Staff From These PSU Banks Hunting Jobs In SBI and Others; No Job Security Now?


Privatization: Staff From These Govt Banks Hunting Jobs In SBI and Others; No Job Security Now?
In her Union Budget speech on February 1, FM Niramala Sitharaman announced the government’s decide to conduct privatization of two more public sector banks, besides IDBI Bank, along side one general insurance firm , within the upcoming fiscal year FY22.

The Niti Aayog is rumoured to possess taken into consideration some public sector banks, namely Central Bank of  of India, Indian Overseas Bank, Bank of Maharashtra and Bank of India, for privatisation.
Reportedly, because the well known as public think tank Niti Aayog has almost finalised/shortlisted Bank of Maharashtra and Indian Overseas Bank for privatisation, employees of those banks are now on the lookout for switching their jobs in bigger banks, just like the largest bank in public sector  State Bank of India..

Additionally, reports also are being circulated regarding the likelihood of rolling out a impressive  voluntary retirement scheme (VRS) for the workers of those Public sector banks in order that the takeover by private sector entities appears without a layer of additional flab.
According to Moneycontrol, the workers of the alleged two shortlisted public banks for privatisation, central bank  of India and Indian Overseas Bank, have began to look out for job opportunities at bigger banks, like SBI, while many have already secured or opted to other jobs.

Niti Aayog has proposed that the workers of nationalised banks are going to be offered employment guarantee of one-year, post which the fate of the workers remains unclear.
As a result, there has been panic stricken among these employees, hence the choice to hunt and switch to jobs at bigger banks.

Chances of VRS to be Provided to Bank Employees
While some of the workers of the shortlisted nationalised banks are looking for other jobs, others are expecting some clarity on a probable Voluntary Retirement Scheme to be launched by the management, before these banks are appropriated by the private entities.
By rolling out a beautiful VRS package, employees are offered an honest financial deal/sum for early retirement, thereby cutting the additional workforce in these banks and making them leaner and fitter for takeover by the private sector entities.

The Niti Aayog are going to be liable for identifying suitable candidates for the privatisation and reporting it to a high-level panel headed by Cabinet Secretary Rajiv Gauba
Some of the members of this panel include the Economic Affairs Secretary, Revenue Secretary, Expenditure Secretary, Corporate Affairs Secretary, Secretary Legal Affairs, Secretary Department of Public Enterprises, Secretary Department of Investment and Public Asset Management (DIPAM) and therefore the Secretary of the executive department.