Central Public Sector Cos Report Multiple Board-Level Vacancies

According to data available with the Financial Services Institutions Bureau (FSIB), over 70 board-level positions are currently vacant in as many as 12 state-owned banks. These include posts of Managing Director and Chief Executive Officer (MD & CEO), executive directors, and non-official directors, etc.

Industry experts feel the prevailing situation is adversely impacting the operational efficiency of PSU banks, both in terms of administration and credit flow to the economy. “A high number of vacant board-level posts does not augur well for the banks as well as the economy, because these lenders have substantial dominance in the credit market,” said a senior banking sector functionary.    

The FSIB data revealed that Bank of Maharashtra has the highest number of vacant posts at eight, followed by seven each in Bank of India (BoI), Punjab & Sind Bank (PSB), and State Bank of India (SBI). Notably, seven of these were vacated in 2014, 2019, and 2025; while nine are lying vacant since 2020 and eight since 2024. Union Bank of India has had its MD & CEO position vacant since June 3, 2025.

Vacancies In Other CPSEs

Besides public sector lenders, several other CPSEs also have vacant positions in the ranks of Chairman & Managing Director, Director (Finance), Director (Technical), and Managing Director, even though applications have been invited by the Public Enterprises Selection Board (PESB) from experienced candidates who meet the prescribed eligibility criteria for each role.

As per recent government data and industry reports, 44 top-tier PSU posts, including CMDs and full-time Directors, remain unfilled. A majority of them are in organisations critical to national infrastructure, such as SAIL, NTPC, ONGC, IOCL, BPCL, BEL, and BHEL, which is hampering their strategic decision-making and operational effectiveness.

Recent PSU advertisements (May-July 2025) show that PESB is taking proactive steps. It has advertised for the posts of Director (R&D) at IOCL (which will get vacant on April 1, 2026); Director (Finance) at SJVN (vacant since May 13, 2025); as well as Director (Technical & Operations) at HLL Lifecare; Director (Technical) at CMPDIL; and Director (HR) at BPCL — all of which will be vacated in January next year. 

Other PSUs that have flagged openings for Director and Managing Director roles include Hindustan Shipyard, IRCON, Munitions India, Engineers India, HSCC, Central Coalfields, Mumbai Railway Vikas Corp, National Fertilizers, MMTC, and Hindustan Steelworks Construction — with vacancies becoming effective between June-July 2025.

The backlog suggests that despite procedural reforms, execution gaps persist. The PESB has announced search-cum-selection teams and revised timelines, which are key steps. Still, the government’s ability to keep top PSUs fully staffed will determine the pace of infrastructure growth and critical reforms, especially in energy, mining, and engineering sectors.