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SBI Life Insurance Targets Mount Pressure on Bankers Nationwide
State Bank of India (SBI) employees face intensified pressure to meet massive SBI Life Insurance targets, sparking concerns nationwide about potential mis-selling practices.
Author: Saurav Kumar
Published: December 22, 2023
Employees at India's largest public sector bank, State Bank of India (SBI), are feeling the heat as they grapple with intensified targets for SBI Life Insurance in the closing days of 2023. Messages circulating from one northern state reveal the mounting pressure to achieve crores in targets.
A message, spotlighting December 22 as a pivotal day, emphasises the historic significance of leaders in Network 2 achieving their targets.
Image: A Message from an anonymous Banker on SBI Life Insurance Target
The message said, “The History, that is going to be scripted tomorrow by the leaders of Network 2, will leave its permanent footprints on the sands of time. I am thankful to all the leaders who have shared their motivational videos, exhibited confidence and commitment to achieve Mission 100 Cr.”
However, an anonymous banker criticises SBI’s wealth building and target-driven approach, stating that it compels bankers to sell a product that may not be in the best interest of customers.
SBI Life Insurance Targets Nationwide
Efforts to attract more customers for SBI Life Insurance were observed in various regions and states of the country.
Image: SBI Life target in the state of Odisha
A message that surfaced in the public domain on December 21 was from the state of Odisha in which a senior SBI official instructed employees to meet a target of Rs. 3.5 crore in two days, expressing disappointment at the lack of intent and drive. Region-wise targets, with the highest reaching Rs. 100 lakh, were set for a two-day period.
He was also found lamenting the employees for not having intent and drive in failing to meet the SBI Life targets worth crores.
A user cited a peculiar instance from Bikaner, Rajasthan and tweeted about SBI employees receiving special treatment as SBI Life target achievers, accompanied by star performer tags. This raises concerns about potential pressure on customers and staff to promote SBI Life.
He tweeted, “This is how SBI LIFE TARGET ACHIEVERS are given special treatments. How on earth will they won't force customers and staff for more SBI LIFE? This is from Bikaner. Commission is given to these people plus all this.”
Similar reports emerge from Gujarat, where Saurashtra Gramin Bank faces pressure to sell SBI Life schemes. Region wise targets were set for two days and were allotted to employees with Rs. 7 lakh as the highest budget.
Image: SBI Life Target in Saurashtra Gramin Bank
Notably, the State Bank of India is the sponsor bank of Saurashtra Gramin Bank, obligating the SGB to cross-sell third-party products of the SBI.
Cautions on SBI Life Selling
Numerous individuals within the banking community have voiced concerns about substantial mis-selling of third-party products, such as SBI Life insurance, though they hesitate to disclose details on the record.
However, the SBI management in the early start of 2023, asked its field officers to desist from forced selling of insurance products to its customers.
The SBI in a official communication said, “We are confident that the circles must be fully adhering to the best practices and need based selling of insurance products, still there is a need ongoing requirement of a strong emphasis and re-iteration of the zero tolerance policy of bank towards any incident of mis-selling and forced selling to all operating functionaries.”
Despite receiving official guidelines, SBI officials have raised concerns about the infringement of work-life balance and the widespread, unauthorised use of WhatsApp for official communication.