In a unique arrangement, Bank of India (BoI) plans to send 500 of its employees engaged in infotech operations on deputation to the software outfit from which the bank will outsource its IT requirements.
While the bank will be able to save on the wage costs of these employees, they will earn a little extra (about 15 per cent more) as deputation allowance from the IT company.
In a parallel development, the finance ministry has cleared BoI