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PNB crisis: Chaos underlines financial services department's poor capacity

Punjab National Bank's problems also underline the poor capacity of the department of financial services

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A K Bhattacharya
The department of financial services, a wing of the Union finance ministry, has a headcount of about 1,600 employees. On paper, this number may look impressive. But the overall staff strength of any department at the Centre, however, does not truly reflect its management or supervision capacity. What matters more is the composition and quality of the staff. The department of financial services is no exception.
 
A large portion of the 1,600 employees on the department’s roll consists of junior-level officers, clerks, and support staff. The top team, if you count officials with the rank of joint secretary and
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