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SOME of the shackles on public sector
banks are being removed. The government has given state-owned banks leeway to
hire professionals on a contract basis. The professionals can be recruited for
specified jobs, paving the way for lateral entry at various levels. Io instil
greater professionalism, the boards of state owned banks have been given the power to induct personnel up to the
level of general mangers for jobs
relating to information technology, economic analysis and risk management,
among other things. The move will overcome the low-risk,
low-return model for PSU banks and their lack of aggressiveness in taking on
competition from private sector
players. "It is up to the boards to make best use of it, decide on the
kind of jobs for which they should take specialists and show more
professionalism," said an official. The government is thinking of allowing
a new entry policy for some of the weaker banks. The Narasimham Committee had
recommended freedom for banks to recruit from the market to attract talent. IBA for
specialists in various fields The Indian Banks Association (IBA), in
its Vision-2010, had also endorsed this move. The vision document had said
banks would have to recruit specialists
in various fields like treasury management, credit, risk management, IT related
services and HRM, in keeping with segmentation and product innovation. Among the state-owned banks, Bank of
Baroda (BoB) was quick to capitalise on this opportunity. The bank has
recruited professionals in areas like e-learning on a three-year contract,
officials said. The recruits are paid a lump sum but are not entitled to
perquisites enjoyed by the bank staff who are outside the contract system.
"In technology installation there was a major shortage," officials said.
"Wherever there is a shortage of
skilled people in other areas also, banks would look to recruit from the
market," a banker said. Other banks are now looking to follow the example
set by BoB, officials said. The stronger banks can go ahead as their boards can
exercise such powers under the autonomy granted to such bank boards.
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