Banks shifting focus from core business: AIBEA
A policy and enforced regulation to restrict cross-selling of products in banks is the need of the hour, says CH Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA). Asserting that banks have shifted focus from their core business (of lending and accepting deposits), he said: “Lots of diversion of deposits is taking place in the name of cross-selling. Employees are being pressured to sell insurance products, of which they lack expertise. “The bank’s infrastructure is utilised by insurance companies in return for a commission and targets are given to bank staff for achieving insurance business — not deposit targets,” he clarified, adding “the AIBEA is going to take up this issue with the government...
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