Employees of government owned banks may no longer have to worry about changing schools for their children in the middle of their term on account of their transfers.
Finance ministry has instructed government owned banks to issue all transfer orders before June every year "so that the staff is not put to undue inconvenience." In a letter to all PSU banks, finance ministry has said that is done taking into consideration the academic year in schools and colleges and other relevant factors.
"Currently banks do not follow any particular time table with regards to transfers. In fact more often the promotion exercise is undertaken a few months before a chairman is due to retire," said a senior officials from the bank who did not want to be quoted.
In a letter to chiefs of all PSU banks, finance ministry has said, "The process for promotion for the vacancies during the year must be completed before June of that year." There are as many as seven lakh employees working with government owned banks who would benefit with this development.
In order to ensure that the banks take a serious note to this instruction, finance ministry has added that all exception made to rule would require approval from the board members. "Any transfer of officers after June, even on administrative exigencies, except on promotion, would require prior approval of the board of directors," it said. To ensure that transfers are done in time, finance ministry has told bank chiefs that exams that are conducted for promotion should also be held in time so that the promotion process is completed before June.
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