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Focus on HR issues,FM urges public sector bank

Finance Minister Pranab Mukherjee urged public sector banks to develop human resources and improve customer relations in order to stay ahead in the competitive financial services sector

Written by ENS Economic Bureau | New Delhi |
March 12, 2012 12:34:32 am

Finance Minister Pranab Mukherjee on Sunday urged public sector banks to develop human resources and improve customer relations in order to stay ahead in the competitive financial services sector.

“The requirements of future banking and financial markets are expected to be even more complex and skill specific. I would urge all CMDs and their colleagues on the Boards of PSBs,to provide their undivided attention on Human Resource Development matters — as the subject has not received the focus it deserves at the board level. This would enable PSBs to emerge as strong and viable financial institutions,” Mukherjee said at the golden jubilee celebrations of State Bank of India Staff College.

The minister also asked all state-owned banks to provide formal training to all its workers at least once a year with a ‘three dimensional approach’ that would focus on gender needs,electronic banking and tailor-made banking solutions for the rural economy.

While public sector banks still dominate the banking sector,a bulk of their personnel would be retiring over the next few years.

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“A substantial part of the current work force in our PSBs had joined in the 1970s,and is in the process of superannuating. It is estimated that in the next few years,80 per cent of General Managers,65 per cent of the Deputy General Managers,58 per cent of the Assistant General Managers and 44 per cent of the Chief Managers would be retiring,” Mukherjee noted.

Further,the share of PSBs in the total banking assets has also declined over the last few years since private sector banks have come up,Mukherjee said.

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