The government has relaxed the norms for appointment to top jobs at public sector banks.
To be eligible for the post of chairman and managing director (CMD), a candidate will now require at least 18 months of residual service, with six months experience as an executive director (ED). Earlier, a candidate was required to have at least two years of residual service, with one-year stint as an ED.
The government has called 20 EDs for interviews by the end of this month. Eight CMD posts will fall vacant this financial year.
At the annual general meeting of the Confederation of Indian Industry (CII), Finance Minister Pranab Mukherjee said his efforts at fiscal consolidation would lead to macroeconomic stability and fuel further high growth that would also lead to more opportunities for the young. But the government alone could not meet the aspirations of the young, he said, seeking the help of industry in this regard.