November 27, 2024 (Punjab Khabarnama Bureau) -In the coming days, bank employees will have to work under a revised transfer policy. On Tuesday, the Ministry of Finance issued several suggestions to banks regarding their transfer policy. The aim of these suggestions is to promote greater transparency in the transfer policies of public sector banks (PSBs).
According to the advisory issued to the heads of PSBs, the Department of Financial Services has instructed banks to incorporate these suggestions into their respective ‘transfer policies’ with board approval and take immediate action to implement them starting from 2025-26.
The advisory stated, “PSBs are also advised to send a copy of the revised policy to this department as soon as possible.”
What’s special about this initiative?
The proposed changes include automating the transfer process by banks and providing employees with location preference options. Additionally, an online process for the same will be developed.
The letter noted, “As far as possible, female employees should be transferred to nearby locations, stations, or regions.”
The Ministry of Finance emphasized that complaints related to violations of the transfer policy must be addressed carefully. Banks are encouraged to complete the transfer process annually by June, except in cases where transfers are essential due to promotions or administrative reasons, thereby avoiding transfers during the year.