Money & Banking

Stop sale of third-party products at PSBs: All-India Bank Officers’ Association

PTI | Updated on August 01, 2019 Published on July 31, 2019

Bank officers at state-run banks are facing tremendous work pressure due to staff shortage and sale of third-party products such as mutual funds, which should be stopped, said a senior official with the All-India Bank Officers’ Association (AIBOC).

Bank managements are turning lenders into supermarkets of all banking services and shifting the focus of bank officers to just third-party products, said AIBOC Vice-President Deepak Sharma.

This tremendous pressure is leading them to depression or suicidal tendencies on account of their unending efforts to make a balance between multiple pressures, job requirements, and appeasement of bosses, he added.

“There is heavy workload, acute shortage of staff, and lot of pressure down the line to sell mutual funds and insurance products to make banks super markets of all banking services, which has been created by the bank managements, misplacing the focus of bank officers on just third-party products,” he said.

Sharma alleged that in the last few years, bank managements have been creating lot of pressure to sell mutual funds and insurance products, as these sales are linked with higher income in the form of incentives to seniors, perks, foreign tours, gala parties in five-star hotels in exotic locations, recognition, and rewards to best performers.

 

 

Published on July 31, 2019
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