Attrition in banking industry may rise in future: RBI

Reserve Bank of India Deputy Governor, K C Chakrabarty on Monday said Indian banking system may increasingly face the problem of staff- attrition in the period ahead and banks will have to gear up to tackle the issue.

Reserve Bank of India Deputy Governor, K C Chakrabarty on Monday said Indian banking system may increasingly face the problem of staff- attrition in the period ahead and banks will have to gear up to tackle the issue.

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"We are going to see rise in attrition rate. There is a need for adequate focus on HR management… banks need to take adequate care of their manpower,” Chakrabarty said at Bancon conference here.

Banks did not put adequate attention to improve their human resource talent, Chakrabarty said, for better efficiency, banks need to educate their staff to enhance their skills.

McKinsey Associate Partner, Supriyo Sinha said that nearly 63,000 employees of public-sector banks will retire from the service over the next three years and banks will have to devise ways to overcome this challenge. (More)