Employees and officials of the Punjab School Education Board (PSEB) will now need approval from the management before taking loans from any government, private, or financial institution. This new rule is aimed at reducing the number of loan defaults and protecting the board’s image.
According to a recent order issued by the PSEB, heads of all branches will be responsible for ensuring that employees comply with this new rule. Any employee who takes a loan without approval from the management may face disciplinary action.
This new rule comes in the wake of a number of loan default cases involving PSEB employees. In some cases, the banks have even made the board a party, even though it had nothing to do with the loan. This has damaged the board’s reputation and led to unnecessary legal hassles.
While some employees are reportedly concerned about the new rule, the board believes that it is necessary to protect the interests of all stakeholders. The board has also assured employees that it will process loan approval requests in a timely manner.