NEW DELHI: The Finance Ministry on Tuesday issued several recommendations aimed at enhancing transparency in the transfer policies of public sector banks (PSBs).
In an advisory addressed to the heads of PSBs, the Department of Financial Services (DFS) directed lenders to incorporate these suggestions into their respective transfer policies, subject to board approval, and implement them by the financial year 2025-26.
The advisory emphasised the need for immediate action, requesting banks to send a revised version of their transfer policies to the DFS at the earliest.
According to the ministry, the transfer policy review seeks to ensure greater transparency and establish a uniform, non-discretionary framework across PSBs. Among the key suggestions is the automation of the transfer process, including the development of an online system that enables employees to provide location preferences.
Additionally, the ministry highlighted the importance of prioritising women employees, advising that their transfers be facilitated to stations or regions closer to their preferred locations whenever possible. The advisory also stressed that grievances related to violations of transfer policies should be addressed with care and consideration.
The move underscores the government’s focus on ensuring fair and transparent management practices within PSBs, fostering a more equitable work environment for employees.
