Banking is considered a comfortable job, but this is not the case with private sector banks. Due to excessive work pressure, there has been a huge jump of 25% in the attrition rate in the private sector. The work of banks is being affected due to the rapid attrition in private banks. This information has been received from the latest report on the trend and progress of banking in India 2023-24. The report released by the Reserve Bank of India (RBI) states that the rate of attrition of employees is high in select private sector banks and small finance banks (SFBs). 

Reserve Bank gave instructions 

The report says that the total number of employees of private banks will exceed that of public sector banks (PSBs) during 2023-24, but the rate of job change of their employees has increased rapidly in the last three years, and it has reached an average of about 25 percent. It said that such a situation creates significant operational risks, including disruption in customer services. Apart from this, there is loss of institutional knowledge and increase in recruitment costs. In its interaction with banks, the Reserve Bank has emphasized that reducing the tendency of employees to leave the job is not just a task of HR, but a strategic need. It says that banks need to implement strategies such as better engagement process, providing comprehensive training and career growth opportunities, mentorship programs, competitive benefits and supportive workplace culture to create long-term employee engagement. 

RBI is also strict on gold loan

Further, in view of several irregularities detected in the sale of gold jewellery and jewellery loans (including top-up loans), RBI has advised the supervised entities to undertake a comprehensive review of their policies, procedures and practices on gold loans to identify the deficiencies and initiate appropriate corrective measures in a timely manner.