AIBOC vice president Deepak Sharma demands to stop using banks to sale non-banking products

Dharamshala, July 31, 2019: The Bank Officers in Nationalized Banks in India are under tremendous pressure to meet the targets on those works which are basically not in their basic job.

Expressing these views, Deepak Sharma, Vice President, All India Bank Officers Association (AIBOC) told this correspondent that there is heavy workload, acute shortage of staff and lot of pressure down the line to sale mutual funds and insurance products to make Banks as super markets of all banking services, which has been created by the Bank managements, misplacing the focus of bank officers on bank business then to just market third party products.

He added this tremendous pressure leading them to depression or suicidal tendencies on account of their unending efforts to make a balance between multiple pressures, job requirements, appeasement of bosses, fear, threats, and ethical values.

Sharma said that in last few years, Bank Managements are creating lot of pressure down the line to sale mutual funds and insurance products, as these sales are linked with higher income in the shape of incentives to seniors, in perks, foreign tours, gala parties in five star hotels in exotic locations, recognition and rewards to best performers, promotions etc. And, a lot of pressure is created on the staff in branches to sale these products, he said.

He added, “The officers/staff are being lured and allured by these incentives. The tremendous pressure and follow-up for sale of third party products is resulting in mis-selling and it is one of the prime reasons for deterioration in asset quality. The focus of the banks and the officials has shifted from core activity of lending, serving customers to just marketing third party products.”

He said that the shift has been so intense that prime and important activities like follow-up, monitoring and recovery of loans have been relegated to back stage. This environment is going to harm the very fabric of banking. As these third party products are sold on the basis of incentives, mis selling/ wrong selling / force selling is rampant.

He said that there is an urgent necessity to stop handling of such non- banking activities in banks in the interests of banks, employees and customers, rather bank managements should recruit sufficient staff to implement various government sponsored schemes.
Sharma also demanded to revise the salary of bank officials, immediately. He said, “Salary revision of Bank employees is due for revision from 1.11.2017 and there is no fruitful dialogue till date.”

He said that the attack on bankers are increasing, to hamper the loan recovery process. Government must give safe service conditions to bank officers at their working places.

Deepak Sharma also advocated five days -week working arrangement, with Saturdays- Sundays off and said, “The working conditions in Banks are strenuous. Poor infrastructure, lack of adequate staff is forcing bank officers to work late in the night, resulting in poor health, huge pressure culminating in serious work life mismatches, life style diseases, depression and repeated acts of suicides. The officers are being burnt out. Implementation of five day week will not only result in savings to the organisations in terms of overheads and bring human element in the officer's life but also would enable a meaningful social life which in turn will result in higher efficiency in work place.”

He also demanded the restoration of old pension scheme for new recruits.