OCTOBER, 20258TOP STORIESTOP STORIESGOVT OPENS SENIOR PSB ROLES TO PRIVATE SECTOR TALENTL&T WINS 15,000 CR NGL PLANT DEAL IN MIDDLE EASTProfessionals from the private sector can now apply for senior leadership roles in public-sector banks (PSBs), including the esteemed Managing Director (MD) job at the State Bank of India (SBI), marking a first for Indian banking.The reform marks a substantial shift in the way public financial institutions choose candidates for senior positions including MDs, CEOs, and Whole-Time Directors (WTDs). It is a component of a larger effort to promote openness, competition, and merit-based hiring at the top echelons of the banking industry.The Appointments Committee of the Cabinet (ACC) has cleared a revised set of broad-based guidelines for the appointment of WTDs (which includes Chairpersons, CEO, MD, and Executive Directors) in PSBs and other insurance companies owned by the state.In accordance with the new guidelines, private-sector candidates may apply for the SBI MD if they fulfil prescribed eligibility conditions. An applicant should have a minimum of 21 years experience in their career, of which at least 15 years should be in banking, and must have been on the board at a bank for at least two years, or have been at the highest level below board for at least three years.The Financial Services Institutions Bureau (FSIB), which is responsible for suggesting individuals for important financial positions, has the authority to engage outside human resources firms to assess applications from the private sector. Notably, the government has moved toward a contemporary, performance-based evaluation framework by eliminating the need for Annual Performance Appraisal Reports (APARs) from the selection process.The Ministry of Finance's Department of Financial Services (DFS) has formally informed state-run insurance and public-sector banks of these modifications, including the updated appointment processes. rich associated gas (RAG) are all included in the scope of work. This also covers integration with current infrastructure, off-site facilities, and all related utilities.S N Subrahmanyan, Chairperson and Managing Director (MD), L&T, said, "The ultra-mega order reaffirms L&T's position as a trusted partner in delivering mega energy infrastructure. It underscores our growing global footprint and ability to execute projects of high complexity in partnership with leading players like CCC."As the lead member of the consortium arrangement, L&T will undertake engineering and procurement activities, with CCC to perform construction activities.The RAG sourced from offshore and onshore oil fields will be processed at the facility to remove contaminants such as hydrogen sulphide, carbon dioxide and water, producing value-added products including lean sales gas, ethane, propane, butane and hydrocarbon condensate.Subramanian Sarma, Deputy MD and President, L&T, said, "This project is not just about scale but also about bringing in advanced engineering, long-term reliability measures, and complex brownfield interfaces to deliver value-added products. The order strengthens L&T's role in shaping energy security while deepening relationships with oil and gas companies through world-class execution". An order worth more than Rs 15,000 crore has been awarded to Larsen & Toubro's (L&T) Hydrocarbon Onshore company (L&T Energy Hydrocarbon Onshore) for the establishment of infrastructure connected to natural gas liquids plants in the Middle East.In partnership with Consolidated Contractors Group S.A.L. (Offshore), based in Greece, the company was able to acquire the order (CCC). Engineering, purchasing, building, installing, and commissioning a natural gas liquids (NGL) plant and related facilities for the processing of
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