Unified Service Regulations In Public Sector Banks With Particular Reference To Disciplinary Matters

Unified Service Regulations In Public Sector Banks With Particular Reference To Disciplinary Matters And Payment Of Retiral Benefits

Vasantharao Satya Venkata Rao, Advocate and Former Deputy Managing Director, Small Industries Development Bank of India

ABSTRACT

The face of public sector banks has changed very rapidly over the past decade and the public sector banks are in the forefront of leading the economic growth of the country. Fast-paced technology, innovations made by the banks, competing economies of scale are playing a vastly different role from earlier years. It is also a fact that the Human Resources of public sector banks are leading from the front with the multifarious activities of the bank. The governance of Human Resources in a transparent, fair, and efficient manner is needed to make the optimum utilisation of their capabilities. In the present age, most of the regulations governing Human Resources were framed decades back and warrants revision.

The Human Resources of banks face Accountability in the course of discharge of their duties. The accountability of the Human Resource of a bank is in two ways. One is internal accountability for which they face disciplinary proceedings for acts of omission and commission while the external accountability is with reference to accountability outside the bank for the acts of omission and commission alleged to have been committed by them in the course of their duties.

The Article makes out an attempt to suggest a uniform, clear, transparent, and fair service regulations applicable across all the public sector banks of the country replacing the current set of multifarious regulations that exists today. This is particularly relevant as the public sector banks have gone through mergers and it is heard that some more mergers are on the cards.