ICICI Financial institution MD & CEO summoned over unlawful termination of Staff – Finance & Banking Blogs

ICICI Financial institution, one of many main personal sector banks in India, finds itself embroiled in a major controversy. Current studies recommend that a lot of workers have been unjustly terminated by the financial institution.

In response, these workers have taken authorized motion towards ICICI Financial institution, demanding an intensive investigation into the matter.

Including to the financial institution’s woes, the Labour Commissioner has summoned the Managing Director and CEO of ICICI Financial institution, Mr. Sandeep Bakshi, to a gathering scheduled for June 28, 2024.

The Labour Commissioner’s workplace has obtained quite a few emails alleging that ICICI Financial institution has engaged within the unlawful termination of workers with out offering ample prior discover. Moreover, it has been claimed that the financial institution continues to ignore established processes and insurance policies on this regard.

The assembly between the Labour Commissioner and ICICI Financial institution’s management guarantees to make clear the allegations and decide the suitable plan of action. Because the controversy unfolds, all eyes are on ICICI Financial institution, as the end result of this investigation may have far-reaching implications for the financial institution’s repute and standing inside the business.

Staff have turned to social media platforms to voice their discontent concerning the financial institution’s purported unethical conduct. In response to studies, a number of workers, together with girls, have been terminated with out ample discover or legitimate justifications.

Staff who’ve shared electronic mail screenshots declare that the financial institution has heartlessly pressured them out of their positions, ignoring their pleas and grievances. Moreover, there are allegations that the financial institution’s Human Assets division is exerting important stress on workers, coercing them to resign towards their will.

This sudden termination has brought about important hardships for the staff, together with monetary difficulties, incapacity to satisfy fundamental wants, paying off loans, dealing with medical emergencies, and protecting kids’s college charges and look after aged mother and father. Regardless of their efforts to contact HR Administration for a correct response, none of their emails or calls have been answered.

Tragically, one worker from Uttar Pradesh has dedicated suicide. Staff report experiencing exploitation, humiliation, and an unsuitable work atmosphere on account of biased senior workers who persistently demotivate and belittle junior workers.