Government cancels appointment of bank CMDs and EDs

The government on Monday cancelled the appointment of eight chairmen-cum-managing directors and 14 executive directors of state-run banks appointed by the previous UPA government. In a statement released late on Monday, the finance ministry said the decision was taken after a committee set up to examine the selection process to the posts of CMDs/EDs of Public Sector Banks (PSBs) for 2014-15 submitted its report. The committee, which was set up earlier this year after the Syndicate Bank cash for loan scam had surfaced, included secretary (expenditure), secretary (school education) and governor of the Reserve Bank of India (RBI).

Read the Economic Times news report here.