Finmin warns bankers against using influence for transfer.
19 Mar, 2015, 1615 hrs IST, PTI
Last week, Finance Minister Arun Jaitley had advised heads of public sector lenders to take commercial decisions without fear or favour.
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19 Mar, 2015, 1615 hrs IST, PTI
Last week, Finance Minister Arun Jaitley had advised heads of public sector lenders to take commercial decisions without fear or favour.
...
NEW DELHI: Warning disciplinary action, the Finance Ministry has asked bank employees to desist from using political influence for appointment or transfer.
It has been decided to advise banks to sensitise their employees to refrain from using political pressure or bringing outside influence in matters of appointments so as to avoid disciplinary action as per rules, Department of Financial Services said in an advisory to heads of all public sector banks.
"Some employees of PSBs have been using political pressure or bringing outside influence in matters of appointments etc to Department of Financial Services," it said.
In this context, banks are advised to frame a fair and transparent system of transfers or postings as already conveyed and also build mechanism to address the grievances of their employees at their level, it said.
However, for genuine reasons, any exception to the rule is made, it should be done by CMD by giving proper reasons, it added.
Last week, Finance Minister Arun Jaitley had advised heads of public sector lenders to take commercial decisions without fear or favour.
"CEOs of the banks and financial institutions (should) take commercial decisions without fear or favour as the government is committed to providing them financial autonomy both in letter and spirit," Jaitley said.
He insisted that the banks should have strong public grievances redressal mechanism in place so that their clients do not have to approach the government to redress their grievance
Unions reject Boston Consulting’s script for staff appraisal in State Bank of India -Hindu Business Line-1.03.2015
Ratan Tata to head Indian Railways' Kaya Kalp council -Economic Times-19.03.2015
It has been decided to advise banks to sensitise their employees to refrain from using political pressure or bringing outside influence in matters of appointments so as to avoid disciplinary action as per rules, Department of Financial Services said in an advisory to heads of all public sector banks.
"Some employees of PSBs have been using political pressure or bringing outside influence in matters of appointments etc to Department of Financial Services," it said.
In this context, banks are advised to frame a fair and transparent system of transfers or postings as already conveyed and also build mechanism to address the grievances of their employees at their level, it said.
However, for genuine reasons, any exception to the rule is made, it should be done by CMD by giving proper reasons, it added.
Last week, Finance Minister Arun Jaitley had advised heads of public sector lenders to take commercial decisions without fear or favour.
"CEOs of the banks and financial institutions (should) take commercial decisions without fear or favour as the government is committed to providing them financial autonomy both in letter and spirit," Jaitley said.
He insisted that the banks should have strong public grievances redressal mechanism in place so that their clients do not have to approach the government to redress their grievance
Unions reject Boston Consulting’s script for staff appraisal in State Bank of India -Hindu Business Line-1.03.2015
Employee unions in the State Bank of India have called for outright rejection of the new career development system proposed by the Boston Consulting Group (BCG).
Called ‘Saksham’ and scheduled for launch on April 1, it is a draft under discussion and subject to changes based on feedback from employees.
The consultants have listed ‘key result areas’ or criteria on which a person will be evaluated for the year.
The new system proposes five types of grades (instead of marks on 100) divided into AAA, AA, A, B and C in the order of excellence.
D Thomas Franco, prominent union leader, said computer data cannot measure performance in the bank as is the case being made out by BCG.
Franco is Joint General Secretary, All India Bank Officers’ Confederation, and Vice-President, All India State Bank Officers Federation.
Being part of a service industry, the bank is expected to deliver public service, including implementation of government programmes and policies.
‘No easy task’
“Managing the performance of an individual is not an easy task and requires many skills. Narrowing it down to CBS (core banking solution) data will not work,” Franco said.
Use of available CBS data to measure performance could even encourage stray elements to manipulate the data, which will affect institutional interest.
The alternative is to continue the present appraisal system (Annual Appraisal Report Format) with better transparency and a half-yearly review.
It is a sound system and takes into account the self-appraisal based on budgetary achievements and other non-measurable but verifiable achievements.
It has evolved scientifically over a period of time and covers business performance, house keeping, inspection, audit reports and other areas.
Many of the works executed by officers are simply not measurable, Franco said. He took exception to the fact that the unions were not consulted before assigning the work to BCG.
Cross-selling
Inclusion of cross-selling income as a key result area will make the employees divert bank deposits and lead to mis-selling of products to achieve targets at the cost of the bank’s image.
Incentives for cross-selling are already generating undesirable results, he pointed out.
E-learning as a key result area will make staff divert their time on self promotion at the cost of institutional interest.
The BCG proposal says that ‘request for transfers will be not be entertained for staff with a grading of B or below’.
This is unacceptable since transfer is governed by a transparent policy bilaterally discussed and agreed upon, Franco stated.
Ratan Tata to head Indian Railways' Kaya Kalp council -Economic Times-19.03.2015
NEW DELHI: Ratan Tata, former chairman of Tata Sons was on Thursday appointed as the head of 'Kayakulp' Council, an innovation council of the Indian Railways.
Minister of Railways Suresh Prabhakar Prabhu constituted the 'Kayakulp' Council and appointed Tata to head it. The purpose of the Council is to recommend innovative methods and processes for the improvement, betterment and transformation of the Indian Railways.
According the Ministry of Railways press release, "This co ..
Minister of Railways Suresh Prabhakar Prabhu constituted the 'Kayakulp' Council and appointed Tata to head it. The purpose of the Council is to recommend innovative methods and processes for the improvement, betterment and transformation of the Indian Railways.
According the Ministry of Railways press release, "This co ..
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