New IBA chief promises to focus on employee well-being

In his first communication to bank unions and federations after taking charge as chief executive of the Indian Banks’ Association (IBA), Atul Goel outlined a four-pronged agenda focused on employee wellness and fostering a fair, supportive, and empowering workplace. He assured stakeholders that the well-being and satisfaction of bank employees would remain a top priority. His commitment comes as public sector bank employees await the implementation of a five-day work week, resolution of retrospective tax issues on perquisites, and measures to address high attrition in private banks.

The banking sector is undergoing rapid transformation, and employees are at the heart of this evolution. Their dedication and hard work keep the industry strong, making it essential to ensure their voices are heard and contributions recognized. Goel, who previously served as MD and CEO of Punjab National Bank from February 2022 to December 2024, took over as IBA’s chief executive on March 11. The association’s 77th annual general meeting will be held in Mumbai, where top bankers will gather to discuss future strategies.

IBA will actively engage with unions and federations to implement policies that support employee welfare, stress management, and overall well-being. Goel also emphasized the importance of training and upskilling, establishing transparent grievance redressal mechanisms, and ensuring employees receive due recognition for their contributions.

The United Forum of Bank Unions (UFBU), an umbrella body representing nine bank employee associations, has announced a two-day nationwide strike on March 24 and 25 to address long-standing issues, including a five-day work week and staff shortages in banks. Unions are also demanding the withdrawal of recent directives from the Department of Financial Services regarding performance reviews and performance-linked incentives, arguing that such measures pose a threat to job security. Negotiations with IBA did not yield any positive outcome.

Emphasizing the need for open dialogue between management and employees, Goel invited unions to share their insights, concerns, and suggestions. Addressing grievances effectively and transparently is crucial. Strengthening learning and development programs will provide employees with career growth opportunities and the confidence to meet new challenges.

IBA remains committed to fostering open and constructive discussions with unions and federations to find solutions that serve employees’ best interests. While driving the industry toward sustained growth, Goel stressed the importance of acknowledging employees’ contributions. The success of any bank is inherently tied to the dedication of its workforce, making it both a moral obligation and a strategic priority to safeguard their rights and interests.