SBI clarification on education loan

Mumbai, October 5: State Bank of India (SBI) authorities on Thursday clarified that the application for an education loan received at the Tiruvalla branch of the bank the other day was returned as it didn’t comply with the existing norms laid by the Indian Banks’ Association (IBA) and Union Government for sanctioning loans. 

Reacting to media reports, an SBI press note maintained that as per the existing model education loan scheme in vogue since August 2011, admissions under the management quota are to be kept outside the scope of the Education Term Loans (ETLs) scheme.

Pratip Chaudhuri said lateral recruitment has to be done with a lot of care

Mumbai, September 4: State Bank of India Chairman Pratip Chaudhuri on Monday said that lateral hiring in banks had led to frustration among existing employees.
Speaking at the curtain-raiser of the Ficci Banking Conclave, Chaudhuri said, “A high degree of lateral recruitment brings disappointment and frustration to the existing cadre and they end up saying ‘what was our fault’.”
Chaudhuri said lateral recruitment has to be done with a lot of care. In addition, he said, lateral recruitment done by some banks at general manager level, except in specialist positions such as economists or law, has not worked out well.
For SBI, Chaudhuri said, there is very little lateral recruitment, and attrition is at the end of career span (after 30-35 years).
Talking about banking in rural areas, he was of the view that employees are not ready to relocate to rural areas. “Mostly what happens is that if you say that an employee is posted at Mumbai, he/she is very happy. But the day you tell them that you have to relocate to Surat or Nashik, that is when attrition happens.”
As a solution to this issue and to boost financial inclusion, Chaudhuri suggested that banks change the way they compensate people. He explained that the compensation structure of any employee was biased in favour of metros.
“I think we need to have a reverse compensation.
There should be a compensation to work in rural, semi-urban areas. In the next wage revision with the Indian Banks’ Association, this would one of the things (that would be addressed),” he added.

SBI officers protest against 7-day schedule

Lucknow, August 28: Officers of the State Bank of India held a demonstration in front of the bank's local head office on Tuesday to oppose the reported move of the bank's management for introducing seven-day banking in SBI.
Addressing the meeting, BK Awasthi, general secretary of State Bank of India Officers' Association said that in the present times when services of alternate channels like ATM, internet banking and mobile banking etc are available to customers, introduction of seven-day banking is not feasible. The move will not only adversely affect the staff of the bank but also drain out the valuable energy resource of the country.
He said that central government offices, secretariat and apex banks like RBI, Nabard etc are having 5-day week, where no difficulty is being experienced at their end. Besides employees' organisations in the banking industry are pleading for a 5-day week in the banking industry and the proposal is pending with the Indian Banks' Association, he added.