42% Board Seats Vacant in 12 PSBs, Workforce Shrinks Against Private Banks

The Ministry of Finance on Monday informed Parliament that around 42% of director positions on the boards of up to 12 public sector banks (PSBs) are vacant. In a written reply, the government also said that it is taking all required measures to fill these positions soon.

Bank of Maharashtra and Punjab & Sind Bank have the highest vacancy rates with over half of their positions unfilled. Eight out of 14 positions in both banks are unoccupied according to data.

Meanwhile, the Bank of Baroda has 16 such positions, of which six remain vacant. Of 16 positions, Canara Bank and Bank of India have a shortage of five directors. The Central Bank of India (CBI) has 15 positions on its board, with 7 vacancies.

Punjab National Bank and Union Bank of India have 16 positions, with seven and five vacant spots respectively. There are six vacancies at UCO Bank, which has 14 board positions.

The State Bank of India, which holds highest number of director positions at 19, is yet to fill 7 such positions.

Decline in PSBs Workforce

Data revealed a stark image of the already prevailing issue of shortage in the workforce strength of PSBs. The overall number of employees dropped to 7,46,679 in 2024 from 8,86,490 in 2013. It marked a reduction of 1,39,811 employees.

Furthermore, the number of clerks in PSBs also reduced by 1,51,835 from 3,98,801 in 2013 to 2,46,965 in 2024. During the same period, the overall count of sub-staff members dropped by 59,280 from 1,53,628 to 94,348.

To put that in contrast, private sector banks have witnessed significant growth in terms of their staff members. Between 2013 and 2024, employees in private banks have risen from 2,29,124 in 2013 to 8,46,530. This registered an increase of 6,17,406 employees.

Demanding adequate recruitment in all cadres and the regularisation of all temporary employees, among others, the United Forum of Bank Unions (UFBU) has called for a two-day strike from midnight on March 23 to March 25, 2025.