Retail Banking has come of age in India. Gone are the days when customers would be given a token and asked to wait endlessly just to withdraw cash that is rightfully theirs. But this boom in the retail banking segment has come with its own share of vices.
- Each banking officer in a retail bank today is doing the work that was once shared by at least 10 people
- Banking staff have become slaves of the computer; the computer tells them what to do. There is no room for personal development and knowledge sharing.
- Banks today want to recruit inexperienced youngsters to keep their salary outgo low. The lack of experience often leads to costly mistakes.
- The managements of many private sector banks refuse to take any responsibility for mistakes made by their staff. The credit for good work however is always shared by everyone. (There have been many instances where employees have had to shell out money from their pockets when the bank fails to recover dues from a defaulting customer!!)
Having worked in a bank myself, I have seen all this and much more happen. My biggest advice to anybody working in a bank is this:
Be careful and think twice before affixing your initials on that voucher on your table.
There is one more advice (you will not see this in RBI's handbook):
Know Your Manager just as well as you Know Your Customer. Will he/she back you in case of need??
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