SBI launches New Parivartan

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Mumbai: Moving swiftly to capitalise on the recent gains in terms of enhanced market share, the country’s largest bank State Bank of India (SBI), with a balance sheet of over Rs 7 lakh crore, is launching a performance overhauling scheme for the bank’s employees.

The bank is also planning to rope in a consultant for the grand exercise.

Termed as ‘New Parivartan’, the scheme is an improvised version of an exercise, which was launched on experimental basis when OP Bhatt had taken over as the chairman of the bank, two years back.

Confirming the development to FE, BB Das, chief general manager, (human resources), SBI, said, “We are under the process of appointing a consultant and based on the recommendations made by the consultant, we hope to implement the scheme by the fiscal end,” added Das.

The idea behind such an exercise is to motivate the-2 lakh employees of the bank so as to increase their productivity further. “One such exercise undertaken earlier was a huge success. It is visible in the bank’s performance as its share in the industry has gone up since the implementation of the earlier scheme.”

According to Das the new scheme will be different from the earlier one.

“Well, we want to include our entire workforce into the new scheme, unlike the old,” said Das.

The bank under the chairmanship of Bhatt had chalked out a strategy to arrest its falling market share and increase it by 1% every year.

For that Bhatt had given a “do or die” call for the bank’s employees to bring in the much desired transformation in the bank’s performance.

Bhatt through a letter to all its employees had outlined that with the higher performance of the employees particularly in rural and semi urban areas where it has large branch network, the bank can expand its size rapidly.

The bank seems to have gained its market share marginally in last one year.

The bank has also effected a change in the way the top management used to function. It has been a long standing tradition that each of the two managing directors will be either in charge of national banking (retail and branch banking) or corporate banking (dealing with the country’s top corporates).

However, these two important portfolios are now being managed by two deputy managing directors directly reporting to the bank’s chairman.

Sources point out that through this new system, Bhatt had been able directly supervise the functioning of these two important portfolios.