Uniform disciplinary action format at PSBs on the cards
A working group set up by banks is firming up guidelines in this regard and the new format could come into effect in June, they said. "Banks have shared the best practices followed by them in disciplinary processes and it has been decided that a uniform process be adopted across public sector banks (PSBs), the contours of which are being finalised," said one bank executive, who did not wish to be identified.
Currently, all PSBs follow the Central Vigilance Commission manual, but each has its own disciplinary process along with timelines in certain cases.
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Banks will also incorporate the suggestions made by an internal committee led by a former Central Bureau of Investigation special director DC Jain on strategies and frameworks for dealing with cases against lenders under the
Prevention of Corruption Act
.
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"A standard format will bring uniformity and ensure that any disciplinary action is not random or prejudiced because the management was biased," another executive said on condition of anonymity, adding that the boards of the respective banks will approve the final guidelines.
In the past, banks have been lobbying for more protection and immunity for commercial decisions taken by their employees.
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