Bank staff woes

The Standing Committee on Finance’s observation that there has been a discernible fall in the number of candidates registering for various posts at PSBs as per data available from the Institute of Banking Personnel selection (IBPS) should serve as an eye opener to the IBA. The initial offer of a meagre 2 per cent wage rise after the expiry of a 5-year agreement is emblematic of its lackadaisical approach to HRM.

The overall working conditions in the banking industry have turned noxious. A spate of suicides have been reported from banks during the last one year due to unbearable pressures caused by regular late sittings, unrealistic targets, abuse by superiors in review meetings, vitriolic comments in mandatory WhatsApp groups etc.

A comparison with the salary and service conditions prevailing in the government service would clearly bring out the pitiable state of affairs in the banking sector. Large scale attrition among the new recruits and fall in the number of candidates seeking employment in banks, are symptomatic of deep-seated maladies which are crying for urgent attention from managements

Kannur (Kerala)

The Supreme Court’s verdict reinstating Alok Verma as CBI Director has met the end of justice only partially. Of course it is gratifying that it insulated the CBI against government interference and underscored the importance of preserving the independence of institutions for our democracy. At the same time, it is baffling that the apex court clipped the wings of the reinstated Director.

It is incomprehensible and inexplicable why Alok Verma should be divested of the power to take policy decisions or fresh initiatives when the apex court found no wrong-doing on his part and struck down the CVC’s order sending him on leave.

It was also a glaring and grave flaw in the judgment that Verma’s tenure has not been extended by the number of days he lost as a result of his arbitrary removal. It is to be hoped that the selection panel will deliver the remainder of justice.

Maruthancode (TN)

With reference to ‘Time to sort out IBC’s teething troubles’ (January 8), for a healthy economy, it is important to use all the resources efficiently and optimally. In a business, money is an indispensable resource to be employed in such a way that ensures a fair return to all the stakeholders such as promoters, government, and creditors.

Given the cyclical ups and downs businesses go through a resolution body like Insolvency and Bankruptcy Board of India (IBBI) effecting the Insolvency and Bankruptcy Code (IBC) is inevitable.

Even in the face of a bunch of litigations in courts stalling the NCLT proceedings against the defaulters under the IBC, the IBBI has succeeded in recovering debt of more than ₹3 lakh crore by way of adjudicating 4,800 cases referred to it by the lenders, which is a huge success. But the litigations filed by the (wilful) non-compliant promoters would certainly delay the adjudication process and also discourage the promoters to agree on pre-admission stage settlement fearing the lose of control of their firms.

The IBC has to strengthen its infrastructure like more hearing-benches in NCLT and NCLAT as also expanding of Debt Recovery Tribunals (DRTs) with sufficient manpower for speedy resolution of the cases.

Cuddalore District (TN)

The editorial ‘A wobbly Jet’ sums up in a neat and crisp fashion the woes of the airlines and its pathetic and frightful list of vendors’ overdues as well as other lenders like banks. I am sure there must have been initial warnings and signs of sickness creeping into Jet Airways and the lenders ought to have taken preemptive measures. The government cannot be blamed for this precarious scenario and it should not attempt even to don the role of a saviour. Charity begins at home!

Bengaluru

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