022","tag-bank-current-affairs"],"_links":{"self":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/125582","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/users\/894"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/comments?post=125582"}],"version-history":[{"count":1,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/125582\/revisions"}],"predecessor-version":[{"id":125584,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/posts\/125582\/revisions\/125584"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media\/125583"}],"wp:attachment":[{"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/media?parent=125582"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/categories?post=125582"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gkseries.com\/blog\/wp-json\/wp\/v2\/tags?post=125582"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}