Aspirants seeking jobs in public sector banks are required to maintain a healthy credit score at the time of joining, the government informed Parliament. The move aims to promote responsible financial behaviour among employees handling public funds.
Minister of State for Finance Pankaj Chaudhary told the Rajya Sabha that candidates appearing for the Common Recruitment Process conducted by Institute of Banking Personnel Selection (IBPS) must ensure a sound credit history at the time of appointment. The minimum credit score requirement is determined by individual participating banks and may be revised periodically.
However, maintaining a credit score is not a pre-condition for applying and does not apply to candidates without a bank account or credit history. The final decision rests with the respective bank, governed by its Board of Directors. The condition has been introduced to ensure financial prudence and creditworthiness, particularly for roles involving financial transactions, credit processing, and customer accounts.
Over the past three years, job offers of 20 candidates were cancelled due to adverse credit history, accounting for just 0.02 per cent of total selections through IBPS.
Source – https://www.thehansindia.com/business/psu-bank-jobs-linked-to-credit-scores-at-joining-1057841