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In a significant reform aimed at enhancing leadership diversity and efficiency in the banking sector, the Government of India has decided to open up senior management positions — including Managing Director (MD) of State Bank of India (SBI) and Executive Director (ED) roles in public sector banks (PSBs) — to eligible candidates from the private sector.
This marks a shift from the long-standing practice of selecting top PSU bank officials primarily from within the public sector, aligning with the government’s broader agenda of bringing in fresh talent and market-driven expertise into the public banking ecosystem.
With regard to EDs in nationalised banks, it said one position in a bank would be open for all the eligible candidates, including private sector candidates.
There are four EDs in large nationalised banks, while two positions in small lenders. For private candidates, it said, the person should have a minimum of 18 years of experience, with 12 years in banking, including 3 years at the highest level below the board level.
The officer of the nationalised banks with a combined service of four years at the Chief General Manager and General Manager level till FY2027-28. Afterwards, the eligibility condition will be Chief General Manager with two years of service, it added.
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