Public Sector Banks will spend around Rs.100 to Rs.150 crore in transfer and posting of Officers this year. This amount is just for rotational tranfer of officers and does not include transfer and posting of Officers due to promotion.
There are a total of 7.5 lac staff in public sector banks. Taking 50% of the staff as officers, the number comes to 3.7 lacs.
| Name of the Bank | Employee Strength as of 2024-25 |
|---|---|
| Bank of Baroda | 73742 |
| Bank of India | 50564 |
| Bank of Maharashtra | 14591 |
| Canara Bank | 81260 |
| Central Bank of India | 33081 |
| Indian Bank | 39778 |
| Indian Overseas Bank | 20966 |
| Punjab & Sind Bank | 10229 |
| Punjab National Bank | 102746 |
| State Bank of India | 236221 |
| UCO Bank | 21049 |
| Union Bank of India | 73945 |
Considering 5% of the officers are transferred each year then number comes to 19,000.
Banks provide around Rs.50,000 to staff on transfer. Considering this value, the amount comes to Rs. 95 crore. This is the minimum value. If distance is more, then banks provide more amount to staff which can vary from Rs.50,000 to Rs.1,00,000. Considering Rs.1 lac, the amount gets double as banks will have to spend Rs.190 crore on transfer and posting of staff on rotational transfer. This amount is just for rotational transfer. If we include transfer on promotion, the amount increases a lot.
Some critics argue that banks can use this fund to recruit more staff and improve its infrastructure. What you think of this – let us know in the comment section below.
