Introduction
However, these changes come at a cost: a burgeoning epidemic of stress among bank employees. Long working hours, demanding targets, and an ever-evolving regulatory environment are taking a toll on mental and physical well-being.
This article delves into the issue of stress experienced by employees in Indian banks, exploring its causes, and the consequences. It also discusses strategies to address this silent crisis to pave way for a more sustainable and well-balanced work environment.
The Alarming Reality
Stress in Indian banks is not anecdotal; it is an alarming reality. There have been news across media that the Indian banking professionals are experiencing higher levels of stress which is leading them to severe health-related issues. Studies conducted in this regard across major cities paint a concerning picture. A research study published in National Journal of Community Medicine during 2022 found a staggering 75.5% of bank employees reported high and very high stress levels.
Even though the study was conducted among 192 bank employees in the city of Puducherry, the issue of stressed banking professionals exists across the banking offices/ branches. A news article released by Money Control in 2023 quoted executives of a leading public sector bank as issuing orders to officials to work on holidays and weekends. It also mentioned about the encouragement of late working hours by top executives of another public sector bank. The article also highlighted a protest carried out by the employees of a public sector bank in January 2023 against bank management for the pressure exerted due to increased workload.
These concerns are a clear call to action, demanding immediate attention from both banks and policymakers to address the pervasive issue of stress.
What Triggers Stress in Indian Banks?
Bu hikaye BANKING FINANCE dergisinin June 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye BANKING FINANCE dergisinin June 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
The Rise Of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.