Speed 2

BANK OF BARODA: SPEED Scheme Overview

Background

  • Date of Circular: 14/05/2015

  • Purpose: To encourage employee professional enhancement and skill development.

  • Previous Scheme: Revamped version of the scheme from 01.06.2004, focusing on professional and computer education.

  • Current Needs: Increased recruitment of employees with varied qualifications necessitating skill upgrades related to banking and finance, management, and IT.

Key Features of the SPEED Scheme

  • Effective from 14/05/2015, with strict adherence to this date for new permissions and provisions.

  • Eligibility: All confirmed employees up to 55 years, working in domestic operations when seeking course permission.

  • Course Inclusion:

    • Executive management courses from UGC and AICTE recognized institutes.

    • Specialized diploma courses in Banking and Finance.

    • Basic certifications in English and foreign languages for overseas postings.

    • IT courses, particularly for visually challenged employees.

Financial Provisions

  1. Educational Loan:

    • Maximum loan of Rs. 4,00,000 or 90% of actual expenses.

    • Loan repayment at base rate interest, without penal foreclosure.

    • Applicable for staff availing SOD facility.

  2. Fees Reimbursement:

    • Enhanced reimbursement limits based on course duration, relevance, and rigor.

    • Employees are required to serve the bank post-completion for a minimum stipulated time (1-3 years).

  3. Cash Incentive:

    • Cash incentive provided upon successful course completion.

    • Separate undertakings demanded for each course before reimbursement and incentives.

Competent Authorities

  • Delegated Approvals:

    • Branch Heads for loans under Scale-III, Regional Heads for executives in higher scales.

  • Course Pursuit Permissions: Required prior permission from designated authorities before undertaking any course.

General Guidelines

  • Courses must be part-time, distance learning or correspondence.

  • Employees must complete courses after confirmation in the bank's service.

  • Benefits applicable only after permission from competent authority through HR system.

Objectives of the SPEED Scheme

  1. Enhancement of Skills: Encourage employees to upgrade their qualifications through reputable institutions.

  2. Professionalize Workforce: Foster a culture of continuous learning leading to a competent workforce.

  3. Financial Support: Provide loans and reimbursements for course fees to facilitate educational pursuits.

Annexure A: Course Directory

  • Details of permissible courses, including:

    • Target group of employees

    • Maximum reimbursement limit

    • Amount of incentive

    • Minimum service requirement after reimbursement

Example Courses

  • MBA/Post Graduation: Rs. 2,00,000 reimbursement; Rs. 15,000 incentive; 3 years service.

  • Diploma in Risk Management: Rs. 1,00,000 reimbursement; Rs. 10,000 incentive; 3 years service.

  • Basic English Speaking Course: Rs. 3,000 reimbursement; Rs. 1,000 incentive; 1 year service.

Important Notes

  • Staff can only pursue each course once for reimbursement and incentives.

  • Total educational benefits from this scheme limited to three major courses over the employee’s career, except for certain courses from IIBF, NSE, BSE, NISM, and IRDA.

  • Comprehensive review of the scheme to accommodate evolving market demands and regulations.