Finance Minister Ms Nirmala Sitaraman has approved the creation of Chief General Manager post (CGM), below board level, in five more nationalised banks. These banks are: Bank of Maharashtra, Central Bank of India, Indian Overseas Bank, Punjab & Sind Bank and UCO Bank. Prior to this, CGM posts were available in six out of eleven nationalised banks. Finance Minister has also approved the increase in the existing number of CGMs in the banks that already have CGM level posts. This step will significantly enhance the administrative structure and efficiency of banks.