Page 30 - Banking Finance March 2021

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Thus, merely training the employees would ultimately enrich improvise the various technologies and other system
their knowledge and open avenues for other jobs but if the associated with it, provide distinct structural layout and have
employees are treated well, they would realise their a periodic overview on the functioning of HRD.
belongingness to the organisation and would excel further
for realisation of its goals. It has been established that HRD is applicable both at
Organizational level (micro) as well as National level
There has been lot of changes in the HRD approach. In the (macro). At Macro level, it deals with development of the
traditional times, the Personnel Function was a service people taking into consideration their health, capabilities,
oriented activity which responded to the needs of skills , attitudes etc which are crucial for the development
organisation as and when they arise and was concerned only of nation as a whole. At Micro level , it deals with the grass
with the management of the workforce in the organizations root development of organisation and involves various roles
and they laid stress upon the payroll, training and other such as manpower planning, selection, training,
functions. performance appraisal, compensations, organisational
development etc.
With the advent of Liberalisation, Privatisation and
Globalisation era, there has been a paradigm shift in the At this juncture when the entire world including India is
present Human Resource Development approach in which undergoing the coronavirus pandemic, HRD in every
enablers have been created so that the employees could organisations has played the critical role of motivating the
fulfil their aspirations and utilise their potential to the best. employees, made them feel that they are not left alone and
are a part of the entire family, provided them with mental
This shift has come due to the belief that human resources and financial support, technological aids etc. With the
are sources of competitive advantage and not merely passage of time, situation would change and return to
employees fulfilling their job responsibilities. In order to normalcy overcoming all hardships. The only thing which
compete and create its own position, every organization has would remain in the minds of the employees, would be the
to adopt the latest technology, hire the best talent, offer treatment they had received from their organisation and
the best quality in terms of product and services at HRD is bound to play a critical role.
economical prices in order to retain both - the customers
as well as the employees. "If you want to walk fast, walk alone. But if you want to
walk far, walk together", said by Sri Ratan Tata aptly defines
Thus the role of Human Resource Development has attained the present situation. Organisation, having long term goals
heights and dimensions. In order to reap the benefits of the and who want to sustain a long journey would treat the
HRD system, it is also the responsibility of the organisation employees as their real assets and would involve them in
to provide timely and proper management support, this long journey. T

RBI gives banks 3 more months to appoint COO

The Reserve Bank of India (RBI) has given banks three more months to appoint Chief Compliance Officer (CCO) as per
the guidelines it issued in September 2020. This breather has been given due to the difficulties being faced by many
banks on the issue of appointment of new CCO meeting all requirements of the September 2020 guidelines/ circular
on 'Compliance Functions in Banks and Role of Chief Compliance Officer (CCO)'.
"In view of the difficulties expressed by banks, they may follow the indicated processes for selection of CCO in the
above circular within a period of nine months from the date of the circular - September 11, 2020 - and are free to
reappoint the current incumbent as the CCO if she/he meets the requirements," the RBI said in the frequently asked
questions (FAQs) on the circular.
The circular, which was issued to bring uniformity in approach followed by banks to appoint a designated CCO selected
through a suitable process with an appropriate 'fit and proper' evaluation/ selection criteria to manage compliance
risk effectively, had originally given banks six months for compliance.

30 | 2021 | MARCH | BANKING FINANCE