SBI eyes Mumbai flats for execs
₹500 crore to house executives, underscoring how state-run banks offer generous perks to compensate for differences in remuneration with private sector rivals. India’s largest lender has called for applications from architects interested in the project. They will be selected through a design competition.
The architect, who will double as a project management consultant, will help supervise work on these apartments, which will be either ready or under construction, preferably available in a block exclusively for SBI. The bank is keen on South Mumbai neighbourhoods such as Mahalaxmi, Parel, Lower Parel and Worli, showed the document reviewed by Mint. The architect will be paid a professional fee of up to 0.5% of the total project cost.
Meanwhile, SBI already has about 500 apartments of one, two and three BHK (bedroom, hall, kitchen) sizes for its employees across Mumbai. SBI’s willingness to spend on employee housing highlights the role of perks in retaining talent at the bank. At a time when private sector peers have seen significant attrition, especially in junior levels, SBI reported a 3% attrition, including superannuation and voluntary retirements, in FY23.
Rival public sector lender Bank of Baroda (BoB) saw a 1% attrition in the same period. In comparison, attrition at HDFC Bank stood at 34.15% and ICICI Bank at 30.9% in FY23, data from annual reports showed. A spokesperson for SBI said that “as a policy (the) bank does not comment on such matters".
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