SC issues notice to Centre on selection of top executives at public sector banks

The Supreme Court on Tuesday issued a notice to the central government on a public interest petition challenging a plan for direct selection of top executives in five public sector banks.

K D Khera, the petitioner and former president of the All India Bank Officers Confederation, alleged the move was against banking regulations. The petition termed as arbitrary and illegal an advertisement issued on February 26 by the Department of Financial Services, inviting applications for the posts of managing directors and chief executive officers at Bank of Baroda, Bank of India, Canara Bank, IDBI Bank and Punjab National Bank Stock Market Trading Tips

It added the posts should be filled up from the executive cadre, not the private sector. The fact that the government had sought applications from outsiders, primarily those employed in private banks, was against regulations, it argued. Senior bankers were facing discrimination, as they were being denied a level-playing field, it added. The new eligibility conditions include 15 years of mainstream banking experience, of which three years should be at the board level. While the age criterion is 45-55, the term is for three years Financial Astrology Trading Tips