Tribune News Service
New Delhi, January 6
Following the directions laid down by Prime Minister Narendra Modi, the
Finance Ministry has issued a circular to the CEOs of all Public Sector
Banks (PSBs), financial institutions and insurance companies assuring
them of freedom of non-interference in matters of commercial decisions,
transfers and postings.It was conveyed in clear terms that the Government will not interfere in the commercial decisions of the Banks/FIs. It has been further amplified that the banks/FIs should take all commercial decisions in the best interest of the organisation without any fear or favour. All decisions should be taken based on facts of the case and objectivity. No such decision should be taken out of any other extraneous considerations such as the influence or the position that the borrower is holding.
Each bank should have their own objective, well laid out transfer and posting rules which should be followed strictly.
No exception should be made in such rules at the behest of any recommendation given by anyone including anybody from the Ministry of Finance.
There should be a robust grievance redressal mechanism for borrowers, depositors and staff. The aggrieved person should have an opportunity to represent his case at least at two levels.
