95% of the services of 3 bks of any branch: PNB
Mayur Shetty | TNN
Mumbai: a three-way merger has resulted in Punjab National Bank () emerges as the second largest lender in the country. In an interview with TOI, the bank's chief executive officer and chief executive officer explains how he is implementing a merger amidst a blockade and what it means for customers and employees. Excerpts
What will be the rule changes for employees of the merged banks?
From the perspective of the public face, nothing has changed. From the employee's perspective, nothing has changed when it comes to service delivery. When it comes to employee benefits, we have adopted the best among the three banks. This refers to residual benefits, which vary from bank to bank. The general salary benefits are the same under the IBA agreement.
Two banks will lose their management at the board level. How will these lenders work?
The government has already appointed an executive director for each of the merging banks on the PNB board. In addition, the outgoing MDs of both banks have been named special service officers in GNP. The general managers of the three banks will report to PNB's senior management and its executive directors.
What will change for the client?
Our goal is that the customer has no difference in enjoying the products and services, which has been done in three banks. In the process of harmonizing products, there are some who will have a sunset. In other words, no more customers will be included in these products. But customers will have the advantage of newer products with additional features. For customers of all banks, from day one, there will be interoperability at branches for specific services, which should cover 95% of customer requirements.
The merger came at a time when it allowed banks to provide a moratorium on borrowers. How are you implementing this?
By the way, we had a board meeting on March 27, when the RBI announced these measures. So we got board approval that same night. It has been implemented in amalgamated entities since April 1. We have sent an SMS to all borrowers, indicating that the three-month installments are deferred. But if the client is comfortable with the cash flows, he must pay.
When will the bank identification codes for the customer change?
In MICR codes and, we have taken a waiver from the RBI to continue until March 2021, when the technology integration is complete. We plan to complete this in six months. There will be no interruption or delay in the delivery of checks or check payments.