Urgent need to provide better salaries in public sector banks, says SBI Chairperson

SBI chief Arundhati Bhattacharya said that there is an urgent need to provide better remuneration to attract good talent in the banking industry. She said bankers are paid very poorly in India, especially at public sector banks.

At Delhi Economic Conclave on 12th Dec 2014, she said "Let me start with income of banking professionals in India. Here, 70% of the banks are in public sector and they are paid very very poorly compared to market."

The SBI chief said there is urgent need to improve quality of board members by providing them suitable renumeration so that the overall efficiency improves. If you are trying to attract best in the field, they have to be remunerated accordingly. We must insist on people who are coming into the board having sufficient hands on experience in both planning and execution in their respective areas, she added.

"We are very blessed in that. SBI has invariably had very good quality board. But that may not be true across (other banks') board. One of the reasons is very low renumeration that is given to the board directors," she said.

So, this is something that government can easily implemented and should be done, she added.

The comments come about a week after PSU bank employee unions went to a four-day relay strike to press for early revision of wages.

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