Nationalisation also opened up avenues for large-scale employment. An army of educated people found career opportunities. If these early employees in banks were drilled with a sense of responsibility and customer service, the story could have been far different. Job security was assured. Emoluments were the same for performers and laggards. With new generation banks coming in, customers had a choice and many moved their loyalties to these new entities. The steady loss of business to these newbies did not act as a wake-up call to the nationalised bank as job security and steady emoluments helped continue the lackadaisical approach.
With the new generation banks moving into the hinterland and judicious use of technology, the importance of nationalised banks will diminish. The government also seems to be serious in stemming the rot. One merger has happened. More are in the pipeline.
K V Premraj, Mumbai
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