PIL challenging the Centre’s policy to allow private bank officials to be appointed as Managing Directors or CEOs of public sector banks, dismissed

Supreme Court: The 3-judge bench of T.S. Thakur, CJ and A.M. Khanwilkar and D.Y. Chandrachud, JJ dismissed the PIL challenging the Centre’s policy to allow private bank officials to be appointed as Managing Directors or CEOs of public sector banks.

It was contended that only whole-time directors of public sector banks, whose names are cleared by the Central Vigilance Commission, can be appointed to head public sector banks and that eligibility criteria for the posts of CEO and MD of the five banks have been set with a sole objective to make all existing executives directors of Public Sector Banks ineligible.

The Court rejected the said petition and said that there was nothing wrong with such appointments.

Source: Business Standard

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