In a recent development, a Deputy Manager (FI) at the SBI Regional Business Office (RBO) Nanded has come under scrutiny for alleged irregularities during their tenure from July 27, 2022, to September 7, 2023. The lapses reportedly occurred in relation to the collection of premium amounts for government-backed insurance schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY).
According to the details, between July 14, 2022, and November 19, 2022, the manager’s CBS ID was transferred across multiple branches, including Nanded, Loha, ADB Anusaya Complex, Hadgaon, and Shivaji Chowk, Kinwat, without obtaining written confirmation or instructions from the Competent Authority.
The allegations further state that the Deputy Manager unauthorisedly recovered premiums for 621 PMJJBY policies and 2,526 PMSBY policies without obtaining the consent of the respective customers. The unauthorised recovery has raised concerns about potential misconduct and breach of protocol.
The bank has issued a formal notice, calling upon the Deputy Manager to submit an explanation within seven days of receiving the letter. The notice emphasizes that failure to provide a response within the stipulated timeframe will be considered as an absence of comments, and the bank will proceed with further actions as deemed appropriate. The matter is currently under investigation, with the bank awaiting the manager’s official response.
State Bank of India (SBI) remains steadfast in its commitment to ensuring the safety and security of its customers, prioritizing transparency and trust in all operations. As India’s largest public sector bank, SBI consistently implements stringent protocols to safeguard customer interests, particularly when it comes to sensitive matters like insurance premium recovery. Allegations of misconduct, such as unauthorized transactions or lapses in service, are taken very seriously by the bank. SBI’s proactive approach to addressing such issues—whether through thorough investigations or corrective actions—demonstrates its dedication to maintaining high standards of accountability and customer protection.
