Department of Financial Services asks to automate bank employee transfers

The Department of Financial Services (DFS), Ministry of Finance, issued a circular mandating all Public Sector Banks (PSBs) to automate employee transfers via a transparent online platform. This prioritizes employee preferences, reduces grievances, and enforces strict timelines (e.g., minimum/maximum tenures per administrative layer). ‘Transfer protection’ guidelines for union/office bearers were also clarified, with board approval required by the end of FY 2025-26. This affects over 10 lakh PSB employees and aims for uniformity across 12 PSBs like SBI, PNB, and BoB.