RBI highlights rising attrition rates in private sector banks

Economy

1 year ago

News sources:

Credited from: INDIATIMES

The Reserve Bank of India (RBI) has identified high attrition rates in private sector banks (PVBs) and small finance banks (SFBs) as a significant risk factor.
The average attrition rate in PVBs has surged to approximately 25% over the past three years, with total workforce surpassing that of public sector banks for the first time.
High turnover leads to operational risks, including disruptions in customer service and loss of crucial institutional knowledge.
RBI advises banks to enhance onboarding processes, training, and mentorship programs to tackle this challenge effectively.
Retention issues not only affect bank reputations but also harm employee morale, making it difficult to attract skilled professionals.

For more details, visit the original article here.