Applying for a job at PSU Bank? Need to have a good credit score

Aspirants seeking jobs in public sector banks are required to maintain a healthy credit score to be considered for final selection, a measure aimed at promoting responsible financial behaviour among employees entrusted with public funds, Parliament has been informed.

Candidates applying for Common Recruitment Process (CRP) conducted by IBPS, are required to ensure that they maintain a healthy credit history at the time of joining the participating banks and the minimum credit score will be as per the policy of participating banks, amended from time to time, Minister of State for Finance Pankaj Chaudhary had informed Rajya Sabha in a written reply on Tuesday.

Institute of Banking Personnel Selection (IBPS) is a test-conducting agency engaged by member banks for conducting recruitment examinations, as per their mandate and requirements.

However, he said, this is not a precondition to apply and does not apply to candidates with no bank account/credit history.

The final discretion in this regard rests with the allotted bank, which are board-governed commercial entity, and the general superintendence, direction and management of the affairs and business of these banks is vested in their Board of Directors, he said.

As per the banks, he said, this condition has been introduced to ensure financial prudence and creditworthiness among potential employees, especially in roles that involve handling financial transactions, credit processing, and customer accounts.

The rationale is to encourage responsible credit behaviour among employees who are entrusted with public funds, he said.

Further, he said, during the last three years, the appointment of 20 candidates was cancelled or offers withdrawn due to reasons related to CIBIL/credit history, which is only 0.02 per cent of the total number of candidates selected through IBPS.

Disclaimer: MintMoney has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. MintMoney does not promote or encourage taking credit, as it comes with a set of risks, such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.

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