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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
The increasing convergence of sales and service functions, with consequent non-stop pressure to meet targets, has seen employees jump ship in droves. This has the potential to adversely impact the financial institutions’ health.
The Reserve Bank of India (RBI) recently published its Report on Trends and Progress of Banking in India for the 2023-24 fiscal year. The report threw up a damning stat—private banks in India have a staff retention problem. On average, the attrition rate in select private banks and small finance banks is at a staggering 25%. For comparison, the global average within the financial sector is about 16-17%, according to Aon Plc. Also, the private bank workforce surpassed that of public sector banks for the first time. These make it imperative that we understand why they struggle to retain talent. …
Atanu Chakraborty’s resignation does not appear as damaging as the bank’s response to it. The ‘all is well’ narrative needs an independent audit.
Divergent narratives from the Haryana government and the lender raise deeper questions on oversight, authorizations and systemic lapses—answers that may emerge only after a forensic audit.
The Bengaluru-based lender is once again gearing up to seek the RBI’s nod after the central bank returned its application last year.
