Name: - Grecey

Darkindi
Class: - SYMMS
Roll.no: - 13
Sub: - Compensation

1. Introduction

State Bank of India (SBI) is one of the biggest state-owned financial institutions in India.
Headquartered in Mumbai, the bank provides a wide range of products and services to its
customers, which includes commercial enterprises, large corporate, public bodies and
institutional customers. SBI is also one of the largest banks in India in terms of market
capitalisation.
 
The bank descends from the Imperial Bank of India, which was formed by merging Bank of
Calcutta, Bank of Madras and the Bank of Bombay in 1806. The Imperial Bank of India became
the State Bank of India in 1955 after Government of India took control of it with Reserve Bank
of India (RBI) taking a 60 per cent stake in it. In 2008, the government took over the stake held
by the RBI. Representing the legacy of over 200 years, SBI has shown consistent growth
compared to other public sector lenders in India.

Some of the services offered by the bank to its customers include domestic treasury, brokering
services, revised service charges, ATM services, internet banking, E-pay, E-rail, safe deposit
locker, MICR codes, foreign inward remittances, doorstep banking services, among others. A
Fortune 500 company, SBI is also among the top league of 50 global banks with a balance sheet
size of over Rs 30 lakh crore. The bank comprises 24,000 plus branches along with 59,000 plus
ATMs serving 42 crore plus customers. SBI has an overseas presence through over 195 foreign
offices spread across 36 plus countries. In April 2017, associates banks of SBI, including State
Bank of Bikaner and Jaipur (SBBJ), State Bank of Mysore (SBM), State Bank of Travancore (SBT),
State Bank of Patiala (SBP), State Bank of Hyderabad (SBH) and Bharatiya Mahila Bank, merged
with State Bank of India, making it the largest consolidation exercise in the banking history of
India.
 
As per the bank, "SBI has been the most trusted brand on the banking horizon in India. The bank
believes that it owes a solemn duty to the less fortunate and underprivileged members of the
society to make sustainable social change in their lives." Bank's customised savings products are
designed for people from all age groups - from children to young adults to the elderly. SBI's loan
products, including home, personal loans, car loans, debit and credit cards and travel cards,
cater to all kinds of customers, claims the bank. The bank also deals in education loans, health
insurance options, vehicle and home insurance, demat accounts, wealth management, precious
metals and private banking.
 
On the technology front, SBI says it has expanded the digital base of the bank manifold in recent
years. The bank also claims to play a vital role in making the Government of India's Digital India
Initiative a reality.

 
SBI Board of Directors

SBI has one chairman who is the head of the Board of Directors and 4 Managing Directors.

Board of Directors
Chairman: Dinesh Kumar Khara

Managing Director: Ashwini Bhatia

Managing Director:-SwaminathanJ.

Managing Director:-C.S Setty

Managing Director:-Ashwini Kumar Tewari

STATE BANK OF INDIA

COMPENSATION POLICY
(BANKING SERVICES)-2018

1. Preamble:-

Technological progress in payment and settlement systems and qualitative changes in

operational systems and processes undertaken by various players in the market have improved
efficiencies for providing better service to the users of the system. It has been the endeavor of
the Bank to offer services to its customers with best possible utilization of its technology
infrastructure. Migration of all branches to Core Banking Solution (CBS) platform is a great leap
in this direction. Reserve Bank of India has also been issuing various instructions/guidelines,
from time to time.
2. Objective:-
The objective of the "State Bank of India Compensation Policy for Banking Services,
hereinafter called as the Policy, is to establish a system whereby the Bank compensates the
customer for the loss or inconvenience due to deficiency in service on the part of the Bank or
any act of omission or commission, directly attributable to the Bank.

3. Recognition of deficiency and compensation:_

Unauthorised / Erroneous Debit:-

a) If the Bank has raised an unauthorised/ erroneous debit to an account, the entry
shall be reversed with value dated credit to deposit/overdraft/loan account
 immediately on being detected/informed, after due verification.

b) Further, if the customer has suffered any financial loss incidental to return of a
cheque or not carrying out of direct debit instructions due to insufficiency of
balance on account of the unauthorized / erroneous debit, Bank will compensate
the customer to the extent of such financial loss in addition to an amount
equivalent to interest calculated on the unauthorized/ erroneously debited
amount at applicable Savings Bank rate, minimum Rs.100/-, besides refunding the
cheque return charges.
ECS direct debits/other debits to accounts:

c) The Bank undertakes to carry out, within the prescribed time, direct debit
/ECS (Electronic Clearing System) debit instructions of customers. In the event of
non-compliance/delayed compliance of instructions by the Bank to meet such
commitments, the customer will be compensated to the extent of any financial
loss the customer would incur on account of delay in carrying out the
instruction/failure to carry out the instruction.
4. Penal interest payable for delays in credit/return of NEFT/NECS/ ECS transactions:

In terms of the NEFT / NECS / ECS Procedural Guidelines of RBI, as also the relevant
circulars / instructions issued by RBI from time to time, the Bank will afford credit to
beneficiary accounts or return transactions (uncredited for whatever reason) to the
originating / sponsor Bank within the prescribed timeline. Any delays in doing so will
attract the following penal provisions:

5. NECS / ECS-Credit:

Destination Bank would be held liable to pay penal interest at the current RBI Repo
Rate plus two per cent from the due date of credit till the date of actual credit for
any delayed credit to the beneficiary’s account. Penal interest shall be credited to
the beneficiary's account even if no claim is lodged.”
SBI report card on the basis of cp

Pay and Performance relationship among SBI employees:-

Two and a half lakh employees of State Bank of India (SBI)  are likely to get 15 days of salary
as performance-linked incentive (PLI) for the previous fiscal, according to a report published
in many media outlets.
The news comes after the country's largest lender reported an 80.15 per cent jump in
standalone profit after tax (PAT) of Rs 6,451 crore in the three months to March 2021, aided
by higher interest income and lower provisioning for bad loans.
As per the Indian Banks' Association's wage agreement signed in November 2020, Public
Sector Bank employees are granted incentives when a bank registers an operatingprofit.
CONCLUSIONS;-

The State Bank of India has made significant strides in the right direction. It has made
remarkable progress in expanding banking facilities in rural and semi-urban areas, as well as
providing financial assistance to agriculture, cooperative institutions, and small-scale industries.

Introduction Of Amazon;-

Amazon.com, In is an American multinational technology company focusing on e-

commerce, cloud computing, online advertising, digital streaming, and artificial intelligence. It
has been referred to as "one of the most influential economic and cultural forces in the world",
[5]
 and is one of the world's most valuable brands. It is one of the Big Five American information
technology companies, alongside Alphabet (Google), Apple, Meta (Facebook), and Microsoft.
Amazon was founded by Jeff Bezos from his garage in Bellevue, Washington,[7] on July 5, 1994.
Initially an online marketplace for books, it has expanded into a multitude of product
categories, a strategy that has earned it the moniker The Everything Store. It has
multiple subsidiaries including Amazon Web Services (cloud computing), Zoox (autonomous
vehicles), Kuiper Systems (satellite Internet), and Amazon Lab126 (computer hardware R&D). Its
other subsidiaries include Ring, Twitch, IMDb, and Whole Foods Market. Its acquisition of
Whole Foods in August 2017 for US$13.4 billion substantially increased its footprint as
a physical retailer.
Amazon has a one of a kind remuneration approach that sets them apart from other FAANG
companies. You’ll need to have a thorough understanding of how Amazon structures
compensation when it comes time to evaluate your offer.

Wondering what your compensation will look like as an employee at Amazon? We sat down
with a former Amazon recruiter, Shelli, to share insights on what to expect and tips for offer
negotiation.

Compensation structure;-

Amazon’s salary model, deconstructed:

Amazon has a salary structure that is based on a four-year model. This model has remained
pretty consistent over the years and includes a mix of guaranteed cash and stock to incentivize
employees. There are three main components:

1. Base Salary
2. Annual Payout
3. Restricted Stock Units (“RSUs”) that vest over a four-year period
The first two years you work at Amazon, you’ll receive payouts (formerly known as “bonuses”)
and then after year two, you’ll stop receiving payouts and instead receive an increase in RSUs.

An RSU is compensation offered by an employer to an employee in the form of company stock.

The employee doesn’t receive the stock immediately, but rather at the end of a predetermined
length of time (vesting period). The RSU payout system at Amazon is another unique factor of
their compensation structure. Stocks or equity is most commonly paid out in equal portions
over a 4 year period.

The model at Amazon looks like this:

 Year 1: Base Salary + Payout + 5% RSU

 Year 2: Base Salary + Payout + 15% RSU
 Year 3: Base Salary + 40% RSU
 Year 4: Base Salary + 40% RSU
By employing this payout structure, Amazon incentivizes the top talent they carefully selected
during their rigorous hiring process to stay with the company longer. In fact, many of Amazon’s
skill development, promotion and compensation strategies aim at keeping outstanding
employees once they’ve been hired. 
 Compensation and benefits:-

Pay in Amazon’s fulfillment centers varies by role, experience, and location. Amazon’s minimum
wage begins at $15 an hour for all full-time, part-time, temporary (including those hired by
agencies), and seasonal employees across the U.S.

Amazon includes starting pay in our job descriptions. For information on starting pay for a
variety of fulfilment center roles.

Benefits;-
Amazon offers a full range of benefits to regular, full-time U.S. employees to support them and
eligible family members, including their children and domestic partners. We’re proud of our
industry-leading benefits and support programs, the details of which can be found at our hiring
page.

Though benefits vary based on location, number of regularly scheduled hours worked, length of
employment, and job status (such as part-time, seasonal, or temporary), they include:

 Medical, prescription drug, dental, and vision coverage

 401(k) savings plan with 50% company match
 Paid time-off and holiday overtime pay
 Resources for overall well-being
 Discounts on Amazon purchases