The Punjab State Cooperative Bank Ltd., Chandigarh, has announced an exciting opportunity for professionals to join its Board of Directors as Professional Directors. As per the advertisement published in Jagbani and Indian Express on May 07, 2025, the bank is looking to co-opt two Professional Directors in compliance with Bye-law no. 29.7. This is a prestigious opportunity for individuals with expertise in banking, finance, or related fields to contribute to the bank’s growth and governance.
The co-option of Professional Directors is governed by the Punjab Cooperative Societies Act, 1961 (Section 26(a) 4) and Bye-law no. 29.7 of the bank. Here’s a breakdown of the key points:
- The bank will co-opt two Professional Directors with expertise in fields such as banking, management, finance, or specialized areas related to the bank’s activities.
- Co-opted directors will not have voting rights in elections and are not eligible to hold office-bearer positions.
- The selection process adheres to the “Fit and Proper” criteria set by the Reserve Bank of India (RBI).
Candidates applying for the role of Professional Director must meet the qualifications outlined in NABARD Circular No. 178/IDD-01/2020 and RBI Circular No. RPCD.CO.RCBD.137/03.01.03/2011-12. The requirements include:
- Minimum Experience: At least 5 years of work experience in one of the following fields:
- Accountancy (Qualified Chartered/Cost Accountant)
- Agriculture (Graduate/Post-graduate in Agriculture or Agriculture Engineering)
- Banking (Senior Management Level, Graduate)
- Finance/Economics/Commerce/Business Administration (CFA/Postgraduate in Economics, Commerce, Finance, Management, or MBA)
- Law (Graduate/Post-graduate in Law)
- Integrity and Independence: Candidates must not have had any business relationship with the bank (e.g., as a contractor, legal advisor, or auditor) in the last 3 years. Deposits or borrowings with the bank do not count as a business relationship.
- Professional Commitment: Co-opted directors must refrain from taking up professional work (e.g., audits or legal services) with the bank during their tenure and for 2 years after leaving the role.
Note: Candidates must be knowledgeable, of high integrity, and capable of providing leadership for the efficient management of the bank’s affairs.
No remuneration will be provided to co-opted Professional Directors. However, they will be eligible for sitting fees and travel allowances (TA/DA) as applicable to other directors.
Interested candidates must submit their applications by May 31, 2025, 5:00 P.M. Applications can be submitted in person or by post to the following address:
The envelope must be labeled as “Application for Co-option of Professional Directors.”
Applications must follow the format provided by the bank, and a declaration (as per Annex-I of the bank’s Bye-laws) will be required from selected candidates. Detailed qualifications and terms are available on the bank’s website: www.pscb.in.
Important: The bank reserves the right to reject any application without assigning any reason.
This is a unique opportunity to contribute to the governance of a leading cooperative bank in Punjab. As a Professional Director, you will play a crucial role in shaping the bank’s strategic direction and ensuring its smooth operation. This position is ideal for professionals who are passionate about cooperative banking and want to make a meaningful impact.
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