BANK­ING ON LEGACY

India Today - - STATES - —M.G. Arun

BACK TO THE ROOTS

The ge­n­e­sis of the State Bank of In­dia lies in the cre­ation of the Bank of Cal­cutta (later Bank of Ben­gal) in 1806. In 1921, the Bank of Ben­gal and two other banks (Bank of Madras and Bank of Bom­bay) were amal­ga­mated to form the Im­pe­rial Bank of In­dia. The Re­serve Bank of In­dia ac­quired the con­trol­ling in­ter­ests of the Im­pe­rial Bank in 1955 and the State Bank of In­dia was cre­ated by an act of Par­lia­ment to suc­ceed the Im­pe­rial Bank. The largest com­mer­cial bank in In­dia in terms of as­sets, de­posits, branches and em­ploy­ees, the con­sol­i­dated as­sets of the State Bank of In­dia (SBI) were Rs 18.62 lakh crore and de­posits Rs 25.85 lakh crore at the end of fi­nan­cial year 2016-17. With a vast do­mes­tic net­work of 24,017 branches and 59,263 ATMs, it com­mands nearly one-fifth of de­posits and loans of all sched­uled com­mer­cial banks in the coun­try. The re­cent merger of its as­so­ciate banks with SBI cat­a­pulted it into the league of top 50 banks in the world. The bank has al­ready ini­ti­ated steps for faster con­sol­i­da­tion post the merger through branch ra­tio­nal­i­sa­tion and in­creased prod­uct pen­e­tra­tion.

STAND­OUT EF­FORT

The bank’s ‘Hope Loan’ cam­paign, fo­cused on char­ity, has been special. For ev­ery loan dis­bursed—be it home, car, ed­u­ca­tion or per­sonal—and trans­ac­tions on mo­bile wal­let Buddy dur­ing the sea­son, SBI had do­nated a cer­tain sum to char­i­ties for causes re­lated to shel­ter for the el­derly, mo­bil­ity so­lu­tions for the dif­fer­ently-abled, girl child ed­u­ca­tion and health. Con­se­quently, SBI do­nated around Rs 5 crore to char­i­ta­ble or­gan­i­sa­tions from the fund it cre­ated.

CRYS­TAL BALL GAZING

Al­ways at the fore­front of adapt­ing new tech­nolo­gies, SBI plans to con­vert most of its pro­cesses into digital mode to give its cus­tomers an im­mer­sive ex­pe­ri­ence.

RACHIT GOSWAMI

IN TRA­DI­TION SBI chair­per­son Arund­hati Bhat­tacharya

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