State Bank of Pakistan (SBP) has taken serious notice of banks that are not implementing their own human resource (HR) policy. These banks, it should be mentioned, are forcing their staff to sit late hours in offices and branches without any financial compensation.
This situation, SBP believes, is not right, destroying the health and lifestyle of bankers at large.
This was disclosed in a report prepared by State Bank of Pakistan (SBP) staff. As the financial regulator, SBP carries out audits of banks in more than one way, also analyzing their working conditions and human resources.
During a routine audit, SBP observed that most of the banks are working under an environment that is not employee-friendly. These working conditions are also in direct conflict with the bank’s own HR policies, as well as existing laws.
The report highlighted the issue of forced labor in the banking industry. SBP staff noted that this culture of late sittings has become widespread in the industry.
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A senior officer in SBP told that the regulator is looking into the matter and evaluating options against errant banks.
“During the first phase, the matter will be taken up with Pakistan Banks Association (PBA). They will be asked to implement the HR policy and country laws in letter and spirit,” the officer added.
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Speaking under the condition of anonymity, a veteran banker told ProPakistani that most of the staff is forced to work late hours at night so that the banks’ could achieve their targets. In fact, if the target is not achieved, the staff is not allowed to leave the office. This is a major reason why banks save billion of rupees unethically because they run operations with late hours sittings at the same time when they are understaffed.
“As the bank is growing, they are not employing more staff workers that are needed to support its growth. Instead they shift the additional burden on the existing work force, resulting in extra hours sitting in the office.”
The source also told that due to the working pressure and extra hours, the health of banking staff suffers as a result. Most of these bankers fall victim to life-threatening diseases. This information can be easily checked with the medical bills involving bank staff.
“Bankers are facing a very high risk of heart-related issues, diabetes, hypertension, eye sight issues and many other diseases.”
Nice initiative for Bank’s employees
Banker’s must get relieved as all of them have complains including executive staff
I endorse your views
kuch b ni hona
SBP is not in a position to compel commercial banks for this implementation.
SBP must focus on its own employees and have a closer look at their working style and behavior towards bankers. In most of the industry meetings, SBP officials misbehave with senior bankers and threaten them with penalties for not implementing even those policies over which SBP has no mandate. In many cases bankers are forced to constantly ‘be nice’ and ‘obedient’ to SBP officials to get even the most minor approvals, which SBP officials will otherwise hoard on their desks for months and months.
SBP should really clean their own house first before pointing out these issues at other banks.
How exactly due to get threatened or pressurized when you have done nothing wrong? Remember, You must have done something or missed something for you to get blackmailed by any blackmailer. :)
bankers are loaded with profits on the cost of People working for them
Those talking against SBP’s initiative must be from senior management of their banks. They would never like this relief to take place as their dictatorship shall be badly jeopardized. Why they are complaining about misbehaviour of SBP officials with them, why they forget their behaviour with their staff when they humiliate their lower staff on minute mistakes by threatening them with severe punishments and show cause notices.
I wish SBP take this positive action immediately to get oppressed staff of banking sector out of life threatening environment.
THIS IS A NEED OF TODAY….AND THERE SHOULD ALSO BE A COMPLAIN CENTER AGAINST EXECUTIVE STAFF AND OVERTIME COMPENSATION TOO….TIME IS CHANGING IN PAKISTAN SLOWLY BUT STILL IT IS
Great ! much appreciated step
Very encouraging amd true. Good move by sbp
SBP’s policy making belongs to 1970s and is holding banks from providing good services to Pakistanis meeting the needs of this era.
Real life example:
Number of POS machines in India: 3,000,000+
Number of POS machines in Iran: 4,000,000+
Number of POS machines in Pakistan: 50,000
This is a real life example of how services are varying between countries that have the same demographics, primarily due to poor and unnecessary policy making by SBP. This particular case where they are now trying to be Human Resources champions for Banks is one such example.
SBP is extremely arrogant, and does not want to learn from the world, does not want to listen. They are a complete disappointment.
this is not the job of sbp to improve number of pos it is banks business. such a foolish example
That’s what you and most other people don’t understand. It is the job of SBP to create policies and an environment where private entities/Banks will be encouraged to make such investments. The reason for low number of POS and low number of people with access to banking and loans, is the policies issued by SBP; many of which are completely outdated and belong to 1970s, not year 2018. Banks do not find such expansions profitable due to unpractical policies issued by SBP.
YES AGREE AND LATE TIME SLAVERY SBP HAS RIGHT TO END IT
What do you think should be the responsibility of SBP?
Good action by the SBP and theses rules also apply to the other sectors.
finally a relive :)
بھڑوو حرام کھانا ہے تو ڈھنگ سے کھاؤ
very pathetic timing for employees in baking industry, no personal life and social life, higher management treat subordinates as personal servant , their logo is “Hire and Fire”, Specially in Islamic banking sector, shows bad image of islam
I think the SBP also need to take action against compressed compensation in the banking industry.. the executive compensation notwithstanding which runs in Millions. The employees are made to work hard to make profits for the owners’ without getting compensated fairly for their hard work