SBI bars staff from conclaves, seminars, felicitations till Mar 31

SBI

Public sector lender State Bank of India (SBI) has instructed its senior employees across circles not to conduct any business conclaves, seminars, or felicitation functions till March 31, 2024.

"Any deviation in this regard will require prior approval of the undersigned," said an internal circular of December 28 that Moneycontrol has reviewed.

"It is to be ensured that any recognition/felicitation for the qualifier in campaigns of CVEBU (customer value enhancement business unit) will be subject to achievement of certain core business parameters, specified which will be advised in due course," said the circular signed by Vinay Tonse, managing director of retail business and operations at SBI.

"Further, recognition for employees from customer value enhancement business unit will be subject to the performance of certain core business parameters," the SBI directive added.

Though the circular has not mentioned any specific reason behind it. SBI reported a net profit of Rs 14,330 crore for the July-September FY24 quarter, marking an 8-percent jump from Rs 13,265 crore clocked a year ago.

The net interest income (NII) stood at Rs 39,500 crore, which increased by 12.3 percent as against Rs 31,184 crore reported in the corresponding quarter of the previous fiscal.

The bank's gross non-performing asset (NPA) stood at 2.55 percent, down from 3.52 percent recorded in the same quarter last year. On the other hand, net NPA for the quarter stood at 0.64 percent, improving from 0.80 percent on a year-on-year basis.