Promotion Policy in Public Sector Banks
Getting a bank PO job may be the dream of many in the country nowadays because of the good salary package and obviously, the attractive promotion policy of the banks in both public and private sector. Many candidates opt for banking jobs only to get promoted and reach at the top in minimum possible time just as the present SBI chairman did or many other present bank chiefs have done. In this article, we shall try to look into the various aspects of promotion policy in public sector banks as the government has specified certain norms for promotion to higher cadres for public sector banks.
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Basically, most of the public sector banks follow uniform guidelines issued by the Ministry of Finance, Government of India, regarding promotion policy matters. The public sector banks follow two channels in case of promotion i.e. the merit channel and the normal channel. Let us see the policies in detail:
- Both merit and normal channels available: In public sector banks, you can get promotion in two ways – merit or fast track channel and normal or seniority channel. In case of first track channel, you need to have good marks in your annual performance report as well as good marks in the exam conducted by banks whereas for seniority channel, you need to have certain years of experience to be eligible.
- Rural and Semi Urban Tenure mandatory: For promotion upto scale III from Scale I, you need to have a minimum of two years of service at a rural branch whereas you need to have a total of three years of rural and semi urban tenure in order to be eligible for promotion to the next higher cadre.
- Annual Performance Appraisal Report is important: As an officer, you get certain marks in your annual performance appraisal. For fast track channel, you should have a minimum of 75 percent in it to be eligible for promotion whereas for normal track also, a certain weightage is given to this factor.
- Specified years of service required: You must have served a bank for a minimum period of three years in a cadre in order to be eligible for promotion under fast track promotion whereas it is often relaxed by the boards of banks in order to get more candidates. For seniority channel, the number of years required is a minimum of 5 years till scale III whereas in the higher cadres, it varies from bank to bank and generally, merit channel is followed for these cadres.
- Transfers are certain once promoted: Most of the banks transfer officers once they are promoted to the higher cadre. Sometimes it happens within the region where the officer is posted whereas sometimes, it takes place outside the region as well. But one thing is certain, you are going to be transferred once you are promoted.
Once you join a bank, there are ample opportunities for you to excel in your role and get promoted in minimum time possible. If you are ambitious enough, you can rise upto the level of chairman in a very short span of time. So, if you want to see yourself in a high position, banking is your area to explore new opportunities and touch the sky.
All the best!!
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