State Bank of India r (SBI) is looking at new ways to e improve productivity in the l bank through a change in HR e policy . The changes include providing incentive scheme h for its employees for referring 1 home loans to the bank. Eme ployees have a chance of gett ting gift cards worth Rs 16,000 g and travel abroad.d Another change is the in troduction of `choreo graphed branches' where em ployees will be moved to man d counters in the first and last week of the month when d there is a surge in branch t transactions. The third major s change is a new performance t management system which k has a system-based appraisal.
SBI has 2.13 lakh employ . ees which includes 78,500 offi cers and 95,000 clerical staff.The scheme is available to employees of all ranks. Apart from referring the borrower, the employee does not have to provide any service although he is free to do so. The employee incentive follows a waiver of the loan processing fee for borrowers shifting their mortgages to SBI. Alarge chunk of the home loans in India are distributed by direct selling agents who help the borrower in filling the form and collect documents. While SBI does not have direct selling agents, it has intermediaries known as housing loan counselors who get an incentive of 0.25% of the loan amount for referring a loan proposal.
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