The compensation policies encouraged employees to increase short term profit without adequate recognition of risks and long-term consequences that their activities posed to the organisation. To address these concerns, Reserve Bank issued guidelines on compensation practices for private and foreign banks, based on the international initiatives.
Special thanks should go to Miss Cynthia Mammon, ITAP’s indefatiguable Director and Chair for Events, whose persistence in finding a suitable schedule for us has caused my being here tonight possible.