Thread by @Batman_Banker

Thread: Advent of Bancassurance in Indian Banks
- If you start reading a list of things that have made bankers Life miserable in India, cross selling insurance will top the list.
- There were whispers for selling third party products with the start of 2000s 1/n
#YouFailedBankers

- It all started in Dec 28 2000 when @TheOfficialSBI announced a JV partnership with Cardif SA (the insurance arm of BNP Paribas Bank).
- This laid the foundation of bancassurance in PSBs.
- But bankers had faith that the Red flag unions will protect them
2/n
#YouFailedBankers

- Unions ammended the computerised settlement dated 29/10/1993 to allow 70% of business by computerization and automation which was a good move, yet a knock on the door about something unexpected.
- they formed a standing committee to monitor the implementation.
#YouFailedBankers

- But in the very next BPS the same unions signed a blunder of cross selling of non banking products
- This Kickstarted a wave of horrendous non-banking work targets, thus leading to unnecessary stress and anxiety among Bankers
- the filthy Game bad begun (3/n)
#YouFailedBankers

- years later, the game of cross selling grew in the banks & after 2 more Bipartite Settlement (9,10) none of these unions dared to ammend that clause from 8th BPS allowing 3rd party insurance
- despite clear rule by IRDAI & @RBI that no incentive to be paid
4/n
#YouFailedBankers

- GMs, other executives are indulged in making commissions, IPL tickets, foreign tours & other Back door benefits from cross selling,
- should be noted that the common banker in branch reaps nothing out of it but just mental torture (5/n)
Read the screenshots👇
#YouFailedBankers

- Despite complaints by some of us nothing has stopped & the game of cross selling is getting dirty day by day
- The officers are being insulted for not achieving targets of insurance, even given some illogical orders
- Executives find it easy to spit anything
#YouFailedBankers

- Not just insurance, but bankers also deal with govt schemes making it difficult to find a work life balance.
- What will they do, if posted 1000 miles away from hometown & being insulted for not selling a life insurance when he thought of doing banking? Think.
#YouFailedBankers