In a major decision Union Ministry under the leadership of Mr Narendra Modi approves the much delayed decision of treating the Bank Officers equivalent to Group “A” officers of central government. With the new law, all the the Executive level posts i.e. Board level executives and managerial level posts would be treated as equivalent to group ‘A’ posts in Government , Junior Management Grade Scale-1 and above of Public Sector Banks, Financial Institutions and Public Sector Insurance Corporations will be treated as equivalent to Group ‘A’ in the Government of India.
This addresses an issue pending for nearly 24 years. This decision is taken under preview of defining the new income criteria for OBC creamy layer. Government yet to release notification regarding to this which would define the greater aspect of post equivalence.
With this decision, the equivalent post in all PSU’s, PSB’s and Insurance companies will be treated as OBC “Creamy Layer” and their ward would not be eligible for taking the benefit of reservation under Other backward class category.