We have formed a task force consisting of the HR Managers of all the banks and mandated them to come up with industry wide standards for training, promotion, compensation and benefits, severance and continuing professional education. The banks have to move away from the old paradigm of seniority as the sole criterion for career advancement.
In future the promotions should be based on upgradation of skills and demonstration of performance. In a knowledge-based economy and a service-oriented sector, it is absolutely imperative that investment in human skills is given utmost priority. Eighth, five years ago the technological base of the banking industry was not even at a rudimentary stage.