Mumbai: The government has doubled the maximum term for chiefs of public sector banks to 10 years from five years earlier by amending the Nationalised Banks Scheme, 1970. The notification, which applies to executive directors and MDs, allows for a term of five years, extendable for another five years.
Until now, the government could appoint a PSU bank chief for a maximum tenure of five years, including an initial appointment of three years which could be extended by two years. The retirement age continues to be 60, which means that most of the existing bank chiefs will not be eligible for extensions. However, the successors of the current MDs of large banks like Bank of Baroda, who are due to retire, may get longer tenures.
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