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Thiruvananthapuram, March 21

State Bank of Travancore Staff Union (BEFI) has demanded that the Reserve Bank of India withdraw its circular allowing banks to outsource routine work to an outside agency on a commission basis. Outsourcing will seriously compromise the secrecy and security that have traditionally been the hallmarks of normal banking transactions, Mr K. G. James, National President of the Union, said at a meeting here on Tuesday. The RBI has directed that banks could take recourse to third-party intermediaries as part of the prescribed Business Facilitator Model and the Business Correspondent Model. The union expressed strong protest over the move.

More Stories on : Outsourcing | Trade & Labour Unions | Kerala

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