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- Finance Minister Nirmala Sitharaman approved the creation of the Chief General Manager post in five more nationalized banks.
- These banks include the Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab and Sind Bank, and UCO Bank.
- The Finance Minister has also approved an increase in the existing number of CGMs in the banks that already have the posts.
- The number of CGM posts in 11 Nationalized Banks has been increased from 80 to 144.
- The number of posts has been revised based on the business structure of the banks with the ratio of one CGM for every four General Managers.
- This step has been taken due to the demands being received from various banks and also due to the substantial growth in business.
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