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

ICICI Financial institution, one of many main personal sector banks in India, finds itself embroiled in a big controversy. Current studies counsel that numerous staff have been unjustly terminated by the financial institution.

In response, these staff have taken authorized motion in opposition to 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 staff with out offering enough 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 popularity and standing throughout the trade.

Workers have turned to social media platforms to voice their discontent relating to the financial institution’s purported unethical conduct. In accordance with studies, a number of staff, together with girls, have been terminated with out enough discover or legitimate justifications.

Workers who’ve shared electronic mail screenshots declare that the financial institution has heartlessly compelled them out of their positions, ignoring their pleas and grievances. Moreover, there are allegations that the financial institution’s Human Sources division is exerting important strain on staff, coercing them to resign in opposition to their will.

This sudden termination has brought about important hardships for the workers, together with monetary difficulties, lack of ability to satisfy fundamental wants, paying off loans, dealing with medical emergencies, and protecting youngsters’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. Workers report experiencing exploitation, humiliation, and an unsuitable work atmosphere as a result of biased senior employees who persistently demotivate and belittle junior staff.