private bank
A job in a bank is considered a relaxing job, but this is not the case with private sector banks. Due to excessive work pressure, there has been a huge jump of 25% in the attrition rate in the private sector. The functioning of banks is being affected due to people leaving jobs in private banks. This information comes from the latest report 2023-24 on the trend and progress of banking in India. The report released by the Reserve Bank of India (RBI) states that the attrition rate of employees is high in select private sector banks and small finance banks (SFBs).
Reserve Bank gave instructions
The report says the total number of employees of private banks will exceed that of public sector banks (PSBs) during 2023-24, but the job turnover rate of their employees has increased rapidly over the last three years, and is on an average around 25. percent has been reached. It said such a situation poses significant operational risks, including disruption of customer services. This also leads to loss of institutional knowledge and increased recruitment costs. In talks with banks, the Reserve Bank has emphasized that reducing the tendency of employees to leave the job is not just a human resources task, but a strategic need. It said banks need to implement strategies such as better engagement processes, providing comprehensive training and career growth opportunities, mentorship programs, competitive advantages and supportive workplace culture to build long-term employee retention.
RBI strict on gold loan also
Further, in view of the numerous irregularities observed in granting loans against gold jewelery and jewelery (including top-up loans), the Reserve Bank of India has advised the supervised entities to comprehensively review their policies, procedures and practices on gold loans. Review, so that deficiencies can be identified and appropriate corrective measures can be initiated in a timely manner.
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