Compulsory leave without warning for banking staff in sensitive positions

The RBI wants banks to send employees working in sensitive positions and locations on mandatory leave of at least ten days each year. In a circular to banks, the Reserve Bank of India (RBI) said employees should be put on leave without any prior notification and should not be given official work during the period of compulsory leave.

“As a prudent measure of operational risk management, banks should put in place a policy of ‘compulsory leave’ in which employees assigned to sensitive positions or areas of operation should be compulsorily put on leave for a few days ( no less than 10 working days) in a single period each year, without giving any prior indication to these employees, thus maintaining an element of surprise, ”the central bank said.

According to the RBI, banks should ensure that employees, while on “compulsory leave,” do not have access to any physical or virtual resources related to their work responsibilities, except internal email or email. business that is generally accessible to all employees for general purposes.

The central bank said banks should, in accordance with a policy approved by the board of directors, prepare a list of sensitive positions to be covered under “compulsory leave” requirements and that the list will be reviewed periodically. The implementation of this policy should be reviewed as part of the monitoring process.

The revised instructions are expected to be applicable to all banks and they are expected to comply with those instructions within six months from the date the RBI circular was issued, he said.

In 2015, the RBI declared that cash, currency vaults, risk modeling and model validation should be covered by a “mandatory leave” policy in which these employees are required to take a mandatory leave of a few days. (say 10 working days) all at once. each year, when they are posted to these areas.

For key and sensitive positions such as those in dealing rooms, treasury, account managers for high-value clients, heads of specialized branches, banks should only select those agents who meet the “fit and” criteria. proper, ”the RBI said.

“Banks should immediately put in place a ‘staff turnover’ policy and a ‘compulsory leave’ policy for staff. Internal auditors, as well as competing auditors, should be specifically required to review the implementation of these policies and report violations, regardless of the apparent justifications for the non-compliance, if any, ”had said the RBI. Decisions made or transactions made by officers and staff who have not been rotated / taking time off in accordance with policy should be subject to careful review by internal auditors and inspectors, including concurrent auditors, a he added.

Previous MTY Food Realizes Second Quarter Profits, Reinstates Dividend; Stocks gain almost 15%
Next The unification of the CBL is essential for the economic development of Libya