Govt eases rules for bank top jobs

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.

Providing jobs to young a challenge for govt: FM

The government on Friday admitted that providing more and better jobs to the young still remained a challenge, even as the Indian economy was back on a high growth path after hit by the global financial crisis for two years.

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.

“The challenge to create and sustain more and better opportunities for a young, growing and aspiring India, however, remains,” the finance minister said, while asserting that the Indian economy was now more confident in dealing with challenges, whether domestic or external. He asked industry to upgrade vocational skills of the workforce, improve job opportunities and productivity, and reaping the demographic dividend in full measure.