CPI Leader Binoy Viswam Urges Withdrawal of Bank Employee Review Order
Binoy Viswam, a former Rajya Sabha MP and state Secretary of the Communist Party of India (CPI) in Kerala, has written to Union Finance Minister Nirmala Sitharaman. He is requesting the withdrawal of a recent order by the Department of Financial Services (DFS) that mandates performance reviews of bank employees, potentially leading to premature retirements for those deemed underperforming.
Concerns Over Anti-Worker Policies
Viswam claims the order is “anti-worker” and a move to align the Indian banking system with corporate interests. He argues that it threatens the autonomy of public banks and the rights of employees. He highlights the social role of public sector banks, which have shifted from “class banking” to “mass banking.”
Call for Government Intervention
Viswam urges the Finance Minister to address mass lay-offs in the corporate sector, stating that existing measures are sufficient to handle underperformance. He warns against adopting corporate sector practices in public banking and calls for policies that are friendly to both people and employees.
Doubts Revealed
CPI -: CPI stands for Communist Party of India. It is a political party in India that believes in the principles of communism, which focuses on equality and the welfare of all people.
Binoy Viswam -: Binoy Viswam is a leader of the Communist Party of India. He is involved in politics and works to represent the interests of people, especially workers and employees.
Finance Minister -: The Finance Minister is a government official in charge of the country’s financial matters, like money, taxes, and banks. In India, the current Finance Minister is Nirmala Sitharaman.
Department of Financial Services (DFS) -: The Department of Financial Services is a part of the Indian government that looks after financial institutions like banks and insurance companies. They make rules and policies to ensure these institutions work well.
Performance reviews -: Performance reviews are evaluations of how well employees are doing their jobs. They help decide if employees are meeting their goals and can affect promotions or pay raises.
Public banking -: Public banking refers to banks that are owned by the government. These banks aim to serve the public interest rather than making profits for private owners.
Corporate interests -: Corporate interests refer to the goals and benefits of large companies or businesses. Sometimes, these interests can be different from what is best for the general public or workers.
Mass lay-offs -: Mass lay-offs happen when a large number of employees are let go from their jobs at the same time. This can happen when companies are trying to cut costs or during economic downturns.
Global banking crises -: Global banking crises are times when banks around the world face big problems, like losing money or going bankrupt. These crises can affect the economy and people’s jobs and savings.