Unfair, unjustified’ step: bank unions-The Hindu
Bank unions are not happy with the government’s decision to induct two CEOs from the private sector at two top public sector banks. The government had announced on Friday that PS Jayakumar and Rakesh Sharma would be appointed MD & CEO of Bank of Baroda and Canara Bank, respectively. This was being done as part of a package of measures called ‘Indradhanush’ to revive the banking system.
CH Venkatachalam, General Secretary, All-India Bank Employees Association, has called the step “unfair, unwarranted and unjustified”. He said these banks were huge financial institutions with social and public welfare orientation. That culture doesn’t fit with what these private executives bring to the table.
He said that there was no need for such appointments when there were enough committed, dedicated executives within public sector banks. This sends a wrong signal that the government is committed to privatisation of banks.
The move to provide higher performance bonus for MDs and CEOs did not find favour with him, either. He asked, “Why should only the Chairman or CEO get such performance bonus? After all, it is team work. Why not extend that to every one?”
He wondered why the package of measures announced on Friday did not include a single mention of how the banks were to recover the money from defaulters.
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