A committee appointed by the Government to look into human resource issues in public sector banks has brought up a recommendation suggesting Maharatna status being granted to the largest lender of the country, State Bank of India.
The committee was led by Chairman of Bank of Baroda, A K Khandelwal. The committee has also suggested that performing employees should be given the facility of employee stock option plans (ESOPs).
"We've recommended that 15% of the top-performing employees should be given stock options in order to arrest attrition, besides 2% of the net profit be allocated towards incentives and rewards," said Mr Khandelwal.
"Since financial inclusion is high on the government's agenda, incentives should be given to employees and officers who choose rural stints," he said.
Speaking on Maharatna and Navratna status being granted to banks, he said, "A study group should be constituted on what are the benefits that can be given to banks in such categories."
"There are around 1,07,968 employees in banks who'll retire by 2015, of which 7,736 are officers. We need to set up a comprehensive leadership management strategy so as to keep growing," he also added.
The committee has amongst other recommendations suggested a 360 degree feedback scheme for scale four employees.