
State Bank of India (SBI) has issued a circular, instructing senior employees across circles to refrain from conducting any business conclaves, seminars, or felicitation functions until March 31, 2024.
The circular, reviewed by Moneycontrol, emphasizes that any deviation from this directive requires prior approval from the designated authority.
The directive, signed by Vinay Tonse, Managing Director of Retail Business and Operations at SBI, specifies that recognition or felicitation for qualifying campaigns in the Customer Value Enhancement Business Unit (CVEBU) is contingent upon achieving certain core business parameters, details of which will be communicated in due course.
Additionally, employee recognition in the CVEBU is subject to performance metrics related to core business parameters.
Although the circular does not explicitly state the reason for these instructions. SBI reported a net profit of Rs 14,330 crore for the July-September FY24 quarter, reflecting an 8% increase from the previous year.
The bank’s Net Interest Income (NII) rose to Rs 39,500 crore, a 12.3% increase from the corresponding quarter in the previous fiscal year. The gross non-performing asset (NPA) decreased to 2.55% from 3.52% year-on-year, while the net NPA improved to 0.64% from 0.80% for the same period.
Good decision
Very good decision but must be implemented PAN India without exception.