Indian Bank, one of the leading public sector banks in India, has recently taken a significant step towards expanding its operational capabilities by opening a wholly owned subsidiary called Indbank Global Support Services Ltd. (IGSS). This new subsidiary aims to offer comprehensive outsourcing solutions for various banking operations.
According to the CEO-designate of IGSS, Kanhaiyalal Agarwal, the subsidiary will initially focus on sourcing and collection-support activities. This means that IGSS will handle activities related to sourcing funds and managing collections on behalf of Indian Bank. By outsourcing these functions to IGSS, Indian Bank can streamline its operations and enhance efficiency.
However, the ambitions of IGSS do not stop there. The bank has plans to gradually expand the services offered by the subsidiary. In addition to sourcing and collection-support activities, IGSS will eventually cover processing activities, contact centre services, and technology-related functions. This indicates that IGSS will play a pivotal role in managing and supporting various banking operations, allowing Indian Bank to leverage its expertise and resources.
The MD & CEO of Indian Bank, S.L. Jain, expressed confidence in IGSS and its potential to contribute to the continued growth and success of the bank. During the inauguration of IGSS’s registered office in Chennai, Jain highlighted the importance of this subsidiary in augmenting Indian Bank’s operational capabilities. By leveraging the services provided by IGSS, Indian Bank can enhance its efficiency, improve customer service, and focus on its core banking activities.
The establishment of IGSS reflects Indian Bank’s commitment to innovation and its proactive approach to meeting the evolving needs of the banking industry. By creating a dedicated subsidiary for outsourcing solutions, Indian Bank aims to optimize its operations, reduce costs, and improve overall performance.
Overall, the opening of Indbank Global Support Services Ltd. marks an important milestone for Indian Bank. The subsidiary will not only enhance the bank’s operational capabilities but also contribute to its continued growth and success. With a focus on sourcing, collection-support, processing activities, contact centre services, and technology-related functions, IGSS is poised to play a vital role in the future of Indian Bank.
I have a work
Nobody gonna address the elephant in the room: Staff shortage
On the one side, every Indian have account in a Bank branch. On the other side we talk about innovative services, without improving the basic services of Customers like periodical Pass Book entries, the frequent internet failure and the standard reply of net slowing down. In many Banks, including Indian Bank, the pass book entry machine doesn’t function, and with paucity of staff in Counters, in an average it takes minimum 1 hour for withdrawal, deposit making and pass book entry all done in the same counter. More than 50% of the customers are senior Citizens. In most of the Banks there is no parking facility for vehicles, and Bank customers block entry to residential flats with their vehicles. Indian Bank branch have no security also. Also Banks Cash counters invariably have no currencies of denominations of Rs.100 , Rs.50 and so on.
Yes. Rightly said. Beating the bush without addressing a problem. All high heads ard shutting their eyes not to see the real grass root problem but fly high with soar plans
True. The Manager, Assistant branch manager and staff are not proactive and don’t keep notes of various denominations. They don’t redress the genuine grievances and act like a government department (nowadays government department are better).
Notes are issued by the RBI to the currency chests from where branches get their denominations. The denominations sent by the RBI are not always of every value and hence not all denominations are available with the branch. Commenting with half knowledge and expecting everything to be served on a plate
Yes.rightly said. If present difficulties are sorted out, that is sufficient to increase its Name and Growth auromatically. Nothing new is needed.
Why do people still need passbook entries when banks have provided their apps wherein you can view every transaction of yours. Can’t understand the obsession of standing in a queue and ranting at the already understaffed branch.
Yes, it is absolutely right as each and every Banks have their own apps to watch their statement but customers are doing huge queue. Govt.cashless & digital India implement in banking is going in vain.
Request to everyone do not join such organisation , private banks are far better thn such toxic platforms i.e. PSU Banks wealth
Yeah please go to pvt bank and maintain an account with MAB above 15 to 25 thousand and then see wonders.
why outsource employees or agencies?
India is under employment, the Govt. adament over isdue of OPS, then why not be recruitment notify for vacant posts on permanent basis.
Already ‘Agani Veer’ scheme is neither temporary nor permanent, actually these schemes are like half ripe fruits
Credit appears an easy task . Lending is the first step , then you have to follow the money lent , it has many techniques for follow up otherwise it may become stressed assets then NPA ( through SMA route). Though in a lighter vein ,first write it off and then sell through ARC. Unsecured loans especially Personal Loans has got no anatomy.
Credit & NPA management is a very very big and complicated Subject.
My banking experience of 42 years from the ranks to Chief Executive Officer via Credit exposure of 35 years speaks volumes.
Ashish Bardhan
9748916901
The services in Indian Bank is too good, they have no respect for ex servicemen
Every PSU banks have respect for defence personnel whether serving or retired and have special schemes for them but this bank refuse to provide such facility
So think twice to have an account in Indian Bank
The Indian bank can improve the services with there own staff recuruit more and help the customers for quick and speed service ,this will create more deposit and create new loans etc.
Indian bank is a trusted brand and we come together to join indian bank
It is a cost cutting exercise. Eventually, PSBs wish to weed out the award staff posts (especially clerks). This is because of their restricted hours of work and Unionism. It may appear to be beneficial in the beginning, but later on if for some reasons the outsourcing is stopped or scrapped, the staff of Indian Bank would not be able to cope up with customer demands. It is always good to recruit more staff than to outsource. Only certain services like cleaning the premises, ATM management collecting and delivering checks etc can be outsourced.
As commented by some of our friends, instead of creating a new Subsidiary which will operate only from back end, the MD and EDs should think of providing adequate manpower for counters at the branches. This is the need of the hour. If the IGSS is to provide Technical process, contact centre services etc..then what’s the present Project Office team and other technical teams at CO, Chennai and Mumbai are doing. Day in and day out they put patches, reasons not known to those who create it and make a total mess of the day to day operations in the counters. Without strengthening the hassle free services at counters, opening of New Subsidiary is no reduction of operation cost and improving efficiency but to make more complications to the working staff and officers. It’s the fate of Our beloved Indian Bank to get ruined by the whims and fancies of the Govt. Nominees put as EDs and MDs to bring in new schemes to achieve the set target for their own personal benefits. Hell with this new idea
This is an another way to make this Bank as private. Just wait and watch. Afterall, the public will suffer. No security for the hard earned money. Better, Bank should provide seamless customer service by upgrading it’s infrastructure and technology. Being a general public, we should protest it.
Every day fraud takes place in Indian Banking somewhere in the country. It has
become a regular feature. Banking is successful on the foundation of honesty, sincerity, confidence of the staff working in the bank. Staff deals with crores of deposits and huge chunk of Jewellery. If outsourcing of banking personnel takes place in the banks, People loose confidence about safety of banks. In sixties, when I joined RBI,
police verification used to take place about the anticidents of the candidate.
I have a capability in doing outsourcing work on behalf of bank
Creating subsidiaries is another way passing the bucket. Service levels at branches are deplorable. They should pay attention to that.
We Indians praise Govt offices, Police station& courts for delayed services. We keep high regard to Police & Judges who promise result after decades. There we are mute. That patience disappears when we get in banks where staff is reduced to bare minimum. Banking sector has its limitations. service charges are questioned by customers in Public sector banks while silent in private banks. Instead of demanding to change public sector banks to private, customers are free to step in private banks. Who is stopping them? You cant expect AC facility in General Bogies of a train. Bankers are trained to serve customer but forced to meet cross selling target as mandatory. Bankers are forced to reply more to controllers than to the customers daily. Diversity in services has its own security check points. customers want them at non-home branches or through delegates. Patience is key to understand each other instead of showing hegemony
You are right, with so many constraints faced by staff working in rural areas which is not being considered.
PSB maintain accounts of pensioners, bank should rather recruit staff for bank to give customers a better service and avoid all cross selling of insurance policies because these insurance companies have accounts with private sector banks
All banks should believe their staffs for achieving the goal of best services to the customers and undoubted development in their business. If there is shortage of manpower, the can recruit personnels as per their requirements. But outsourcing of manpower will lead to unemployment problems. They will be impeached after a particular tenure. Then their age will not be suitable for further course of appointment and hence the policy of outsourcing of manpower is against the welfare of thousands lakhs of youths and the same is to be dispensed with by not only banks but also all other govt. Organisations.
Critisizing even the best, is the easiest thing on earth and unfortunately only dissatisfied customers are vocal causing discouragement of the ever hardworking dedicated employees. Public sector banks are the back bone of our economy serving all sorts of customers with reasonable service charges. People praising private banks forget that they discriminate and only serve customers depending on customer’s worth. There is huge gap between public sector banks and private sector banks in minimum balance criteria and charges levied in case it is not maintained. I have yet to find a branch head in private sector bank, running tirelessly from piller to post in order to satisfy its customers but it is a common thing for public sector bank’s managers. Being one of the leading public sector bank, Indian Bank is providing reasonably good services to its customers however Staff shortage is the real problem and needs to be addressed in Indian bank. IGSS services, if managed efficiently, may prove to be a good step, if it can improve customer service and help the already stressed staff. The time will only tell and we have to wait and watch.
Whether it is INDIAN BANK or its subsidiary, what customers want is, efficient service reducing the waiting time at the counters. Ideally customers should be able to finish off their business at the bank premises wi tothin FIVE MINUTES.
Outsourcing will lead unemployment of youth & hamper customer service which will impact the counter employee and loose the customer faith in bank
Very bad outsourcing..
Outsourcing will lead unemployment of youth & hamper customer service which will impact the counter employee and loose the customer faith in bank