Indian Banking sector is a classic example of “Too many chefs spoiling the dish”,
Lets see how many controlling/supervising/
1. RBI (Reserve Bank of India)
2. MoF (Ministry of Finance)
3. DFS (Department of Financial services)..2 & 3 are different !
4. MoHRD (Ministry of HR Development)
5. IBA (Indian Bank Association)
6. IRDA (Insurance regulatory and Development Agency)
7. SEBI (Securities and Exchange Board of India)
8. ITD (Income Tax Department)
9. NPCI (National Payments Corporation of India)
11. BBB (Banking Boards Bureau)
12. UIDAI (Aadhaar)
13. Ministry of Corporate Affairs
14. PFRDA (Pension Fund)
15. EPFO (Employee PF)
Then comes local authorities like
7.Hathkargha dept etc.
8. DLCC (District Level Consulting committee)
9. BLBC (Block Level Consulting committee)
10. Local leader mla mp
12.any ruling party leader
13.any police man local ps ..
14.any influential customer …
All are simply raping indian banking system n indian economy ..
Apart from these lets see our own bank and departments involved in issuing guidelines.
and Same number of departments at RO/ZO level.
Imagine if all of these authorities issue atleast 1 circular/letter in a month at least. Then it becomes 50 circulars/letters per month which comes to 600 circular every year, and we are supposed to not only read these circulars but to understand it and implement it perfectly, these circulars are in force since the inception of banking so you can do the math and get a rough idea of how many circulars has been issued till now.
Thanks to Technology, some banks have provided App to read it while travelling, on bed, in washroom or partying.. Banker swipe circulars on mobile not tinder faces
Other than core banking, A Branch level Banker is struggling with govt. sponsered schemes, Jandhan yojna, Mudra yojna, Pension yojna, Bima yojna, this yojna that yojna, trying to explain the customer why his gas subsidy is not credited or why he got less subsidy than the previous month etc.
Then come the branch and employee target for canvassing
Home loan account
and many more.
After complying with all above, bank expect the officer to
Monitor borrower account
Recover over dues
Carry out inspection
Attend court cases.
Now imagine why NPAs are increasing, provisions are going up and profits are shrinking.
And when time come for Wage settlement on every 5 year, every one just disappear. 11th BIPARTITE Settlement pending since Nov 2017.
IBA cries lower profits and employee get peanuts in raise. The railway clerk who doesn’t have to take any decisions get much more than a bank officer.
Believe it or not, our banking system is rotting and require some serious fundamental changes.
Banking profession is highly respected in other country’s ..but in india it seems otherwise