Business back to pre-COVID days, says SBI new Chief
CHENNAI: At a time when the banking system is hamstrung by the pandemic, SBI is witnessing credit growth of around 6-7% while business is “70-80% back to pre COVID-19 levels,” for the bank, Dinesh Kumar Khara, Chairman, SBI said in his first press briefing after taking over the reins on Wednesday.
Before taking over as Chairman, Khara was a MD at the bank, responsible for overseeing global markets and subsidiaries of SBI. Khara has been appointed as chairman for a threeyear term.
A candid and forthcoming Khara responded to queries on SBI’s present status even as he gave a peek into the bank’s nearterm plans. While the bank is upbeat about the strides made on the digital distribution channels front, the new chief said “SBI is enhancing digital and analytical capabilities. Top priorities are three-fold – safety of employees, safety of customers and maintaining the quality of our book which has been in a good position.”
Though concerns for SBI in certain segments remain due to the economic disruption caused by the pandemic, overall the stress in loan books is not a cause of worry yet, added Khara.
The new chief has also ruled out any immediate plans to monetise its subsidiaries in the near term as the market remains subdued. SBI is also “very seriously” evaluating options to enter the country’s digital payments ecosystem as a primary stakeholder. The lender along with other stakeholders may apply to the RBI for a licence to set up a payments company for operating digital payments networks across the country.