Public sector banks are undergoing a transformation with recognition of increasing NPAs and efforts to recover money from big wigs.Asset reconstruction companies
are being set Up to manage stressed assets
There is also an effort to merge banks subsidiaries with parent to make bigger entities.Weaker bank are being merged with stronger ones .State bank subsidiaries
have merged with state bank. Though good in concept the employees are unable to cope with the new dispensation. Their work load has got increased enormously
with little or no fresh recruitment.
I , as a customer had a bad experience with a state bank subsidiary. Some of my deposits got converted to payable on maturity instead of quarterly interest payment
with no satisfactory explanation.While this was shown in bank website as payable on maturity, my FD print out showed quarterly payment of interest.This issue could
not be fixed by them . I am now forced to prematurely close the deposit.
The employees say they find many customers facing issues and they spend a lot of time
only resolving them.In addition they are implementing many Govt welfare schemes for students ,senior citizen.widows involving payments thru banks.THeir work
load has enormously increased with no additional compensation
Now bank jobs are no longer attractive .
For many senior employees in sensitive positions they are being made accountable for non recoverable loans sanctioned by them years back. Many have retired and
facing the heat years later.
Many close to retirement are praying for blemish less end to their careers .
are being set Up to manage stressed assets
There is also an effort to merge banks subsidiaries with parent to make bigger entities.Weaker bank are being merged with stronger ones .State bank subsidiaries
have merged with state bank. Though good in concept the employees are unable to cope with the new dispensation. Their work load has got increased enormously
with little or no fresh recruitment.
I , as a customer had a bad experience with a state bank subsidiary. Some of my deposits got converted to payable on maturity instead of quarterly interest payment
with no satisfactory explanation.While this was shown in bank website as payable on maturity, my FD print out showed quarterly payment of interest.This issue could
not be fixed by them . I am now forced to prematurely close the deposit.
The employees say they find many customers facing issues and they spend a lot of time
only resolving them.In addition they are implementing many Govt welfare schemes for students ,senior citizen.widows involving payments thru banks.THeir work
load has enormously increased with no additional compensation
Now bank jobs are no longer attractive .
For many senior employees in sensitive positions they are being made accountable for non recoverable loans sanctioned by them years back. Many have retired and
facing the heat years later.
Many close to retirement are praying for blemish less end to their careers .