HDFC employee suspended for abusing colleagues in online meeting after video goes viral

An officer of the Indian lender HDFC Bank was suspended on Monday (June 5) for his alleged unruly behaviour with his colleagues during an internal meeting held online.

In the video which has gone viral on Twitter, the officer of a Kolkata branch in the eastern state ofWest Bengalcan be seen yelling at his junior colleagues for failing to meet sales targets of banking and insurance products.

HDFC Bank, in a statement, said, "This bears reference to a recent social media report. Basis a preliminary enquiry in the matter, the concerned employee has been suspended and a detailed investigation has been initiated which will be undertaken as per Conduct guidelines of the Bank".

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The bank further emphasised having a zero-tolerance policy for any kind of misconduct that takes place in the workplace. It added that it firmly believes that all employees should be treated with dignity and respect.

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In the viral video, the manager was demanding that his junior employees meet the target of selling 75 insurance policies per day.

"How many saving and current accounts have you opened in the last two days? Tell me. You were supposed to open 15, you have opened 5," the suspended employee was heard shouting in the video.

Mis-selling of insurance

In the past years, various instances have occurred where life insurance policies have been sold to customers who are above the age of 75 years in Tier II-III cities.

The branches of the big banks usually try to promote the products of their subsidiary insurers.

Bank executives, who especially belong to public sector banks (PSBs), have been under immense pressure from top management to ensure that third-party products like insurance are sold.

In casethe employees fail to meet targets, then they have to face informal penal actions. However, if targets are met successfully, employees enjoy perks like parties in five-star resorts.

It is usual for banks to cross-sell insurance products of their subsidiaries, as well as those of other companies as well as loan products. Several times, banks insist customers purchase their policies along with loan products.

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RBI issues caution

India’s Reserve Bank of India last month held a meeting of the board of directors of all private banks and public sector banks (PSBs) to discuss issues related to ethics and governance.

The finance ministry, concerned over the increasing incidence of mis-selling, directed heads of public sector banks to ensure that a strong mechanism is put in place to stop selling insurance policies to customers unethically.

Several complaints of fraudulent, banks adopting unethical practices and life insurance companies procuring policies from the bank customers have been received by the Department of Financial Services, in a letter addressed to managing directors and chairpersons of public sector banks.

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