Concerns About the Well-being of Public Sector Bankers

I am writing to share a concerning story that highlights the immense stress and pressure faced by public sector bankers in India, and it serves as a stark reminder of the need for systemic changes in our banking sector.

Recently, a story came to my attention that underscores the mental and emotional toll on these bankers. In early March, during the Holi festival, a senior banker attended a wedding in Mumbai. While this might seem like a normal social event, the banker went to great lengths to avoid being photographed or leaving any trace of his presence at the wedding. His reason for doing so was the fear that his bosses might interpret his absence from work during the financial year's final month as dereliction of duty, even though one of the days was a public holiday. This fear stemmed from a past incident where a colleague was reprimanded for missing work due to illness.

This story is just one example of the incredible pressure public sector bankers face. Incidents like the suicide of Sandesh Malpani, a State Bank of India manager, and the arrest of Yogendra Pandey, an SBI chief manager, for exposing corrupt practices within the bank, highlight the distressing situations some bankers find themselves in. In fact, the number of suicides among public sector bankers may be nearing the number of those who quit their jobs, despite the job security and comparatively higher salaries they enjoy.

Additionally, the banking sector is witnessing significant changes, such as digitization and a shift in job roles, which place immense pressure on lower-rung employees who struggle to adapt to the new environment while meeting high organizational expectations. Moreover, intense competition from private banks and other industries has led to a high turnover rate among employees, which adds to the stress of job security.

The issues plaguing public sector banks go beyond stress from targets and competition. There is a pervasive culture of misbehavior by senior bankers towards their junior colleagues, creating a hostile environment and leading to a fear of psychosis. This situation can be detrimental to the mental well-being of employees.

This is not an isolated issue; even in other public units within the financial sector, we see instances of work-related stress leading to severe consequences, such as the case of Sujit Kumar Pandey, a senior manager at LIC.

It is essential that we recognize the gravity of this situation and address the root causes of stress and pressure within public sector banks. We must prioritize the mental health and well-being of our banking professionals, as they play a crucial role in our economy.

I believe that open dialogue and reforms within the banking sector are necessary to alleviate the hardships faced by public sector bankers. Let's work together to create a more supportive and conducive work environment for our dedicated banking professionals.

Thank you for your attention to this critical issue.

Original Content : Tamal Bandyopadhyay