The Bharat Bandh called by the Opposition parties to protest against rising prices has put the country on hold. However, banks remained largely unaffected
Banking operations in most parts of the country remained largely unaffected by the nation-wide bandh called by the opposition against the hike in fuel prices, reports PTI.
"Bank branches across the country are open," United Forum of Bank Unions' convener CH Venkatachalam said.
However, there could be some disturbances in states like West Bengal and Kerala, he added. There are about 60,000 branches of various banks across the country.
According to a senior official of the Bank of Baroda, its banks branches are by and large functioning normally.
The opposition National Democratic Alliance (NDA) and the Left parties have separately called for a Bharat Bandh today to protest the recent hike in fuel prices. Following the hike last month, petrol, diesel and kerosene rates have gone up by Rs3.50, Rs2 and Rs3 a litre, respectively. Prices of cooking gas has risen by Rs35 a cylinder.
Most of the opposition parties, barring the Rashtriya Janata Dal (RJD), Bahujan Samaj Party (BSP), Lok Janshakti Party (LJP) and Rashtriya Lok Dal (RLD), are participating in the bandh.
The participating parties are Bharatiya Janata Party (BJP), Shiv Sena, Samajwadi Party, Janata Dal-United (JD-U), Communist Party of India-Marxist (CPI-M), CPI, Forward Block, Revolutionary Socialist Party (RSP), All India Anna Dravida Munnetra Kazhagam (AIADMK), Marumalarchi Dravida Munnetra Kazhagam (MDMK), Telugu Desam Party (TDP), Biju Janata Dal (BJD), JD(S), Asom Gana Parishad (AGP), Indian National Lok Dal (INLD) and the Akali Dal.
On 24th June, SEBI restrained Mahendra Shah from trading or accessing the securities market and also restricted him from holding any managerial position in any listed company in India
Globus Corporation Ltd's managing director Mahendra C Shah has resigned from the company as per the order of Securities and Exchange Board of India (SEBI), reports PTI.
On 24th June, SEBI restrained Shah from trading or accessing the securities market and also restricted him from holding any managerial position, including directorship or any other key position in any listed company in India, the aluminium company said in a filing to the Bombay Stock Exchange.
The company will appoint an additional director to fill the vacancy of managing director in tomorrow's board meeting, the filing added.
Faced with a manpower crisis due to neglect of human resource issues, the committee led by Dr AK Khandelwal has called for an urgent realignment of HR practices in public sector banks
The committee tasked with looking into the human resource (HR) issues of public sector banks (PSBs), led by the ex-chairman of Bank of Baroda, Dr AK Khandelwal, has proposed some sweeping changes in the way PSBs recruit, compensate, incentivise and plan for succession of employees under their fold.
Identifying certain gaping holes in the way HR issues are administered by PSBs, the Committee has made several recommendations to bring the banking system back on track in terms of manpower. PSBs seem to be facing a crisis of sorts, with almost half the top management cadre retiring in the next couple of years, with no identifiable talent to replace them. The system faces a high degree of attrition, with new recruits jumping on to better opportunities elsewhere for want of adequate compensation. On the whole, this situation has arisen out of the years of neglect in strengthening HR policies and practices.
Taking this into account, the Committee has sought to create a robust HR framework within PSBs. Informed sources told Moneylife, "If you allow a problem to accumulate, it shows up in a variety of ways. Since a lot of people are retiring at the same time and attrition is high, it has created a vacuum and a skill gap in the system in key areas like risk management, treasury and international banking. Therefore, HR issues have suddenly come to the centre-stage. I do believe that HR issues have become the new risk factor in the banking industry."
As the first step, the Committee is understood to have proposed that a board committee on HR should be formed in each bank. Banks having business worth Rs3 lakh crore and a staff of 30,000 will be required to appoint an executive director-HR on their board. The Committee has also recommended a monitoring committee in the ministry of finance, headed by the secretary, joint secretary and two HR experts to draw up the HR record of each bank and initiate a bank-wise reform process.
Among other things, the Committee wants banks to do away with the present practice of an industry-wide wage settlement. Instead, it has called for having wage settlement at the individual bank level, with each bank deciding its own wage structure depending on its profitability and capacity to pay. Our source says, "There are unique bank-specific problems that cannot be addressed with an industry-wide settlement. There is no linkage with capacity to pay. Since the settlement is done at the industry level, most of the initiative at the bank level gets lost."
The Committee has also suggested changes to the archaic recruitment criteria of PSBs. For clerical staff, the Committee has proposed that the minimum qualification should be graduation, instead of the current SSC requirement. Also, for the officer cadre, it has suggested that they should hold a banking diploma, apart from graduation. It has also recommended some changes to the test structure of PSBs, taking into account modern skills sets required for the banking function.
To ensure that banks have a proper succession framework in place, the Committee has proposed that a bank's board should do succession planning for each key leadership position by identifying three potential successors. The Committee has also provided for the setting up of a national level Banker's Leadership Development Institute, a greenfield project, which will be a big academy for developing leaders for the banking industry.
Apart from this, the Committee has sought changes in the welfare and reward provisions of PSBs. The Committee has asked that the ceiling for welfare contribution be raised to Rs40 crore from the present Rs15 crore and that 25% of the welfare contribution be directed towards retired staff.
To strengthen the presence of banks in rural and semi-urban areas, the Committee has provided that new recruits, especially clerks, be posted in rural areas for three years and in order to encourage them to move to rural areas, banks should provide them incentives in the form of faster promotion.