The modified equity participation scheme, submitted a month back was waiting for the centre and Reserve Bank's nod, SBI chairman MS Verma told reporters on Saturday night.

Under the scheme, it was suggested to offer a fixed and equal number of shares to over 2,60,000 employees of the bank, irrespective of their positions. About one to two per cent of the bank's total shares, amounting to Rs 556 crore, was likely to be provided under the scheme, which might come through within two months, he said.

The bank had also added Rs 20 crore to its existing Rs 30 crore medical benefit fund for retired employees, to help meet their medical expenses. A maximum of Rs two lakh had been fixed towards financial assistance, including hospitalisation.

Earlier, inaugurating the 20th annual general meeting of StateBank of India officers association (Chennai circle), Verma called upon the officers to prepare themselves to meet the challenges of rapid changes in the functioning of banks.