DBOD.No.
BP.BC.59/21.01.023/98
June 15, 1998
Jyestha 25, 1920 (Saka)
The Chief Executives of all
Commercial Banks (other than Regional Rural Banks)
Dear Sir,
Sanctioning
power of bank officials prior to retirement
Please refer to our circular
DBOD. No. BC. 32/17.04.001/94 dated March 24, 1994 advising, inter alia,
that during the period of three months prior to retirement, Regional Heads at
Controlling Offices and Senior Executives of the rank of Assistant/Deputy
General Manager and above at Head Office level, should exercise their
sanctioning powers jointly with other officials. It was also provided that
the powers of ED/CMD, during the period of 3 months prior to retirement
should be exercised respectively by the CMD/the Management Committee.
2. The position has since been
reviewed and it has been decided that banks may permit Regional Heads at
Controlling Offices, Senior Executives and Top Executives at Head Office
level including CMD and ED to exercise the sanctioning powers delegated to
them during the period of three months prior to retirement also. However, the
proposals sanctioned by them during the period should be put up immediately
to the next higher authority.
3. The Board may prescribe
suitable mechanism to ensure that sanctions made by Branch Managers during
the period of three months prior to retirement are reported promptly to the
next higher authority.
Yours faithfully,
(A. Ghosh)
Chief General Manager