A high-level committee appointed after the arrest of former Syndicate Bank chief in a corruption case has found several gaps in the selection process for top executives at state-run banks. It identified lacunae in the entire process — from fixing the eligibility criteria to short-listing candidates, the interview process and allotment of banks — and asked the government to rectify the system. The panel — comprising expenditure secretary Ratan Watal, RBI governor Raghuram Rajan and education secretary R Bhattacharya — was set up by finance minister Arun Jaitley to review the appointment of bank chiefs and executive directors after a reference from the Central Bureau of Investigation ( CBI), which arrested the then Syndicate Bank chairman and managing director, S K Jain, on charges of corruption.

Read the Economic Times news report here.