Good news from Banks Board Bureau (BBB) to public
sector bank (PSB) employees. As part of the efforts to attract more
professionals into the PSB space, the BBB will revamp the compensation
package of employees and introduce bonuses, employee stock options
(ESOPs) and performance-linked incentives from April 1 this year, its
Chairman Vinod Rai said.
The BBB is also toying with the idea of ensuring a longer tenure for
those appointed as executive directors and chief executive officers.
“If we provide, say, a six-year tenure, there is greater degree of
compulsion of accountability that these officials will be subject to,”
Rai said while delivering the 97th Assocham Foundation Day lecture in
the capital on ‘Good governance is essential for sustained economic
development’.
Rai said the compensation package of PSBs need to be improved in
order to attract more professionals. “We may not be able to do much
about the fixed component, but we can change the variable component.
“From the next financial year, we should be able to introduce
bonuses, ESOPs and performance-linked packages. There will be both
monetary and non-monetary incentives.”
Later, asked whether the improved package would be applicable only
for senior management, Rai told that it will be available across all
segments, including senior management and middle-rung executives.
On whether BBB was on track to fill up all vacancies at the helm of
PSBs, Rai said the Bureau was doing the needful. “We are in the process
of filling up vacancies. We are looking for the right people. We are
trying to ensure that we choose the best and not the second best. Maybe
there are one or two vacancies to be filled. But most of them have been
done,” he said.
In his lecture, Rai said the need for greater probity, transparency
and accountability in governance has gained added significance, going by
India’s experience in the past two decades since the opening of the
economy in the 1990s.
“While we have performed well in almost all sectors in the economy
since liberalisation and we could withstand the global economic
slowdown, we did fail to achieve the true potential of liberalisation
reforms.”
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I need better product and services from all banks equally throughout the country for every citizens.
ReplyDeletethe various mixtures of EXTRA intelligent experiments are of little use for us.
the country has so far not capable enough to provide justified payments to it's employees of various banks throughout the country.
It sounds nice let the time prove it.