Want job in government banks? You need healthy credit score
What's the story
A new requirement under the Institute of Banking Personnel Selection (IBPS), requires job aspirants to ensure a healthy credit history at the time of joining participating public sector banks in India. The move is aimed at promoting financial responsibility among employees dealing with public funds. However, it is not applicable to those without any credit history. This policy change is part of IBPS's Common Recruitment Process (CRP) for participating banks.
Policy rationale
What's the reason behind credit score requirement?
The credit score requirement is designed to ensure financial prudence and also creditworthiness among potential employees. This is especially important for roles that involve handling financial transactions, credit processing, as well as customer accounts. The ultimate decision on this matter lies with the individual banks, which are board-governed commercial entities.
Impact assessment
Appointments canceled due to credit history issues
Over the last three years, only 20 candidates have had their appointments canceled or offers withdrawn due to CIBIL/credit history issues. This accounts for just 0.02% of the total number of candidates selected through IBPS during this period.