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Govt banks weigh hike in profit share for staff
18 July 2015
Mumbai,18/July/2015 (ITNN)>>>> Concerned about competition from new private sector banks and other financial services providers,public sector banks,led by State Bank of India (SBI), have approached the government to increase performance-based incentives for their employees. SBI,the country’s largest lender,has already set the ball rolling,writing to the finance ministry and seeking approval to share three per cent of profits with senior-and middle-management employees. 
 
Other large lenders such as Bank of Baroda,Bank of India and IDBI Bank are likely to follow. SBI Chairman Arundhati Bhattacharya said incentivisation was a good way of retaining talent in the wake of competition. if you consider the fact that incentivisation is a good way of ensuring people meet up to whatever are the challenges. they respond to them. So,to that extent,the government allows us to share one per cent.
 
We are saying it is necessary for us to hike that amount to three per cent, Bhattacharya told news agency PTI. Senior executives of large banks such as Bank of Baroda,Bank of India and IDBI Bank said there was a definite need to revise the incentive package to recognise the performance of experienced people,who could otherwise move to competition,especially new banks and other financial entities .