28 February, 2021

Old Is Bold Philosophy

Aged mammoth SBI's waking up to the future, ready to give the Johnny-cum-latelies a run for their money

Gireesh G.V.
Old Is Bold Philosophy
outlookindia.com
-0001-11-30T00:00:00+05:53
The Bank has size. There are a total of 298 commercial banks in the country, with 66,410 offices. The Bank owns 20 per cent of these. It has 13,592 branches, along with its seven associates. The Bank has reach. It's three-and-a-half times the size of the next biggest bank, and bigger still than the next five banks put together. The Bank has dominance. It has a 26 per cent share of the total banking business in India.

Imagine when this giant's network is completely connected. A customer could then walk into a branch in, say, Kanyakumari and access his Delhi account, withdraw cash, transfer money, invest in funds, buy insurance or government securities or any other savings product. In fact, plans are already afoot to convert some branches into financial 'supershoppes'. And the Bank's investing more than Rs 600 crore in technology over the next two-three years to interconnect more than 3,000 branches. For the Bank, size and technology could prove to be a lethal combination.

The Bank's chairman, A.K. Purwar, knows the importance of offering more solutions to customers...

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