The final selection of candidates would be made by the appointment board chaired by the RBI Governor.

The department of financial services had sought applications for the post for MD and CEO in Punjab National Bank, Bank of Baroda, Bank of India, Canara BankBSE -0.20 pct and IDBI Bank for a fixed term of three years.

However, the Department did not find adequate number of candidates as per the eligibility criteria. So, it relaxed the norms in April.

While the age limit was increased from 55 to 57 years, earlier, the mandatory board-level experience for the applicants were reduced to one year from three years previously to invite more experienced talent for heading large public sector banks.

Apart from the banking sector, after the new government assumed power at the Centre last year, the Coal Ministry had invited applications from the private sector for the post of CMD in Coal India. But it got no application from private sector executives.

Besides, vacancy in the Indian Bank has come up due to movement of its MD and CEO as vigilance commissioner. In addition, to this CEO post is vacant in Andhra Bank.

In December, the government had appointed Managing Director and CEO in four state-owned banks -- Indian Overseas Bank, Oriental Bank of Commerce, United Bank of India and Vijaya Bank. Last month, MD and CEO of Syndicate Bank was appointed.
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