The Financial Services Institutions Bureau (FSIB) (the body that selects top executives for government-owned banks) has invited people to apply for the post of Managing Director (MD) and Chief Executive Officer (CEO) of Canara Bank. This is happening because the current MD & CEO, K. Satyanarayana Raju, will retire in December, and FSIB wants to ensure a smooth handover of leadership.
Both public sector and private sector bankers can apply. The last date to apply is November 20.
Eligibility for Public Sector bankers:
To apply for the position candidates must have:
- At least 21 years of banking experience. In addition to 21 years of experience, the person must currently hold (or have held) one of the following senior positions with the stated conditions:
– A Deputy Managing Director (DMD) of SBI with at least 1 year in that post,
– An Executive Director (ED) of a nationalised bank with at least 1 year in that post,
– An MD & CEO of a nationalised bank with at least 1 year of service left before retirement (retirement age is 60),
– Or a Chief Vigilance Officer (CVO) of a public sector bank (but not Canara Bank’s current CVO).
Eligibility for Private Sector Bankers:
They must have:
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At least 21 years of total work experience, of which 15 years should be in banking.
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Plus, they should have worked either 2 years on a bank’s board, or 3 years at a very senior level just below the board level.
Pay and Benefits:
The MD & CEO of the bank will get a monthly salary that can be anywhere between ₹2,05,400 and ₹2,24,400. In addition to this salary, they will also receive extra payments and benefits (called allowances and perks) such as housing, travel, medical facilities, and other privileges.
Role and Responsibilities:
The Managing Director & CEO (MD & CEO) is the highest leader of the bank. They are in charge of making sure the bank runs successfully and safely. Here’s their main responsibilities explained in simple terms:
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Setting the vision, mission, and values of the bank (its purpose and goals). They decide what the bank stands for, what it wants to achieve, and how it should behave while doing business.
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Planning strategy like deciding how the bank will grow. serve customers better, and stay ahead of competitors.
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Building the right structure means to ensure that the bank is organized properly and that each department and team knows its role and works efficiently together.
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Monitoring performance means keeping an eye on how well the bank is doing. They regularly check how well the bank is doing in profits, customer service, and overall progress and take action if something isn’t going right.
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Being accountable to shareholders. They must answer to the shareholders about the bank’s performance, and should be responsible to all stakeholders (employees, customers, and the government).
Note: PSU officers who have faced two or more major penalties cannot apply.