High attrition rate of 25% in private banks raises operational risks, warns RBI report

Economy

1 year ago

News sources:

Credited from: INDIATIMES

Employee attrition rates in private sector banks have risen to approximately 25%, as indicated by the RBI's latest report.
This high turnover rate presents significant operational risks, such as disruption in customer service and loss of institutional knowledge.
The report notes that private banks now employ more staff than public sector banks, despite the sharp increase in attrition.
To combat this issue, banks should adopt strategies like enhanced onboarding, training opportunities, and a supportive work culture.
The RBI also highlighted the need for banks to review their policies on gold loan practices and improve risk management associated with climate change.

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