Overview

• The Cabinet’s appointments panel cleared consolidated guidelines for Whole-Time Directors across public-sector banks and state insurers, expanding eligibility to include private-sector professionals.
• To qualify for the SBI MD role, applicants must have at least 21 years of professional experience, including 15 years in banking, plus two years on a bank board or three years at the highest level below the board.
• The FSIB can bring in independent HR firms for behavioral and competency evaluations of candidates, with traditional APARs excluded from consideration.
• The Finance Ministry’s Department of Financial Services has formally notified banks and insurers to implement the revised selection framework.
• For SBI, one MD position is opened to private-sector applicants, with IB clearance and RBI consultation required before ACC submission, while three other MD posts remain reserved for public-sector candidates.