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South Indian Bank

Background

South Indian Bank has over 700 branches and has more than 10,000 employees. The bank announced the ESOS schememe in 2008. An aggregate of 4,50,00,000 shares are reserved for issue under SIB ESOS 2008. The bank continued manage the information partly on spreadsheet and a  HR software. This proved to be tedious and hence they had a need for an application.

Requirement

1. Resulting system should be user-friendly.
2. Reports should be in a easy to read format with necessary, complete, accurate and relevant data.
3. As far as possible, the system should be able to accommodate future requirements, if any.
4. System should be successful to meet all the activities involved in the management of the Scheme

Some Highlights were

  • Each employee except the last grade has a indivial login to exercise hi/her option
  • 4 Login months allowed for a year( first month of each quarter) with options to exercise a maximum of 30% in 1st year, 30% in 2nd year and 40% in 3rd year.
  • Can exercise whole if completely disabled
  • Family of deceased can exercise in 1 months time
  • Division of assets as per rules of land for memebers of family of deceased
  • A retired official can login through an officer's login ID.
  • Rate management against grants
  • The Bank has an admin login where in they maintain information of employee' income, staus in organization.
  • Automated Payment: Amt debited including the tax as payable at source.

Challenges

  • Integration of external software for HR to validate the staus of employee as Live, Superannuated, Deceased, Resigned or Terminated
  • Verification management with has to happen within 1 working day of exercise intialization by employee: Had to take into account the various festive holidays as celebrated across the vast country India.
  • For tax calculation, the whole income data of an employee had to be managed to decide the slab for tax.
  • Provision to verify by external branch officer in case of single officer branches
  • Management of Multiple legal heirs and their division of assets from ESOS.