Panel suggests freedom for public sector banks to employ, fix wages

30 Jun 2010

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A K Khandelwal, former chairman of Bank of BarodaA committee appointed by the government has recommended autonomy for state-run banks to adopt their own wage structure as also more freedom to select personnel to higher posts.

The panel recommended that banks be allowed to recruit 50 per cent officers directly, against the current 25 per cent and a compulsory rural stint of three years for new recruits.

The committee also proposed appraisal of chief manager and senior officers on the basis of feedback from colleagues, subordinates and customers.

Besides, the panel recommended induction of specialists as also an executive director in the human resources department.

The panel also suggested better remuneration for the CMDs of the PSBs.

In its report, the committee headed by A K Khandelwal, former chairman of Bank of Baroda, also suggested that the State Bank of India should be accorded `Maharatna' status, in a new ranking of public sector banks to foster competition among Indian banks.

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