IBA panel seeks higher wages for CEOs

A high-powered committee on human resources management set up by the Indian Banker’s Association has recommended increased wages for t...

A high-powered committee on human resources management set up by the Indian Banker’s Association has recommended increased wages for the Chief Executive Officers, summary removal of non-performing officials and rolling back the retirement age from 60 to 58 years.

The IBA committee comprised of PNB CMD S.S. Kohli, Banking Secretary Shekhar Agarwal, BoI CMD K.V. Krishnamurthy, SBI chief general manager Y. Radhakrishnan, IBA advisor M.N. Dandekar and IBA secretary K. C. Chowdhary. The committee was set up to examine all aspects of human resource management and development in PSU banks.

The committee observed that having regard to a CEO’s status, the government should provide him with rent free accommodation with a ceiling of Rs 5 lakh, corporate membership of clubs, office space at official residence and official car with AC, subject to a cost ceiling of Rs 7 lakh. The committee recommended a fixed tenure of three years for the CMD in a particular bank.

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In addition, the committee felt that if a CMD is moved from one bank to another, then there was no need to seek approval of the Central Vigilance Commission or the Central Bureau of Investigation.

In case of non-performing officials, it observed that a system for identification should be introduced and such officials, who perform below expectations, should be summarily removed if they fail to improve their performance after putting on notice.

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