SBI incentivizes home loan referral

MUMBAI: State Bank of India (SBI) is looking at new ways to improve productivity in the bank through a change in HR policy. The changes include providing incentive scheme for its employees for referring home loans to the bank. Employees have a chance of getting gift cards worth Rs 16,000 and travel abroad.

Another change is the introduction of 'choreographed branches' where employees will be moved to man counters in the first and last week of the month when there is a surge in branch transactions. The third major change is a new performance management system which has a system-based appraisal.

SBI has 2.13 lakh employees which includes 78,500 officers and 95,000 clerical staff. The scheme is available to employees of all ranks. Apart from referring the borrower, the employee does not have to provide any service although he is free to do so. The employee incentive follows a waiver of the loan processing fee for borrowers shifting their mortgages to SBI.

State Bank of India