SBI Hiring Retired Officers for Concurrent Auditor Role on Contractual Basis

The State Bank of India (SBI) has announced the engagement of retired officers from SBI and its erstwhile associate banks (e-ABs) for the position of Concurrent Auditors. The applications are open for a limited period, from 18th February 2025 to 15th March 2025. This opportunity is designed for retired officers looking for a contractual assignment that will allow them to contribute their expertise in the areas of audit and banking operations.

Important Dates

• Online Registration Start Date: 18th February 2025
• Online Registration End Date: 15th March 2025
• Last Date for Receipt of Application: 15th March 2025

Application Fee

There is no application fee for this recruitment process, making it an accessible opportunity for eligible retired bank officers who meet the outlined criteria.

Vacancy Details

SBI is offering a total of 1194 vacancies for the position of Concurrent Auditors across various circles. Below is a detailed breakdown of vacancies in different regions and branches:

Eligibility Criteria

To apply for the position of Concurrent Auditor, candidates must fulfill the following eligibility criteria:

1. Age Limit:

• The maximum age for engagement is 63 years as of 18th February 2025. This means that applicants must be at or below 63 years of age at the time of application.
• The engagement will last for a minimum of 1 year and a maximum of 3 years, or until the officer turns 65, whichever comes first.

2. Retirement Status:

• Applicants must have retired from the service of SBI or its erstwhile associate banks at the age of 60. Those who voluntarily retired, resigned, or were suspended are not eligible for consideration.
• Retired officers who had completed 58 years of age and 30 years of service are also eligible.

3. Experience:

• Preferably, the retired officer should have work experience in the areas of credit, audit, or foreign exchange (Forex).
• A strong background in audit or similar banking functions will be preferred.

4. Other Requirements:

• The officer must have a good track record and a thorough knowledge of the Bank’s systems and procedures.
• The integrity of the officer must be unblemished during their service, with no punishments or penalties inflicted during the last five years of service.
• The officer must be in good health and free from any major ailments.
• The officer must not have any pending legal or CBI cases.

5. Retired Officers from Specific Grades:

• Retired officers in the grades of MMGS-III, SMGS-IV, SMGS-V, and TEGS-VI on superannuation will be considered for this role.
• Applicants should ideally be residents of the area where the branch or office is located. If they choose a location away from their current residence, they will be responsible for the costs of stay, transport, etc.

6. Additional Conditions:

• The retired officers will not hold any administrative or financial powers during the engagement period.
• They will not be entitled to reimbursement of medical or other benefits during the engagement period, except for their pension.
• Officers will not take up any other contractual assignments during the engagement period.

7. Application Restrictions:

• Only one application will be accepted per retired officer for one Circle. Multiple applications will lead to rejection, except the first one submitted.

Remuneration

The monthly remuneration for the role of Concurrent Auditor is fixed, based on the officer’s previous grade:

• MMGS-III: ₹45,000
• SMGS-IV: ₹50,000
• SMGS-V: ₹65,000
• TEGS-VI: ₹80,000

Additionally, for Cluster Audit (i.e., auditing of multiple branches), the remuneration will be ₹2,000 per visit/branch.

Roles and Responsibilities

The primary responsibility of the Concurrent Auditor will be to ensure compliance and verification of various banking operations. Key duties include:

• Loan document verification: Ensuring compliance with the Bank’s processes and guidelines for loan sanctions and follow-ups.
• Deposit account verification: Verifying all instructions related to deposit accounts and ensuring compliance.
• Other banking activities: Verifying areas such as remittances, bill transactions, Forex transactions, cash transactions, and other daily activities in the bank, including external compliance.

The specific scope of audit may be decided from time to time by the Internal Audit Department (IAD).

Selection Process

The selection for the role of Concurrent Auditor will involve two main steps:

1. Shortlisting:
   • Candidates will be shortlisted based on the eligibility criteria and experience.
   • Mere fulfilling the minimum qualifications does not guarantee selection for an interview. A committee will decide the shortlisting parameters and invite a suitable number of candidates.
2. Interview:
   • The shortlisted candidates will be called for an interview which will carry 100 marks.
   • The qualifying marks for the interview will be decided by the Bank.
   • In case of a tie in marks, candidates will be ranked based on age (older candidates will be given preference).

After the interview, a merit list will be prepared, and the selected candidates will be invited for engagement.

Contractual Terms

• The selected officer will sign a Service Level Agreement (SLA) upon accepting the position.
• The engagement will be on a contractual basis, with a minimum term of 1 year and a maximum of 3 years, or until the officer reaches the age of 65.
• If either party wishes to terminate the contract, a 30-day notice must be provided.
• The Bank reserves the right to terminate the contract if the officer remains absent for more than 7 days without approval or violates other terms.

Leave Entitlement

Retired officers are entitled to 30 days of leave during their engagement period. Any unused leave will generally lapse, but if it is declined on administrative grounds, it may be encashed at the time of contract termination.

Discipline and Conduct

Retired officers are expected to maintain high standards of discipline, punctuality, and conduct while performing their duties. Failure to meet these expectations can result in termination of their services.

Termination of Services

The Bank has the authority to terminate the engagement of the retired officer if their performance is not satisfactory or if they fail to comply with the terms of the agreement.

How to Apply

Interested and eligible candidates can apply online through the official application portal during the registration period (from 18th February 2025 to 15th March 2025). The detailed application process will be outlined on the portal, and candidates are advised to follow the instructions carefully while submitting their applications.