|State Bank of India has announced a new performance based incentives for its top and middle level executives. The incentives are introduced to accelerate the growth of deposits.
The lender registered a growth of 15.78% in credit and 11.75% in deposits in the last fiscal; the bank intends to better it this fiscal with 20% growth in deposits and 16% for advances. Slowdown in growth and global economic scenario are a matter of concern.
In order to acheive a near double growth in deposits, the bank has announced incentives for the top and middle level management, with Chief General Manager level getting a potential incentive of Rs. 1.5 lakh.
The incentives are fixed at 25% of growth above the last year's numbers for these employees, however a consolation bonus is also on the cards for getting a 20% growth over FY11-12 figures.
Surprisingly, the bank has decided to keep the clerical staff, who act as the point of interaction with the customers out of the incentive regime. The results of the performance would be announced at the bank's personal banking website.
The incentives would be given in form of gift cards, and best performances would be appreciated and felicitated at conclaves and bank meetings. The campaign would cover all bank branches opened till March 31, 2012, and performance for the FY13 would be valuated.