- Crisis In Indian Banking Leads to Work Pressure and Driving Employees To Despair, Commit Extreme Steps
- Toxic work culture on the rise in banks
- 5DaysBanking: Bankers Urgently Demand 2 Days Off Per Week
- Banks see over 15% growth in new credit card addition: RBI data
- Banks Transfer ₹37,176 Crore to RBI’s Depositor Education and Awareness Fund in Last 3 Years
- Calls for Bankers’ Safety Amplified After Video of SBI Branch Manager Attack Goes Viral
- Nainital Bank Faces Privatisation Move Amid Staff Protests
- Whistleblowers Expose Nexus Operating from Three Banks
- Preserving RRBs: AIRRBEA Defends Rural Banking Against AIBOC-AIBEA Merger Proposals
- Union Bank of India’s new directive for weekend work at Retail Loan Points (RLPs) has sparked outrage among bankers
SBI Life Cross-selling Pressure in 13 SBI Sponsored RRBs
SBI's League of Champions campaign imposes aggressive cross-selling targets for SBI Life Insurance across 13 sponsored RRBs, sparking employee concerns. Rising discontent highlights a shift from social banking to commercialisation.
Author: Saurav Kumar
Published: December 10, 2024
In a fresh push for higher performance and targets, the State Bank of India (SBI) has rolled out its League of Champions campaign, imposing aggressive sales targets for SBI Life Insurance across its 13 Regional Rural Banks (RRBs). The campaign, which runs from November 25 to December 10, 2024, sets a combined target of ₹49.92 lakh (₹2,375 lakh for CGM Trophy and ₹2,617 lakh for MD Trophy) under the pretext of driving business growth.
However, employees of SBI-sponsored RRBs are raising alarms over the growing strain caused by such initiatives.
Campaign at a Glance
The campaign sets distinct targets for each RRB based on their size and operational scale. Andhra Pradesh Grameena Vikas Bank (APGVB) leads the chart with the highest target (₹440 lakh for MD Trophy), Rajasthan Marudhara Gramin Bank stands in the list with the second highest target (₹430 lakh for MD Trophy) while Arunachal Pradesh Rural Bank has the lowest at ₹11 lakh.
Key highlights of the campaign include:
- Qualification Metrics: Employees performance is assessed based on premium target achievement through cashiering.
- Product Scope: All SBI Life Insurance products, including new launches during the contest period, are considered for qualification.
Employee Resentment Over Mounting Pressure
“These targets are unrealistic and unfeasible for our rural branches, which primarily serve underprivileged communities with weak financial backgrounds,” said an employee from Telangana Grameena Bank. Similar sentiments were echoed by employees of other RRBs, including Saurashtra Gramin Bank, who expressed frustration at being diverted from their core mission of rural financial inclusion.
In a significant turnaround, the Utkal Grameen Bank Officers Association recently boycotted the cross-selling of third-party products like SBI Life and SBI Mutual Fund. The association conveyed their dissatisfaction in a formal letter to the bank’s Chairman, marking a significant act of resistance against the increasing push for third-party product sales.
Unions in Utkal Grameen Bank in August flagged major concern against “Nayi Umang Campaign” of cross-selling SBI Personal Accident insurance and SBI Life.
Shifting Priorities: From Social Banking to Commercialisation
The RRBs, which were historically established to cater to rural banking needs, are witnessing a gradual shift towards commercial goals. An employee of the Utkal Grameen Bank told Kanal, “Campaigns like League of Champions are causing a major shift from social banking to aggressive commercialisation disrupting the core banking services.”
He further added, “The over emphasis on cross-selling is leading to broader implications like work-life imbalance and increasing mistrust among rural customers further hampering RRBs' credibility.”
The cross-selling targets in SBI-sponsored RRBs highlight a significant shift from social banking to commercialisation. However, growing discontent among RRB employees signals potential resistance in the near future.