New Delhi, March 18 Job aspirants seeking positions in public sector banks are required to maintain a good credit score to be considered for final selection, a measure aimed at promoting responsible financial behavior among employees entrusted with public funds, Parliament has been informed.
Candidates applying for the Common Recruitment Process (CRP) conducted by IBPS are required to ensure that they maintain a good credit history at the time of joining the participating banks, and the minimum credit score will be as per the policy of the participating banks, which is amended from time to time, Minister of State for Finance Pankaj Chaudhary had informed the Rajya Sabha in a written reply on Tuesday.
The Institute of Banking Personnel Selection (IBPS) is a test-conducting agency engaged by member banks to conduct recruitment examinations, as per their mandate and requirements.
However, he said, this is not a pre-requisite, and it does not apply to candidates who do not have a bank account or credit history.
The final decision in this regard rests with the bank that has selected the candidate, which are board-governed commercial entities, and the general superintendence, direction and management of the affairs and business of these banks, vest in their Board of Directors, he said.
According to the banks, this condition has been introduced to ensure financial prudence and creditworthiness among potential employees, especially in roles that involve handling financial transactions, credit processing, and customer accounts.
The rationale is to encourage responsible credit behavior among employees who are entrusted with public funds, he said.
Furthermore, he said, during the last three years, the appointment of 20 candidates was cancelled or offers withdrawn due to reasons related to CIBIL/credit history, which is only 0.02 per cent of the total number of candidates selected through IBPS.
