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BW Businessworld

Customer Centric Approach

A customer-centric approach marked by improving customer experience and ensuring seamless delivery of products and services has done SBI the world of good

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Rank 8- State Bank of India 

D.K. Khara, Chairman 

Overall, Avg. Score: 2.94 

Revenue: Rs 385,338 crore 

Aided by big scores for 'financial returns', 'innovative products/service' and 'trustworthy leadership', State Bank of India (SBI) gained one spot to be ranked at eighth in this year’s BW Businessworld Most Respected Companies list. In the last such survey carried out before the pandemic in 2020, SBI was ranked at the ninth position.  

Despite the ongoing pandemic, SBI's business growth remained robust in FY21, with deposits growing in double digits and advances rebounding compared to the previous financial year. The bank’s domestic advances growth also rebounded in FY21 and grew 5.67 per cent to Rs 21,82,516 crore, compared to 3.75 per cent growth in FY20.  

Focus on the customer 

The bank’s various activities are centred on improving customer experience by ensuring seamless delivery of products and services. For this SBI created the highest number of touch-points in terms of branches and other digital modes. In FY21, SBI had 71,968 operating banking correspondents, around 22,219 branches and 62,617 ATMs, including 13,237 Automated Deposit & Withdrawal Machines (ADWMs). On an average, over 1.12 crore transactions per day were routed through SBI's ATM network in FY21.  

Various new IT initiatives were also rolled out by SBI in FY21, including LITMAS (Litigation Management System) for better monitoring of legal remedies undertaken in the stressed account for expediting recovery. SBI has also rolled out its property portal to showcase the assets to prospective buyers with an intention to enhance marketing and better realisation of value of available assets. 

With a legacy of over 200 years, SBI provides a wide range of products and services through its various branches and outlets. In sheer number terms, SBI has nearly 46 crore customers, 22,219 branches, over 23 per cent share in deposits, nearly 20 per cent share in advances, 29 per cent share in debit card spends, as well as 62,617 pan-India ATMs and automated deposit and withdrawal machines. SBI is also a market leader in government business. Its total government business turnover stood at Rs 50,77,446 crore in FY21. Its subsidiary, SBI Card, released its IPO in 2020. The company is the second largest credit card issuer in India. Despite the ongoing pandemic, SBI’s business growth remained robust in FY21, with deposits growing at double digits and advances rebounding compared to last year, said SBI Chairman Dinesh Kumar Khara. 

Growth In deposits 

In FY21, SBI’s total deposits grew 13.56 per cent to Rs 36,81,277 crore from the previous year’s level of Rs 32,41,621 crore. This high growth in deposits pushed SBI’s market share up by 45 basis points (bps) to 23.29 per cent. However, the foreign offices’ deposits contracted by five per cent (-5.04 per cent) to Rs 111,112 crore, while domestic deposits grew 14.26 per cent to Rs 35,70,165 crore.  

On a positive note, the current account savings account (CASA) deposits grew at a faster 16.73 per cent compared to term deposits growth of 12 per cent. Within CASA, the current account deposits grew 27 per cent, while saving bank deposits grew nearly 15 per cent, which resulted in the CASA ratio improving by 97 bps to 46 per cent in FY21, Khara said.  

SBI’s investment portfolio also increased to Rs 13,61,885 crore (domestic portfolio was Rs 13,14,424 crore and foreign portfolio was Rs 47,461 crore) in FY21 compared to Rs 10,58,048 crore in FY20. 

To ensure that employees worked efficiently during Covid even in the 'work from home' scenario, SBI swiftly deployed the Virtual Private Network equipping the staff across India to 'work from anywhere' (WFA) and ensure “business as usual”. Many administrative and operational activities in domestic and foreign office/ branches are being carried out remotely through WFA facilities.  

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Magazine 4 June 2022