Economic Backdrop and Banking Environment
Global Economic Scenario
The global economy in FY2024 displayed remarkable resilience despite
repeated shocks and unprecedented monetary tightening. Although no resolution appears at
sight for the ongoing geopolitical tensions, FY2024 also witnessed supply disruptions in
key shipping routes along the Red Sea.
Growth in the US and several major emerging market economies (EMEs) has
held up better than expected. While the manufacturing activity has remained subdued,
services have exhibited strength. The rise in the cost of liquidity in major currencies
did not result in significant economic downturn as was expected. The entrenched inflation
seen in most of the advanced economies and emerging market economies has now come down
although the decline in core and services inflation is slow amidst continuing tightness in
labour markets.
Major central banks in advanced economies have kept policy rates on
hold to ensure aligning of inflation with targets and it is expected that Federal Reserve,
Bank of England and European Central Bank may not change the rating stance in the near
term.
The IMF expects the world economy to expand at 3.2 percent during 2024.
Global inflation is forecast to decline steadily, from 6.8 percent in 2023 to 5.9 percent
in 2024 and 4.5 percent in 2025 with advanced economies returning to their inflation
targets sooner than emerging markets and developing economies.
Risks to the global outlook are broadly balanced in FY2025. On the
downside, new price spikes stemming from the geopolitical tensions, including those from
the war in
Ukraine and the conflict in Gaza and Israel, along with persistent
tight labour markets could raise interest rate expectations. A divergence in disinflation
speeds among major economies could cause currency movements that may put financial sectors
under pressure.
India's Economic Scenario
Amidst the global challenges, the Indian economy has stayed resilient
and has emerged as the fastest growing major economy of the world in FY2024 for the third
successive year. The National Statistical Office's (NSO) advanced estimates placed real
Gross Domestic Product (GDP) growth at 7.6% for FY2024, supported by an upturn in the
investment cycle on the back of the Government's continued thrust on capital expenditure,
higher capacity utilisation, underlying resilience of the services sector, double digit
credit growth and healthier corporate and bank balance sheets.
FY2024 Second Advance Estimates reveal that Real Gross Value Added
(GVA) in agriculture and allied activities is expected to grow by 0.7% in FY2024 (4.7%
growth a year ago) on account of decline in foodgrains production during the kharif
season. The industrial sector has strengthened further and is expected to grow at 9.0% in
FY2024 as against 2.1% in FY2023 aided by strong activity across all sub-sectors. The
services sector has maintained its momentum in FY2024 with an impetus from trade, hotels,
transport, communication and broadcasting and financial, real estate and professional
services. The services sector is expected to grow at 7.5% on the top of 10% growth a year
ago. GST collections in FY2024 at around H20 trillion as compared to H18 trillion in
FY2023 points towards robust domestic trading activity with monthly collections crossing
the H2 trillion mark in April 2024.
India's external demand exhibited signs of slowdown owing to protracted
geopolitical tensions. Overall, merchandise exports declined by 3.1% during FY2024, while
merchandise imports weakened by 5.4%. However, the current account deficit narrowed
sharply to 1.2% of GDP in FY2024 (9-month period) from 3.6% in the corresponding period
last fiscal with an improvement in the net services trade and an increase in net transfer
receipts.
Headline inflation has been on a moderating path during FY2024 with
food price pressures interrupting the descent even as core inflation softened across its
goods and services components. Industrial and farm input price pressures remain muted and
organised sector wage growth stayed steady. Average CPI inflation stood at 5.4% in FY2024
as compared to 6.7% in FY2023.
Banking Business
With marked improvement in economic activities, ASCB's credit growth
has remained robust in FY2024, clocking growth of 20.2% (H27.59 Lakh Crore) compared to
15.0% growth (H17.83 Lakh Crore) recorded in FY2023. Aggregate deposits grew by 13.5%
(H24.3 Lakh Crore) in FY2024, compared to 9.6% growth (H15.78 Lakh Crore) in FY2023.
Excluding asymmetry due to HDFC merger, ASCB's credit grew by 16.3% (H22.28 Lakh Crore),
while deposits grew by 12.9% (H23.2 Lakh Crore) in FY2024. Though RBI kept the policy repo
rate unchanged in FY2024, the tight system liquidity, as also gradual transmission of
rates, has pushed up both the deposit and lending rates of the banks. Growth in unsecured
personal loans showed deceleration post the increase in risk weights on select segments by
RBI in November 2023.
Reflecting the improvement in credit offtake, excess holdings of SLR
securities of SCBs has moderated to 7.7% of their net demand and time liabilities (NDTL)
in FY2024 from 8.7% at FY2023. Excess SLR holdings provide collateral buffers to banks for
availing funds under the LAF and are also a component of the liquidity coverage ratio
(LCR). The surplus available has enabled banks to meet credit demands from various sectors
prudently.
The incremental credit-deposit ratio stood at 95.9% as at end-March
2024 with incremental credit deposit ratio for H2FY2024 remaining below 100%.
The asset quality of ASCBs improved across all the major sectors during
FY2024, with the overall gross NPA ratio declining to 3.0% in Dec'2023 from 4.5% in
Dec'2022 and is expected to further improve as on March'24. The CRAR of SCBs stood at
15.9% in Dec'2023, above the regulatory requirements.
Digital transactions grew across different payment modes in FY2024, led
by retail transactions through the Unified Payments Interface (UPI), the National
Electronic Funds Transfer (NEFT) and the Bharat Bill Payment System (BBPS). Mobile
transactions in the retail segment experienced consistent growth, propelled by
person-to-merchant (P2M) transactions which accounted for 61.7% of the total volume in
FY2024.
Outlook
The domestic economy has shown considerable strength against an
otherwise volatile global economy. The Indian economy emerged as the fastest- growing
major economy of the world in FY2024. Headline inflation has been on a moderating path
during FY2024. The current momentum is expected to continue in FY2025 on the back of
favourable
climatic conditions with probable onset of La Nina after May 2024.
The RBI monetary policy actions were largely anticipated and remained
in a 'wait-and-watch' mode in FY2024. The steady drain of liquidity, advances growth
outpacing deposit growth, resulted in hardening of deposit interest rates across banks.
The RBI took many notable measures on the regulatory front including the review of LCR
Framework, counter cyclical capital buffer and formal rollout of the Draft Disclosure
framework on Climate-related Financial Risks 2024. Against this backdrop, your Bank's
business has adapted quite well to the evolving situation. The healthy profit run for your
Bank continues in FY2024. This places your Bank in a comfortable position to keep
augmenting growth capital through internal accruals. With the continued demand for credit,
banking businesses are expected to grow in double digits in FY2025.
Financial Performance
Net Profit and Operating Profit
Net profit increased by 21.59% to H61,076.62 Crore in FY2024 from
H50,232.45 Crore in FY2023. The Operating Profit of your Bank for FY2024 increased by
12.05% to H93,797.18 Crore from H83,712.97 Crore in FY2023 (excluding exceptional item of
H7,100.00 Crore in FY2024 and Nil in FY2023).
Net Profit
(H in Crore) t 21.59%
FY2022 31,676
FY2023 50,232
FY2024 61,077
61,077
Net Interest Income
Net interest income increased by 10.38% to H1,59,875.83 Crore in FY2024
from H1,44,840.50 Crore in FY2023. Total interest income increased from H3,32,103.06 Crore
in FY2023 to H4,15,130.66 Crore in FY2024 registering a growth of 25%. Total interest
expenses increased by 36.31% from H1,87,262.56 Crore in FY2023 to H2,55,254.83 Crore in
FY2024. Interest expenses on deposits increased by 36.35% from H1,62,418.05 Crore in
FY2023 to H2,21,459.94 Crore in FY2024.
Net Interest Income
(H in Crore) t 10.38%
FY2022 1,20,708
FY2023 1,44,841
FY2024 1,59,876
1,59,876
Other Income
Other income increased by 41.15% to H51,682.16 Crore in FY2024 from
H36,615.60 Crore in FY2023.
Operating Expenses
Operating expenses (excluding exceptional item) of the Bank increased
by 20.48% to H1,17,760.81 Crore in FY2024 from H97,743.13 Crore in FY2023.
Provisions and Contingencies
Total provision and contingency is decreased by 23.48% from H33,480.52
Crore in FY2023 to H25,620.56 Crore in FY2024. Major provisions made in FY2024: Provision
of H9,517.63 Crore for non-performing assets (as against H9,143.93 Crore in FY2023) and
Investment depreciation write back of H593.18 Crore
(as against additional provision of H1,513.84 Crore in FY2023) was made
during the year. The Provisioning to Gross Non-Performing Assets ratio (including AUCA) of
the Bank as on 31st March 2024 is 91.89% (Previous Year 91.91%).
Provision Coverage Ratio
(incl. AUCA) (%) si/ 2bps
FY2022 90.20
FY2023 91.91
FY2024 91.89
91.89
Assets and Liabilities
Total assets of your Bank have increased by 12.01% to H61,79,693.94
Crore as at the end of March 2024 from H55,16,978.53 Crore at the end of March 2023.
During the period, the Net loan portfolio increased by 15.78% to H37,03,970.85 Crore from
H31,99,269.30 Crore. Investments increased by 6.43% to H16,71,339.66 Crore from
H15,70,366.23 Crore. The major portion of investments in the domestic market was in
government securities.
Loan Portfolio (Net)
(H in Crore) C 15.78%
FY2022 27,33,967
FY2023 31,99,269
FY2024 37,03,971
37,03,971
Your Bank's aggregate liabilities (excluding capital and reserves) rose
by 11.81% to H58,02,447.41 Crore as on 31st March 2024 from H51,89,370.08 Crore
as on 31st March 2023. Deposits rose by 11.13% and stood at H49,16,076.77 Crore
as on 31st March 2024 against H44,23,777.78 Crore as on
31st March 2023. Borrowings increased by 21.18% to
H5,97,560.91 Crore as at the end of March 2024 from H4,93,135.15 Crore as at the end of
March 2023.
Deposits
(H in Crore) t 11.13%
FY2022 40,51,534
FY2023 44,23,778
FY2024 49,16,077
49,16,077
Reserves and Surplus
An amount of H18,322.99 Crore (as against H15,069.74 Crore in FY2023)
was transferred to Statutory Reserves. An amount of H326.21 Crore (as against H232.81
Crore in FY2023) was transferred to Capital Reserves. Drawdown of H749.08 Crore in FY2024
from (as against transfer of H4,575.43 Crore in FY2023) to Investment Fluctuation Reserve.
An amount of H3,142.84 Crore (as against Nil in FY2023) was transferred to the Investment
Reserve.
Dividend
Your Bank has declared a dividend of H13.70 per share @ 1370% for the
year ended 31st March 2024.
Progress of Implementation of IND AS
RBI vide Circular DBR.BP.BC. No.29/21.07.001/2018-19 dated 22nd March
2019 deferred implementation of Ind AS till further notice. However, RBI requires all
banks to submit Proforma Ind AS financial statements every half year. Accordingly, your
Bank is preparing and submitting the RBI Proforma Ind AS financial statements every half
year after getting approval of the Steering Committee headed by MD (R, C & SARG)
formed for monitoring of implementation of Ind AS in your Bank.
1370%
Dividend on the face value of ?1/share
Core Operations
Retail Business and Operations
Retail Business and Operations (RB&O) Group is the largest business
group of your Bank with 99.48% of the total branches and 96.69% of the human resources of
your Bank. The group comprises of the following business verticals:
• Retail - Personal Banking and Real Estate
• Retail - Agri, SME and Financial Inclusion
• Transaction Banking and New Initiatives
The above verticals manage the delivery of retail banking products,
which constitutes 90.41% of the total Deposits and 55.05% of the total Loans &
Advances of your Bank through 22,425 branches in 17 Circles spread all over the country.
Customer centricity is the essence of your Bank, and all the branches are committed to
customer delight at every step. The ever-evolving customer preferences, especially of the
younger population, coupled with increased focus on enhanced customer convenience through
digital initiatives, are transforming
the retail banking landscape. Your Bank's customer base is steadily
increasing across the country, making Retail Banking the most prolific segment in the
Bank, both in terms of deposit mobilisation and also in extending customised credit.
Your Bank continues to be one of the largest Home Loan providers in the
country and market leader in Education Loans and Auto Loans. Your Bank's proactive
approach towards SME financing i.e. loans for business expansion, technology adoption,
modernisation, export financing, etc. plays a crucial role in fostering entrepreneurship,
driving economic development, creating job opportunities. Your Bank acknowledges the
contribution of agriculture in the overall growth of the country and continues to support
the farmer fraternity by way of various products for Agri financing. Your Bank actively
participates in the Financial Inclusion programmes and government- sponsored schemes aimed
at creating a sustainable, developing, and cohesive society, and all these demonstrate its
unflinching commitment to serve the society at large.
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Key Initiatives
• Your Bank continues to be at the forefront in digital banking
domain with a steady stream of technology-driven innovations.
It has a multi-channel delivery model, which offers its customers a
wide range of choices to carry out the transactions, at any time, any place
• Your Bank has increased its offerings across various channels -
digital, mobile, ATM, internet, social media and branches
• YONO is the flagship banking and lifestyle app—a one-stop-
shop offering of your bank which provides not only all the financial services but also a
gamut of investment, insurance and shopping solutions
• Your Bank is committed to creating an environment of increased
risk awareness at all levels. It also aims at constantly upgrading the appropriate
security measures, including cyber security processes to ensure mitigation of various
risks
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A. Personal Banking Home Loans
Your Bank is one of the largest home loan provider in the country. The
residential real estate market continued to witness strong growth in housing sales and new
launches, leading to a positive trend with economic growth. There were robust housing
demand from customers across top cities, tier-II and tier-III cities due to the launch of
government programmes such as Smart Cities Mission.
Accomplishments/
Performance
The HL/HL-related portfolio of your Bank has grown from nearly C1 Lakh
Crore as on 31st March 2011 to C7.26 Lakh Crore as on 31st March
2024. The share of Home Loan portfolio as a percentage of domestic whole Bank advances
stood at 22.48% and around 35.75% of NBG advances of your Bank. As on 31st
March 2024, your Bank has disbursed close to C1.97 Lakh Crore of Home loans and
Home-related loans.
Market Share
Your Bank has been continuously outpacing the growth curve and has
garnered market share of almost 26.5% among ASCBs (Mar'24). The Home Loan market share of
SBI in the whole industry level is 20.48% as on Dec 2023.
PSL Portfolio
Your Bank's PSL portfolio stands at 29.52% of its total Home Loan
portfolio.
Asset Quality
Your Bank's constant proactive monitoring and follow-up, soft reach out
calls to the customers has resulted in restricting Net NPA in Home loans to 0.76% as on 31st
March 2024.
Crossed
C7.26 trillion
mark in RE AUM as on Mar'24, registered YoY growth of 13.50% through
strategic initiatives
Journey over the Years (Home Loan Levels)
(Levels in Lakh Crore)
Mar'2015 2.17
Mar'2016 2.61
Mar'2017 3.03
Mar'2018 3.47
Mar'2019 4.08
Mar'2020 4.64
Mar'2021 5.13
Mar'2022 5.71
Mar'2023 6.52
Mar'2024 7.40
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Key Initiatives
• Your Bank has always been instrumental in customising and
developing sustainable, creative solutions and is continuously striving towards making SBI
the 'No. 1 Choice of Customers' for Home Loans
• As a part of Green Initiative towards sustainable development
goals, financing of cost of rooftop Solar Photo Voltaic System is included as part of
project cost for Home Loans and is being given due publicity for popularising the product
among the customers. In the mission of integrating sustainability into our operation by
switching to renewable power and green initiative, a product named PM Surya Ghar - Loan
for Solar Roof Top has been also designed and is under IT development
• An additional interest rate concession of 25 bps is provided to
the builders for constructing Residential Housing projects and for implementing water
management, waste management and solar photovoltaic as a part of the building design under
the sustainability initiative. An additional price concession of 5 bps is allowed to the
Home Loan borrowers for energy-efficient housing projects
• A new Home Loan product for Indian Army and Airforce personnel, Shaurya
Flexi Home Loan - Army and Airforce, was launched in line with the existing product
available for Indian Navy personnel
• To deepen our relationship with our Home Loan borrowers, a new
credit card was designed - the Happy Home Card, for existing and new customers in
collaboration with SBI Credit Card
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Digitisation of Loan Journey
• Your Bank has introduced Retail Loan Management Solution (RLMS)
and Vendor Verification Module (VVM) in loan processing across the country, including
Non-BPR centres for uniform underwriting standards, seamless delivery and end-to-end
product digitisation to ensure customer delight
• Your Bank's in-house developed contactless Digital platforms
like YONO and RAAS are being promoted extensively as resource tools for maximising the
Home Loan business and for boosting the market share further
• Your Bank has rolled out a Document Management Solution (DMS) to
digitise and centralise the maintenance of Home loan documents, thus increasing customer
convenience. Additionally, as a fraud preventive measure, Experian's National Hunter
application has been integrated with RLMS for Home Loans and Home-related Loans to detect
inconsistencies in the applicant information
• An end-to-end digital product, Insta Home Top-up Loan is
available on our YONO platform for pre-selected eligible Home Loan customers
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Tie-ups with Builders
Your Bank is onboarding maximum projects under Builder Tie-Up (BTU),
providing a much-needed fillip to your Bank's Home Loan portfolio and for improving the
sourcing quality and TAT. Your Bank has so far approved 10,096 residential projects
(RERA-approved) as tie-up projects.
Auto Loan
The auto industry in India is witnessing a good demand, particularly
for mid and premium segments, with waiting period for many such models and variants across
Original Equipment Manufacturers (OEM). SUVs have witnessed a huge surge in demand and as
per market reports, SUVs constitute 57% of India's total Passenger Vehicle sales. Your
Bank is a top market player in new car loans and has taken new initiatives to provide
best-in-class product and customer service, ensuring its presence at all major dealerships
by increasing manpower for car loan sourcing across OEMs.
Performance
Your Bank's proactive monitoring and follow up has resulted in
reduction in Auto Loan NPA to 0.38% as of Mar'24 compared to 0.43% in Mar'23.
C19,020 Crore
^ 19.5%
YoY growth under Auto Loan as on 31st March 2024
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Key Initiatives
• Your Bank has tied up with major car OEMs for instant
in-principle sanction while car booking. Your Bank has the highest share in these new
delivery channels: PreApproved Car Loan is another major enabler
• With a focus on sustainability and protecting the environment,
your Bank is offering 'Green Car Loan' for Electric PVs at concessionary interest rates
and with extended loan tenor to push this ecofriendly product
• Your Bank with these new initiatives and enablers could bring
smiles to more than 6.29 Lakh new customers by assisting them in buying their dream
vehicle in the current financial year
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C49,648 Crore
Auto Loan disbursement
during FY2024
Education Loans
Your Bank takes pride in being the largest Education Loan provider in
the country with a commanding market share of 32.37% in the loan portfolio as of Feb'24
and 38.31% in disbursement target amongst all the ASCBs.
Performance
Your Bank has disbursed C10,860 Crore. Your Bank's collateralised share
stands at 50% of the loan portfolio as of Mar'24.
1,26,171
Meritorious students were provided financial assistance
Key Initiatives
• Your Bank has helped 1,26,171 meritorious students realise their
dreams by providing financial assistance amounting to C15,546 Crore during the year. Out
of this, 41% of the loans were extended to girl students
• To broaden the scope of Education Loans, to book quality
business and to enhance customer satisfaction, your Bank has initiated the following
steps:
- Shortlisted a large number of top-rated premier and reputed
institutions for extending Education Loans under the Scholar Loan scheme with relaxed
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norms and concessional interest rates, taking the total number of
institutions to 263
- Penetration of our flagship product "Global Ed-vantage Education
Loans" for studies abroad has improved through extension of doorstep services and
tie-ups with various major Education consultants
- To ensure better tracking of loan applications and faster sanctioning
of loans, your Bank's Retail Loan Management System (RLMS) was integrated with Vidya
Lakshmi Portal (VLP) and Jan Samarth Portal of the Government of India
Personal Loans
Your Bank is a leader in Personal Loan segment and both secured and
unsecured Personal loans, are amongst its most popular products. Your Bank is aggressively
serving the needs of the salaried class (both government and private), pensioners and
self-employed/other customers.
Performance
Personal loan 'Xpress Credit' has reached a level of C3,48,438 Crore
and 'Pension Loan' reached level of C54,288 Crore as on 31st March 2024. During
the current FY, your Bank has provided personal loans (Xpress Credit and Pension Loan) to
more than 4.61 Lakh customers amounting to C2,01,279 Crore.
Gold Loans
Your Bank offers general purpose personal loan against pledge of gold
ornaments.
Performance
During FY2024, the portfolio witnessed a YTD growth of 13.83%, reaching
a level of C32,676 Crore as on 31st March 2024 with the Gold Loan customer base
at 1.4 Million.
As per the data released by RBI on sectoral deployment of Bank Credit
as on Feb'24, your Bank had a Personal Gold Loan market share of 30.57%.
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Key Initiatives
• Your Bank has also made available personal Gold Loans for SBI's
Home Loan customers by way of a product named "Realty Gold Loan" for meeting the
margin requirements, project cost escalation and registration charges
• Your Bank has made available top-up Gold Loan for the existing
borrowers wanting to avail top- up loans against their gold ornaments/jewellery already
pledged with the Bank
Key Initiatives
• Your Bank has modified the Pre-Approved Personal Loan (PAPL)
product and increased the maximum loan amount to H15 Lakh, offered digitally through YONO
& INB in 4 clicks only
• Your Bank has also implemented Digital document Execution (DDE)
through YONO/RLMS to P-segment (Personal Loan & Auto Loan) customers, using
e-signature and e-stamping services of M/s. NeSL. This facility is operational in 24
states at present. As on 31st March 2024, 4.99 Lakh P-segment documents have
been executed
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Digital Personal Loan Offerings
Your Bank, with customer convenience at the fore, is offering products
through platforms such as YONO and INB, to drive portfolio growth with ease of banking.
Customers can avail these innovative offerings digitally, in real-time, eliminating the
need for physical branch visits.
Digital Loan variants:
• Real Time Xpress Credit Loans
• PAPL (Pre-Approved Personal Loan)
• PAXC (Pre-Approved Xpress Credit)
• PAPNL (Pre-Approved Pension Loan)
• PAPL Non-CSP (Pre-Approved Personal Loan for customers with SB
Accounts)
• Insta Home Loan Top-up
| 17,34,597 |
13,70,252 |
| Digital loans sanctioned during FY2024 |
Digital loans sanctioned during
FY2023 |
| C33,671 Crore |
C24,681 Crore |
| Value of digital loans sanctioned during FY2024 |
Value of digital loans
sanctioned during FY2023 |
Precious Metal
i) Sovereign Gold Bonds (SGB)
Sovereign Gold Bond Scheme was introduced by the Government of India
during FY2015-16 with the objective of promoting digital gold instead of physical gold for
investors. Your Bank, during FY2024, had mobilised 4,816 kg gold, amounting to C2,915
Crore under the scheme.
ii) Gold Monetisation Scheme (GMS)
With the objective of mobilising gold, lying idle with households and
institutions, the Government of India introduced the Gold Monetisation Scheme (GMS) during
FY2015-16. Your Bank, during FY2024, has mobilised 2,562 kg gold, bringing the cumulative
mobilisation to 20,610 kg.
iii) Other Gold Business
a) Metal Gold Loan (MGL)
Your Bank also offers Metal Gold Loan to jewellers engaged in
manufacturing of gold ornaments for both domestic and export purposes. During FY2024, your
Bank has extended Metal Gold Loans of 14,415 kg.
b) Sale of Gold (SOG)
Your Bank is offering Sale of Gold (SOG) Scheme to Jewellers/Bullion
Traders. During FY2024, your Bank has sold 2,616 kg gold under the scheme.
( \ Awards and Recognitions
• SBI crossed C1 trillion Auto Loan Book in Jun'23
• Pension Loan book has crossed C50,000 Crore level in Oct'23
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Strategic Focus
Enhancing our digital footprint in offering products/services to change
our perception especially in the minds of millennials/neo-millennials.
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Key Initiatives
• All products of your Bank are in an inhouse loan processing
software - RLMS
• To tap the untapped potential available with your bank a new
Preapproved Personal Loan product 'PAPL Non-CSP', for the customers maintaining their SB
accounts with the Bank, has been rolled out
• 16 new institutes added under the approved list of Scholar loan
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A
to increase the penetration in premier institutes
• Recategorised 16 NIT institutes from List C to List B which
enabled us to offer unsecured loan upto C30 Lakh to the students admitted in these
institutes
• Offering Guaranteed Investment Certificate (GIC) amounting to
CAD 20,635 to meet the living expenses of students travelling to Canada for higher studies
(
Customer value creation/Customer-centric success story
• Interest Certificate and Account Statement made available to
customers on their registered e-mail ids using Registered Mobile number (as
authentication) via contact centre
• Doorstep Banking Service centres increased from 100 to
550
• Number of branches providing Doorstep Banking Service increased
from 4,927 to 6,022 as on 31st January 2024
• Emails sent to 32 Lakh customers having inoperative SB
Account during Nov'23 requesting them to activate their accounts
• Branch email id(s) made available on bank statement(s)
for speedy resolution of customer queries/complaints
• Balance Certificate facility
modified in INB for Either or Survivor mode of operations. Deposit
& Loan Balances separately incorporated in the Balance Certificate to enhance customer
convenience
• Doorstep Banking creative displayed in YONO app, which
will make the customers aware about the facilities available
• Logo and QR code of DICGC made available on your Bank's
website to boost customers' trust in the banking system
• Transfer of CIF, Joint Accounts and Term Deposits facilitated
through INB without branch intervention
)
Liability and Investment Products
• Your Bank has opened 2.51 Regular Savings Bank Accounts per day
per Branch during FY2024 as compared to 2.13 accounts during FY2023
• SBI Green Rupee Term Deposit, a new Term Deposit Product
launched on 11th January 2024 aimed to mobilise deposits to support SBI in
financing green initiatives and comply with regulatory guidelines. The product is offered
for three tenors, namely 1111, 1777 and 2222 days
• SBI We Care Deposit scheme with enhanced interest rates
of 100 bps over Card rate for a tenure of 5 years and above extended to senior citizens
• Sarvottam (Non-Callable Deposit) Term Deposit scheme with
enhanced interest rate of 30 bps over card rate for one year and 40 bps for C1.01 Crore
and above over card rate for 2 years
60.89%
Regular savings accounts opened through digital channels during FY2024
Doorstep Banking
To enhance customer convenience and
ease of banking, your Bank has extended
Doorstep Banking Services to all customers
at 1,080 Banking Centres.
Doorstep Banking services includes:
• Cash Withdrawal
• Life Certificate through Jeevan Pramaan
• Pickup of Nomination Form, Standing Instructions and Fund
Transfer Request
• Pick up of Cheque Book Requisition Slip
• Pick up of Cheques for Collection/ Clearing, IT/Govt/GST Challan
with Cheque
• Delivery of Statement of Account, Term Deposit Advice and TDS
and Form 16 Certificate
• Delivery of Pre-paid instrument/ Gift Card
• Delivery of Demand Draft and Pay order
• Senior Citizens of more than 70 years of age and Differently
Abled Persons are being extended Doorstep Banking Services at all banking centres
• Doorstep Banking Facility to Divyangjans at free of cost up to 3
transactions per month at all branches
Digital Savings Bank Account Opening
We have opened 60.89% Regular Saving Bank accounts through digital
channels during FY2024.
Corporate and Institutional Tie-ups for Salary Package
Your Bank has a focused approach towards sourcing of Salary Package
Accounts across segments i.e. Defence, Central Govt, State Govt and Corporate. Customised
Salary Packages have been approved for various departments and corporates. The number of
Salary Account customers has increased to 190.91 Lakh as on 31st March 2024
with the opening of 6.31 Lakh new accounts during FY2024.
4,083
New Salary Package tie-ups entered with corporates as on YTD Mar'24
323
Dedicated and customised Salary Package Microsites created
NRI Business
Your Bank is serving its 38.29 Lakh NRI clientele through 434 dedicated
Specialised NRI Branches/NRI Intensive Branches in India, with your Bank's foreign offices
in 29 countries and 227 Global Banks as Correspondent Banks. Your Bank also has tie-ups
with 45 Exchange Houses and 5 banks in the Middle East to facilitate
remittances. A Global NRI Centre (GNC) has been set up at Ernakulam,
Kerala, as a one-stop solution for the NRI customers serving them since 22nd
June 2017. To make banking easier and more convenient, your Bank will be opening a second
Global NRI Centre at Patiala, Punjab for all non-financial services for NRIs.
f N
Strategic Focus
Enhancing our digital footprint in offering products/services to change
our perception especially in the minds of millennials/neo-millennials.
V y
Key Initiatives for NRI clientele
• MOU (Memorandum ofUnderstanding) signed with SBI Canada for
facilitating NRI services in Canada
• An agreement with FLYWIRE for smooth remittance of education
fees to students studying in universities abroad
• A guide on FEMA and NRI Taxation has been launched and placed on
your Bank's corporate website
• Quarterly NRI Newsletter emailers for NRI customers informing on
the latest updates on Banking and Financial sector across the globe; a digital copy of
which is also placed on your Bank's website
• NRI account opening through YONO mobile application
• Increased visibility of NRI Products and Services at airports
(India and
abroad), at foreign locations through advertisements, campaigns and
videos on our products and services through platforms such as Twitter, YouTube, Facebook,
etc.
• Customers connect programme with the Indian diaspora organised
at Dubai, Abu Dhabi, Kuwait, and Indonesia
f
Key Initiatives during the year
• Features and benefits on Central Government, various State
Governments, Police, Railway and Corporate Salary Package has been revamped which has made
your Bank's offer competitive in the market V
• New RuPay Feature-loaded Debit Card launched for Corporate
Salary Package customers with benefits like OTT subscriptions, movie tickets, spa and gym
memberships, health check-ups, etc.
J
US$31.25
NRI deposit base as on March 2024
25.19%
Market share in FCNR(B) deposit as on January 2024
r ^
Customer value creation/Customer-centric success story
• Interest Certificate and Account Statement made available
to customers on registered email using Registered Mobile number (as authentication) via
Contact Centre
• Doorstep Banking Service centres increased from 100 to 1080
• Number of branches providing Doorstep Banking Service increased
from 4,927 to 6,390 as on 31st March 2024
SMS
• Sent to 62 Lakh SB customers not having Nomination and Account
Balance of more than 1 Lakh
V
• Sent to 39.60 Lakh customers for TD Customer not having
Nomination and Account Balance of more than 1 Lakh
• Sent to 1.85 Lakh customers having PPF account but not SB
Account with SBI
• Sent to 2.29 Lakh customers feedback under Power Play Campaign
Emails
• Sent to 103.65 Lakh customers for SB Customers not having
Nomination
• Sent to 89.42 Lakh customers for TD Customers not having
Nomination
• Branch email id(s) has been made available on bank
statement(s) for
speedy resolution of customer queries/complaints
• Balance Certificate facility has been modified in INB for
Either or Survivor mode of operations. Also Deposit & Loan Balances have been
separately incorporated in the balance Certificate to enhance customer convenience
• Logo and QR code of DICGC made available on our website to give
a boost to customers' trust in the banking system
• Transfer of CIF, Joint Accounts & Term Deposits has
been facilitated through INB without branch intervention
y
Wealth Management Business
Your Bank is the first Public Sector Bank to offer Wealth Management
Services to their esteemed clients. At SBI Wealth, your Bank caters to the investment
needs of affluent clients, a bouquet of investment products such as MFs, Insurance, PMS,
Bonds and AIF are offered to Wealth Clients as per their risk profile.
The Wealth team of dedicated and personalised Relationship Managers are
in constant touch with clients for their
Investment and Banking needs. Doorstep banking services are also
extended through Customer Relationship Executives. The key elements of value proposition
to the clients are flexibility in choosing multiple delivery channels, in-depth research
and analysis and open architectures.
Your Bank's Wealth Management Services are offered at 105 major Centres
across the country through a network of 238 Wealth Hubs.
SBI Wealth has shown exponential growth in terms of Investment AUM and
Investment Active Clients during FY2024. Investment AUM has increased to C31,157 Crore and
the number of Investment Active Clients has increased to 1,80,559. The number of clients
also increased to 4,36,981 and the AUM increased to C3,49,182 Crore for the same period.
Your Bank has also launched Premier Banking Services to provide
personalised banking and investment-related services to Corporate Salary Package (CSP)
customers - Platinum category.
M/s Boston Consulting Group (BCG) has been onboarded as your Bank's
consultant for the revamp of wealth and premier banking as a part of "Project
Wealth". Under Project Revamp Wealth, it has been decided to have two customer
segments viz. Premier (30-50 Lakh TRV+CSP Platinum) and Wealth (50 Lakh and above TRV+CSP
Rhodium).
Your Bank's Integrated Wealth Management Solution (IWMS) platform
became live from 26th December 2023 and SBI Wealth Debit Card-RuPay Select
variant with enhanced features have been issued.
B. Any Time Channels
1. ATMs and ADWMS
Your Bank has one of the largest ATM networks in the country, with
63,580 ATMs, including 11,256 Automated Deposit Cum Withdrawal Machines (ADWMs), as of 31st
March 2024 - with presence even in the most challenging locations including a Floating ATM
at Dal Lake Srinagar, in the tea gardens of Assam, in Lachen, the last village of North
Sikkim, on the islands of Andaman & Nicobar and Lakshadweep, Furthermore, in our
ongoing effort to provide ATM services in the remotest locations of country, we have
recently installed one ADWM at Andrott Island, Lakshadweep,
Your Bank is adopting cutting-edge technology, regularly upgrading and
replacing nearly 34,350 machines including buffer quota for Safe & Secure Banking, The
new machines are installed with the latest generation of Intel processors that are faster
and more energy-efficient,
Your Bank is implementing suitable measures to protect the
stakeholders' interests and strengthening the security of ATM cash withdrawals against
skimming, cloning, etc,
2. SWAYAM Barcode-based passbook printing kiosks
Your Bank has deployed 20,135 Barcode- based Passbook Printing Kiosks
(SWAYAMs) at 17,663 branches and approximately 11 Lakh transactions are being processed
daily, On an average, the SWAYAMs have been able to migrate ~3,4 Crore passbook printing
transactions every month from the branch counters, Reprint functionality for the last 90
days has also been enabled,
3. Green Channel Counter (GCC)
Your Bank has deployed 27,813 GCC terminals at 21,419 retail branches
for transactions through Debit cards to promote Green Banking with facilities such as cash
withdrawals, cash deposits, funds transfer within SBI accounts, Balance Enquiry, Green PIN
generation/PIN change for Debit Cards and Mini Statements, Transactions are enabled on
EMV-compliant GCC Terminals,
4. Green Remit Card (GRC)
The GRC is a cash deposit card through which funds can be deposited to
a predefined account of your Bank by GCCs and ADWMs, Cash deposit facilities through GRC
are available 24x7 at ADWMs and are helpful, especially for migrant workers, The
transaction limit for GRC is C25,000 per transaction with a monthly cap of C1,00,000,
5. Cheque Deposit Kiosk (CDK)
The CTS-enabled self-service Cheque Deposit Kiosks (CDK) facilitate
customers to deposit their CTS cheques hassle- free, 2,496 CDKs have been deployed at
2,470 branches and an average of ~16 Lakh cheques are deposited every month, A receipt
with details such as date, transaction ID, Beneficiary Name, cheque number and masked
payee account number is generated for the depositor,
f 777^ ~
Key initiatives during
the year
• Option to transfer Savings account to another branch through
ATMs/ ADWMs
• Customer income/turnover details feeding through ATMs/ADWMs
• Customers can conduct transactions through ATMs/ ADWMs in their
preferred regional language
| ~29% |
-1.20 Crore |
| Domestic market share in number of installed ATMs
and ADWMs by Banks in India |
Average transactions are
recorded daily |
| 31% |
5.75 Lakh |
| Highest share of cash dispensation through ATM
network in the country |
Daily cash deposit transactions
at our ADWMs |
Customer Value Enhancement
Your Bank is dedicated to increase value for its customers and
stakeholders, by offering a range of financial services and products, all under one roof.
As a financial superstore, your Bank provides Mutual Funds, General Insurance, Life
Insurance, Credit Cards, National Pension System and Demat accounts through its pan-India
network. As a part of your Bank's digital transformation,
it has made onboarding simpler and has relied on need-based selling to
strengthen customer loyalty. With an emphasis on better customer experience and offerings
tailored to customers' needs, your Bank remains a leader in marketing of financial
products and services with revenue earning of C3,891 Crore in FY2024.
The revenue contribution of each product is as under:
(C in Crore)
| Product |
FY2023 |
FY2024 |
%Change YoY |
| SBI LIFE |
2,040 |
2,232 |
9% |
| SBI MF & Others |
916 |
964 |
5% |
| SBI GENERAL |
398 |
436 |
10% |
| SBI CARDS |
264 |
231 |
-12% |
| NPS |
18 |
20 |
11% |
| SSL |
5 |
7 |
40% |
| Total |
3,641 |
3,891 |
7% |
Initiatives and performance highlights:
SBI Life
SBI Life Insurance is the No. 1 private player in Individual Rated New
Business (IRNB) Premium since FY2018. IRNB has registered 12% YoY growth as on March 2024.
Persistency ratio has improved from 84.13% to 86.06% YoY as on 31st March 2024.
The protection plans share for SBI Life in Individual Rated Premium stood at 6% as on
March 2024. Digital sourcing of SBI Life Banca is 99.80%.
SBI Mutual Fund
SBI remains the numero uno Mutual Fund Distributor, having C1.93 Lakh
Crore in Assets Under Management (AUM) as on 31st March 2024. Further, SBIMF
leads the rank amongst AMCs and has crossed C9.20 Lakh Crore as on 31st March
2024 in AUM. Digital mobilisation of business is easing the process for customers as well
as the operating personnel. 93% of Lumpsum transactions and 86% of fresh SIPs are being
mobilised through the digital mode.
SBI General
Your Bank is offering Personal Accident Insurance, Health Insurance,
Property Insurance and Loan Insurance. Gross Written Premium (GWP) collected in FY2024 has
improved by 8.75% YoY. Health Insurance contributes major portion among general insurance
products (21%).
SBI Card
With the increasing trend of the use of plastic money, your Bank is
meeting customers' demand and making credit cards available to them at the remotest of the
locations. In FY2024, 21.33 Lakh cards were issued.
An end-to-end Credit Card issuance journey is available on the YONO App
and Internet Banking (INB). Customer Card Linking facility through Card Number and OTP has
been rolled out in YONO app in FY2024.
NPS
Your Bank continues to be the leading bank in NPS registrations with a
market
share of 21%. Your Bank has also qualified as the top performing Point
of Presence (PoP) under the campaign launched during 1st March 2024 to 31st
March 2024 by the PFRDA. It offers complete digital registration journey through Internet
Banking (INB) and YONO App. Presently, 83.95% of the total NPS accounts are opened through
digital modes.
Demat Accounts/SBI SSL
Your Bank has sourced over 13.27 Lakh Demat accounts during FY2024. An
end- to-end Demat and trading account journey is available on the YONO App and INB.
Small & Medium Enterprises
The call for 'Atmanirbhar Bharat' has emphasised the contributions of
MSMEs to the country's economy through manufacturing output, GDP, exports, and employment
generation.
Your Bank is a pioneer and market leader in SME financing, providing a
comprehensive package of products and services to the
MSMEs to meet their requirements, such as cash management, transactions
and credit needs for both domestic/export sales.
With over 20 Lakh customers, the SME portfolio of C4,33,037 Crore as on
31st March 2024 accounts for nearly 13.41% of your Bank's total domestic
advances. The portfolio registered a growth of 20.53% (YoY) in FY2024. Your Bank's
approach to drive SME growth rests on the following three pillars: a) Customer
Convenience, b) Risk Management, and
c) Technology-based digital offerings and process improvements.
A. Customer Convenience
To provide an enhanced customer experience, your Bank has created a
wide network of touchpoints for branches and other modes. The business delivery model of
the Small and Medium Enterprises Centre (SMEC) comprises Asset Management Teams (AMTs),
created to maintain end- to-end relationships with customers for loans up to C2 Crore. The
SMECs have been strengthened in terms of manpower, resulting in improved service levels.
Loans above C50 Lakh continue to be handled by Relationship Managers (SME). As on 31st
March 2024, 2,117 RMs (SME) and 864 dedicated SME Intensive Branches of your Bank are
functioning pan-India. Your
Bank has also set SCF CPCs in 16 Circles. For all new proposals above
C10 Crore (SME & Builder Finance) shall be handled by High Value CPCs for appraisal.
As on 31st March 2024, 330 proposals amounting to C19,914 Crore have been
sanctioned.
B. Digital Offerings
Your Bank is leveraging technology in business, designing products,
streamlining processes, improving delivery to monitoring. Your Bank has taken several
initiatives to build an SME portfolio in a risk-mitigated manner by implementing
significant changes in (i) Product suite, (ii) Processes, and (iii) Delivery to ensure
Ease of Banking. The YONO Business combines all the corporate banking needs by being a
one-stop solution for the company. Your Bank is increasingly deploying advanced
technologies, such as Artificial Intelligence, Machine Learning and Business Analytics, to
augment its product offerings, ensuring customer delight each time without exception.
Pre-Approved Business Loan (PABL) is an analytics-based product that
identifies existing Current Account customers' eligibility for pre-approved loans based on
their transaction history with a loan amount up to C20 Lakh sanctioned through a
simplified YONO and LLMS journey.
Digital Documents Execution (DDE) was formulated under the guidance of
the Ministry of Finance to provide an automated, digitised process and to ensure
completion of digital contract formation, e-stamping, e-sign or its variants, as per
applicable laws through authorised government agencies, thereby providing for safe and
accurate financial information recording.
Project Digital Documents Execution (DDE) for PABL accounts was
launched in Uttar Pradesh on 11th August 2022. After the successful
implementation in the state, it was extended to branches of 6 other states, namely,
Odisha, Chhattisgarh, Tripura, Kerala, Himachal Pradesh and Meghalaya. The same has been
extended to Maharashtra State (Mumbai & Maharashtra Circle) on 1st February
2024.
The extension of the DDE facility (for PABL) to the branches located in
the state of Rajasthan (Jaipur Circle) has been executed on 1st March 2024.
The Business Rule Engine (BRE) is a single credit risk model developed
for SME Loans up to C5 Crore, making the loan sanction process faster, innovative, and
future-ready and enabling Straight Through Processing (STP) for all types of loan
applicants, viz. New to Bank (NTB), Existing to Bank (ETB), New to Credit (NTC), Existing
to Credit
(ETC), as well as for Renewals. The BRE will handle the end-to-end
credit process (loan journey) from existing application forms to appraisal formats - the
objective of reducing TAT for processing of the proposals and unlocking the bandwidth of
the Processing Officials.
The Model has been developed based on the Logistic Regression
methodology wherein Regression will predict default events and Model the influence of
different variables on the applicant's creditworthiness. The objective of BRE is
to create STP/Digital journeys and reduce operating expenses, except
for manual due diligence and security checks. It uses digitally fetched and verifiable
data (to the extent possible) as model inputs and to leverage different data sources like
Bureau history, GST Returns, Income Tax Returns (ITRs) and Bank Statements. The model
output provides Risk Grade and objective decisioning of Go/No-go/Refer to Credit for all
new/existing applications. It assesses the Model-based limit for Cash Credit facilities to
brownfield units, providing
objective inputs for the assessment of credit limits to greenfield
projects, viz. Cash Credit, Term Loan and Non-fund-based limits to sanction authorities.
BRE has been rolled out pan-India on 7.12.2023 for loans above C10 Lakh
and up to C50 Lakh in the first phase. 14,479 loans amounting to C3,869.52 Crore have been
sanctioned as on 31st March 2024 through BRE, out of which 6,461 loans to the
tune of C1,397.16 Crore were new connections. Second phase for Loans above C50 Lakh and up
to C5 Crore has been rolled out in the third week of March 2024.
1. New digital product under development in collaboration with
Fintech/AA/GST
• MSME SAHAJ Seller's Invoice Financing on YONO Business by
providing digital loans and financing of GST invoices
• Seller's Invoice Financing Scheme, under GST Sahay, is an
initiative by GoI that provides digital loans through the marketplace GST Sahay app
• DIGI Sugam provides GST-based Working Capital Finance, an
end-to- end digital journey offered through YONO Business
2. Contactless Lending Platform (CLP)
Your Bank is one of the stakeholders of the SIDBI-led PSB consortium,
with your Bank's path-breaking initiative, psbloanin59minutes.com, providing easy
access to loans to SMEs. Instant in-principle approval generated for eligible proposals
based on GST returns, IT returns and Account Statement. Using the platform, your Bank is
sourcing leads from C1 Lakh to C5 Crore. In FY2024, 17,773 leads for C10,831 Crore have
been sanctioned.
To promote end-to-end digitisation and to ease the credit delivery
process, a new auto-renewal process for leads received from CLP has also been introduced
by your Bank. This will ensure the timely renewal of good and financially satisfactory
accounts without much manual intervention, as better customer experience will enable
Relationship Managers (SMEs) to focus on sales and marketing activity.
3. Pre-Approved Business Loans (PABL)
In FY2024, your Bank has disbursed 1,05,052 PABL loans. The product
caters largely to micro and small entrepreneurs with a good track record, and credit
availability is made on liberal terms. During Feb'24, Partnership firms have been included
under the PABL ambit. Your Bank has recorded a YoY growth of H2,794 Crore (70.80%) as of
Mar'24.
4. Supply Chain Finance
By leveraging state-of-the-art technology and branch network, your Bank
continues to be a major player in Supply Chain Finance, strengthening its relationship
with the Corporate world across various sectors. Your Bank has extended supply chain
finance to 35,254 dealers with total sanctioned limits of over C49,261 Crore (e-DFS) and
C28,092 Crore (e-VFS). In FY2024, 15 new e-DFS and 41 new e-VFS tie-ups were entered.
New e-DFS limits of C4,696 Crore to 662 new dealers and C6,335 Crore to
new e-VFS vendors were sanctioned during FY2024. Your Bank has already implemented the
Contactless Lending Platform (CLP) for e-DFS and e-VFS through psbloansin59minutes.com,
which provides easy access for loans to dealers registered on the GST platform and for
filing Income Tax returns.
Your Bank has also simplified e-VFS processes and built a front-end
digital interface on CLP for better customer experience by eliminating redundant documents
and implementing simplified appraisal formats. Your Bank has introduced Supply Chain
Finance Centralised Processing Centres to reduce TAT during proposal processing. To
ring-fence the supply chain portfolio, your Bank has put in place suitable risk mitigation
measures and risk-based pricing for the Supply Chain Portfolio. Your Bank is also
launching
various campaigns for onboarding dealers/ vendors and broadening the
Channel Finance base.
C. Green Energy initiatives
Your Bank is committed towards its Green Energy initiatives to lower
carbon footprint; many products were launched during the reporting year to achieve these
objectives.
1. Surya Shakti Solar Finance
This special product has been launched for financing 'Term Loans for
Solar Projects' to business enterprises (for captive use) with a maximum loan amount of
C10 Crore. The product has a comfortable repayment of 10 years. To capture the tremendous
potential available under the segment, a dedicated Surya Shakti Cell has been created for
centralised loan processing, and individual powers have been delegated to the Cell
officials to ensure reduced TAT. MoUs have been entered with reputed companies like Tata
Power Solar Systems Ltd., Waaree Energies Ltd., Mahindra Solarize Pvt Ltd., Havells India
Ltd. and Redington India to finance the units having the requirement of installing Solar
PV systems.
2. Finance to Biofuel Projects
To promote the GoI initiative of Biofuels projects, a new product was
launched to extend credit to all forms of Biofuels mentioned in National Policy of
Biofuels 2018 viz. Ethanol, Biodiesel, Advanced biofuels, Bio-CNG, etc.
Biomass suppliers/aggregators supplying pellets/briquettes to Thermal
Power Plants for substitution of coal are also financed under this product. The product
has a long door-to-door repayment tenor of up to 15 years, and a Term Loan/regular working
capital facility is also provided.
3. Compressed Biogas under Satat Scheme
Under this product, finance is made available to the units that aim to
set up manufacturing facilities for Compressed
Biogas. Under the Satat Scheme, loans sanctioned up to C100 Crore are
considered PSL. Incentives for entrepreneurs such as reduced custom duty on imported
equipment, 40% depreciation on the WDV method, and tax holiday on net income for
5 years.
D. Export Credit
With the GoI's focus on increasing exports, MSMEs have a pivotal role
in achieving this objective. Export Credit for SMEBU increased by 21.94% as of 31st
March 2024 despite several global and macroeconomic challenges in the international trade,
reaching levels of C19,060 Crore. Your Bank is keen on seizing the available opportunities
in the sector and has put in place strategies for maximising business potential in export
finance. Various digital initiatives are in the pipeline to improve customer experiences.
Several customer digital journeys, viz. Inland LC, Import LC, Exports,
Inland, A1
6 A2 remittances and Advance Payments have been made available in YONO
Business. The end-to-end digital BG product, 'e-BG', has been rolled out in 25 States/UTs
across India.
E. Co-lending with NBFCs
To extend a helping hand to MSMEs that have little or no access to
formal credit, your Bank has entered into a co-lending agreement with 9 NBFCs. Under the
Co-lending scheme, your Bank has sanctioned 1,042 accounts amounting to C469 Crore, as on
31st March 2024.
F. Trade Receivables Discounting System (TReDS)
Your Bank is the first among all PSBs to register as a financier on the
TReDS platform, set up to provide finance to MSMEs and has presence in all the three TReDS
platforms in the country, i.e. RXIL, M1 exchange and Invoicemart. In FY2024, your Bank has
crossed level of ?10,000 Crore as on 31st March 2024, registering a YoY growth
of 282.44% and a market share of 23%.
Rural Banking
Agriculture Advances
Your Bank's lending under Agriculture & Allied activities has
crossed C3,00,000 Crore during this financial year, the highest for any Bank in India.
Your Bank caters to the credit needs of more than 1.50 Crore farmers.
Your Bank has grown substantially in Agri Gold loans, SHG loans and
Investment Credit portfolios, most of which are either risk mitigated or possess low risk.
Your Bank continues to be the market leader in Agriculture Gold loans; during the year,
the portfolio crossed C99,000 Crore.
In the past few years, the Government of India has been providing
policy support for growth in the Agriculture & Allied sectors and improvement in
Farmgate infrastructure. Your Bank is aligned with the Government's policies under various
Aatmanirbhar Bharat schemes. Your Bank has sanctioned loans to 20,504 borrowers, amounting
to C5,127 Crore during the current financial year under these schemes.
29%
Market share in NRLM loans among PSBs is the highest as on 31st
March 2024
Your Bank has achieved 1st position amongst all banks in the
Banks Heralding Accelerated Rural & Agriculture Transformation (BHARAT) Campaign &
Rural & Agricultural Progress through Infrastructure Development (RAPID) campaign for
Agri Infra Fund run by Ministry of Agriculture and Farmers welfare.
V J
Further, your Bank has built a portfolio of more than C2,600 Crore
during the year in two newly launched products - Agri Enterprise Loan (AEL) and Kisan
Samriddhi Rin (KSR) for serving the credit needs of Agri-based Enterprises and production
credit requirements of large farmers/Corporates/FPOs/Co-operatives of Farmers based on
realistic cost of end- to-end farming, respectively.
Your Bank has worked strategically to reduce and control the stress in
Agri portfolio and as a result, NPAs have come down during FY2024, as compared to the
previous year, with single-digit Agri GNPAs % for the first time. Your Bank's Priority
Sector Lending (PSL) achievement in Agriculture segment as well as sub-segments viz. Small
& Marginal Farmers, Weaker sections and Non-corporate farmers have increased
substantially during the year.
Micro Credit
• Your Bank has supported more than 50 Lakh additional households
during FY2024, which includes households of SHGs (19 Lakh+), PMMY beneficiaries (18 Lakh+)
PMSVANidhi beneficiaries (14 Lakh+), Stand Up India & PMEGP beneficiaries (2 Lakh+)
and Agri Infra Fund & PM-FME beneficiaries (1 Lakh+)
• Your Bank is the market leader in SHG loans. Your Bank's
portfolio under SHG loans has crossed C50,000 Crore as on 31st March 2024
covering more than 1 Crore women members. Your Bank's market share of loans under National
Rural Livelihood Mission is the highest among PSBs at 29% as on 31st March 2024
• Since inception of Deendayal Antyoday Yojana - National Rural
Livelihood Mission (DAY -NRLM)
. on 1st April 2013, your Bank has undertaken Tie-ups with
State Livelihood Agencies and financed 49.34 Lakh SHGs under Bank-SHG Linkage and
disbursed C1,31,903 Crore up to 31st March 2024
• Your Bank has signed Memorandum of Understanding (MoU) with the
Ministry of Rural Development (MoRD) for financing SHG-led women Enterprises under 'Svyam
Siddha Initiative' of the Bank as an enabling step to align with the Govt of India,
initiative of Lakhpati Didi programme
¦ Your Bank has disbursed more than ?49,000 Crore in Mudra Loans
during FY2024, Further, your Bank has sanctioned more than 21,000 proposals under Stand-Up
India scheme during the year
¦ In FY2024, your Bank has disbursed 14,27 Lakh loans, amounting
to ?1,548 Crore to Street Vendors
under PMSVANidhi Scheme V /
(
Digitalisation and Collaborations
• Your Bank is in the process of onboarding a revamped Agri Tech
Stack for processing of loans to Agriculture & Allied activities. This will
significantly reduce Turn Around Time (TAT) for delivery of credit. Your Bank has also
embarked upon digitising the journey in Agriculture
• To enhance our reach to the unserved and under-served populace,
we have signed MoUs with 23 NBFCs/ HFCs under Co-lending model.
V
Under this model, your Bank has sanctioned loans to more than 2.79 Lakh
borrowers amounting to C2,030 Crore. Of which, more than 2.70 Lakh accounts have been
sanctioned in a complete digitised mode for loans up to C3 Lakh
• Your Bank is actively looking to finance Farmer Producer
Organisations (FPOs) and has conducted multiple FPO Connect Programmes during the year
• The Outsourcing Services Subsidiary, State Bank Operation
Support Services (SBOSS), has stabilised its operation in Rural/Semi Urban areas. The
Subsidiary works on a "High Tech, High Touch and Low Cost" mode and has helped
your Bank in sourcing more than 6,70,000 new KCC Loans amounting to more than C13,500
Crore
)
Financial Inclusion
Your Bank is committed to people's economic empowerment through
activities focusing on financial inclusion, from opening accounts for the unserved,
underserved, and underprivileged population to making basic financial services accessible
and available.
Your Bank pioneered the BC/CSP (Banking Correspondent - Customer
Service Point) model for providing Banking services, not restricted only to withdrawal
payments. At present, 32 financial services are facilitated at these CSP outlets. The Jan
Dhan Yojana, Aadhaar, Mobile (JAM) trinity has played
a transformational role in delivering the earmarked benefits through
DBT (Direct Benefit Transfer) to the targeted beneficiaries without any leakage. This
channel has been the key enabler in making the DBT story of our country a big success,
gaining recognition globally. In the current year, ~68 Crore DBT credits have been
transferred. By bringing the unbanked masses to the financially included pool, the channel
has effectively promoted thrift and saving habits amongst customers, enabling their
financial growth. More than 15 Crore BSBD/PMJDY accounts have been opened, with total
deposits crossing C58,000 Crore.
This channel is also leading the spread of Social Security coverage by
way of micro-insurance (PMJJBY & PMSBY) and Pension (APY), for large populations who
are otherwise excluded from such financial products. Your Bank is the market leader in
PMJJBY, PMSBY and APY amongst all Public Sector Banks. Focus on empowerment of women has
always been the key priority for your Bank and participation of females in the total
enrolments covered by your Bank has been more than 50% under the Social Security Schemes.
Your Bank is enhancing its last-mile reach to ensure inclusivity
through more than 82,000 CSPs covering most of the country's remote locations.
Initiatives
• TAB Banking: A handheld
device (TAB) has been launched to extend banking services with
mobility. Through this TAB, our CSP operators are now delivering door-step banking to the
masses, benefitting senior citizens and underserved population
• Payment through IRIS Scanner: AePS payment through IRIS
authentication has been enabled at CSP outlets - useful for customers whose fingerprints
are deformed due to old age or hard labour
Imparting Financial Literacy
Your Bank has set up 341 Financial Literacy Centres (FLCs) across the
country to impart free financial literacy, credit counselling and the propagation of
electronic payment systems. FLCs have conducted more than 37,000 Camps during the current
year in which over 15 Lakh people participated. Furthermore, as a part of the RBI
initiative to spread awareness about financial products among the rural masses, your Bank
has also sponsored 595 Centre for Financial Literacy (CFL) at the block level which are
also instrumental in exploring innovative and participatory approaches towards attaining
financial literacy.
Rural Self Employment Training Institutes (RSETIs)
Your Bank has set up 152 RSETIs across 29 States/UTs. RSETIs act as
social change agents, empowering rural youth towards sustainable livelihood through skill
development and training, helping them establish their own micro-enterprises, and thereby
creating rural employment. These RSETIs evolved as a specialised institution transforming
rural youth from job seekers to self-employed entrepreneurs.
SBI RSETIs have trained ~11.54 Lakh candidates through ~43,000 training
programmes since inception. Out of
these, 74% candidates have been settled through self-employment. Credit
facility have been extended to more than 4 Lakh trained candidates.
Lead Bank Scheme
Your Bank has actively participated in Viksit Bharat Sankalp Yatra
(VBSY), a nationwide outreach programme launched by Govt. of India and have covered more
than 47,000 Gram Panchayats (GPs) and Urban Local Bodies (ULBs) across the country,
sourcing ~3.25 Lakh PMJDY, ~7 Lakh PMJJBY, ~11.90 Lakh PMSBY and ~1.60 Lakh APY
applications during the programme.
Government Business
Your Bank is at the forefront in conducting Govt. Business and is an
accredited Banker to 26 major Central Government Ministries and Departments. Your Bank is
the market leader in Government Business with market share of over 63% in Central
Government Turnover.
Government Turnover and Commission
(C in Crore)
| Particulars |
FY2023 |
FY2024 |
| Turnover |
60,35,342 |
65,55,330 |
| Commission |
3,953 |
3,919 |
Your Bank is one of the major Bankers to the Government of India and is
continuously engaged in developing customised technology solutions, to keep pace with the
Government's digital initiatives facilitating transition to the online mode, providing
greater efficiency and transparency, resulting in ease of doing business and ease of
living for the citizens.
r .. .
Key Initiatives
1. PM Kisan Samman Nidhi Yojana
• As accredited Bank to the Ministry of Agriculture & Farmers'
Welfare, your Bank has facilitated the distribution of C50,689 Crore (up to 31st
March 2024) under the scheme as a Sponsor Bank
2. Direct Benefit Transfer (DBT)
• All the major schemes of Direct Benefit Transfer (DBT) of the
Government of India and State Governments are being implemented through your Bank on
pan-India level. Your Bank is the sole Banker for processing Direct Benefit Transfer of
LPG subsidy (DBTL)
3. Ministry of Defence (MoD)
• Life Certificate submission for SPARSH migrated pensioners
• Utility of Life Certificate has been made live through API for
MoD for SPARSH migrated pensioners. This utility is enabled at all the branches of your
Bank
• Stand-alone utility for MoD offices
• Your Bank has onboarded 103 offices of the MoD on standalone
utility for providing real time MIS on expenditure position facilitating the status of
utilisation of the allocated budget
4. Ministry of Railways
• Handheld Terminals (HHTs) for TTEs of Railways
• Your Bank has rolled out HHTs to TTEs under QR code mechanism
for penalty collection
• IRCTC Rail Connect Mobile App
• Your Bank has successfully integrated SBI e-Pay Lite with the
IRCTC Rail Connect Mobile App for seamless collection of passenger ticket fare for online
booking of tickets
5. CBDT
• Your Bank has completed integration of new Direct Tax Payment
System (TIN 2.0) for tax collection. Now, all branches of your Bank are enabled to collect
taxes vis-a-vis 4,000 branches authorised earlier
• Your Bank continues to be the sole refund banker for Income Tax
Refund Orders (ITRO). An MoU has been signed for the next three years i.e. up to 2026
6. CBIC
• Your Bank has completed integration at ICEGATE Portal for
customs duty payment with an API-based Solution being successfully rolled out
7. Department of Post
• Your Bank has entered into an MoU with the Directorate of Postal
Life Insurance (Deptt. Of Post) for collection of premiums in Postal Life Insurance (PLI)
through SBI. This service will provide easy auto deduction premium payment facility for
PLI/RPLI users
8. Members of Parliament Local Area Development Scheme (MPLADS)
• Customised solution for implementation of Members of Parliament
Local Area Development Scheme (MPLADs), under CSS: CNA (Central Sector Scheme: Central
Nodal Account) mechanism of Ministry of Statistics and Programme Implementation (MoSPI)
has been made live and 3.23 Lakh transactions have taken place till 31st March
2024
• The MPLADs Mobile App has been successfully launched by the
Hon'ble Minister of State, MoSPI Shri. Rao Inderjeet Singh on 15th January 2024
9. Centrally Sponsored Schemes (CSS) under Single Nodal Account (SNA)
mechanism and Central Sector Schemes (CSS) under Central Nodal Account (CNA) Mechanism
• Your Bank has enabled the Aadhar- based payment for SNA
mechanism on DigiGov platform
• Virtual Account validation and payments has been successfully
enabled/made live in SNA/CNA Model 3
• Under the State Specific Scheme, a Customised Solution (without
PFMS, namely Model 5) has been developed and implemented by your Bank. The State
Government schemes of four
/
States/UTs viz. Uttarakhand, Tamil Nadu, Bhopal, Maharashtra and
Puducherry, have been onboarded on this Solution
10. Pension Payments
• Your Bank has been administering pension payment to 39.83 Lakh
pensioners. New pension accounts of 2.43 Lakh pensioners have been added in FY2024
• Your Bank has organised a Bankers Awareness Programme at
Srinagar, graced by Hon'ble Minister Dr. Jitendra Singh, for various initiatives taken by
the Government of India for Pensioners on 10th and 11th July 2023
• Your Bank has successfully conducted a nationwide campaign
for submission of Digital Life Certificate (DLC) 2.0 at 51 locations in
251 branches during the month of November 2023 across the country which were identified by
Ministry of Personnel, Public Grievances and Pensions, Department of Pension &
Pensioners' Welfare (DoPPW), New Delhi. Face Authentication Technology for submission of
DLC was widely promoted • Your Bank participated in the Special Campaign 3.0,
launched by the Department of Financial Services, Ministry of Finance. During the
campaign, 'Pension Grievances Redressal Week' was held from 16th October 2023
to 21st October
\
2023 at 2,658 Branches and 5,478 grievances of pensioners were resolved
by the Branches
11. Small Savings Schemes
• Your Bank services more than 91.34 Lakh PPF, 28.85 Lakh Sukanya
Samriddhi Yojana (SSA) accounts and 15.12 Lakh Senior Citizen Savings Schemes (SCSS)
accounts and 1.83 Lakh Mahila Samman Savings Certificate (MSSC) accounts making it the
highest among all the authorised Banks. During FY2023-24, 4.82 Lakh PPF accounts, 3.19
Lakh SSA accounts and 4.58 Lakh SCSS accounts and 1.83 Lakh accounts were added
)
Transaction Banking (TB) - Marketing
Current Accounts
Current Account deposits are a crucial determinant of your Bank's
profitability as these contributes to reducing the cost of Deposits and improving Net
Interest Margin (NIM). To cater to the needs of different customer segments, your Bank
offers a bouquet of CA products and solutions to meet the specific requirements of
business customers.
Key Initiatives
• 40 Transaction Banking Hubs (TB-Hub) were opened in the
top 27 district centres across the country, serving customer requirements by providing
comprehensive solutions for transactions, payments, collections and other financial needs.
Each hub is equipped with well-trained Relationship Managers offering a bouquet of
products for customers. The customer-centric processes are finetuned to tap into market
potential, deepen customer engagement and increase market share at these centres.
Digital initiatives
- The YONO reimagined journey is made available for online Current
Account opening for all entities, providing an omnichannel experience for the customers.
An end-to-end digital journey for opening of CAs for sole proprietors has been rolled out
recently
- All variants of CA are realigned with a bouquet of offerings and
value-added services. To tap into market potential, your Bank has introduced two new
premium variants of CA, namely, Silver and Rhodium as well as a separate variant for
Government Departments/ Autonomous bodies/Defence and Paramilitary establishments
- CA Opening Form has been simplified further and made user-friendly
for all
t entities
- Leveraging artificial intelligence (AI) and machine learning (ML) in
all
l business and technology aspects for
generating quality Current Accounts y leads for the
operating functionaries
- Business Debit Card on RuPay Platform is being offered for premium
^ CA Variants
j
r - Partnering with FinTechs to provide
industry/sector-specific solutions and / automate respective financial
operations
H
Cash Management Products
Cash Management Products (CMP)
are technology-driven products/solutions that help business clients,
including Corporates, Institutions, and Autonomous bodies, among others, to optimise funds
management through automated solutions. Your Bank is a pioneer in offering clients a wide
range of cash management products.
Your Bank's TB solutions seek to capitalise on new technologies and
meet clients' bulk transaction needs, in addition to customised MIS, ERP integration and a
dedicated Client Support Cell. The study and analysis of transaction patterns allow your
Bank to devise unconventional ways of meeting clients' varied banking needs, such as
Credit, Fund Management, Cross Selling and other services. Your Bank has a dedicated
marketing team to onboard clients on CMP and Digital products and extend them post-sale
support. New CMP solutions such as Aadhaar Based Mandate Registration, IMPS in e-payment,
UPI-based VAN collection, NACH settlement on a T+0 basis, VAN facility in multiple
accounts under a single Corporate ID and CRM for grievance redressal have been introduced
for the convenience of our clients.
Corporate Banking
A. Corporate Accounts Group
Corporate Accounts Group (CAG) is a dedicated Business Unit (BU) of
your Bank. It handles SBI's 'high-value corporate relationships' as a specialised and
efficient delivery platform. The CAG BU has five specialised Branches located in India's
top three commercial centres, namely Mumbai, New Delhi, and Chennai.
Four branches of CAG BU at Mumbai (2), New Delhi (1) and Chennai (1)
are headed by General Managers and provide a comprehensive range of financial products and
services exclusively to toprated corporates, including their foreign associates and
subsidiaries. The fifth branch viz. Financial Institutions Branch at Mumbai is headed by
the Deputy General Manager and caters to banking and related
requirements of Financial Institutions like Mutual Funds, Insurance
Companies, Banks (Private and Foreign), FDI and FPI entities.
The business model of CAG BU is based on the relationship management
concept, and each corporate/business group is mapped to a relationship manager who
spearheads a cross-functional client service team consisting of highly skilled credit and
operations functionaries. The relationship strategy is anchored on delivering integrated
and comprehensive solutions to the clients, including structured products within a
specified time frame. The prime objective of the plan is to make SBI the first choice of
top corporates. A regular review of each corporate relationship by senior management sets
the benchmark for relationship management in CAG BU. Apart from offering various core
credit products, Client Service Teams at CAG Branches aid customers in the selection and
delivery of a wide variety of products
and services offered by SBI's associates and subsidiaries are listed
below:
• For Capital Market Requirements -
SBI Capital Markets Limited (SBICAPS)
• For Treasury and Investments - SBI Gilts Ltd and SBICAP
Securities Limited
• For Investments - SBI Mutual Fund Limited
• For General and Life Insurance - SBI
General Insurance Company Limited and SBI Life Insurance Company
Limited
• For Receivables factoring - SBI Global Factors Limited
• For Custodial Services Banking to Foreign (FII, FPI, FVCI)
& Domestic Institutional Clients - SBI Societe Generale Global Securities Services
Pvt. Limited (SBI-SG)
To align with the changing banking landscape, a specialised unit viz.
Corporate Solutions Group (CSG) has been created within CAG BU to cover the entire banking
ecosystem of corporate customers in
Agri, Pharma, and IT, with a focused thrust on existing as well as
new-to- bank customers.
Major Corporates, Financial Institutions and Navratna PSUs of the
country are esteemed customers of the CAG BU.
The total loan portfolio of CAG BU as of 31st March 2024 was
C7.44 Lakh Crore (fund based - C5.38 Lakh Crore and nonfund based - C2.06 Lakh Crore)
compared to a total loan portfolio of C6.53 Lakh Crore (fund based - C4.60 Lakh Crore and
nonfund based - C1.93 Lakh Crore) as on 31st March 2023. Demand for credit
picked up in the second half of FY2024, resulting in growth of C0.78 Lakh Crore in
fund-based advances at CAG BU.
B. Treasury Operations
The Global Markets Unit (GMU) carries out domestic treasury operations
of your Bank and is responsible for management of funds to achieve desired risk-adjusted
returns. Your Bank's Global Market portfolio comprises investments in SLR (Statutory
Liquidity Ratio) Securities, Non-SLR Securities, Listed Equities, Mutual Funds, Venture
Capital Funds, Private Equity, and Strategic Investments. It also offers multiple products
and services that cater to the foreign exchange and risk management requirements of its
customers.
During the year, global economy exhibited higher than expected
resilience led by the US and several emerging market economies. China's latest data also
shows improvement in economic activity. Goods inflation fell faster than expected, but
tight labour markets in advanced economies have kept services inflation sticky. Many
central banks in Europe, the Middle East, Africa and Latin America have lowered their
interest rates this year while central banks in a few large economies, like the US Fed,
have indicated interest rate cuts to begin later in 2024. Nonetheless, markets
have had to lower their expectations of aggressive rate cuts in 2024,
due to the continuing strength of the economy, which has kept bond yields high. Bank of
Japan (BoJ) finally exited its negative interest rate policy in March indicating
confidence in the latest economic and price recovery which has allowed the NIKKEI to scale
its 1989 highs. Geopolitical tensions erupted in the Middle East this year, adding to the
ongoing conflict in Ukraine, and have renewed fears of supply chain disruptions in the
critical Red Sea region. India remains the fastest-growing major economy in the world with
the FY2024 GDP growth estimates surprising to the upside.
Rupee Markets
1. Interest Rate Markets: SLR And Non-SLR Portfolio
The Monetary Policy Committee (MPC) has held policy rates unchanged for
7 consecutive monetary policy meetings. Given the strong economic momentum, it has
continued to focus on bringing inflation down. CPI inflation was at 5.09% in February
2024, well above the targeted 4% level. Even though it has been on a downward trajectory
after peaking in July 2023. The 10-year benchmark yield has trended lower during the year,
falling from 7.31% on end March 2023, to 7.06% at end March 2024, touching a low of 6.94%
and a high of 7.40% in between. Your Bank made prudent investment decisions that boosted
the portfolio yield and interest income. Your Bank managed its liquidity position
effectively despite tight banking system liquidity and continues to maintain a comfortable
liquidity position.
Your Bank participated in India's first online tri-party repo platform
for Corporate bonds during the year, and in line with its commitment to ESG, also
participated in the Government of India's green bond auctions during the year.
2. Equity Markets
Driven by country's robust economic outlook in FY2024, the Indian
markets outperformed other global emerging markets despite global headwinds. Your Bank
actively participated in the rally in the equity markets, calibrating the investment book
as per market dynamics. The year saw robust IPO activity, with substantial listing gains
for the issuances. Your Bank actively participated in the primary market generating high
returns. Your Bank remains focused on building a long-term investment portfolio, as well
as on generating positive alpha through short term tactical positions. Your Bank continues
to deepen its research capabilities through expansion of the research team and ongoing
trainings and other skill development initiatives.
3. Private Equity/Venture Capital Fund
Your Bank has been an active participant in the Alternative Investment
space during FY2024 and has made investments in Startup focused funds and
sustainability-oriented investments via direct equity participation.
Forex Markets
The GMU handles the foreign exchange business of your Bank, providing
solutions to the customers for managing their currency flows and hedging risks through
options, swaps, and forwards, in addition to providing liquidity to markets. Your Bank is
a leading player in USD-Rupee Spot and USD-Rupee Forward markets and has a high market
share in merchant foreign exchange flows. Your Bank is the leader in providing liquidity
in CCIL Fx Clear platform. Your Bank is also actively onboarding customers on Fx-Retail
platform rolled out by CCIL. Your Bank has made further enhancements to its e-Forex1
platform provided to customers to meet their foreign exchange requirements and is
providing quotes to Fx-AII2, which is a multibank Fx platform. Your Bank is
1 e-Forex is SBI's internet-based platform for customers to book
foreign exchange transactions online.
2 FX-All is an electronic foreign exchange trading platform and
aggregator.
also a major player and a market maker in offshore USD-Rupee NDF market
or Nondeliverable Derivative Contracts (NDDCs).
Your Bank has Treasury Marketing Units in 10 major cities and 8
satellite centres spread across the country to help customers with their requirements.
They conduct meets, conferences, etc. with exporters, trade industry bodies and large
corporate customers to understand their needs and explain about foreign exchange markets
and the various products of your Bank. Your Bank also has a specialised desk to take care
of the requirements of institutional non-resident customers.
Derivatives
Your Bank currently deals in Over The Counter (OTC) interest rate,
Credit
Derivatives and currency derivatives, along with exchange-traded
currency derivatives and Interest Rate Futures. Your Bank has participated in interest
rate derivatives like Rupee Interest Rate Swaps (OIS), Rupee Interest Rate Futures (IRF),
Foreign Currency Interest Rate Swaps (IRS), Foreign Currency to Rupee Interest Rate Swaps
(Modified MIFOR), Forward Rate Agreements (FRA), Caps, Floors, Collars and Swaptions.
Currency derivatives dealt by your Bank are Cross Currency Swaps (CCS), USD/INR options
and Cross Currency Options and Credit Derivatives like Credit Default Swaps (CDS). These
products and their customised versions are offered to your Bank's customers to hedge their
interest rate, credit and foreign exchange exposures.
Post liberalisation of derivative guidelines by RBI, your Bank has
started offering a larger bouquet of hedging solutions to its customers, including barrier
options, and has also started trading in Swaptions.
Your Bank's "Market Risk Limit Policy" prescribes market risk
parameters (Greek limits, Loss limits, cut-loss triggers, open position limits, Duration,
Modified Duration, PV01, CS01 amongst others) as well as customer eligibility criteria
(Credit Rating, sanctioned limits, and CAS rating as per Customer Appropriateness and
Suitability policy) for entering into derivatives transactions. Risk on interbank
counterparties is monitored through limits set for the purpose. These counterparties have
also executed ISDA and Credit Support Agreement (CSA) with your Bank.
Customer value creation/Customer-centric success story
• Your Bank has launched a fully digital and online payment
experience for students to pay tuition fees to global universities via global FinTech
partners
• To uphold the commitment to be agile to customers' evolving
banking needs, your Bank has introduced new features in the eForex platform to enhance the
customer experience and ease of use
V
l • Leveraging the YONO platform, e-Trade and e-Forex applications
l are now synced up to offer a more seamless experience to the user, thus !
reducing the need to frequently switch , between the apps for booking forex i trades
against trade contracts ! • Your Bank is continuously engaging
with NPCI to offer cross-border fund transfers across currencies
• To enhance customer service, an inward remittance email
intimation service to the beneficiary branch has been developed through the CSIG
(Centralised SWIFT Interface Gateway) application
• Branches are now enabled to provide an automated e-FIRC
(e-Foreign Inward Remittance Certificate) for inward remittance for any period
C. International Operations
| Foreign Banking Subsidiaries/Joint Ventures |
Share Holding (%) |
| Subsidiaries |
|
| State Bank of India (California) |
100.00 |
| SBI Canada Bank |
100.00 |
| State Bank of India (UK) Limited |
100.00 |
| Commercial Indo Bank LLC, Moscow |
100.00 |
| SBI (Mauritius) Limited |
96.60 |
| Bank SBI Indonesia |
99.56 |
| Nepal SBI Bank Limited |
55.00 |
| Foreign Non-Banking Subsidiary |
|
| SBI Servicos Limitada, Brazil |
99.99# |
| Associate |
|
| Bank of Bhutan Limited |
20.00 |
Keeping in line with its reputation as the largest global Bank from
India, your Bank has been increasing its penetration in overseas local markets while
continuing to cater to Indian diaspora and global Indian Corporates spread across various
geographies. To further the quality and convenience of banking services to Indian
diaspora, the International Banking Group has established an NRI
Coordination Cell to enhance synergies between domestic and international operations for
serving the banking needs of expat Indians. Your Bank is also planning to venture into
premium banking services overseas by creating a 'Wealth Hub' serving the Middle East
and GIFT City, Gandhinagar, Gujarat. The overseas operations of your
Bank are managed by a separate Business Unit - International Banking Group (IBG) headed by
the Deputy Managing Director (IBG) and overseen by MD (IB, GM &T).
Global Presence
Your Bank's first global footprint was with the branch of Bank of
Madras in Colombo, Sri Lanka in July 1864 (first amongst Indian banks). With footprint
across all time zones through its 241 points of presence in 29 countries, your Bank, the
State Bank of India, has gradually spread its wings across the globe to become a pioneer
of International Banking among the Indian PSBs. The overseas operations of your Bank are
being managed by IBG.
The IBG has continuously adapted to the multitude of heterogenous
challenges including ongoing geopolitical turbulences, conflicts, bank failures
in the West, economic downturn in neighbouring countries, etc. and
remained on a healthy growth trajectory while balancing the risk-return dynamics. Your
Bank's international operations have maintained their profitability despite these
headwinds through efficient asset liability management, cost efficiencies in liability
management & overheads, exploring new income streams, enhancing digitisation, and
leveraging relationships for new business. On the basis of its continuous drive to enhance
value for your Bank and its stakeholders, the vision derived for IBG is as under:
/¦ \
IBG Vision
• To strengthen your Bank's position as a Global Bank.
• To emerge as the Banker of First Choice for all India related
business across the globe.
• To constantly improve its share in business and profits of the
Bank.
• To contribute for maximising overall business of the Bank
through Crossvertical synergies.
K J
The details of offices opened/closed are furnished in the table below:
| Overseas Offices |
As on March 2023 |
Opened during the year |
Closed during the year |
As on March 2024 |
| Branches/Sub-Offices/Other Offices |
56 |
3 |
0 |
59 |
| Subsidiaries |
(8) |
0 |
0 |
(8) |
| Offices of Subsidiaries |
169 |
4 |
1 |
171 |
| Representative Offices |
5 |
0 |
0 |
5 |
| JV/Associates/Managed Exchange Cos/Investments |
5 |
0 |
0 |
5 |
| Total |
235 |
7 |
1 |
241 |
/ \ During FY2024, your Bank
has opened the following branches/offices
• Two offices in Sri Lanka, one at Trincomalee (Branch) and the
other at Jaffna (Sub-Office).
• Overseas Subsidiaries: Three branches opened at Lamahi, Beltar,
and Duhabi and Dulegaunda of Nepal SBI Bank Ltd, Nepal
• One India Visa Application Centre at Khustia, Bangladesh
Awards and Recognitions
Your Bank has been awarded as "Green Deal Champion - Trade
Finance, (Confirming Bank)" by Asian Development Bank during ADB's 9th Trade
and Supply Chain Finance Program (TSCFP) Awards, 2023 held in Singapore on 5th
September 2023.
The specialised departments of IBG have played a vital role in
sustaining the momentum by contributing on various fronts, such as:
1. Credit Contribution: Business Driver
Your Bank is a proactive partner of Indian corporates in their global
growth strategy and arranges debt in Foreign Currency by way of:
a) ECBs through syndicated deals in conjunction with other Indian and
Foreign banks
b) Lending to overseas corporates in local markets bilaterally by
partnering with Local/Global banks
r ; \
Your Bank sanctioned Foreign Currency loans to the tune of US$10.3
billion to India related corporates and US$16.2 billion to overseas entities during
FY2023-24.
IBG Credit Strategy
• Tapping growth potential at GIFT City, Gandhinagar Branch which
is growing as a global financial services hub
• Establishing footprints in newer geographies which are
demonstrating strong economic performance globally
• Endeavouring to increase the share of non-India linked business
by tapping local corporates of our foreign offices
• Leveraging upon cross-vertical synergies and on our relationship
with domestic corporates to finance their overseas operations
• Positioning as a relationship bank with increased participation
in syndicated deals as Underwriter/MLAB/Arranger
• Enhancing engagement with local banks
• Increased emphasis in participating in Green Loans, Social Loans
and Sustainability Linked Loans
2. Trade Finances
Your Bank is supporting Indian importers and exporters by offering them
a bouquet of Trade Finance products and services through an extensive, well-equipped
branch network that operates in all the time zones in India and abroad.
The Global Trade Department (GTD) of IBG supports our Foreign Offices
(FOs) for an orderly growth of Trade Finance portfolio, formulates policies, and innovates
new products for FOs as per the market demands and changing regulatory norms. GTD also
facilitates Trade Credits to Indian Corporates for their imports by playing an important
role in synergising business flows between domestic and foreign offices for maximising
returns. It also organises Trade-related workshops/conferences, by partnering with Trade
bodies viz. BAFT (Bankers Association for Finance and Trade), GTR (Global Trade Review),
etc. Workshops are also organised by partnering with ICC, FI EO, etc. to provide a
platform for networking with Exporters/Regulators/Industry majors.
3. Overseas Treasury Management
The Treasury Management Group at your Bank's International Banking
Group (TMG- IBG) undertakes following functions for Foreign Offices:
a. Liquidity Management
b. Dealing Room Operations
c. Investments
The TMG-IBG manages the overall asset liability portfolio of IBG and
also monitors the liquidity requirements and Asset Liability Management ratios.
During the current financial year, your Bank has raised more than US$2
billion longterm resources through different channels. Your Bank has done a syndication
deal of US$1,000 Million (US$500 Million for 3 years and US$500 Million for 5 years). Your
Bank has also raised a total of US$1,750 Million under the MTN Program.
Currently, there are five major dealing rooms at London, New York, Hong
Kong, Bahrain and GIFT City, Gandhinagar, which work on a 'hub and spoke model' to help
smaller Foreign Offices in their operations, In order to leverage opportunities at our
GIFT City, Gandhinagar Branch, several new initiatives like SOFR and US treasury linked
deposit products, Bullion Trading Membership as Trading-cum-Clearing Member were initiated
in this financial year,
4. Global Payments and Services
Global Payments & Services (GP&S) facilitates Online Inward
Remittances
and SWIFT-based Remittances from Overseas locations to India, Foreign
Currency Cheque collection, Opening & Maintenance of Rupee Vostro Accounts
(RVA)/Special Rupee Vostro Accounts (SRVA) and Asian Clearing Union (ACU) Transactions,
Your Bank has tie-ups with more than 50 remittance partners for channelising inward rupee
remittances from overseas to India,
~50
Remittance partners for rupee remittances
f \
Highlights
• During the year, GP&S has implemented Bharat Bill Payment
System (BBPS) under Rupee Drawing Arrangement for facilitating Cross Border Inbound Bill
Payments to India
• As per the provisions of RBI for settlement of trades in INR
through Special Rupee Vostro Accounts, GP&S has opened four SRV accounts during the
year with the approval of RBI
V J
5. Retail Strategy
Your Bank has been a "Window to India" for NRIs residing in
different parts of the world through its specialised retail and remittances products. The
notable achievements for the year are:
• YONO SBI, one of the most ambitious and secure digital offering
of the Bank has now been extended to customers at our various overseas offices in the form
of YONO Global. It has been successfully launched in the US, UK, Canada, Mauritius, Nepal,
Maldives, Bangladesh, South Africa, Sri Lanka, and Bahrain. More than 2,07,000 overseas
customers have been onboarded through YONO
• Fully Digital non-face-to-face Online account opening journeys
deployed at SBIUK and at SBI Canada Bank
• Namaste UK: The product enables Indian citizens (having
long term UK visa) opening account with SBIUK before arriving in UK through YONO Global
SBI UK app
• GIC account: The product enables students travelling to
Canada (for studying) to open GIC account with our SBI Canada Bank through YONO Global
Canada app
• "One View" feature of YONO Global allows our customers
abroad to view their domestic SBI Accounts through YONO Global App
6. Financial Institutions Group (FIG)
- Correspondent Relations
FIG facilitates linkages of the Bank with international stakeholders
viz. Financial Institutions (FIs), Foreign Government Agencies and Developmental Financial
Institutions (DFIs), etc. and works for synergy between IBG and other business verticals
such as Corporate Accounts Group, Commercial Clients Group, Retail Banking Group and
Global Market.
We are having 222 Correspondent Banks spread across countries. It also
maintains RMAs (Relationship Management Application) established by both domestic
and foreign offices. Your Bank has more than 4,200 RMA's with 860+
Banks in 118 countries as on 31st March 2024.
7. International Banking - Domestic
Your Bank is well-equipped to provide a wide range of products and
services to exporters and importers through an extensive branch network that operates
domestically and internationally.
• International Banking-Domestic (IBD) serves as a single point of
contact between the Domestic Offices and Foreign Offices in areas related to Trade Finance
and International Banking. IBD aims at improving synergies and trade flows between
Domestic Offices and Foreign Offices/Correspondent Banks and trading community, by acting
as a robust link between them
• IBD facilitates growth of Export Credit by actively involving
branches, trade bodies and other stakeholders
• In a bid to facilitate the trade community, Forex Service
charges are being rationalised and aligned with the market every year by IBD. IBD also
facilitates IT system-related enhancements and updates in EXIM Enterprise/SWIFT
• IBD is also actively involved in re-building skills of IB
officials by partnering with ICC, FIEO, FICCI, CII, etc. and organising Trade related
workshops/seminars which provide good platform for networking with
Exporters/Regulators/Industry majors in addition to coordinating and liaising with Trade
bodies and ICC subgroups for developing relations and strengthening ties
• IBD has also launched the e-BG project, which is an end-to-end
digital journey for Bank Guarantees. It has been rolled out in all States and Union
Territories where NeSL is facilitating e-BG
8. Technology Initiatives at
Overseas Offices
Your Bank has continued the journey to
leverage technology solutions (including
Artificial Intelligence & Machine Learning) in various areas of
operations vis-a-vis customer acquisition, process automation and AML-CFT/OFAC controls.
Some of the highlights of initiatives undertaken at overseas offices include:
• Roll out of automated IT system for Retail Loan Management,
capturing the entire loan lifecycle from application, processing, sanctioning,
disbursement and post sanction monitoring. The automation of retail loan journey will act
as a business multiplier, by standardising the processes and ensuring seamless/ uniform
experience to customers. This will also help to bring down the Turn Around Time (TAT), and
at the same time, ensuring strict adherence to compliance standard and risk management.
The process of roll out at all the foreign geographies with your Bank's retail presence
has been initiated and this will be subsequently completed at all the geographies during
FY2024
• YONO has continued to be the digital pivot for servicing
existing retail customers, as well as acquiring new customers. The omni-channel experience
has now been widened
with a simultaneous upgrade of the Web based portal, which is similar
to the Mobile Banking App - both in terms of functionalities as well as User Interface/
User Experience. The enhancements during the year include introduction of YONO Cash, ATM
Card management, Online Account Opening and integration with local payment systems at
multiple geographies, thus providing customers a seamless experience of You Only Need One
- YONO
• A significant rise in digital frauds poses a substantial risk -
both to the customers, as well as your Bank. Your Bank is fully committed to ensure
complete safety and soundness of the IT systems that are being used/offered to the
customers. In addition to the industry standards of IT Security/Cyber Security that are
being followed, we have also initiated the process of putting in place, a robust Fraud
Monitoring Solution - specifically for electronic channels that are being used by the
customers
Commercial Clients Group (CCG)
Your Bank's CCG vertical services the credit needs of mid and
large-sized corporates, including specialised branches like the Diamond branch. The CCG
vertical is headed by MD and supported by two DMDs, five CGMs, ten CCG Regional Offices
(CCGROs) and three Direct branches headed by GMs. The CCG vertical is present in 29
cities, with 50 branches boasting a team of credit specialists to support large credit
proposals and cater to the corporate ecosystem, promoting green finance and new-age
business financing, managing associated risks and sustaining growth.
Within the CCG vertical, the CGMs are assigned as Group Relationship
Owners to improve coverage quality and enable integrated views on exposure and earnings
prrnpp thp Rmi in
f
Kev Initiatives
• Export Credit Growth: External benchmark (T-Bill
Rate)-linked interest rates have been extended to Working Capital Loan (WCL) and LC Bill
Discounting, encouraging top-rated borrowers in increasing the utilisation of their
available limits. Staying competitive and to book significant export-related businesses,
the T-Bill rate-linked interest rates have also been extended to Rupee Export Packing
Credit facilities
• Exporter's Meet: Your Bank is also conducting various
exporter meets across the country to increase the awareness on exporter-related banking
solutions offered by your Bank
• TRRACS Software: Your Bank has implemented the Trade
Regulatory Reporting and Compliance Solution (TRRACS) Software, leading to a significant
reduction in the EDPMS (Export Data Processing and Monitoring System)/IRMs (Inwards
Remittance Message)/Export advances entries' backlog
• DIPAK Pricing: The Digital Interface on Pricing and
Knowledge (DIPAK), a pricing tool has been made available by your Bank to operating
functionaries and sanctioning committees for enabling data-driven pricing of Corporate
Loans
y
CCG Performance
| Level |
March 2021 |
March 2022 |
March 2023 |
March 2024 |
| Non-food Advances |
4,08,110 |
4,20,276 |
4,87,989 |
5,72,668 |
| CASA Deposit (%) |
23.56% |
24.91% |
26.43% |
27.76% |
| Avg. Business per Employee |
168.96 |
185.42 |
226.76 |
241 |
| Other Income (excluding income from AUCA
recovery) |
3,163 |
3,819 |
3,900 |
4,112 |
| Pre-TPM Operating Profit |
32,623 |
29,113 |
32,916 |
41,268 |
| New Credit Customers added |
|
|
|
|
| (i) No. of customers |
128 |
304 |
232 |
267 |
| (ii) Limits Sanctioned during financial year |
59,965 |
75,552 |
49,101 |
84,008 |
Opening of Diamond Branch in Surat Diamond Bourse (SDB)
The Surat Diamond Bourse (SDB), located in DREAM City, Surat,
exclusively promotes the diamond, gems and jewellery industry. It is the world's largest
diamond trading hub with 4,500 offices of diamond traders
i and manufacturers. Your Bank has recently 5 opened a Specialised
Diamond Branch in '. SDB and is authorised as Forex Category ] 'B' Branch for
handling forex business. As
5 a one-stop solution for diamond, gems
and jewellery manufacturers and traders with their offices in SDB, the
Branch is also authorised as a Designated Branch for Metal Gold Loan and Sale of Gold
(Wholesale).
r
Others
• Project Kuber has been launched in your Bank with a
special focus on marketing the current account deposit and transaction banking products
within CCG vertical
• Project Xceed is being undertaken to transform and
modernise your Bank's
Corporate banking business (CCG and CAG), and to empower RMs with
digitised and streamlined processes to improve TAT
• As on 31st March 2024, the gross advances level of
CCG increased by 18.42% on a YoY basis with major
contributors from sectors like Infra, NBFC, Mining, Services, CRE,
Power, Chemical, and Engineering • Special focus is being given to new-age industries
such as Smart Meters manufacturing, Data centres, Power Storage & Battery, etc.
Project Finance and Structuring Strategic Business Unit
Your Bank's Project Finance and Structuring Strategic Business Unit
(PF&S SBU) deals with the appraisal, structuring and syndication of funds for large
projects, with a certain threshold on minimum project cost:
1. Infrastructure sectors, such as power, roads, ports, railways,
airports, etc.
2. Non-infrastructure projects in industries such as refinery, metals,
fertilisers, cement, oil & gas, and glass, amongst others
The PF&S SBU also supports other verticals by vetting large ticket
term loan proposals. To strengthen the policy and regulatory framework for financing
infrastructure, it provides inputs from lenders' perspective to various ministries of
Central/State Governments and RBI. It gives inputs/suggestions on draft agreements and
contracts like Model
Concession Agreements and broader infrastructure finance issues faced
by various stakeholders.
The growth projections for the Indian economy are the highest for any
large economy; it is expected to be one of the top three economic powers in the world over
the next few years. Infrastructure is at the forefront of economic development in India.
The government has further hiked the budgetary allocation towards capital expenditure from
C10 Lakh Crore in FY2024 to C11.11 Lakh Crore.
The Government of India has introduced various initiatives to
strengthen the economy, such as the National Infrastructure Pipeline (NIP) with targeted
investments of US$1.4 Trillion, the National Monetisation Pipeline (NMP), and Performance
Linked Schemes (PLI). The need to ramp up infrastructure on a large and sustainable scale
has resulted in new
projects, particularly in sectors such as renewables, roads, city gas
distribution, etc. There is a requirement for funds to finance various projects planned by
the government, such as the construction of 2 Lakh km national highway network by 2025,
increasing the number of Airports to 220 by 2025 and the development of 35 Multi-Modal
Logistic Parks, among others. By leveraging the vast resources and expertise available
within the SBI Group, PF&S SBU can offer the entire gamut of project financing-related
services - funding as well as off-Balance Sheet items - for any project size across
sectors.
Your Bank is well-positioned to garner a bigger pie of business
opportunities and maintain its leadership position in the project lending space based on
effective connect with clients, industry, Government Ministries, and Authorities supported
by specialised marketing endeavours.
Stressed Assets Management
Stressed Assets Resolution Group (SARG) ranks among the most
significant verticals of your Bank. Resolution of Stressed Assets by SARG presents the
following latent income generating avenues for your Bank:
• Cash recovery in NPA and Technically written-off accounts (AUCA)
• Reduction in Loan Loss Provisions
• Contribution to your Bank's bottom line
• Unlocking the lendable funds for credit growth
The movement of NPAs in vour Bank and recovery in written-off accounts
during the last six financial vears:
| Particulars |
FY2019 |
FY2020 |
FY2021 |
FY2022 |
FY2023 |
FY2024 |
| Gross NPA |
1,72,750 |
1,49,092 |
1,26,389 |
1,12,023 |
90,928 |
84,276 |
| Gross NPA% |
7.53% |
6.15% |
4.98% |
3.97% |
2.78% |
2.24% |
| Net NPA |
65,895 |
51,871 |
36,810 |
27,966 |
21,467 |
21,051 |
| Net N PA% |
3.01% |
2.23% |
1.50% |
1.02% |
0.67% |
0.57% |
| Fresh Slippages + Increase |
39,740 |
54,510 |
29,332 |
26,776 |
19,223 |
20,982 |
| in O/s |
|
|
|
|
|
|
| Cash Recoveries / |
31,512 |
25,781 |
17,632 |
21,437 |
16,258 |
11,472 |
| Upgradations |
|
|
|
|
|
|
| Write-Offs |
58,905 |
52,387 |
34,403 |
19,705 |
24,061 |
16,161 |
| Recoveries in AUCA |
8,345 |
9,250 |
10,297 |
7,782 |
7,097 |
6,934 |
| PCR |
78.73% |
83.62% |
87.75% |
90.20% |
91.91% |
91.89% |
Consistent recovery efforts have led to a significant decrease in the
current level of NPA over the years:
• Insolvency and Bankruptcy Code (IBC) 2016 for resolution of
stressed assets has provided Bank with a time-bound, transparent and effective mechanism
to tackle Stressed Assets. Resolution has been achieved in some of the high-value NPA
accounts referred to the National Company Law Tribunal (NCLT) under the Code. The cases
referred to NCLT are also monitored by specialised teams at SARG. A total of 1,156 cases
(Whole Bank) were referred to the NCLT as on 31st March 2024 out of which 951
cases have been admitted and 245 cases have been resolved
V
• Compromise Settlement is also offered to all eligible cases to
recover sticky loans. Your Bank's Board- approved One Time Settlement (OTS) Scheme, which
is non-discretionary and non-discriminatory, is also offered from time to time to eligible
borrowers for recovery/resolution
• Prudential Framework for Resolution of high-value Stressed
Assets by RBI has provided an avenue for time- bound resolution of these accounts (outside
the NCLT process). Your Bank is exploring this option in all the eligible cases
• A team has been set up to look after the sale of assets to Asset
Reconstruction Companies (ARCs) on a Cash and/or Security Receipts (SR) basis
• In non-NCLT cases, recovery is explored through action under the
SARFAESI Act and suit filing in DRTs and Courts. The sale of mortgaged properties is
explored through a common e-Auction platform https:// ibapi.in ('e-BH^' - Indian
Banks Auction Properties Information) under the aegis of IBA
Sector-specific Targeted Approach
• SARG focuses on prioritising the resolution of NPAs through a
Sector-specific approach. Presently, SARG is headed by Deputy Managing Director, supported
by Chief General Managers overseeing the Sector- wise portfolio, NPA portfolio across SARG
branches and for accounts under liquidation
• With constitution of Four (4) SAM Regional Offices (SAMROs) at
Hyderabad, Kolkata, Mumbai and New Delhi on 1st August 2022, SARG covers the
entire geographical area of the country. 16 Stressed Assets Management Branches (SAMBs)
and 48 Stressed Assets Recovery Branches (SARBs) across the country are handling 48.67% of
your Bank's NPAs and 86.38% of AUC Accounts of your Bank
V y
Industry-wise Distribution of the NPA Portfolio (as on 31.03.2024):
| 1 |
Power |
2% |
| 2 |
Telecom |
3% |
| 3 |
Trading |
8% |
| 4 |
Roads & Ports |
8% |
| 5 |
Infrastructure (Others) |
7% |
| 6 |
Engineering |
2% |
| 7 |
Iron & Steel |
1% |
| 8 |
Textiles |
2% |
| 9 |
CRE/Real Estate |
2% |
| 10 |
Automobiles/Transport |
1% |
| 11 |
Metals & Mines |
1% |
| 12 |
Others |
63% |
Recovery (I in Crore) made through Various Modes (NPA+AUCA) and
percentage share in Total Recovery (31.03.2024)
| 1 |
Compromise |
34% |
| 2 |
SARFAESI |
9% |
| 3 |
DRT |
2% |
| 4 |
Sale to ARC |
10% |
| 5 |
NCLT |
14% |
| 6 |
Normal Recovery |
28% |
| 7 |
Misc Recovery |
3% |
Industry-wise Distribution of the NPA Portfolio (31st March
2024)
Major NPA accounts are from sectors like Power, Telecom, Trading, Roads
& Ports, Infrastructure (Others), etc. Apart from the above, remaining portion of
gross NPA is from AGRI/PER/MSMEs. The GNPAs from Agri Segment & Personal Segment (35%
& 11% of Total GNPAs respectively) also form part of Others in the pie chart shown
above.
Innovation for Resolution of Stressed Assets
Resolution under IBC is a market-oriented mechanism where competing
bidders for a particular Stressed Corporate Debtor strive to bring better valuation and
higher recovery.
The transfer of eligible assets to NARCL is also being monitored by
SARG and the requisite enablers are in place to ensure smooth migration of identified
assets. Robust IT initiatives have been rolled out, including LITMAS (Litigation
Management System), to monitor legal recourse undertaken in the Stressed Accounts for
expediting resolution. It will further strengthen the transparency and efficiency of the
process. Wilful Defaulter Management System (WDMS) Application has also been developed for
digitalisation of Wilful Default examination process for better monitoring and achieving
operational excellence.
Redesign Studio
1. Opening of Branches and RACPC during FY2024
• A total of 137 Brick & Mortar Branches have been opened
during FY2024
• Total 32 branches opened in Unbanked Rural Centre during the
current financial year
• Number of RACPCs/RACCs opened during FY2024 are 73
| Metro |
Urban |
Semi
urban |
Rural |
Total |
| 18 |
27 |
33 |
59 |
137 |
2. IFRDS 2.0 (Interest and Forex
Rate Display System)
• The IFRDS portal was developed inhouse as a utility portal for
display of interest rates at all branches in 2020. The system is controlled and monitored
centrally by BRNWM, CC ensuring uniformity
• Interest and forex rates are displayed on television screens/PC
Monitors connected through intranet at all branches
• Rates are now also displayed in regional languages in addition
to Hindi and English
3. Colour Coding Concept
(Leveraging High Potential Branches)
Dashboard inaugurated by the
Chairman on 26th October 2023
• To differentiate branches based on performance under various
parameters, such as business, efficiency, compliance, customer service, etc. by
segregating under distinct cohorts
• Branches are categorised as Diamond, Emerald and Pearl based on
continued achievement of business targets, long standing high value relationships, audit
ratings, high market share. The branches will then be colour-coded based on the ability to
leverage business potential
• To provide a level playing field to various types of branches,
cohort-based ranking and segregation is done. Branches more than five years old are
considered for categorisation, making this an effective tool for drawing up business
strategies, increasing market potential and proper resource allocation
4. Accessibility for Divyangjans
• 91.64% of your Bank's branches have been made accessible for
Divyangjans as of March 2024
• 87.78% are accessible through ramp, with 3.86% of the branches
made accessible through alternate solutions such as portable ramp, provision of services
on the ground floor as well as space at ATM
• Doorstep Banking services with three free transactions in a
month as an additional measure for Divyangjans
• Availability of wheelchairs at branches where Divyangjan
customers are registered
5. Facelifting of Premium and
Reputed Educational Institutions
during FY2024
• Facelift of premier and reputed educational institutions like
IITs, IIMs, AIIMs, etc. undertaken with a focus on providing digital offerings
• 307 branches at reputed institutions across the country like
IITs, IIMs, AIIMS, IIITs, NITs, medical institutions, ISB, XLRI, etc. are identified with
account opening Tabs and INB kiosk being provided
6. First Time Right (FTR) Approach
• In the account opening process, your Bank has adopted
"First Time Right" approach for early activation of accounts. It has ensured
optimum utilisation of the resources by avoiding recurring rectifications and follow ups
• With regular monitoring, the rejections have come down to less
than 2% in case of individual accounts and to less than 5% in case of non-individual
accounts. Resultantly, average TAT of customers account activation has come down to less
than 1 day for both individual and non-individual accounts
7. Process Rationalisation and
Automation
• Existing processes at Liability Centralised Processing Cells
(LCPCs) have been revamped to remove the bottlenecks, provide technology-based enablers,
improve productivity, reduce effective TAT and ensure compliance with the regulatory
guidelines. Your Bank has taken the following important initiatives during FY2024 to
finetune the procedures at LCPCs
- Upfront validations in CKYC application to avoid technical failure/
rejections
- Upfront CKYC search facility to check CKYC number availability of the
customers
- Automation of CKYC return handling. Approximately 85 Lakh records
have been returned by CERSAI as suggestions/probable matches, out of which approximately
68 Lakh records were auto updated
8. Digi Vault Application
• Digi Vault envisages digitisation of customer loan documents and
integration of various applications storing customer documents to provide view/access to
the internal auditors and other intended users. Your Bank has completed all the three
phases of the application i.e. facility to upload the loan documents, integration of
Account Opening Forms (AOF), housing loan documents and loan processing documents
• The application helps in reduction of cost to your Bank by
facilitating off-site audit by providing remote document access to the auditors and also
helps in speeding up the audit process
Support and Control Operations
Human Resources and Training
Your Bank believes that investing in employees will ultimately result
in a stronger, effective and more valuable workforce. The committed and motivated human
capital is the core strength to ensure that your Bank continues to maintain its legacy of
achieving higher business goals year after year.
Your Bank always aspires to improve Employee Value Proposition and
recognises the importance of aligning its strategies with the ever-changing aspirations of
the workforce to increase efficiency, transparency and promote participative work culture
in the organisation.
The summarised HR profile of your Bank as on 31st March 2024
is as under:
| Category |
31.03.2023 |
31.03.2024 |
| Officers |
1,09,259 |
1,10,116 |
| Associates |
94,977 |
92,514 |
| Subordinate |
31,622 |
29,666 |
| Staff & Others |
|
|
| Total |
2,35,858 |
2,32,296 |
Productivity Enhancement Initiatives
Your Bank has conducted an Employee Engagement Survey
"Abhyuday". This initiative was a step towards achieving the vision of your Bank
to "Be the Bank of Choice for a Transforming India". The survey drew
overwhelming response from more than 95% of eligible employees wherein more than 1.89 Lakh
employees voiced their opinion. The survey results have provided us with comprehensive
insights into our employees' perspectives on the performance, culture, relationships,
processes and policies of your Bank.
Your Bank has launched a new generation and future-ready cloud-based
Human Resource Management System (HRMS) HRMS SaaS solution to meet the diverse need of
Human Capital and to provide the HR services to the employees and pensioners in a seamless
digital mode through web and mobile application. The new HRMS solution is equipped with
latest technology, AI, ML and internal social network and will enable your Bank to
increase operational efficiency of HRMS processes by automation of various processes with
enhanced security framework.
For a Bank with a large footprint and diversified set of roles
operating in different geographical regions, specialised skills are particularly important
to meet the aspirations of the customers. To ensure deep domain knowledge and to foster
expertise, your Bank has defined career paths for its officers in Scale-II to V through
Job Families concept. This enables deep specialisation in the banking
domain and ensures that employees with sufficient exposure to these skills offer
best-in-class services to our esteemed customers.
Your Bank has aligned the job families to succession planning to ensure
sufficient talent in pipeline for succession to critical positions in the senior
leadership. The key outcome of the process is to identify, develop and train talent so
that any succession risk could be better managed for business continuity.
Your Bank adopts a Branch Manpower Model for manpower planning and
ensures optimal utilisation of Human Resources. The model is based on the productivity
parameters at the branches like identified work-drivers of operations, transaction load
factors, number of advance accounts, feedback from the operating units and organisational
structure, etc.
Your Bank has streamlined its promotion and transfer process, and these
are now completed in the first quarter of a Financial Year. This gives the required
assurance and stability to the branches and other units to actively focus on business
activities, during major part of the year.
Performance Management System
Your Bank has a robust Career Development System (CDS) for transparent,
objective, and credible data-backed performance evaluation of employees' performance. The
system ensures objectivity, business orientation, performance visibility and greater
alignment between individual and organisational goals. The outcome of the performance
evaluation is used in all the key processes, like promotion, incentives, posting and
exposures to ensure performance improvement.
Your Bank reviews the policy and process related to Career Development
System at annual interval to ensure that our HR practices stays in sync with the best
industry practices. In this direction, your
Bank has introduced the concept of Performance Improvement Plan for
helping employees to elevate performance in Team Performance Key Result Area (KRA) to
foster team spirit and collaboration. KRA Grouping Concepts for aligning individual KRAs
with organisational goals and Net Promoter Score-based KRAs have also been introduced.
Your Bank continues to strive to increase the share of objective
data-driven assessment in overall performance evaluation. At present, 89% of total
employees covered under Career Development System are being evaluated based on data driven
objective KRAs. The objective KRAs are mapped to all the category of employees up to the
apex level i.e. Deputy Managing Directors.
Recruitment
The recruitment strategy of your Bank is tailored to suit the evolving
landscape in banking. It typically involves a mix of traditional methods like job posting
and modern techniques like social media recruitment and leveraging job portals with a view
to attract talent with the right skill sets and aligned with your Bank's vision, mission
and values.
Being the largest public sector bank in the industry with a robust
career advancement policy, attracting the top talent from the market is not a challenge
for your Bank. As part of its recruitment process, your Bank reaches out to a broader pool
of
candidates using digital platforms widely. Advertisements are published
on job portals and in our social media handles. Making use of social and digital media in
the hiring process has enabled your Bank to reach out to a larger pool of tech-savvy
aspiring candidates.
Your Bank has recruited Probationary Officers, Circle Based Officers,
and Junior Associates for entry-level positions. Your Bank is also actively recruiting
specialised talent on a lateral and contractual basis in Information Technology (IT),
Information Security, Risk, Credit, and Marketing among others to meet the demands of the
fast-changing business landscape and also the regulatory requirement.
Gender Diversity
Gender sensitivity and inclusiveness have always been the cornerstone
of your Bank's HR policy. Out of the total work force, the representation of women is 27%
as on 31st March 2024. Women employees are employed across all
geographies and levels of hierarchy.
Reservations and Equal Opportunity
Your Bank meticulously follows the GoI directives on Reservation Policy
for SC/ ST/OBC/EWSs/PWD. Your Bank has representation of SC, ST, OBCs and Persons with
Benchmark Disabilities (PwBD) among all the cadres of its workforce. Your Bank has
implemented reservation to Economically Weaker Sections in direct recruitment w.e.f. 1st
February 2019 in
terms of the GoI guidelines. Similarly, the Reservation in Promotion
for PwBDs up to the lowest rung in Group-A i.e. up to JMGS-I has been implemented since 17th
May 2022.
Reservation Cells have been established under HR Department at
Corporate Centre as well as at all 17 Local Head Offices of your Bank. At Corporate
Centre, two high ranking officials of the rank of General Manager are designated as Chief
Liaison Officer for SC /ST/PwBD and OBC. All 17 Circles have a recognised State Bank of
India SC/ST Employees Welfare Associations (SEWA) for conducting Quarterly Structured/Core
Committee Meetings.
Your Bank is conducting Workshop on Implementation of Reservation
Policy of GOI for its Chief Liaison Officer (CLOs), Liaison Officers (LO) and HR Officials
annually. Your Bank has also created a Portal for lodging grievances of SC/ST/ OBC/PwBD
employees for quick redressal and better oversight.
Pre-recruitment Trainings were conducted for SC/ST/OBC candidates
during FY2024 as under.
| Pre-Recruitment Training |
Numbers |
| Officer |
1,87,712 |
| Clerk |
2,69,238 |
Industrial Relations and Staff Welfare
Your Bank places significant emphasis on maintaining healthy industrial
relations by fostering open communication channels between management and employee
representatives through periodical coordination meetings with staff and officers'
federations. By encouraging transparency and inclusivity, your Bank cultivates a culture
of trust and collaboration, essential for fostering harmonious industrial relations.
Your Bank has prioritised compliance with labour laws and regulations
as a cornerstone of its industrial relations strategy. By adhering meticulously to legal
frameworks governing employment practices, your Bank mitigates the risk
of legal disputes and penalties. This commitment to compliance not only
safeguards your Bank's reputation but also promotes trust and stability among
stakeholders, leading to enhanced productivity and organisational resilience.
Care and Assistance for Retired Employees
Your Bank recognises the contribution of its ex-employees whose
dedicated lifelong services brought your Bank to its present height. Your Bank has
implemented 'Project SBI Cares' for automation and streamlining of various pre-retirement
and post-retirement benefits and processes through its HRMS portal.
Your Bank's e-pharmacy scheme for eligible retirees provides doorstep
delivery of medicine at a very attractive price without any delivery charges. Starting
with Policy year 2024-25, the retirees can select their preferred e-pharmacy vendor from a
list of empanelled vendors.
Retirees of SBI now have an option to subscribe to Mediclaim policies
of your Bank in online mode through the HRMS portal, thereby avoiding the hassle of
visiting the branch, queuing up for premium payment, etc.
The retirees also have an option of downloading their Pensioner ID Card
from the HRMS portal. The format of the Pensioners ID card is now uniform across all the
circles and comes with a QR code containing details of the retiree.
Your Bank has also provided an option under the 'Project SBI Cares' to
retirees of your Bank for opting in for Organ Donations.
Training and Development
Developing an Organisation-wide Learning Culture
The prevailing banking environment is marked by technological
advancements and evolving market dynamics, which has made it imperative for the Bank to
transcend traditional models and embrace a culture that values and prioritises learning.
A learning culture is not merely a series of training programmes but a
holistic approach towards knowledge enhancement that permeates every facet of the Bank.
The training initiatives undertaken by the robust channel of our 6 Apex
Training Institutes (ATIs) and 51 State Bank Institutes of Learning & Development
(SBILDs) during the year to ingrain a learning culture in our employees are detailed as
follows:
Shaping the competencies and skillsets to develop an agile workforce
Your Bank was able to touch around 1.57 Lakh employees through
different learning modes like classroom training and webinars. Your Bank undertook the
following training programmes to ensure upskilling of the workforce to meet the changing
customer expectations and emerging business challenges:
Building new recruits' capabilities:
In addition to our regular onboarding training for new recruits, the
Management Development Program (MDP) for POs/ TOs was extended up to two weeks. It helped
them to learn and provide real life insights into the challenging life of a Banker and
enhance their resilience and endurance, learn about teamwork, task delegation, stress
management and maintaining a positive mindset. In FY2023- 24, total 14,199 (including
Probationary Officers, Trainee Officers, Circle-Based Officers, and Junior Associates were
covered under onboarding training, and 6,487 employees were administered assessment
examinations.
Precision trainings: Initiated in FY2023, the specialised trainings
for first time and critical role holders under precision trainings continued in FY2024,
covering around 7,500+ officials in various roles. Some of these trainings are highlighted
below:
a. Institutionalisation of Samanvay & First Time Branch Managers: Due
to high user acceptability and compelling training feedback, two training programmes viz.
Samanvay - First Time Regional Managers
and First Time Branch Managers were institutionalised to be conducted
every year.
b. First Time Service Managers:
Considered as the key resource person for not just mobilising business
and maintaining good housekeeping at the branch but also developing strong customer
relations, a comprehensive programme was rolled out for Service Managers to empower them
with requisite knowledge and skill sets which would enable them to emerge as game
changers.
c. Programme for CMs (HR) and Managers (HR) of Circles: A 3-day
programme was introduced for your Bank's Circle HR functionaries operating at grassroot
level to develop the expertise required in discharging their duties in an efficient manner
and attain the necessary conceptual clarity of various functional aspects related to their
role.
Institutionalisation of Mid-Career Certification: Introduced in
FY2023, this CVC-mandated programme was institutionalised in FY2024 by making enhancements
in the existing programme structure and preparing a roadmap till FY2027 to cover all SMGS
- V & IV officials. In FY2024, 2,300+ SMGS-V officials completed Mid-Career Training.
Orientation Programme for JIBOs and IBOs: A two-week orientation
programme for junior and middle management officers proposed to be posted abroad was
conducted to acquaint them with the processes/regulations overseas and to groom them in
becoming your Bank's brand ambassadors at the overseas locations. Emerging Leadership
Development Programme: A five-day classroom programme on 'Emerging Leadership
Development' was arranged at IIM Indore to suitably upskill the newly promoted DGMs (204
DGMs) to tackle the diverse challenges faced by them due to the transformation in the
financial services sector.
Digital Leadership Program: For
CGMs, GMs and DGMs (total 412
officials) was conducted at ISB Mohali & Hyderabad campuses to keep
up with the ever-changing regulatory compliance requirements, navigate the disruptive
impact of technology, and tackle the growing complexities, specialisation, and
diversification within the banking sector.
Director Development Program: The
Financial Services Institutions Bureau (FSIB), in collaboration with
IBA and other stakeholders, had designed and launched a Directors Development Program
(DDP) 2023. M/s Egon Zehnder delivered the program in partnership with Harvard Business
Publishing (a wholly owned subsidiary of Harvard Business School). It was designed as a
nine-month journey (Module I for 15 hrs, Module II for 4-5 days, and Module III for 4-5
days) through both online and offline delivery modes. The programme was attended by one of
your Bank's Non-Executive Directors. Contemporary learnings
Your Bank initiated the following learning interventions to equip the
workforce with the latest industry trends:
ESG (Environmental, Social, and Governance) trainings: Exclusive
webinars were curated and conducted for employees to discuss the
importance of ESG, the basic terminologies associated with ESG and its implementation in
day-today banking. Furthermore, ESG aspects like Renewable Energy Financing (Ethanol, CBG,
Solar, Wind, etc.), reducing carbon footprint are being covered in Risk Management
programmes for the employees.
E-learning modules on trending topics:
Comprehensive MOOC e-lessons were designed on New-Age Skills covering
Artificial Intelligence/Machine Learning, Anti-Bribery Anti-Corruption policy, Code
of Ethics and CRISIL modules on Credit, Risk & Wealth Management for the
employees to impart knowledge on emerging industry practices.
Program on Start-up ecosystem was conducted for 50+ Branch Heads of
Start-up branches and RMSMEs of select branches. The programme covered the aspect of
understanding startups with respect to sustainable business model.
Imbibing the Global Best Practices to gain the First Mover Advantage
External Training Abroad
Top Management Officials in the rank of DMD and above were deputed for
external training programmes at top-notch institutes/business schools like London Business
School, Harvard Business School, Wharton Executive Education and Centre for Creative
Leadership, USA to enable them to understand global trends in various domains and hone
their leadership skills.
Leveraging Digital
Virtual channels of learning have become a necessity for the next
normal. To facilitate on-the-go learning among employees and ensure their uninterrupted
skilling, your Bank has curated a host of digital learning tools such as bite-sized
learning modes which are published at regular intervals in the form of audio/video
podcasts, one- pager knowledge snippets on banking, economics and risk, short
educational videos on cyber awareness, various agri products and operational risk.
The cumulative number of these micro learning initiatives as on 31st
March 2024 are summarised as under:
| Micro learning type |
Names |
Cumulative releases up to
March 2024 |
| Podcasts (Audio & Video) |
Gurukul Vani, SBSC-on-Air,
Gyan Chetna, Agri Podcasts, etc. |
364 |
| Short Videos |
Cyber Awareness,
Understanding Risk, Agri Products, etc. |
69 |
| Knowledge Snippets |
Do You Know!, Gurukul
Musings, Insight Awaits, etc. |
432 |
Apart from these micro capsules, Case Study Discussion Board (having
1.21 Lakh unique visitors) for virtual community discussions on banking topics, Quiz
platforms like My Quest Today (1.12 Lakh participants in FY2023-24) on latest banking
& financial developments and askSBI, the internal search engine of the Bank are
also available for the employees to enable self-paced learning.
Role Based Learning
With the perspective of skilling the employees as per their role, under
the Mandatory Learning guidelines, Role Based Certification (e-RBC) was rolled out
during the year for employees. Apart from the completion of role
aligned certification, employees were prescribed to complete 6 mandatory e-lessons. As on
31st March 2024, a total of 1,78,614 eligible employees (96.03%) had completed
their mandatory e-learning, with 98.89% of eligible Officers and 94.47% of eligible Award
Staff completing the Certification. Furthermore, 99.47% of eligible Officers and 97.71% of
eligible Award staff had completed all their specified e-lessons. In addition to the
mandatory e-lessons, your Bank has a repository of 700+ in-house e-lessons for knowledge
enrichment of employees.
Learner's Helpline for Real-time Resolution
Gyan Setu: A dedicated Call Centre for resolving
non-technology-related queries from staff members within your Bank has been dedicated to
all the staff members. The strategic vision behind Gyan Setu is to offer authentic,
real-time support to our staff, particularly those in operations to significantly enhance
the overall customer experience.
Azadi Agyanta Se: A HR helpline was also rolled out for the Bank's
HR functionaries operating at Circles to provide guidance & resolution on critical HR
matters.
Knowledge Exchange
To further deepen the learner driven culture, your Bank rolled-out the
following initiatives:
Dissemination to ground force: The top
management officials i.e. DMDs hosted a knowledge sharing session for
employees to share their experience and learnings from the external trainings attended by
them abroad.
Leading from the top: Interactive sessions were taken by the top
executive officials in the grade of CGMs & above in various in-classroom/virtual
training programmes to share the corporate goals, concerns, initiatives, and expectations
from operating functionaries.
Faculty visits at internal institutes: To get a third eye-view on
the training delivery techniques and gain insights on the nuances of training delivery,
programme development and overall infrastructure management, ATIs faculty visits to SBILDs
and vice versa was rolled out during the year.
Diversity Equity Inclusion (DEI) Interventions
Specialised training programmes for VI/HI employees were conducted
in collaboration with SBI Foundation. The training sessions covered a range of topics that
were geared towards improving the skills and knowledge of the employees and aimed to
provide them with the necessary tools to excel in their roles.
Programme for Women Managers:
To nurture the female workforce, your Bank re-introduced the programme
for Women Business Leaders such as Branch Managers, Regional M anagers, CPC Heads and DGMs
(B&O), to enable them to discharge their role in this volatile banking environment,
with renewed energy and enthusiasm while maintaining a healthy work-life balance.
Gender Sensitivity Webinars: Apart from the re-introduction of an
exclusive in-classroom training programme for Women Managers, exclusive webinars on
POSH/Garima Policy were conducted for all the employees to spread widespread awareness on
gender parity.
'Samya': To embed gender sensitivity in our organisational DNA, the
diversity and inclusion initiatives by State Bank Staff College under 'Samya' were
institutionalised during the year. The initiatives include 'Samya 2.0 - A Time to Ponder':
Fortnightly caselets, 'Samya - Leave No One Behind': Monthly webinars and Samya - Annual
Magazine.
Transition to Retirement (TTR) Programme is a flagship programme of
the Bank for all officials due for retirement along with their spouse, with the objective
to help them manage the paradigm shift in their life after retirement. The TTR for AGM and
below rank officials was carried out at our SBILDs and the officials in grade of TEGS-VI
and above at SBIL. The contents of the programme have been altered in line with
contemporary requirements to incorporate the themes of Post-Retirement Career Prospects,
Cyber Security Awareness, Spiritual Well-being, etc. Pre-promotion trainings: Being
an equal opportunity employer, your Bank conducts pre-promotion trainings for SC/ ST/OBC
category employees to bridge their knowledge gaps before they appear for their promotional
exams. Total 24,062 staff were imparted training which included 9,551 Award Staff, 5,609
Scale I and 8,902 Scale II officials.
Achieving Service Excellence
Your Bank took the following learning initiatives to facilitate a
superlative customer experience delivery by the employees: Soft Skills & Customer
Centricity: While soft skills session on customer centric behaviour is a part of all
the major training programmes, exclusive webinars were conducted on your Bank's grievance
redressal mechanism and compensation policy to spread its awareness among the
employees
Grooming the missed opportunity segment: To unlock the true
potential of the mediocre, under-achievers, a transformative performance improvement
plan titled Sankalp was rolled out with a focus on skill enhancement, motivation, and
fostering a growth mindset. The programme aimed to sensitise them on their roles and
responsibilities and ignite a renewed sense of purpose among them to achieve their
professional as well as personal goals.
Employee Engagement
Yes, I Can Bring Change: The
annual success stories campaign was implemented in FY2023 to gather the
most creative, inspiring and implementable stories of transformation from our employees,
irrespective of their grades. During FY2024, the originators of the top 5 success stories
were invited to SBI's Corporate Office at Mumbai and bestowed Certificates of Excellence
by the Chairman and Top Management. The other success stories originators were also
felicitated at Circle/Local Head Office levels.
Prerak: This generation-aligned two- day programme was conducted
for the seasoned employees of your Bank in the age bracket of 41 years and above. Around
31,800+ employees were sensitised on their crucial role in acting as a bridge to ensure
seamless knowledge sharing with the new generation, create a base for effective changeover
and understand the emerging challenges in the banking industry. The programme also
recognised the stellar contributions made by the
group in maintaining your Bank its leading position over the years.
SBI Wizards 2023-24: Positivity is a potent tool for improving
staff members' resilience and coping skills. This attribute benefits both the organisation
and the employees equally. With this perspective, your Bank has been organising a family
quiz 'SBI Wizards' since 2020-21. Top 6 teams participated in the grand finale for FY2024
at Corporate Centre, Mumbai in presence of Chairman and other Top dignitaries. The event
generated great enthusiasm among the employees and garnered appreciation from all employee
grades.
Coaching Interventions
Samunnati & Quality Circle: To
augment the competency of our workforce, these participative one-
to-one coaching interventions were rolled out during the year in 259 critical branches.
Under the initiative, our faculty hand holds these branches with an aim to align the
training to business and make them self-reliant in problem solving/service improvement.
Sarthak: With an idea of the safety, reputational integrity &
investor confidence in the Bank, it is essential that the process of "Audit &
Compliance" is not merely a tickbox exercise but results in transformational changes
in our work culture. This coaching intervention was rolled out during the year to improve
the rating, generate risk awareness, and inculcate the habit of "doing things right
the first time - every time" at the grassroots.
Training to Value Chain Partners
Your Bank conducted trainings for Business Correspondents, CSP
Operators on various FI & Digital products with special emphasis on Social Security
Schemes. Furthermore, orientation programmes were also conducted for 5,562 Feet-on- Street
(attached to SBOSS). Exclusive training programmes are also conducted
for Home Loan Counsellors (HLCs) and SBI Cap Securities Ltd (SSL)
executives on a regular basis.
Expanding Footprints
Customised training programme for Local Based Officers (LBOs) of Nepal
SBI Bank Ltd. was curated and conducted during the year. The programme was a perfect blend
of core functional and behavioural inputs. The programme was well received by the
participants as they had an enriched learning experience. The training added value in
terms of their job knowledge and honing appropriate skillset for improved efficiency at
their workplace.
Industry Connect
DFS "Chintan Shivir": State Bank Academy, Gurugram
organised the event of Department of Financial Services (DFS) titled "Chintan
Shivir". The event brought together key stakeholders from the financial industry,
government officials, and experts in the field. The workshop featured insightful panel
discussions, engaging presentations, and interactive sessions.
Integrated Workshop on renewable
sector: Two-day integrated workshop on renewable energy industry
was conducted at State Bank Academy, Gurugram. A total number of 36 officials from
different BUs (SMEBU, CCG, PFSBU, CFU, CRD) attended the program. The sessions in the
program were taken by industry experts such as Mr. Gagan Sidhu, Director, CEEW (Council on
Energy, Environment and Water), Mr. Vivek Sen, Director, Climate policy initiative and Mr.
Vikrant Sharma, Deputy Director, National Institute of Solar Energy (NSE).
Interaction with Agri Industry Leaders:
To equip the participants with latest developments in the field of
Agriculture and other related areas, interactions with various industry leaders were
arranged at State Bank Institute of Rural Banking (SBIRB), Hyderabad like Shri Vijay K.
Vijayaraghavan, Chairman, Sath Guru Management Consultants Pvt. Ltd.,
Dr. V. M. Choudhary, Group Director, ISRO, Dr. Padmaja, Principal Scientist, ICRISAT,
Hyderabad, etc.
Sustainability at Core
Your Bank has incorporated sustainable practices in various facets of
banking including the training infrastructure. All 6 ATIs have obtained IGBC
certifications with 4 institutes being Platinum rated and 2 being Gold rated. Amongst
SBILDs, we have 4 institutes with Platinum rating and 1 each with Gold and Silver rating.
Under Sustainable Development Goals, our training institutes are equipped with Solar
Power Plants, Rainwater Harvesting Plants, Sewage Treatment Plants, Food Waste Composting
Plants, Organic Waste Converter (OWC) Machine, Vermicomposting & Energy Saving
Buildings. Many training institutes are 'Plastic Free Zones' and outdoor activities
such as walkathons, cleanliness drive, tree plantations, etc. are carried out at the
institutes to spread awareness on sustainable environment among the participants.
Milestones
ET HR Future Skills Awards: Your Bank was bestowed two prestigious
L&D awards in FY2024 under 'The Economic Times HR World Future Skills Awards' - in
Gold Category for 'Best L&D Leaders and in Bronze Category for 'Diversity &
Inclusion Learning Initiatives'.
Pre-recruitment glimpse of an SBIan:
Your Bank launched a video to attract potential talents to the Bank and
increase visibility of the Bank. The video showcases employment in SBI as a way of life
and highlights the Bank's culture and offerings. The video has been made available in
various social media platforms and is also displayed during new recruits' interviews and
other relevant events.
Learning Snapshots for FY2024
The average training hours per employee during FY2024 were 48.49. The
grade-wise and gender-wise bifurcation of training hours is as follows:
| Head |
Male |
Female |
Total |
| Average Employee Training Hours |
48.51 |
48.45 |
48.49 |
| Associates |
50.49 |
43.73 |
47.93 |
| Junior & Middle Management |
61.05 |
60.61 |
60.94 |
| Senior Management |
52.22 |
54.12 |
52.50 |
| Top Management |
83.47 |
93.57 |
84.50 |
Digital Transformation and e-Commerce
Over the years, your Bank has been deploying wide spectrum of
technological capabilities enabling digital transformation by revamping the back-end and
enhancing the front end experience for customers. Your Bank's vast network of branches
coupled with digital banking platforms have kept your Bank in the leadership position and
enabled the Bank to introduce more customer centric, intuitive & seamless products and
services.
In this fast-changing digital era, your Bank is constantly innovating
itself using transformative technologies to provide the right solutions to our diverse
clientele, to provide great customer experience and in improving efficiency of staff. As
part of digital initiatives of the Bank, your Bank is not only creating seamless digital
products across assets and liability segments with innovative features, but also
redesigning the back-end processes through end-to- end digitisation initiatives.
Aiming at becoming "Banker to every Business", your Bank's
YONO Business (yonoB) platform (available on both desktop and mobile app) has integrated
digital offerings that are designed for enhanced customer experience and convenience to do
transaction banking for our business customers (Proprietors to Large Corporates). YONO
Business offers a whole range of banking needs -
Trade Finance, Forex, Cash Management, Corporate Internet Banking, API
Banking, Pre-Approved Business Loans (PABL), Cash Management and Supply-chain finance for
corporate customers across categories, from emerging start-ups to the biggest
conglomerates. Many more customer journeys are being designed which includes VKYC Based
Current Account opening for Sole Proprietors, Trade Lifecycle, UPI Quick transfer, Forex
rate booking, Revamped App, WhatsApp banking etc.
To support the Trade customers, your Bank has undertaken complete
overhaul of existing Trade Finance and International Banking Businesses ecosystem by
setting up 2 Global Trade Finance Centres at Kolkata & Hyderabad to achieve
operational excellence, by making best use of digital offerings and improve market share.
Your Bank is also working towards automation of many processes through real time
integration with internal as well as external systems, introduction of AI/ ML driven
processes, re-imagined UI/ UX architecture to improve customer satisfaction by improving
response times and provide more personalised experiences. Your Bank has also integrated
with all the three TReDS exchanges in the country - RXIL, Ml Exchange and Invoicemart to
have real-time data access, enhanced risk management, better monitoring and effective
supervision on the TReDS business.
Few other metrics indicating customer acceptance of our digital
platforms:
1.28 Crore+
Average daily logins to YONO app
~91 Lakh
Digital Savings accounts opened in FY2023- 24 with daily average
opening rate of ~25,000 accounts
~8.83 Lakh
Daily average transactions
1.13 Lakh
Average daily cardless cash withdrawal
~2,12 Crore
Cumulative number of bill payment transactions through YONO + RINB
2
Global Trade Finance Centres at Kolkata and Hyderabad
YONO
Your Bank's digital platform YONO, launched in 2017, has celebrated its
6th anniversary and is very well accepted by our customers. The testimony of
the same is our 7.4 Crore+ registered user base since the app launch.
YONO encompasses Banking, Investment, Insurance and Shopping needs of
customers as well as enables to complete banking transactions with simple, minimum click
journeys like Opening a Savings Bank Account, Transfer of funds, Apply for Personal loan,
Car loan, etc. digitally with the convenience of operating from anywhere, 24/7.
Apart from the above, your Bank has launched several digital customer
journeys on YONO for enhancing the convenience of our customers on a continuous basis such
as Issuance of Virtual Debit Card, end-to-end instant Credit Card issuance, YONO for Every
Indian - making available UPI functionalities to all Indian citizens, enhanced Whatsapp
banking services etc.
To keep pace with the evolving digital banking ecosystem, your Bank is
developing the next generation technology platform 'Only YONO - The New Digital Bank'
(YONO 2.0) with certain key capabilities such as consistent Omnichannel experience across
all digital channels, hyper-personalised customer experience, AI-based models for
business, Preventive Risk Management, etc.
Your Bank is actively engaging with FinTechs/Start-ups with unique
strength of focused product, solution and segment depth in niche areas to build key
customer journeys, build digital capabilities, and to offer best digital journeys with
faster time-to-market. To stay closer to the FinTech community, your Bank is also
regularly participating in various Fintech conferences such as the Global Fintech Fest
(GFF) 2023 (jointly organised by NPCI, Payments Council of India (PCI), and Fintech
Convergence Council (FCC)) at the Jio Convention Centre, BKC, Mumbai from 5th-7th
September 2023. Your Bank along with its JVs has showcased several products and services
at the GFF pavilion attracting many FinTechs/Start-ups.
YONO Business
2.05 Lakh
Online Current Accounts opened in FY2024
5,24,504
New-To-Digital (NTD) customers onboarded in FY2024
C66.01 Crore
Payments Transactions
C2,23,50,557
Crore
Payments Transactions value
1,05,052
Pre-Approved Business Loans disbursed
C7,238
Pre-Approved Business Loans (PABL) value
13,691
Digital Import LCs
C1,03,112 Crore
Digital Imports LCs value (with 72% Digital penetration)
25,120
Digital Inland LCs
C40,062 Crore
Digital Inland LCs value (with 76% Digital penetration)
In recognition of its efforts, your Bank has won various awards like
• Your Bank has been conferred the "Operational Excellence
Award" by ETBFSI
• ET CIO Award 2024 for Enterprise IT Excellence under Data Driven
Customer Transformation category for YONO Pre-approved Personal Loan
( ^
Key performance highlights
of Digital (Retail)
• Through YONO (Retail & Agri) platform, during FY2024, 15.91
Lakh Pre-Approved Personal Loans (PAPLs) of H30,344 Crore, 0.39 Lakh Real-Time Xpress
Credit (RTXC) Loans of H1,535 Crore, 1.01 Lakh Insta Home Loan Top-up of H1,771 Crore were
sanctioned
• In addition, a total of 5.35 Lakh Agri Gold Loans applications
(aggregating H9,270 Crore) were sourced through YONO
• 61.61 Lakh Personal Accident Insurance (PAI) policies, 2.83 Lakh
Sampoorna Arogya policies, 7.79 Lakh SBI Life Sampoorn Suraksha policies and Mutual Fund
Sales of H1,910.55 Crore were achieved through the YONO platform
15.91 Lakh
Pre-Approved Personal Loans (PAPLs)
f
Customer value creation/Customer-centric success story
Issuance of Virtual Credit Card: Your Bank has taken initiative for
end-to-end Credit Card issuance through YONO app. YONO users are now able to apply and get
their SBI Credit Card through a seamless and paperless process without visiting to a
Branch/SBI Cards office. The digital card can be used instantly for online purchases. This
functionality provides ease and hassle-free credit card issuance experience saving their
valuable time. It is to serve the esteemed young generation customers
Analytics-based Sankarma data and Multi-surrogate details are also
shared with SBI Cards team on real-time basis for assessing suitability of the customer
for cards application. Since launch (Nov'23) 13,903 virtual cards have been issued using
this journey and we are receiving very good feedback from customers
Virtual Debit Card through YONO:
Virtual Card is a green initiative of Bank for a paperless/plastic-less
product which will offer service to millions of customers. A cost saving initiative to
your Bank in the era of global chip shortage with reduced operational costs and risk which
may arise due to the non-delivery and safe keeping of physical cards
YONO For Every Indian (YFEI): The
upgraded version of the YONO app was launched on 1st July
2023. With 'YONO for Every Indian', now any Bank customer will have access to UPI features
like Scan and Pay, Pay by contacts, Request money, Bill Payment, SBI products among others
on YONO's new avatar.
V
This milestone upgrade further expands SBI's commitment to providing
inclusive and customer-centric digital banking services to every Indian citizen, thereby
encouraging them to become a part of the ever-growing SBI family
NPS Contribution: Using this journey customers are able to
contribute one time/periodically through standing instruction (SI) in their own/other NPS
account by linking in YONO. This self- assisted journey enables our customers to have an
omni-channel experience for NPS investments
YONO App MF KYC Journey:
Enhanced customer experience for KYC onboarding digital journey for
Mutual Fund KYC non-compliant customers on the SBI YONO app. Customer can easily check
their KYC status and non-compliant users can instantly complete their KYC and quickly
become investment ready. Within few days of launch (Dec'23), more than 30,000 customers
have tried the digital facility for real time KYC onboarding Online NRI A/c Opening: An
end-to- end digitised journey for opening of NRI/ NRO account. It is a self-assist journey
for NRI new-to-bank customers, and they need not visit branch for opening of
Saving/Current account
PPF A/c Opening: An end-to-end digitised PPF account opening
journey. It is a self-assist journey for YONO users, and they need not visit branch for
opening of Saving/Current account. Facility of setting SI mandate for periodical credit in
PPF account is also available while opening the account
Information Technology
Enterprise Integration Services
Your Bank's Enterprise Integration Services (EIS) department has
channelised multiple heterogeneous applications like YONO, INB, Mobile Banking etc. by
automating their processes through light-weighted API layer. EIS's robust integration
architecture and highly secured APIs (complying Industry Standards), has reduced third
party application development time by utilising generic APIs integrating multiple
channels. EIS has automated processes for Account Opening, Pre-Approved Personal Loan
(PAPL), Real Time Xpress Credit (RTXC), YONO CASH by internally orchestrating CBS
transactions. EIS is a single-point integration layer for external entities like NSDL,
UIDAI, NESL etc. with SBI. EIS has provided APIs for DigiLocker which is a flagship
initiative of Ministry of Electronics and Information Technology providing a document
wallet to citizens to access authentic documents/certificates in digital format from the
source of truth thereby promoting the vision of paperless governance.
Network Infrastructure Improvement
Your Bank has relentlessly worked to improve the network experience and
minimise branch isolations and completed 99.68% of fiberisation. All feasible branches are
migrated to Fiber Channel to ensure on demand higher throughput and bandwidth. The fiber
connectivity is better and reliable due to immune for weather, lightening, rust, moisture,
temperature and attenuation issues. Your Bank is constantly in process to provide enhanced
bandwidth and network capacity augmentation for all branches across India. Software
Defined Wide Area Network (SDWAN) is being implemented pan-India to enhance network
availability.
Enterprise Short Messaging Service (SMS)
Your Bank has put in place a Centralised SMS gateway solution for the
entire Bank for sending bulk SMS there by removing
need to avail third party services on ad hoc basis. It enhances the
flexibility to reach out to the niche group of banking clientele with latest banking
offerings and provides better customer service with greater interactivity. Your Bank has
done Distributed Ledger Technology (DLT) registration for SMS templates used for
communication which is required to regulate the fraudulent activities and bring
transparency.
Meghdoot - SBI Private Cloud
Your Bank has its own private cloud named "Meghdoot", which
hosts 400+ applications including mission critical business services like UPI (Unified
Payments Interface), Kiosk Banking, DBT (Direct Benefit Transfer), Loan Management System
applications, Government Business Solutions, etc.
Meghdoot is designed to meet the challenges posed by the rapid
technology requirements and substantial data processing loads through a combination of
innovative strategies and cutting-edge technology. Meghdoot has been a runaway success,
with just 5% footprint in the data centre space, and hosting around 50% of the workloads
thus minimising carbon emissions and contributing to a greener and more eco-friendly
operations.
Our initiative supports hybrid cloud architecture by providing seamless
connectivity to public cloud services. This flexibility allows your Bank to leverage the
advantages of both private and public cloud environments as needed to fulfil our
commitment of providing efficient services and solutions to customers.
f ^
Technological Initiative/s
for Safe and Secure
Customer Service
Your Bank has enabled a robust and secure email platform with 100%
uptime. The platform enables enhanced employee productivity with additional security
features for communication within and external stakeholders seamlessly. We have also
implemented BIMI (Brand Indicator for Message Identification) brand identification logo of
your Bank to help recognise emails sent by Bank, build trust, and make identification of
spams easier. Your Bank committed to provide safe and secure customer service experience
at our branches through end-point security solution.
r ^
Customer-centric projects initiated
• Integration with Auto-major Mahindra & Mahindra for Auto
Loan Leads
• Roll out of CRM Mobile Application
• Roll out of CRM Application in Foreign Office Canada
• NPS (Net Promoter Score): Capturing customer feedback on
Complaint Closure
• New Lead modules for CC Agents for PMJJBY & PMSBY
• Attachment of documents related to complaints in CRM-CMS
• Lead Generation Services through Kiosk Application (CSP Outlet)
' '
Customer Relationship Management
Your Bank's CRM Solution helps to build and maintain strong and loyal
relationships with the existing and prospective customers. It has been implemented and
continuously getting enhanced as an employee facing business interface to meaningfully
engage with customers throughout the lifecycle of sales, service, and marketing.
CRM Solution has customised Lead modules for all Business Units and
other critical departments, integrated with other sources such as Online Customer
Acquisition
Solution (OCAS), YONO, Loan Origination System (LOS), Loan Life-cycle
Management System (LLMS), Retail Loan Management System (RLMS), Retail Assets Acquisition
Solution (RAAS), Bank's website, Contact Centre, etc. It also has a sophisticated and
advanced Complaint Module, i.e. CRM-CMS wherein the customer's entire trail of previous
complaints and other details are captured in the application giving ease to users and
customer for complaint lodgement, tracking and resolution.
Contact Centre
Your Bank's Contact Centre (CC) has been actively providing services to
customers 24X7. Your Bank has undertaken a major revamp of the Contact Centre to improve
the customer experience in this process, by introducing 'Your Contact Centre Special'.
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Projects team had undertaken the following initiatives
during this FY
Implementation of Hybrid Contact Centre (HCC), involving CC agents and
Bank employees at the CC locations
Enablement of Super Premium Agents (SPA) with enhanced skills and tools
for first time resolution of complex queries Implementation of Special Helpline for Senior
Citizens and Differently-abled Customers for providing dedicated customer service
Introduction of first e2e loan facility through Contact Centre,
enabling loan account opening, disbursement and sharing of loan documents via email
through CC agent over the call for PreApproval Personal Loans (PAPL). Also,
an option to close these accounts within the cooling period has been
introduced through IVR self-service
Your Bank's new Exclusive Outbound Contact Centre with On-prem state-
of-the-art Tech Stack implemented for strengthening the customer engagement strategy for
sales, collection, and marketing of various banking products
Introduction of Virtual Relationship Managers (VRM) channel to provide
a virtual, personalised servicing experience to our valued customers with enhanced
relationship and engagement activity
)
Software Factory
Your Bank has been at the forefront of launching various innovative
solutions to become the leader in the technology front.
Your Bank has taken the following in-house initiatives during this FY
OLMS Application
• Your Bank has developed the "Outsourcing Lifecycle
Management System (OLMS)" application that captures all the details of outsourcing
activities within the bank, encompassing both IT and nonIT aspects. The OLMS application
captures all the pertinent information concerning onboarding agencies, Service Level
Agreements (SLAs), SubContract Agreements, and instances of SLA breaches. Additionally, it
facilitates the recording and maintenance of complaints, audits, and risk ratings
associated with the agencies
• Through the application, your Bank has improved internal
governance of your Bank's vendor engagements, and it allows us to have a comprehensive
view of risks associated with vendor contracts/agreements
Benefits
• It Captures the entire lifecycle of Agency/Vendor within SBI and
removes duplication of Agency Data (Agency Details/address/contact/ PAN/BO, etc.) at
various levels within Bank. OLMS is acting as a single Source of truth related to Agency
and thereby reducing risks associated with Agency Activities
• It provides centralised monitoring and enforcement of SLA and
Subcontracts that ensures service providers meet agreed-upon performance standards
and deliver services as per contractual obligations and enforce
penalties based on SLA breaches or incentives based on SLA performance
• Reporting, reviewing and Audit Module in OLMS provides
regulatory compliance. It will also add to cost efficiency and ensure transparency and add
to overall efficiency of Vendor management
Locker Allocation Management Project
• LAMP facilitates all branches, to maintain locker information
through graphic representation of Cabinets and lockers and handles all requirements like
documentation, rent recovery including operations
Benefits to Customers and Bank
• On-screen representation of cabinets and lockers with different
colors for each status readily available
• All financial transactions being handled on single platform
through Application Programming Interface (APIs)
• Branch Staff immensely relieved from manual registers as all
documents generated and maintained online
• Audit trail for all transactions, operations and changes
available at real time ensuring no income leakage
Central Economic Intelligence
Bureau (CEIB)
• Various Banks send request to Central Economic Intelligence
Bureau (CEIB), with the details of Entity/Borrower which has sought for
loan, for antecedent verification of prospective borrowers for sanctioning of loans of C50
Crore and above or for NPA accounts
• Your Bank has collaborated with CEIB Officials to create a new
Search Automation Portal to streamline the process and to automate the search and report
generation process. The portal was launched on 20th Feb 2024. After using the
new portal, CEIB acknowledged that the time taken to generate antecedent verification have
reduced drastically
Kisan Credit Card - Interest
Subvention Scheme Middleware Portal
• The Ministry of Agriculture & Farmers' Welfare have asked
all banks to provide Kisan Credit Card account details to their newly developed portal https://fasalrin.gov.in/
• Accordingly, your Bank has developed a portal that provides data
to the Government in Fully Automated mode through Application Programming Interface (APIs)
and your Bank is able to claim subvention based on the data shared with the Government
portal (https://fasalrin.gov.in). This data is used by the GoI for Interest
Subvention Scheme (ISS)
Channels and Operations
Payment System (PS)
Your Bank holds a significant share ir NEFT remittances, SBI has
processed 204.39 Crore transactions, constituting over 14,07% of the market share, SBI is
a significant player in RTGS remittances and has processed more than 6,80 Crore
transactions involving more than C405.51 Lakh Crore,
Your Bank holds a significant share Y CTS Clearing with 7,89 Crore
inwarc transactions with 10,18% market share and 5,62 Crore outward transactions with
7,24% market share, Value-wise inward clearing transactions amount to C10,14 Lakh Crore
with a market share of 12,33%
Metro and Transit Projects: Your Bank has participated in various
metro and transit projects to digitise micropayments rapidly, Your Bank has been awarded
Nagpur Metro, Noida Metro, Chenna Metro, Kanpur Metro, MMRDA Line 2A & 7, Agra Metro,
MMRC Line-3 Metro MBMC City Bus and Himachal Road Transport Corporation (HRTC) State Bus
Transport projects to implement qSPARC technology on the RuPay platform
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Major benefits
• Time to Market will reduce significantly for launching any new
products/services owning to advance technological features and architecture of new tech
platform
• Customers' delight as new portal will integrate with its
Enterprise Resource Planning (ERP)
• Enabling Third Party Partnerships: Platform offers Open APIs
which will enable business team to enter partnerships with third party FinTech/ERP
providers, etc,
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and outward transaction amount to C8,01 Lakh Crore with a market share
of 9,74%,
Your Bank uses the SWIFT messaging system for cross-border financial
message transmission, SBI has processed 41,33 Lakh financial messages, SBI has fully
complied with all the 24 mandatory controls and 8 advisory controls prescribed by the
SWIFT for Customer Security Compliance Framework,
ATM
Your Bank's ATM department is PCIDSS Compliant, a benchmark security
standard for the payment card industry, It stands tall, serving 22,87 Crore active Debit
card users as on 31st March 2024,
Your Bank has issued 9,1 Lakh prepaid cards in these projects,
Proactive Risk Management (PRM):
Your Bank has deployed fraud monitoring solution i,e, PRM, for
monitoring of suspicious and fraudulent transactions, committed on various digital
channels, Presently, PRM is integrated with ATM Cash, PoS, E-COM, Retail INB, Corporate
INB, Merchant INB, YONO, YONO-Lite, UPI, Kiosk Banking and FASTag,
CMP & SCFU
Your Bank's Cash Management Product (CMP) is serving the big-ticket
Corporates and Government clients for their payables and receivables through modules like
Payments, Collections, Mandate, etc, generating both Fee & Float Income for your Bank,
The current application is in operation since 2015-16 and handling an annual turnover of
C120 Lakh Crore, Your Bank has taken the revamp exercise, which is likely to be
operationalised by Sept'24, with an objective to bring off-the-shelf tool with regular
product innovation and will be consolidated suite/single transaction banking platform for
all modules,
New facilities rolled out
• Customers will be able to select 'Regional language' of their
choice from the identified 11 languages on your Bank's ATMs/ADWMs
• Your Bank has launched Nation First Metro cards for RuPay
platform for the Metros/Buses/ Parking, etc,
• Prepaid card management system is successfully integrated with
ePay by your Bank so now nonBank customers can top up online for their SBI-issued prepaid
card
• Now other Banks' customers can choose language option in SBI's
ATMs as like SBI customers
• Your Bank has revamped the Green PIN generation process like the
'PIN generation' option has been changed to 'Set PIN' with a more simplified process
• Your Bank has also launched different Debit/Transit cards with
more features and offerings for customer delight
• Transfer of SB a/c to another branch has been enabled by your
Bank at ATM/ADWM using one's Debit card without visiting account holder's home branch
• A separate 'Rhodium' Debit Card has been launched by your Bank
for Business customers having current account and 'RuPay Select' cards for your Bank's
wealth customers
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22.87 Crore
Active Debit Card users as on 31st March 2024
9.1 Lakh
Metro and Transit prepaid cards issued
Supply Chain Finance
Supply Chain Finance application caters to invoice financing of Major
Industry customers of your Bank. Electronic dealer Finance (e-DFS) and Electronic Vendor
Finance Scheme (e-VFS) are flagship Supply chain Finance products contributing
significantly to the SME business of your Bank. With technological advancements, spread of
digital technologies and emergence of FinTechs, SCFU finance landscape has changed. The
tech platform architecture has been upgraded by your Bank using microservice- based
architecture with enhanced user experience to support the business need. SCF Revamp
application is leveraging Tanzu Kubernetes platform hosted on Banks internal cloud
Meghdoot, for auto scaling, self-healing cluster orchestration. Application integrated
with your Bank's centralised DevOps CI/CD platform for automated deployments and has real
time application monitoring facility.
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New features/revamped
platform during FY2024
• Integrated portal for Industry Majors, Vendors and Branch Users
• Enhanced user experience with revamped UI/UX
• Improved user management with role-based access control
• Allowing future dated transactions
• Customised reversal timing
• Integrated with Vayana Tech platform
• Straight-through processing through API
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HRMS
Your Bank acknowledges the fact that human capital is at the core of
any organisation's growth engine. To meet the diverse need of Human Capital Management,
your Bank is in the process of implementing current generation and ¦ future-ready
cloud-based HRMS with new- l age technologies like AI/M L to provide the l HR services in
a seamless digital mode to , the employees and pensioners.
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Salient features
' • Complete Hire to Rehire
. HCM platform
• High availability
' • Enhanced user experience of
> Employee Journey/Pensioner
. Journey through Web and Mobile
> App (Android/iOS)
r • Increased productivity through
; automation of HR processes
' SBIePay Lite (formerly SBMOPS - State Bank Multi-options Payment
System)
Your Bank has rolled out SBIePay Lite to facilitate collection through
various modes using the site-to-site integration with e-commerce and other merchant
entities. As of now, total active direct Merchants integrated through SBIePay Lite are
701.
Your Bank has implemented the following significant changes
• Aadhaar Based Mandate Registration
• Integration with Flywire: Your Bank has entered tie-up
with Flywire as Authorised Dealer (AD) Bank partner in India for processing remittances
under LRS for payment of fee to educational institutions abroad
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Internet Banking
Your Bank's Internet Banking provides a seamless online experience,
offering secure and diverse banking services to 12.46 Crore Retail Users. It handles
various critical customer-facing mobile applications/ services like YONO Lite SBI, SBI
Quick, SBI WhatsApp and SBI Secure OTP, These apps enjoy excellent reputation among
customers and are known for their ease of use and outstanding user experience.
Your Bank has taken the following initiatives to further enhance user
experience
• Your Bank has migrated to its own domain ".(dot)sbi"
as an enhanced security measure
• Transactions (financial and nonfinancial) are integrated with
PRM (Proactive Risk Management) for Real Time monitoring and security to our customers
• Your Bank has implemented digital documents execution for Locker
agreements
• Your Bank has enabled restriction of user activity once User is
deactivated through PRM (Proactive Risk Management)/ CRM (Customer Relation
Management)/IVR (Interactive Voice Response)
• Your Bank has initiated facility of overdraft against multiple
Fix Deposit, Closure of TDR and STDR through INB for senior citizens
• Your Bank has also enabled creation of customer profile status
PIE CHART for personalised experience
• Your Bank has launched SB account opening using V-KYC for ease
of account opening
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SB Collect
Your Bank offers a Unique Payment Solution to its Corporate Customers
for collection of funds online from receivers of their goods & services.
State Bank Collect has been specially designed and developed for
the benefit of Schools, Colleges, Educational Institutes, Government Departments, PSUs,
Corporates, Hospitals, Clubs, Trusts, etc.
SBI Uni Pay (BBPS: A one-stop solution for all bill payments)
Your Bank has developed a SBI Uni Pay application for Bill payments
through BBPS services hosted by NPCI, which has gone live in July 2021. In the SBI Uni Pay
platform, your Bank provides BBPS and non-BBPS bill payment facilities.
SBI Uni Pay has onboarded GMEC (Global Money Exchange Company) as agent
Institution and has exposed the Agent Institution APIs which were consumed by GMEC to
enable cross-border inbound payments in Bharat Bill Payment System (BBPS) for select
categories. GMEC has also rolled out BBPS bill payment facility for their customers
through their branches. Agent Institution portal and Agent portal were developed enabling
MIS access, Complaint management and MIS dashboard functionality for Agent Institutions,
which are available along with Bill payment transaction module for Agents in Agent Portal.
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Performance highlights
• YoY Merchant onboarding growth 26.11%.
• Commission income increased from H14.24 Crore as of Mar.23 to
H27.23 Crore as of Mar.24.
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Few achievements of
your Bank's application
as follows
• Total number of billers onboarded in current Financial Year till
Feb'24 is 1,265 which includes 17 online billers and 1,248 offline billers
• 13 RRBs have been onboarded as Agent Institutions and their 191
CSPs/Branches have been onboarded as Agents extending BBPS solution to RRBs
Performance highlights
• Total number of BBPS bill payments through the Bank's Customer
operating Unit reached 31.55 Lakh amounting to H 2,834.53 Crore and the number of
transactions through Bank's Biller Operating unit reached 233.25 Lakh amounting to
H11,960.92 Crore during FY2024
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WhatsApp Banking
Whatsapp Banking is one of the customer-centric initiatives by your
Bank for future banking, and has enabled the following functionalities:
Customer can choose their preferred language in Whatsapp banking.
Currently Whatsapp Banking is available in 4 languages - English, Hindi, Bengali and Tamil
A total of 80+ services across 21 journeys are launched. Some of the
major journeys that are available are:
• Mini Statement
• Branch ATM Locator
• Pension slip
• E-Statement
• Interest Certificate
• Language Selection
YONO Lite
YONO Lite, having a total user base of 2.49 Crore, is one of the widely
accepted applications among customers of your Bank facilitating their day-to-day banking
needs.
Your Bank has launched the following in YONO Lite mobile banking app
• Facility of Online application for FTC at YONO Lite
• Intimation in advance on Expiry of INB Login and Profile
Password
• Prepaid card link facility
• Virtual debit card issuance
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CENTRAL BANK DIGITAL CURRENCY (CBDC)
Your Bank is one of the 15 pilot banks identified by RBI to roll out
CBDC Pan India. CBDC offers three elements i.e. Currency in Electronic format, issued by
the Central Bank and is universally accessible. With half a million users and around
35,000 merchants, your Bank has achieved a million transactions on a single
day. Your Bank is spearheading innovations in this disruptive
technology and active in both Retail and Wholesale CBDC. With use cases like UPI
Interoperability, Programmable CBDC, Offline CBDC and UPI Intent, CBDC ensures quick real
time transfer of money.
Your Bank is one of the 15 pilot banks identified by RBI to roll out
CBDC pan- India. CBDC offers three elements i.e. Currency in Electronic format, issued by
the Central Bank and is universally accessible. With half a million users and around
35,000 merchants, your Bank has achieved a million transactions on a single day.
YONO Business & CINB
Your Bank's YONO Business digitally serves various Banking interface
requirements of all types of non-individual entities, right from a small
proprietorship/MSME to large multinational corporates to Central and State Governments. It
has approximately 32.65 Lakh registered Corporate User base.
Many new services were rolled out for Corporate customers in Corporate
Internet Banking and YONO Business. Some of them are as follows
• PABL (Pre-Approved Business Loan), Business Rule Engine (BRE)
loan facility extended to partnership customers
• UPI quick transfer payment facility for Saral and Corporate
customers
• Facility in CINB for HUF/Trust customers for investing in GB
(Sovereign Gold Bond)
• Re-imagined payment facility (YONO Pay) in YONO Business Mobile
• E-FDR Facility for stockbrokers for availing online trading
facility with NSE through Financial Institution Branch
• API Banking facility for Business Customers through direct
integration or through third parties
• V-KYC Digital Current Account opening for Sole Proprietors
• Two-user CINB product introduced for partnership and start-up
customers
• Enhanced e-forex facility in YBBI for new eForex user creation
and limit change
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SBIPG
Your Bank's SBIPG is a PCIDSS-certified application, which processes
card-based e-Commerce transactions acquired through integrated Payment Aggregators/
Merchants. During FY2024, SBIPG added 4,360 sub-merchants. As on 31st March
2024, 87,630 sub-merchants and
17 aggregators are integrated with SBIPG.
/ \ Major developments
• Implementation of Hybrid Cloud-based new Payment Gateway
Solution
• Automation of processing of settlement files
• Implementation of Alt ID solution
• Selection of Service Provider for ACS services through RFP
• Migration of Merchants and their sub-merchants in new PG
solution
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SBIePay
Your Bank's Payment Aggregator Solution is PCIDSS and ISO27001:2013
certified. During FY2024, SBIePay added 617 new merchants including prestigious merchants
such as UPPRB, NIT Trichy, CIDCO, West Bengal GRIPS 2.0, Odisha IFMS 2.0, etc. As on 31st
March 2024, 2,597 merchants are integrated with SBIePay.
/ \ Major developments and
new payment channels
Major developments rolled out
during the year
• Digital Loan Collection Journey via SBIePay
• Customised Integration for Delhi High Court
• Odisha IFMS 2.0 Integration
• GRIPS 2.0 Integration
New payment channels integrated with SBIePay during the year
• AU Small Finance Bank (Corporate)
• Punjab and Sind Bank (Corporate)
• ESAF Small Finance Bank (Retail)
• Capital Small Finance Bank (Retail)
• Your Bank has launched SB account opening using V-KYC for ease
of account opening
UPI (Unified Payments Interface)
The Unified Payments Interface (UPI) stands as a flagship application
of your Bank, integrating multiple bank accounts into a single mobile platform with
interoperability. It merges various Banking features, facilitating seamless fund routing
and merchant payments through UPI. In FY2024, your Bank achieved a remarkable milestone by
successfully processing a peak volume of approximately 17 Crore UPI financial and 9 Crore
non-financial transactions daily. The role of your Bank in UPI eco-system is crucial as it
contributes 26-30% of the total volume in overall eco-system wherein SBI is supporting
more than 52 Crore customers with UPI features which includes both SBI and non- SBI users.
Your Bank has introduced the following essential facilities this year
to enhance customer convenience
• Enablement of Foreign P2M transactions: Customers can now
directly pay merchants in Sri Lanka and Mauritius by debiting their SBI account using your
BHIM SBIPAYapp
• UPI Credit: Your Bank has enabled UPI transactions
through pre-sanctioned credit loan accounts
• Aadhaar OTP-based onboarding of customers on UPI: Your
Bank has enabled UPI facility for customers without debit card, but their Aadhaar linked
to their SBI account
• Your Bank now supports CBDC Interoperability
Foreign Office
Your Bank has taken various initiatives at its foreign offices, as
under:
YONO Global - Your Bank has consistently leveraged YONO Global
platform to provide retail banking services to customers in different overseas offices.
More than two Lakh customers have already onboarded the App in 11 FOs. To expand the reach
of YONO Global App further, your Bank has planned to implement it in Singapore and Oman.
Revamping of the FO Corporate Internet Banking (INB) Platform - A
project has been initiated by your Bank to implement a content-rich, contemporary and
device
agnostic omni channel platform-Corporate INB solution-to meet the needs
of the emerging Global Corporates.
FO-Retail Loan Management System Implementation - The FO-RLMS
project was developed in-house by your Bank on an infra-lite, cloud native architecture
and deployed on your Bank's Meghdoot Tanzu platform (Kubernetes implementation), with
pilot implementation in Singapore.
Your Bank has integrated with MauCAS switch (in Mauritius) which
enabled 'RuPay card' to be accepted at Mauritius ATM/ POS machines.
Executive Support System
/ ' Awards received by your Bank
during 2023-24
Your Bank has been adjudged winner of the following awards under IBA
Banking Technology Awards for FY2023:
• The Best Financial Inclusion
- Winner
• The Best IT Risk Management
- Winner
• The Best Fintech and DPI Adoption
- Winner
• The Best Digital Engagement - Runner-up
• The Best AI and ML Bank of the Year - Special Mention
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Data Governance
Data Governance in your Bank is evolving at par with global trends,
transcending regulatory and compliance obligations and fostering a culture of data-driven
decision-making. The focus on Data Culture across your Bank emphasises the importance of
staff awareness and engagement in understanding the value of data. By adopting Data
Quality by design, your Bank ensures accuracy,
reliability, and consistency of data across all operations. This
approach, in addition to improving the operational efficiency, also strengthens customer
trust through secure data handling and compliance adherence. Further, your Bank is in the
process of enhancing its existing Data Quality Index (DQI), a yardstick to measure the
quality of data in absolute terms, to cover various domains spanning across
multiple products. Your Bank is actively integrating internal data with
external insights to drive innovation, identify new business opportunities, and enhance
customer service. Prioritising critical data areas and implementing proactive measures
establishes a streamlined, agile, and resilient ecosystem for effective data management
within your Bank.
Core and Special Projects
Agri Tech
Your Bank's Agri Tech Department has aligned itself with the
transformations in Agri Landscape. Launching of various e-2-e Digital Journeys, FinTech
Integrations, making Cloud Ready in Agri Tech area, Integrations with GoI - JanSamarth/
RBIH and other agencies, and Enabling
Frictionless Credit to Farmers are some of the key initiatives of your
Bank's Agri Tech Department. It is also in the process of replacing loan processing
technology platform with a new-age modular tech stack - the NEW AGRI LMS, which
will enhance customer experience of availing farm credit.
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Customer-centric projects initiated
• Your Bank is in the process of onboarding a revamped Agri Tech
Stack for processing loans to Agriculture & Allied activities that will significantly
reduce Turn Around Time (TAT) for credit delivery. Your Bank has also embarked on
digitising the journeys in Agriculture
• To enhance our reach to the unserved and under-served populace,
we have signed MoUs with twenty-one NBFCs/HFCs under the Co-lending model. Under this
model, your Bank has sanctioned loans to more than 2.48 Lakh borrowers, amounting to
C1,254 Crore, of which more than 2.41 Lakh accounts have been
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sanctioned in a digitised mode for loans up to C1 Lakh
• Your Bank is actively looking forward to finance Farmer Producer
Organisations (FPOs) and has conducted multiple FPO Connect Programmes during the year
• The Outsourcing Services Subsidiary, State Bank Operation
Support Services (SBOSS), has stabilised its operation in rural/semi-urban areas. The
Subsidiary works on a "High Tech, High Touch and Low Cost" mode and has helped
your Bank to source more than 4,00,000 new KCC loans amounting to more than C8,500 Crore
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Key initiatives by your Bank's Agri Tech department as follows
LOS Agri - integration with JanSamarth
• Your Bank has launched a digital KCC Straight Through Process
platform and processed loans up to H1.6 Lakh to farmers in Karnataka using JanSamarth
Portal. The portal uses digitised land records of the Karnataka State Government (FRUITS
portal) for providing complete automation of e-2-e process with Enhanced User Experience
NBFC Co-Lending Platform
• Your Bank has launched an end-to-end digital platform for credit
underwriting, sanction, disbursement and collections for NBFC Co-Lending through NBFC
Alliances Dept. for Direct Assignment Model (Rule Engine built where Bank can exercise its
discretion to take or reject its share of loans originated and sanctioned by NBFC subject
to Bank's due diligence)
• The project is your Bank's first business application on the
public cloud (Amazon Web Services) and integrated using generically designed APIs.
Partnered with a UNICORN FinTech viz. YUBI (erstwhile CREDAVENUE), this is a paradigm
shift in lending landscape brought in by your Bank by strong collaborations between two
diverse organisations (a Large Bank and an Agile Fintech)
Similarly, your Bank is integrating with the RBIH Public Tech Platform
for Frictionless Credit (PTPFC) for KCC end-to-end digital STP journey. The PTPFC will be
of national importance and will play a key role in the digitalisation of lending processes
and standardisation of data exchange formats to a great extent.
Core Banking
Your Bank's CBS customer base has recently crossed the 500 Million
benchmark, as CBS continues to launch various customer service initiatives/ developments
during the year.
r
Key initiatives
Implementation of BGL less
approach for UPI transaction
• Your Bank has launched a process transformation initiative. The
UPI transactions have moved to a BGL less approach and this is being implemented in other
such high- volume transactions. This has led to a reduction in Technical Declines (TDs) in
UPI to ~0.19% which is much lower than the industry benchmark of 1%.
Microservices Architecture
• Your Bank has developed a Revamped Statement functionality in
CBS, a new statement platform has been rolled out using microservices architecture which
can handle high
v
volume transactions and the capacity is getting enhanced up to 1,000
pages of transactions
Seamless continuity of Limits
• Auto Renewal of OD against Bank Deposit: Your Bank has
developed a functionality for auto renewal of OD against Bank Deposit accounts ensuring
seamless continuity of limits
• Enhancing Security in AePS transactions: Your Bank has
enhanced security measure in AePS transactions, wherein customers will have to expressly
register to get the AePS transactions enabled in their account with an option in their
hands to define risk limits for on us/ off us transactions
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IT-Retail Loans
Your Bank's Retail Loan Management System (RLMS), an in-house developed
application, is an end-to-end journey for processing retail loans with STP journey.
Minimum manual input with most of the data fetched from the source system CBS helps to
improve data quality and faster delivery. It is integrated with numerous services for
credit score, fraud detection, digital documentation, lead management, etc.
IT-Corporate and SME Loans
Your Bank's entire journey of Corporate and SME Loans is captured
through an in-house developed Loan Life Cycle Management System (LLMS) Portal, with the
entire life cycle of the credit process automated, leading to standardisation of the
credit process, enhanced risk management and improved user experience and TAT.
Major new offerings under LLMS
Business Rule Engine (BRE) Journey
• Your Bank has rolled out BRE journey for exposures between C1
Million to 50 Million for all branches. BRE giving Go/No Go to applicants immediately on
applying loan through CLP portal and this journey is developed for both new and existing
customers of Bank
Integration of LLMS with Finacle
• Your Bank has integrated Loan Lifecycle Management System (LLMS)
with Finacle for updating of CRA/ECRA/account opening/ collateral creation after sanction
of credit proposal
PM Vishwakarma Scheme through e-GSS portal
• Your Bank has launched Simplified Journey for providing loans to
artisans/crafts people under the newly introduced PM Vishwakarma Scheme
Financial Inclusion and Government Schemes (FI&GS)
Your Bank has been adjudged as the "Winner" for the fifth
year in succession in Best Digital Financial Inclusion category among Large Banks
in the IBA Annual Banking Technology Awards for FY2023.
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Key initiatives
DBT
• DBTL Application architecture was revamped by your Bank to cater
to the growing volumes and upscale the subsidy processing capacity.
In the current financial year, your Bank has processed 335.7 Crore
transactions with daily average of 92 Lakh transactions through 1.73 Crore payment
instructions from various Government agencies
Aadhaar-enabled Payment System (AePS) Transactions
• Your Bank has maintained the Up Time for AePS product (Onus,
Acquirer, and Issuer Transactions) at 99.8%, which is best in the industry. Within 0.01%,
the AePS Issuer transactions Technical Declines stands at 1.37% during FY2024 vis-a-vis
6.00% during FY2023
Launch of Android Based
Handheld Device for CSPs
• Your Bank's initiative of handheld device offers flexibility to
CSP agents to move around and provide services at customers doorsteps especially senior
citizens and Divyangjans.
In Phase 1, your Bank has made five AePS and CIF-based services
available (Cash deposit, Cash
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withdrawal, Fund transfer, Balance enquiry, and Mini statement) on the
TAB. These basic banking services are made available at CSPs since 3rd October
2023
Provision of IRIS Scanner at Kiosk
• IRIS authentication is difficult to spoof and hence prevents
fraudulent transaction. Your Bank has enabled the facility for customers to use IRIS
authentication mechanism of UIDAI in addition to fingerprint authentication at your Bank's
CSP outlet. This will also improve customer convenience, particularly in case of senior
citizens whose fingerprints fade with age and do not match
Lead generation facility for
various loans at CSP outlet
• Your Bank has enabled leads generated by CSPs for five services
(Motor Insurance, Health Insurance, Life Insurance, Mutual Fund, and Demat). These leads
will be available at linked branches for further processing
AePS Off Us Cash Deposit Issuer
• Your Bank has enabled for customers to deposit cash through AePS
authentication at other Banks' CSP outlets
IT-Special Projects
Your Bank has been conferred with the Finnoviti Award 2023 for DigiGov
Fund Management Solution Application. SBI Loyalty Rewards was adjudged the Best
Loyalty Program in Financial Sector Banking under the Customer FEST Award 2023.
Your Bank has rolled out the following initiatives/developments during
the year:
DigiGov
Your Bank has integrated the Fund Management Solution (FMS) with NPCI
for processing transactions through Aadhaar Payments Bridge System (APBS) and NACH
Platforms for Aadhaar-based and Account-based, respectively. The application is handling
1,004 State Nodal Agency accounts with a balance of H34,674 Crore (39% market share) and
201 Central Nodal Agency accounts with a balance of H2,092 Crore (39% market share).
f \
Important schemes
a) Rajya Shiksha Kendra, Government of Madhya Pradesh through NACH
Platform
b) BoCW, Government of Jharkhand through APBS
c) TUFIDCO, Government of Tamil Nadu
d) Blood Transfusion, Government of West Bengal
e) DAT Puducherry
f) Maharashtra State Livelihood Rural Mission
V J
Member of Parliament Local Area Development Scheme (MPLADS)
Your Bank has rolled out DigiGov - under CSS: CNA (Central Sector
Scheme: Central Nodal Account) mechanism under Member of Parliament Local Area
Development Scheme (MPLADS) of the Ministry of Statistics and Program Implementation
(MoSPI). The web portal was made live from 1st April 2023 and subsequent
changes as desired by the Ministry have been rolled out during the year to the following
website https://mplads.sbi.
Your Bank has made live a mobile application (MPLADS-eSakshi) comprising
major functionalities of this scheme on both Android and iOS platforms.
Your Bank has also set up a Training Region under DigiGov for MPLAD
Solution through internet, which is a first-of-its-kind for any of your Bank's
applications, enabling various outreach programmes at regional and State level for Hon'ble
MPs and other government functionaries. All Hon'ble MPs from Lok Sabha and Rajya Sabha
have been onboarded under this scheme.
Government Business Software Solution (GBSS): Roll out of TIN 2.0
Your Bank's GBSS application has handled receipt transactions worth
over C4.77 Lakh Crore and payment transactions worth over C1.35 Lakh Crore during FY2024,
from 1st April 2023 to 31st March 2024.
Under the directives of CBDT for Income Tax, your Bank has implemented
the Tax Information System (TIN) 2.0 as a replacement to Online Tax Accounting System
(OLTAS) to digitise and streamline Income Tax processes with effect from 1st
April 2023. This functionality has been made available to all SBI branches.
Revamping of Microsite for Corporates
In order to attract and tap the business potential of corporates, your
Bank has carried out uniformity in microsite design/s, content changes, alignment, removal
of faulty links, updated contact details to increase customer acceptance.
Startup Webpage on SBI's Website
This functionality has been made available by your Bank to tap the vast
business potential and avenues accompanying the start-up ecosystem.
GST
• Improvement in Matching Logics:
Your Bank has enabled an increase in the PRDC matching percentage up to
~90% in order to claim ITC (Input Tax Credit)
• Automation of GSTR 6: Your Bank has an automated
generation form based on the details provided by the suppliers of an Input Service
Distributor in their GSTR 1
SBI Loyalty: Points on WhatsApp
To encourage your Bank's presence on social media platforms, 50 reward
points are credited to customers for successful registration on WhatsApp. To boost float
fund, your Bank has decided to credit 30 to 1000 reward points to Current Account holders
under Proprietorship, depending upon their Monthly Average Balance (MAB). Furthermore, 200
reward points are credited for activation of dormant/ inoperative current accounts.
SBI FASTag
In the dynamic landscape of digital transactions, SBI FASTag emerged as
a game changer in the fiscal year 2023-24. This innovative solution revolutionised the way
people experience travel, streamlining toll payments and enhancing overall convenience on
the roads.
Your Bank has issued more than 27.50 Lakh FASTag during FY2024 and more
than 50 Lakh FASTag have been issued since inception. Market share in monthly issuance has
substantially increased to 18% in March 2024. Online issuance for SBI FASTag has been
rolled out and multiple recharge options have been provided to customer including Google
Pay, PhonePe, Amazon Pay, BBPS and UPI for convenience of customer. To popularise the
product and spread awareness among public, your Bank has published various
creatives over social media and installed hoardings on various highways
near toll plazas.
Automation of CRC (Customer Risk Categorisation) Write-back
As a part of regulatory requirements, Customer Risk is required to be
calculated for all newly opened/modified accounts/ customers, based on a score-based model
and written to CBS. Currently, the AMLOCK-generated risk is written back to CBS on a
weekly basis using a file-based system. Your Bank has deployed an API- based functionality
which writes back the AMLOCK-generated customer risk into CBS on a near real-time basis.
The new approach creates better efficiency than the file-based write back process.
Enabling Bharat Bill Payment System (BBPS) to process Cross Border
Inbound Bill
Onboarding of INB for BBPS cross-border inbound payments for screening
as per predefined rules has been enabled by your Bank.
Sanction Screening Tool in Exim Bills
Your Bank has implemented sanction screening tool for screening of
cross border trade finance transactions (dual used goods, entity, port of discharge and
destination, vessel, and beneficial owners) in domestic branches to comply with FATF
recommendation of incorporating OFAC check for all remittances.
FATF Readiness
Keeping in view the FATF Assessment of Bank, and as a preparatory
measure, your Bank has delivered functionalities across the regulatory parameters that
have been instrumental in successful FATF Assessment of your Bank.
The developments included (a) Complete Revamp of Reverse Name Screening
Process (b) Auto Segregation of Key Sanction Lists to capture the accurate matches at any
instance, (c) Provision of comprehensive Audit Log facility in line with RBI/MHA
recommendations.
IWMS Application
Your Bank has launched a New Integrated Wealth Management Solution
(IWMS) on 26th December 2023. The IWMS provides a one stop solution to manage
the entire life cycle of investment portfolios of Wealth Clients starting from tentative
lead to Wealth Client conversion, transactions, portfolio dashboard view, reports, etc. It
has digitally transformed the Mutual fund processing with complete automation.
KYC Update
Your Bank has introduced KYC Update 2.0 journey in the CKYC Branch
portal. As part of this journey KYC details are updated for the customer in a front end
provided to the branches. Customer documents for POI and POA are also uploaded along with
customer details and will enable bank to comply with the regulatory guidelines. Apart from
meeting regulatory requirement of facilitating CKYC of all KYC updations, the application
is intended to bring out the KYC updation process from CBS making as per the 'Hollowing
the Core' initiative.
Non-Individual CIFs Image-based Processing - NTB (New to Bank)
Your Bank has initiated facility of Image- based Processing of
Non-Individual CIFs using CKYC Branch Portal. Guided document upload based on the Entity
Type System will populate the type of documents that are to be uploaded based on the type
of entity. Rejection Reason will be displayed according to the type of entity. Exact
reason for rejection will be known to the branches for quick rectification. Previously,
rejection reason was generic in nature and common for all types of entities.
Analytics
Your Bank's in-house Analytics Function has 45+ laterally recruited
Data Scientists and 90+ models live in production, which have generated significant
business worth more than C1.37 Lakh Crore in FY2024, a YoY growth of ~32% over C1 Lakh
Crore in FY2023 and has embedded data-driven
decision making in your Bank's day-today operations through tools like
Early Warning Signals and Analytical product recommendations in CRM.
Your Bank already has significant capabilities in AI/ML, which is
backed
by cutting-edge technologies, industry recruitment of specialists, etc.
As per EASE 6.0 assessment by the DFS, your Bank has scored full marks in Analytics
Maturity and capabilities. All of these accomplishments were achieved using in-house
resources.
Highlights
• Your Bank has state-of-the-art Analytics Capabilities, recently
augmented by its next-gen Data Warehouse and data lake
• Centralised Silo-less Data: A Centralised Data Management
Office that drafts and enforces data policies, monitors data quality levels, etc. The Bank
has formulated measures of accountability for data quality, including linkage of data
quality to Career Development, specialised
V
committees at every level of the Bank, etc. The Data Warehouse is
integrated with 80+ source systems, besides its Data Lake and Data Archival System. These
sources include both Core Banking and external data like news/stock market-based alerts on
borrowers
• Based on the robust data stack describe above, a holistic
Analytics function was set up with open source tech including Python, a
comprehensive, Board-approved policy on 'Responsible AI and Model
Governance Framework' as well as an ethics charter in the form of a 'Fairness, Ethics,
Accountability and Transparency' document. The former identifies risks involved in AI/ML
and specifies controls while the latter acts as ethical guidance for individual data
scientists
(
Significant advancements
• Your Bank has launched AI- underwritten digital loans that can
be availed in just 4 clicks, optimise its branch monitoring and enable both digital
transformation and profitability through targeted leads, alerts and portfolio analyses
• In the credit risk arena, AI/ML is used to drive your Bank's
Early Warning Signal models for P segment as well as SME/CCG/CAG. Your Bank has recently
adopted similar models for Agri-lending as well
• In the compliance and operational risk areas, several models
have been
V
developed by your Bank that identifies persistent weakness in controls
and specific instances of risky or suspicious behaviour
• Your Bank uses AI/ML to drive subsidiary business as well,
including SBI Cards
• Your Bank has also tied up with IIT Bombay to launch the 'SBIF
Hub for Data Science and Analytics', which involved deployment of resources to jointly
research AI, ML and emerging technologies in the BFSI domain. As a part of this
engagement, AI skillset development is also being provided
A
through sponsored skill-oriented academic programmes, which is intended
to develop a well-trained cadre of Data Scientists who are also familiar with the
challenges, opportunities, and research in the BFSI sector
• Your Bank is researching generative AI in the form of large
language and foundational models to empower both staff and customers as well as to
optimise resource wastage
( \ Advances in FY2024
This financial year saw the release of several significant models,
including:
• Models to detect risky Home Loan and Xpress Credit Accounts
• Product specific Early Warning Signal
• Account Aggregator monitoring dashboard
• CA 360 Dashboard for engaging, retaining and nurturing the
business customer segment
V J
This has led to significant value creation, including end-to-end
Digital Asset Business worth C40,471 Crore in FY2024 (~30% of total advances business from
Analytical Leads).
Advances Business generated through Analytical Leads
(H in Crore)
t 32%
FY2023 1,04,139
FY2024 1,37,357
Customer Experience Enhancement Department
i) Performance
Your Bank achieved 1st Rank in promotion of Doorstep Banking
Services for the under noted Campaigns promoted by PSB Alliance Private Limited:
| Campaign |
Rank |
Campaign |
Rank |
| DSB Drive |
1st Rank |
DSB Dastak |
1st Rank |
| NPS/CSAT/CES performance of SBI for FY2024: |
| Customer Feedback |
Scores |
| Customer Satisfaction Score (CSAT) Captures
customer experience, post completion of customer induced transaction on the following
scale - Poor, Average, Good and Outstanding |
3.47/4 |
| Net Promoter Score (NPS) Customer
loyalty and satisfaction measurement tool and helps the Bank to gauge how likely a
customer is to recommend the organisation's products or services to others on a scale of 0
to 10 |
90.40% |
| Customer Effect Score (CES) Measures
the effort customers put into a certain interaction with the Bank to achieve a goal on a
scale of 1 to 7 |
6.79/7 |
ii) Initiatives
Your Bank works on the Customer Experience Management (CXM) model,
wherein the performance is gauged based on how customer perceives the organisation. The
process is detail oriented, requiring strengthening of IT systems, collaborative efforts,
and new skills.
Few initiatives undertaken by your Bank to connect with the
dissatisfied customers are:
1. Complaints Closure Feedback - On
closure of each complaint, the customer/ complainant is given the
option to provide his/her rating and feedback on the complaint handling process
2. Showing Gratitude - A Thanksgiving Letters' drive was launched
during the year to express gratitude and acknowledge the customers for their continued
patronage with Bank
iii) Achievements
Your Bank has implemented CSAT, NPS and CES metrics for various other
channels used by our customers for feedback submission:
1. Digital Channels - ATM, Retail Internet Banking, YONO Lite
mobile app, UPI, YONO and YONO Business
2. BC/CSP Channel - Customers who avail the services of BC/CSP
channel for certain select transactions and services are also being given the option to
submit their feedback
Town Hall Meetings
To connect with customers and understand their expectations, your Bank
organised Town Hall meetings on 5th December 2023
across India, with 21,187 customers and 5,154 staff members in
attendance. The theme of the meeting was Digital Banking Transaction - Benefits &
Precautionary Measures. Customers were explained the benefit of digital transactions
and were informed about the common modus operandi of various cyber frauds and the
precautionary measures to be taken at their end to remain secure from cyber frauds.
Risk Management
A. Risk Management Overview
The Risk Management process at your Bank includes risk identification,
risk assessment, risk measurement and risk mitigation with its main objective being
minimising negative impact/s on profitability and capital.
Your Bank is exposed to diverse risks that form an inherent part of any
banking business with major risks being credit risk, market risk, liquidity risk, and
operational risk, including IT risk.
Your Bank is committed to create an environment of increased risk
awareness at all levels and aims to constantly upgrade controls and security measures,
including cyber security measures, to ensure avoidance or mitigation of risk. Your Bank
also has policies and procedures in place to measure, assess, monitor and manage the
various risks in a systematic manner across portfolios.
An independent Risk Governance Structure, in line with international
best practices, has been put in place by your Bank for separating duties and ensuring
independence of Risk Measurement, Monitoring and Control functions. The framework
visualises empowerment of various Business Units at the operating level, with technology
as the key driver that enables identification and management of risk/s at place of
origination itself. The risks across your Bank and the SBI Group are monitored and
reviewed by Executive Level Committees and the Risk Management Committee of the Board
(RMCB) that meet regularly. Dedicated Risk Management Committees at the Operational Unit
level and Business Unit level are in place as well.
1. Credit Risk Mitigation Measures
Your Bank has a robust credit appraisal and risk management frameworks
to identify, measure, monitor and control risks in credit exposures. The industrial
environment is scanned, researched, and analysed by a dedicated team, in a structured
manner, to decide its outlook. The Credit
Rating threshold is based on outlook and probability of default for
industry and growth appetite for 38 identified industries and sectors, constituting close
to 67% of your Bank's total advances (excluding retail and agriculture) as on 31st
March 2024.
Events, such as government policies and/ or regulatory guidelines
changes, power shortages and supply chain issues in the identified industries are
continuously monitored; special studies pertaining to implications are conducted and
shared with business groups to enable them to make informed credit decisions.
Knowledge-sharing sessions and industry workshops are conducted to benefit the operating
staff at various levels, in addition to providing business units with quarterly dashboards
covering the top 18 industries detailing latest information/developments in the critical
industries and sectors to keep them updated.
Your Bank uses internal Credit Risk Assessment Models and scorecards to
assess borrower-wise credit risk. The Models for internal credit ratings of the borrowers
are developed in-house, reviewed through cycles of comprehensive validation and
back-testing frameworks including external validation/ review. Taking ESG risk into
consideration, your Bank has also put in place an Environment, Social, and Governance
(ESG) Rating Model that rates large borrowers on various objective ESG criteria.
Your Bank has a 'Dynamic Review of Internal Rating' framework that
facilitates early stress identification, triggering appropriate mitigation mechanisms.
Your Bank has also adopted an IT platform for credit appraisal
processes through a Retail Loans Management System/Loan Origination Software/Loan
Lifecycle Management System (RLMS/LOS/LLMS). The Models developed by your Bank are hosted
on the platforms, interfaced with CIBIL/CIC and RBI defaulters' lists.
Your Bank has a framework for Risk- Adjusted Return on Capital (RAROC),
with the customer-level RAROC calculation
being adjusted. The RAROC framework is applicable for commercial
advances having existing/proposed exposures of C5 Crore and above. The pricing of loan
products is in sync with its related risk along with risk/s associated with different
types of borrowers. Each product and customer type has a unique Credit Risk Premium
associated with it, the same forming a part of the final pricing.
Your Bank conducts Stress Tests every half-year on its Credit
portfolio. The Stress Scenarios are regularly updated in line with RBI guidelines,
industry best practices and changes in the macroeconomic values. Your Bank conducts
specific analytical studies to identify trends in the movement of NPAs, a quarterly review
of loan sanctions, etc. to keep track of the asset quality.
RBI has allowed your Bank to participate in the parallel run process
for Foundation Internal Ratings Based (FIRB) under the Advanced Approaches for Credit
Risk. The data under parallel run of FIRB is being submitted to RBI.
The Bank carries out risk-return analysis of its various corporate and
MSME portfolios at periodical intervals, to assess the adequacy of return vis-a-vis the
risk associated with the exposures. The bank has also conducted studies to analyse the
impact of physical risks relating to climate change on its various portfolios (Home Loans,
Agri & MSME).
2. Market Risk Mitigation Measures
Your Bank's Market Risk Management consists of identification and
measurement of risks, control measures, monitoring and reporting systems. Market Risk is
managed through a well-defined Board approved Investment Policy, Trading Policy, Market
Risk Management Policy, Market Risk Limit Policy and Hedging Policy for Bank that together
governs risk in different trading desks or various securities through trading risk
limits/triggers for effective and judicious management of investment funds. These risk
measures include
position limits, gap limits, tenor restrictions, sensitivity limits,
namely PV01, Modified Duration, Convexity, Value-at-Risk (VaR) Limit, Stop Loss Trigger
Level, NOOP, Forex Daylight Limit, LMAT, UMAT, Credit Spread 01 (CS01) and Options Greeks
and are monitored on a daily basis. Further, the risk limits are reviewed periodically
based on the risk appetite of your Bank.
Value at Risk (VaR) complements stress testing by providing an
additional quantitative measure of potential losses in your Bank's trading positions.
Enterprise level VaR of your Bank is calculated and back tested daily. The Stressed VaR
for Market Risk is also computed daily. This is supplemented by a Board-approved Stress
Testing Policy and Framework that simulates various Market Risk scenarios to measure
stress losses and initiate remedial measures.
The Market Risk Capital Charge of your Bank is computed using the
Standardised Measurement Method (SMM) by applying the prescribed regulatory factors.
Bank undertakes Risk a djusted performance analysis of its domestic and
overseas portfolios. It also analyses the credit rating migration of non-SLR bonds as a
tool for decision making. Monthly forward-looking analysis based on future outlook of
Interest Rate Risk scenarios and its probable impact on your Bank's trading portfolio is
carried out on a monthly basis as a prudent risk practice.
Your Bank has Model Validation Manual for models relating to market
risk which enables your Bank to assess, measure, monitor and mitigate Model Risk.
3. Enterprise Risk Management Measures
Enterprise Risk Management aims to put a comprehensive framework to
manage and align risk with strategy at the whole Bank level. It encompasses global best
practices such as establishing a Risk Appetite Framework, Risk Culture Assessment
Framework, and Material Risk Assessment Framework.
As a part of your Bank's vision to transform the role of risk into a
strategic function, a Board-approved Enterprise Risk Management (ERM) Policy is in place.
The Risk Appetite Framework incorporates limits for significant risks
with monitoring parameters. To promote a strong risk culture in your Bank, a Risk Culture
Assessment Framework has been operationalised. As part of the Material Risk Assessment
Framework, periodic analysis of risk- based parameters for Credit Risk, Market Risk,
Operational Risk and Liquidity Risk, amongst others, is presented to the Enterprise and
Group Risk Management Committee (EGRMC)/Executive Committee of the Central Board (ECCB).
Your Bank has a wide range of models to assess and mitigate various
risks. Model risk emanating from the use of these models is mitigated through best
industry practices in place at every stage of Model Lifecycle i.e. a) Governance, Policies
and Controls, b) Development, Implementation and use, c) Validation (both Internal and
External). Further, as part of Model Governance, for effective process efficiency and
resource utilisation, the Models are classified based on Materiality into High, Medium and
Low risk tiers.
Your Bank conducts a comprehensive Internal Capital Adequacy Assessment
Process (ICAAP) exercise on a yearly basis with respect to adequacy of Capital under
normal and stressed conditions at solo and Group-level.
In the ICAAP, besides the Pillar 1 risks, such as Credit Risk, Market
Risk and Operational Risk, Pillar 2 Risks, such as Liquidity Risk, Interest Rate Risk in
Banking Book (IRRBB), Concentration Risk and others are also assessed, and capital is
provided where required. New and emerging risks are identified and discussed in the ICAAP,
Your Bank is committed to reduce the carbon footprint of its operations
by addressing climate change concerns by identifying and managing climate-related risks
and opportunities. Accordingly, your Bank has developed a Climate Change Risk Management
Policy, which will serve as a
guidepost in supporting its journey towards a low carbon and
climate-resilient future. The policy aims to integrate climate-related risk (and
opportunity) considerations within day-to-day operations, lending portfolios and overall
decision-making.
Your Bank has set up a Climate Change Risk Management Committee at the
apex level with primary objective of enhancing your Bank's resilience in the face of
climate- related risks. The committee will provide strategic guidance and oversight to
ensure that climate considerations are integrated into our risk management framework.
4. Operational Risk Mitigation Measures
Operational Risk is the risk of loss resulting from inadequate or
failed internal processes, people and systems or from external events. Key elements of
your Bank's Operational Risk Management, among others, include timely Incident reporting
and ongoing review of Systems and Controls, measuring of residual risk and putting in
place controls through Risk & Control Self-Assessment (RCSA), Theme-based RCSA,
monitoring of Key Risk Indicators (KRIs) and aligning Risk Management activities with
Business Strategy. Your Bank proactively undertakes Root Cause Analysis (RCA) of the
probable vulnerabilities and based on its findings, the gaps found, if any, are being
plugged on an ongoing basis. The intention of the entire exercise is to strengthen the
controls, mitigate risks and minimise the losses.
Your Bank has a detailed Business Continuity and Operational Resilience
(BC&OR) Plan in place for ensuring continuity of operations at the Branches and
Offices during disruptions. BC&OR enables your Bank to ensure minimum business
disruption during natural disasters. Also, your Bank ensures availability of ATMs round
the clock and smooth functioning of Net Banking, YONO, Mobile Banking, etc. All these
components minimise your Bank's Operational Risk in various products and processes besides
ensuring compliance with Regulatory requirements.
Your Bank has allocated capital for Operational Risk as per Basic
Indicator Approach (BIA).
Your Bank observes Risk Awareness Day annually on 1st
September to improve risk culture in your Bank. As a part of sensitisation, Risk Awareness
Day pledge is being administered, and an online Quiz is also being conducted for the
Bank's employees to spread Risk Awareness. Further, your Bank is fully aware of the need
for building the risk culture and creating awareness, which is being embedded by
conducting workshops, issuing monthly magazine and through the training system at all
levels.
Your Bank also has put in place Risk Culture Assessment Framework to
assess the Risk culture prevalent in your Bank.
5. Group Risk Mitigation Measures
Group Risk Management aims to establish standardised risk management
processes in your Bank's group entities. Policies relating to Group Risk Management, Group
Risk Appetite framework, Group ICAAP, Group Liquidity and Contingency Funding Plan (CFP),
maintaining arm's length requirements for intra group transactions and exposures are in
place. Regular monitoring of the consolidated prudential exposures and group risk
components is being done.
6. Basel Implementation
The RBI Guidelines on Basel III Capital Regulations have been
implemented and your Bank is adequately capitalised as per current requirements, including
maintaining the required level of Capital Conservation Buffer (CCB).
Your Bank is identified as D-SIB by the Regulator and is accordingly required to keep
additional Common Equity Tier 1 (CET1) of 0.60% of RWAs from 1st April 2019,
which is now increased to 0.80% of RWAs with effect from 1st April 2025.
B. Internal Control
Internal Audit (IA) in your Bank is an independent activity and has
sufficient standing and authority within your Bank. The IA Department (IAD), headed by a
Deputy Managing Director, works under the guidance and supervision of the Audit Committee
of the Board. Your Bank's IA function works in close coordination with the Risk Management
and Compliance Departments to evaluate the effectiveness of controls, assess compliance
with controls and adherence to internal processes and procedures.
The IA function of your Bank endeavours to comply with the
International Standards for the Professional Practice of Internal Auditing prescribed by
the Institute of Internal Auditors. IAD has received rating of 'generally conforms' with
the 'Standards' the highest rating as per the external assessment conducted by M/s
Deloitte Touche Tohmatsu India LLP, The IA function undertakes a comprehensive risk-based
audit of the operating units of your Bank, in line with regulatory guidelines relating to
Risk Based Supervision, guidelines of Basel Committee on Banking Supervision (BCBS) and
guidelines on Audit Systems in Public
Sector Banks issued by Ministry of Finance (Department of Financial
Services).
Keeping pace with rapid digitalisation in your Bank, the IA function
has initiated technological interventions to provide enhanced efficiency and
effectiveness.
A few key initiatives include the following:
• Risk Focused Internal Audit (RFIA) for assessing compliance with
controls at a granular level
• Remote evaluation of data for continuous assessment of controls
through RADAR (Remote application for Dynamic Assessment of Risk)
• System-driven off-site monitoring of transactions
• Concurrent Audit of business units to ensure contemporaneous
scrutiny of compliances
• Early Review of Sanctions to assess critical risks of all
eligible sanctioned credit proposals
• Coverage of Audit through hybrid mode of Audit with the guiding
principle "more of offsite and less of onsite"
• As part of Risk Focused Internal Audit, IAD conducts various
audits, viz. RFIA of domestic branches (offsite and onsite), Risk Focused Credit Audit
(offsite and onsite), Legal Audit, Early Review of Sanctions, Information Systems Audit,
Cyber Security Audit, Home Office Audit (of Foreign Offices), Concurrent Audit, FEMA
Audit, Audit of Outsourced Activities (IT & Non-IT), Expenditure Voucher Audit,
Compliance Audit, Management Audit and Audit of Corporate Centre Departments.
f
Key Initiatives
• Your Bank has developed trigger- based models in Risk Focused
Internal Audit and in Concurrent Audit System to identify suspected frauds to mitigate the
risk and to minimise the potential losses
• Your Bank's Internal Audit Department (IAD) has been awarded ISO
V
9001:2015 certification for Quality Management System benchmarking with
global best practices. To ensure sustainability of Quality Management System, your Bank's
Internal Audit Department (IAD) is conducting a host of activities like Training,
Surveillance Audit, Internal Quality Audit (IQA),
Management Review Meetings (MRM), Customer Satisfaction Score (CSAT),
Employee Satisfaction Score (ESAT), etc. on an ongoing basis. The Surveillance Audit
carried out by the Certifying body during Feb-Mar'24 has confirmed continuation of the ISO
Certification
J
Branch Audit
The domestic branches are broadly segregated into four groups (Group I
Special, Group I, Group II and Group III) based on business profile and advances
exposures. Your Bank has initiated a system-driven process for identification of branches
for audit, whereby analytical algorithms are deployed to identify units displaying
significantly divergent behavioural patterns. This enables your Bank to step in with a
prioritised audit to identify the causative factors at the outlier branches and flag the
underlying problem areas for early intervention.
During FY2024, the IA Department has completed RFIA of 12,196 Domestic
Branches & Central Processing Centres (CPCs).
Risk Focused Credit Audit
Risk Focused Credit Audit is an integral part of 'Risk Focused Internal
Audit' system. It is aimed at identifying risks inherent to the businesses of the
counterparty and measuring effectiveness of the control systems for monitoring inherent
risks. The Audit also suggests remedial measures for controlling credit risks for high
value loan portfolios. Credit Audit Division (CAD) provides assurance to the 'Management'
and to the 'Board' on the quality of your Bank's credit portfolio. The Audit recommends
corrective actions for improving credit quality, credit administration of large advances
with total credit exposures (FB and NFB limits) above C20 Crore (for domestic branches)/
US$2 Million (for foreign branches) or its equivalent and above. All eligible accounts are
subjected to Risk Focused Credit Audit, annually.
Early Review of Sanction (ERS)
ERS captures the critical risks in sanctioned proposals at an early
stage to sensitise the Business Units about critical risks for early mitigation thereof.
All eligible sanctioned proposals (new, takeovers, enhancements, and renewals) with total
domestic exposure
above C1 Crore and International Banking Group exposure of US$1 Million
and above are reviewed under ERS. ERS facilitates in improving the quality of sourcing,
presanction, and sanction processes. The ERS activity is centralised, with sanctioned
proposals reviewed by in-house internal audit officials. The entire ERS process is
system-driven and carried out through the Loan Lifecycle Management System (LLMS).
FEMA Audit
The branches that are authorised to deal in Foreign Currency
transactions, including Trade Finance Centralised Processing Cells (TFCPCs) are subjected
to FEMA audit. All 'A' & 'B' category branches are audited once in a year. In
addition, branches linked to TFCPCs are also covered to the extent of 50% in a year. For
FY2024, total 491 branches/units of your Bank have been audited.
Information Systems Audit,
Cyber Security Audit, Information Systems Concurrent Audit and Audit of
IT Outsourced Activities
Your Bank is subjected to Information Systems Audit (IS Audit) to
assess the Information Security and Cyber Security related risks. IS Audit of Centralised
IT applications and Corporate Centre establishments is carried out by the internal team of
qualified IS Auditors. For FY2024, Information Systems (IS) Audit of 451 applications has
been completed, as planned. IT Outsourced Activities Audit of 551 activities has also been
completed, as per the schedule. Further, 88 IT applications of Global IT Centre (GITC) are
subjected to monthly IS Concurrent Audit (ISCA).
Cyber Security Audit of Public facing applications is conducted
annually. For FY2024, Cyber Security Audit was conducted for 68 applications.
Apart from above, your Bank conducts regulatory audits like System
Audit of the Payment Systems operated under the Payment and Settlements Systems
(PSS) Act 2007, Cyber Security & Cyber Resilience Audit of Global
Markets Unit - Kolkata, Annual Registration Authority Audit of Payment Systems, Dual
Standard Audit of Foreign Offices, Annual Information Security Assessment of IT
Applications utilising Authentication services of UIDAI, etc.
Foreign Office Audit
Foreign Offices are subjected to Home Office Audit (HOA) in addition to
Internal Audit conducted locally by reputed International Audit Firms, Local Based
Officers and Officers from IAD, under the oversight of Internal Audit Department. Home
Office Audit at 11 jurisdictions (20 Foreign Offices) and Management Audit of one
Subsidiary and one Regional Head Office were carried out during FY2024, as per schedule.
Concurrent Audit System (CAS)
Concurrent Audit System in your Bank covers risk sensitive areas, as
prescribed by the Regulatory Authority. Branches are categorised as Extremely High Risk/
Very High Risk/High Risk/Medium Risk/ Low Risk based on the Risk Categorisation model
developed by your Bank as per RBI guidelines. All Extremely High Risk, Very High Risk and
High-Risk branches are covered under Concurrent Audit. Concurrent Auditors are also placed
at all Centralised Processing Centres to ensure monitoring of transactions contemporaneous
with their occurrence. Concurrent Auditors also cover Currency Chest Branches, Treasury
Operations, and other Special Outfits. Your Bank has covered 3,340 branches/Units under
Concurrent Audit during FY2024.
Offsite Transaction Monitoring System (OTMS)
Offsite Transaction Monitoring System (OTMS) was introduced in your
Bank in 2013 as a measure of strengthening transaction audit and to meet the regulatory
requirement of off-site surveillance of
transactions passing through Bank's Core Banking System. Enhancements
in the system are being carried out on an ongoing basis keeping in view the evolving risk
dynamics. By deployment of analytics, the logics have been refined to rationalise alerts
by removing false positives during the year.
Legal Audit
Legal Audit in your Bank covers scrutiny of the loans and security
related documents of having credit exposure of C5 Crore and above. The Legal Audit is a
control function, carried out through a panel of advocates and such reports are examined
by the internal auditors, to ensure that there are no shortcomings in the documents or
creation of security in favour of your Bank. Legal Audit Process is automated in Loan
Lifecycle Management System (LLMS) and 19,774 accounts form the Legal Auditable accounts
universe, as on 31st March 2024.
Audit of Outsourced Activities (Non-IT)
Your Bank recognises the need of service providers engaged to be
compliant with the legal and regulatory requirements as your Bank itself. Therefore, the
Audit of Outsourced activities (Non-IT) is also conducted at regular intervals to ensure
that adequate systems and procedures are in place to mitigate legal, financial, and
reputational risks arising from outsourced activities (Non-IT).
During FY2024, your Bank has completed audit of 37,321 Customer Service
Points (CSPs) as per the audit plan. Audit of 902 vendors in respect of other Non-IT
outsourced activities (other than CSPs) and IS Audit of 25 National Business
Correspondents (BCs) has also been completed, as planned.
RFIA of Corporate Centre Departments
The Corporate Centre Audit wing of IAD carries out Risk Focused
Internal Audit (RFIA) of Corporate Centre Departments of your Bank to strengthen the
overall audit
oversight of its aggregate risk assessment processes at macro level.
In addition, various other audits are undertaken viz. Thematic Audits,
Validation Audits and verification of compliances of the RBI Directions and other
Regulatory guidelines/RAR/RMP points, at the request of other BUs/Departments in Corporate
Centre or independently or upon directions from the Central Board/Audit Committee of the
Board/ECCB/CENMAC/ACE, etc. The Corporate Centre Audit wing is also engaged in the
validation of RBI-Tranche- III-DCTs.
Management Audit
The core function of Management Audit is to assess the adequacy and
effectiveness of Corporate Governance, Risk Management and Internal Control Process at
apex level in accomplishing the overall corporate objectives. Management Audit of your
Bank covers Local Head Offices in the Circles, sponsored Regional Rural Banks, and
identified Corporate Centre Departments. In its continuous endeavour to enhance the
effectiveness of Management Audit during FY2024, IAD has revisited the scope and revamped
the Management Audit Rating Model by suitable regrouping of the assessment modules and
bringing in more parameters.
C. Compliance Risk Management
Your Bank is committed to cultivating and upholding a robust compliance
culture, ensuring strict adherence and priority to meeting Regulatory and Statutory
requirements.
Comprehensive compliance training sessions are conducted regularly for
staff at all operational levels, including new hires, to emphasise the importance of
complying with your Bank's internal systems, procedures, and KYC/AML/ CFT guidelines.
Mandatory courses are provided for all employees, including top executives, requiring them
to complete e-lessons on KYC-AML/Compliance.
Additionally, a dedicated team of compliance officials with independent
reporting structures has also been established at the Regional Business Office level -
conducting regular visits to branches, offering guidance and ensuring adherence to
internal and regulatory standards.
Your Bank is steadfast on instilling and fortifying a 'Compliance
Culture' throughout the organisation and is committed for preventing the misuse of its
banking channels for money laundering and terror financing activities.
Your Bank's Governance Function ensures that the Central Board and Top
Management are informed of any regulatory events that might impact your Bank. A Compliance
Risk Management Committee, comprising senior executives from various business verticals
and support functions, provides oversight on all compliance matters.
KYC/AML-CFT Measures
Your Bank has a Board-approved policy on Know Your Customer (KYC)
Standards, Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT)
Measures.
Your Bank has also launched a Video KYC facility for contactless
customer onboarding wherein new customers can open fully functional accounts without the
need to visit any branch. The option to update KYC through INB, YONO and ATM has been
introduced for customers having CKYC numbers, enabling them to update KYC easily and
without physically visiting a Branch.
A customer profile chart is now available for INB customers, with
features to update their profile details, such as PAN card, mobile, e-mail, occupation,
income, and educational qualification, through INB. Your Bank has also adopted a focused
approach to sharing KYC information with the Central KYC Records Registry, implementing
functionality for individual
and legal entity accounts. Since its rollout, your Bank has
consistently uploaded KYC data for newly onboarded customers.
Insurance
Your Bank is procuring insurance policies that cover your Bank's assets
and other risks. Insurance coverage for your Bank includes cash and valuables, properties
of your Bank, fraudulent transactions carried out under Debit Card/Electronic banking and
Cyber Risk, amongst others.
Premises
Your Bank has always incorporated environmental management practices in
its functioning. With an intent and commitment for a greener world much in alignment with
national priorities, your Bank has initiated varied initiatives.
• Your Bank has achieved a milestone by getting green building
ratings of IGBC for our 13 prestigious buildings during FY2024, making it to 45
• Your Bank has initiated green power purchasing from the
respective DISCOMs and our 18 buildings have been shifted on green power purchasing
through which we are offsetting around 1.74 Crore of electrical units annually with green
power across India
• Your Bank has installed around 795 New Rooftop Solar Plant with
capacity of 20.09 MWp in Bank owned Buildings across India as on 31.03.2024
• Your Bank has installed around 20 PET Bottle crushing machine
across India for reducing plastic waste
Official Language
Your Bank through its various Banking channels is spreading Indian
languages in accordance with the spirit of Article 351 of the Constitution of India and is
taking banking to the masses by imbibing the multilingual culture of India. All the
projects of your Bank reflect the spirit of unity in
diversity, committed to communicate and reach banking to customers in
their own languages. Customers and their expectations are paramount for your Bank.
Our frontline staff are trained and proficient in the local language.
All information in our branches is displayed in local language, Hindi and English. All
forms, slips, booklets, etc. are being made available to the customers in Hindi, English
as well as in the local language. We have published 'Lets Learn Regional Language'
booklets in 10 languages: Gujarati, Tamil, Telugu, Malayalam, Punjabi, Marathi, Assamese,
Bengali, Kannada and Oriya for Hindispeaking officers posted in different states. In line
with the spirit of Digital India, our call centres using the latest technology speak to
customers in the language of their choice. Various facilities of Core Banking Solution
(CBS) are available in these languages. Our customers can print passbooks in Hindi, Oriya,
Gujarati, Kannada, Tamil, Assamese, Punjabi, Bengali, Maithili, Marathi, Malayalam, Telugu
and English. YONO Krishi App is a multilingual platform (currently available in 12
languages) for agricultural centric offerings to farmers, traders and consumers. Customers
are taking advantage of all the facilities like YONO Lite (in 13 languages), Online SBI
(in 15 languages) and SBI Quick (in 15 languages) in the language of their choice.
Digital reporting of Official Language implementation in the Bank has
been extended to include Regional Business Offices and branches.
We are an active participant in the Town Official Language
Implementation Committees (TOLIC) constituted by the Ministry of Home Affairs, Government
of India. The Bank also supports various offices of the Government of India through this
platform. The TOLIC's of Bhubaneswar and Jabalpur under your Bank's leadership have been
awarded by the Government of India.
Your Bank regularly organises various programmes for the dissemination
and promotion of regional languages through events like Hindi Day, World Hindi Day,
Marathi Day, Kannada Day. Further, discussions, seminars, etc. are organised on the
contributions of great litterateurs. Your Bank organised a grand programme in Mumbai on
the occasion of Premchand Jayanti. The celebration of World Hindi Day in more than 200
global offices is an innovative effort to spread the glow of Indian culture abroad.
Your Bank has also published print and digital editions of the
quarterly in-house magazine 'Prayas'.
Marketing and Communication
Your Bank's Marketing & Communication (M&C) Department works to
synergise the Brand/Product messaging and design aesthetics to build positive
predisposition among different stakeholders. Various channels of communication are used,
both internally and externally, to ensure streamlining and standardisation across all
platforms.
The key components of your Bank's Brand equity are Brand awareness,
Brand association, perceived quality, Brand loyalty and overall Brand equity. The
marketing efforts of your Bank are effective in reaping a positive image for the Bank
amongst all the stakeholders.
Branding statistics
• Brand Value 2024 - US$6.9 Billion
• Brand Strength Score of 88 with a AAA rating
• 330th Global Ranking in 2024 of Top Global 500
Companies
• 48th Global Ranking in 2024 of Top Banking 500
Companies
• 6th Ranking in June 2023 in Top Indian 100 Companies
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Source: https://thefinancialbrand.com/power-100/
Key Branding initiatives undertaken during FY2024
| Sr. No. |
Particulars |
Key points |
Tenure |
| 1 |
Onboarded 'Brand Ambassador' |
Mr. M.S. Dhoni |
Two Years |
| 2 |
Onboarded 'First Female Brand
Ambassador' |
Ms. Smriti Mandhana |
One Year |
| 3 |
'Mega Banks' coverage by
Warner Discovery |
Legacy & National
Contributions |
February 2024 |
| 4 |
Partnering with 'Indian Idol' |
Brand Advertising |
Season of 2024 |
| 5 |
'Unique Branches' coverage
pan-India - toughest locations |
Providing Banking Services at
every corner of the Nation |
October 2023 |
| 6 |
Partnering with 'Kaun Banega
Crorepati' |
Brand Advertising |
Season of 2023 |
| 7 |
Partnering with Sony Sports
for 'Asian Games' |
Brand Advertising |
Season of 2023 |
| 8 |
Partnering with 'National
Games - Goa' |
Brand Advertising |
Season of 2023 |
| 9 |
Partnering with Doordarshan,
Star Sports & Disney Hotstar for 'ICICI Cricket World Cup' |
Brand Advertising |
Season of 2023 |
For the FY2024, your Bank's Marketing Department aims at a segmental
allocation in pan-India Circles and distinguished Business Units and Departments at your
Bank's Corporate Centre for schematic execution of the marketing plans during the year.
The focused areas of operations
are Brand Building, Public Relations, Event Management, Creative
Designing, Marketing Budget Planning, Audio Visual generation, Sponsorships, Research
Activities, pan-India coordination with Circles, etc.
With the deep-rooted legacy of 218 years, your Bank, The State Bank of
India is a pioneer of Banking in India, introducing the idea in the form of
"Innovative Banking" since 1973. Your Bank has turned millennial with:
| f 1,83,69,831
followers |
48,22,421
followers |
26,22,370
followers |
| Most followed Bank globally |
Most followed Bank globally |
Most followed Bank globally |
| Facebook |
^3 X (formerly Twitter) |
Instagram |
| 29,19,447 |
39,485 |
258 Million+ |
| followers |
followers |
content views since inception |
| Second most followed Bank globally |
Highest number of answer
views amongst banks globally |
Highest number of answer
views amongst banks globally |
| LinkedIn |
? Quora |
Quora |
| 10,479 |
9,95,029 |
1,093 Million+ |
| followers |
subscribers |
video views since inception |
| Most followed Bank in India |
Highest number of video views
amongst banks globally |
Highest number of video views
amongst banks globally |
| Pinterest |
?YouTube |
?YouTube |
Your Bank's Marketing and Communication department undertook various
brandbuilding initiatives through various videos like "Solid Bank ki Solid
Banking", "Hum Saath Hain", "The Banker to Every Indian",
"Desh Ka Fan" along with campaigns such as #ScamProofAsana, #SBIIsYourBFF,
#LetThemDream, #BankingMadeEasy on various social media platforms for creating
customer awareness about our products and services. The primary focus of your Bank's
economic and growth push is always to make a meaningful and measurable impact on the lives
of Individuals, Corporates, Startups, Industries, and the socially and economically
challenged communities.
Vigilance Mechanism
a) Your Bank's Vigilance Department is headed by a Chief Vigilance
Officer of MD rank who is appointed by the Government of India in consultation with CVC
and reports to the Chairman. CVO assist the top management in the formulation,
implementation and review of your Bank's policy on all vigilance matters. To assist CVO,
in his task of supervision of Vigilance matters in Circles/Verticals/Subsidiaries,
Government of India has appointed six (6) Additional Chief Vigilance Officers (Addl.CVOs)
on deputation basis in SBI at various locations.
b) There are three aspects to the vigilance function - Preventive,
Punitive and Participative. Based on past experiences/incidences,
system/ process improvements are being undertaken continuously by leveraging technology
and guidelines of the Bank are being streamlined as a preventive vigilance measure.
c) During the year, Vigilance Awareness Week was observed from 30th
October 2023 to 5th November 2023, with the theme "Say no to
Corruption; commit to the Nation; W^tmt? h$t fdaTY h?; TTg % ^fV g'ffid
¦?f. All channels of your Bank such as SBI Times, ATMs, CDMs, Internet Banking,
Facebook, Twitter, Instagram, LinkedIn were used extensively to create awareness among
employees and public on the theme of Vigilance Awareness Week (VAW) and also about PIDPI.
d) Apart from your Bank's employees, mass awareness programmes were
conducted in various schools, colleges and general public. People from rural areas were
also covered during VAW by organising gram sabhas in their villages across India.
e) I n a move towards inculcating the true spirit of participative
vigilance, CVC also ran a three-month campaign as a precursor to Vigilance Awareness Week.
One of the focus areas of this campaign was Capacity Building. In coordination with STU
department and Staff College Hyderabad, your Bank has conducted extensive training
programs during the
campaign period. Your Bank had invited Central Vigilance Commissioner
Sh. PK. Srivastava, Vigilance Commissioner Sh. Arvinda Kumar and Secretary CVC Sh. P
Daniel to our Staff College Hyderabad for inaugurating one such capacity building program
on 19th October 2023. Seven staff members, who had been identified as Vigilant
Stars for their vigilant actions in branch were also felicitated during the event by the
CVC and Chairman. The capacity-building programme was further escalated to your Bank's BCs
and CSPs. During the campaign period, your Bank has imparted training to 21,000+ officers
and 56,000+ CSPs.
f) To bring about the structural efficiencies and processes
consistencies, your Bank initiated digitisation of the entire disciplinary process, in a
single platform. The entire disciplinary proceeding, from the stage of occurrence of the
incident till imposition of penalty and subsequent Appeal and Review stage, is getting
processed through the Portal. The portal has been named as DPMS (Disciplinary Proceedings
Management System Portal). The DPMS captures the data related to disciplinary proceedings
on a near real time basis and is an effective tool for monitoring and disposal of
disciplinary cases in timely and swift manner.
g) Vigilance Department has conducted 1,570 preventive vigilance
programs, 63 training sessions for EO/PO/IO training, having total 32,775 officers. In
addition to conducting suo moto investigations in complaint prone branches and branches
where serious irregularities were observed by the RFIA Auditor, suo moto investigations in
High-Risk and Very High-Risk branches identified by your Bank's AI/ML engine, to ensure
and improve the preventive vigilance measures. Suo-moto investigations were conducted in
1,475 branches.
h) The number of cases referred to your Bank's Vigilance Department has
come down slightly to 2,990 from the
level of 3,331 cases referred during the corresponding period of last
FY. Out of 2,990 cases referred, 716 were converted to Vigilance cases as against 956
during the last FY.
Asset & Liability Management
Effective Assets and Liabilities Management (ALM) is essential for a
bank's sustainable and qualitative growth. Your Bank's ALM strives to strengthen the
Balance Sheet by reviewing the market dynamics, picking up signals emanating therefrom,
and maintaining regulatory requirements while creating value.
As a part of commitment for sound Risk Management practices, your Bank
regularly reviews its Internal Policies on 'Interest rate on Deposits', 'Asset and
Liability Management', 'Stress Test on Liquidity and Interest Rate Risks' to adapt to
changes in market conditions. Your Bank further undertakes Stress Tests and Reverse Stress
Tests to address any risks that may arise as a worst-case scenario. Studies are carried
out at regular intervals to assess customer behaviour to impart proper treatment of
non-contractual assets and liabilities while evaluating liquidity position. Behavioural
studies are conducted at half-yearly intervals to ensure the proper placement of
outflows/inflows in liquidity and interest rate sensitivity statements, which may result
from Off-Balance Sheet (OBS) exposures or probable loan losses. The assumptions relating
to non-contractual assets and liabilities are periodically reviewed, back-tested and
revised as per the outcomes of the latest studies.
The stock of High-Quality Liquid Assets (HQLA) and cash outflows are
monitored daily under a dynamic market environment to ensure the maintenance of LCR as
prescribed by the Regulator and Bank's internal Policy benchmarks. Your Bank has
implemented the NSFR guidelines of RBI, measuring the long-term resilience of your Bank in
terms of liquidity.
Your Bank identifies the inherent risks associated with changing
interest rates
on its Balance Sheet (On/Off) exposures from both short-term and
long-term perspectives. For this purpose, the impact of change in the interest rates on
Earnings at Risk (EaR) and Market Value of Equity (MVE) is assessed with pre-defined
tolerance limits, enabling the management to initiate appropriate preventive steps in a
likely scenario of erosion in NII/Net Worth. Your Bank has started the regulatory
reporting under the new IRRBB guidelines of RBI, measuring current or prospective risk to
Bank's capital and earnings arising from adverse movements in interest rates that affect
the Bank's Banking Book positions. To encourage branches to garner stable funds and assess
their profitability based on the cost of funds, a matched maturity-based Funds Transfer
Pricing was adopted by your Bank. Your Bank constantly strives to ensure adequate monetary
policy transmission through its benchmark lending rates.
Your Bank's Asset Liability Management Committee (ALCO) monitors and
manages Liquidity and Interest Rate risks by modulating the asset-liability mix in the
Balance Sheet and recalibrating the pricing of liabilities and assets from time to time.
The ALCO, inter alia, regularly reviews the interest rate scenarios, the growth pattern of
liability products, credit growth, competitive advantages, evolving liquidity conditions,
adherence to regulatory prescriptions, etc.
With automation of Regulatory Reports/ Returns pertaining to ALM, your
Bank is well-positioned in monitoring and compliance regarding Liquidity and Interest Rate
Risk Management.
Ethics and Business Conduct
Your Bank, distinguished by its commitment to steadfast ethical
standards, believes that ethics is a continuous process of infusing excellence in its
operational fabric and endeavours to shape the moral sensibilities of rank and file within
the organisation. Throughout FY2024, your Bank embarked on a series of initiatives to
fortify its business principles as outlined in its 'Code of Ethics'.
In a pioneering move within the Indian banking sector, your Bank
conducted an internal "Ethical Audit" to assess employee awareness of the Bank's
ethics- related policies, their perception of the organisational culture, and their
alignment with the Bank's vision, mission, and values. To enhance structural efficiencies
and process improvements, a project was initiated to digitise staff accountability and
disciplinary processes, culminating in the launch of the first-of-its-kind Disciplinary
Proceedings Management System (DPMS) Portal across the Bank on 1st July 2023.
This portal serves as a central database and repository for all disciplinary cases,
significantly enhancing transparency and strengthening the discipline management system
within your Bank. Your Bank also regularly conducts capacity-building workshops for
various stakeholders in discipline management, fostering a culture of compliance and
standardisation in staff accountability practices.
Your Bank has meticulously crafted a comprehensive framework of
policies, including the Code of Ethics, Anti-Bribery & Anti-Corruption Policy,
Conflict of Interest Policy, Staff Accountability Policy, Gift Policy - all aimed at
aligning employee conduct with the organisation's values. Regular reviews ensure the
relevance of these policies amidst evolving business and socio-economic landscapes.
Your Bank has an unwavering commitment towards fostering an inclusive,
secure, and empowering environment for its women employees, exemplified by the dedicated
'Garima' Policy for implementation of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition, and Redressal) Act, 2013. Garima (PoSH) covers the entire
process on matters relating to gender sensitivity and sexual harassment. During the year,
the policy was reviewed, and additional operational guidelines were included to streamline
the process at functional levels.
Your Bank regularly conducts webinars on 'Overview of Ethics &
Garima (PoSH)'
aimed at ingraining ethical conduct at every level of the organisation,
As a testament to its commitment to transparency, accountability, and
social responsibility, your Bank stands as a trusted partner, consistently exceeding the
expectations of stakeholders and embodying the pinnacle of ethical rectitude in the
banking sector,
Corporate Social Responsibility
The primary focus of your Bank's philanthropic push is to make a
meaningful and measurable impact on the lives of
economically, physically, and socially challenged communities,
The focus areas of your Bank's CSR activities for FY2024 include
Healthcare, Education, Livelihood, Rural & Slum Area Development, Skill Development,
Environment, Protection of National Heritage, Empowerment of Women and Senior Citizens,
Animal Welfare, Sports, among others, carried out through 17 circles of your Bank covering
all States and UTs,
In order to smoothly carry out large CSR projects/programmes which
require substantial funding and investment of
time, the SBI Foundation was established. SBI Foundation has been
envisioned to undertake socially oriented programmes directly through strategic alliances
and in collaboration with third parties.
The Corporate Social Responsibility Committee (CSRC) of the Board
ensures a transparent monitoring mechanism for implementation of CSR projects/
programmes/activities undertaken by your Bank. The CSRC of the Board sets the direction
for the activities of your Bank, as per the laid down CSR policy and reviews the progress
at quarterly intervals.
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Activities during FY2024
Swacchhata Pakhwada
• As a part of Swacchhata Pakhwada campaign, launched by the
Government of India, your Bank undertook various country-wide initiatives during
September-October 2023 and January 2024
• The Swacchhata activities included cleanliness of surroundings,
beach cleaning, distribution of jute bags, organising no-plastic campaigns, construction
of toilets, etc.
• 10,000 PPE kits were provided to sanitation workers in 14
districts of Kerala, with C75 Lakh spent on the initiative
Rural Self Employment Training
Institute (RSETIs)
• Constructing new RSETIs buildings at 19 locations
• Constructing additional areas of RSETIs as per SOP issued by
MoRD at 7 locations
• Constructing compound walls of RSETIs and other civil works at
14 locations
• Repair and maintenance at 23 locations
• Procuring training equipments and logistics at 152 RSETIs
managed by your Bank
• An amount of H57.16 Crore was spent on RSETIs
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Healthcare
• To improve the infrastructure of Primary Health Centres, your
Bank has adopted 158 PHCs across the country, spending an amount of C11.38 Crore for
procurement of medical equipments, benches, etc. With this initiative 1.90 Lakh poor and
underprivileged people have benefitted
• As a part of TB Mukt Bharat Abhiyaan, your Bank has supported
~8,000 TB patients by arranging for their food and immediate needs in Kerala and Haryana
• TB diagnostics medical equipments were procured and used in
various districts of West Bengal for TB detection and diagnosis
• Your Bank is continuously striving for improvement of medical
infrastructure and has provided CSR support for procuring medical equipments for
institutes, that provide free medical care to the underprivileged people. Few of such
institutions include:
- Sri Satya Sai Sarla Memorial Hospital, Chikkaballapura, Karnataka
- Eye Hospital managed by Sadvichar Parivar, Ahmedabad
- Umeed Health & Medicare Hospital, Indore
- Sankara Netralaya Eye Hospital, Chennai
- Seva Sadan Eye Hospital Trust, Bhopal
- Basavatarakam Indo American Cancer Hospital, Hyderabad
- Rotary Eye Hospital, Midnapore, West Bengal
- Jagadguru Sri Shivarathreeshwara Hospital, Mysuru
- Jaya Bharat Hospital, Nellore, Andhra Pradesh
Education
• To help rural children with their education, laptops were
distributed in Karnataka and Tamil Nadu
• For facilitating digital education in schools, your Bank has
upgraded classrooms to Smart classrooms in 232 schools country-wide. An amount of C10.62
Crore was spent on this project with an estimated 1.26 Lakh children being benefitted
• Tying up with Masoom Emgee Greens Trust, your Bank improved
infrastructure for Night School Transformation Program (NSTP) and Evening Learning Centres
(ELC) at Pune, Maharashtra
• Through Akshaya Patra Foundation, your Bank supported meals for
500 children for one year to the students hailing from poor backgrounds to promote and
encourage school enrolment
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• As part of Azadi Ka Amrit Mahotsav (AKAM) celebrations, fans
were provided to schools in various districts of Gujarat, with an amount of C31 Lakh
• Vehicles such as school buses, vans, etc. were provided to
various educational institutions enabling children to effortlessly travel to school from
their homes
Empowerment of Women and
Senior Citizens
• As part of livelihood initiatives, ~4,600 sewing machines were
provided to underprivileged women helping them in setting up their own tailoring shops. An
amount of C3.16 Crore was spent by your Bank on this initiative
• 355 Anganwadis were upgraded by setting up new infrastructure
with an amount of C3.44 Crore, which benefitted around 1 Lakh women
• 75 old age homes were upgraded with an amount of C1.42 Crore,
which benefitted around 1 Lakh underprivileged senior citizens
Environment
• Your Bank has tied-up with Isha Outreach for plantation of 9
Lakh trees across the Cauvery basin in Karnataka and Tamil Nadu. The plantation activity
was conducted during June-November 2023. The project was intended to address the farmer
and water crisis in the Cauvery basin districts of Karnataka and Tamil Nadu. It offers an
economic solution with significant ecological benefits. A CSR fund of C3.78 Crore was
spent on the project by your Bank
• As a part of Green Tamil Nadu campaign, your Bank has tied-up
with Gramium Trust for plantation of 2 Lakh trees in Dindigul District of Tamil Nadu, with
a CSR spent of C2 Crore
• 200 Solar street lights were installed in Lakshadweep to
encourage usage of solar power systems for street lighting
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• As part Green Environment initiatives, Plastic Paver Block
Manufacturing Machines were donated to Shri Somnath Trust, Prabhas Patan, Gir Somnath
District, Gujarat. The proposed project aims to utilise plastic waste as a resource to
manufacture paver blocks, thus addressing two major concerns simultaneously, reducing
plastic pollution and creating sustainable construction materials. An amount of C70.50
Lakh was spent for this project
• To encourage green power usage, e-vehicles were procured and
donated to various institutions across the country
Disaster Management
• Natural calamity in the form of a "sudden cloudburst"
hit over Lhonak Lake in the North Sikkim during the night of 3rd October 2023,
causing fast- moving torrents of water surging down the Teesta River in Sikkim's Lachen
Valley. To provide immediate relief for the people affected from the natural calamity,
your Bank donated a CSR fund of C2 Crore to the Disaster Management Fund of Government of
Sikkim.
• Your Bank has supported the Indian Coast Guard Visakhapatnam
with 6 units of remote operated self- propelled life buoy crafts, to help fishermen and
others who get trapped in the ocean currents
• Your Bank has supported people affected by natural calamities
such as Biporjoy cyclone in Jalore, Rajasthan, floods in Tamil Nadu and Kerala, etc.
Protection of National Heritage
• Your Bank has supported The Indian Music Experience Museum
(IME), Bengaluru with the latest AV equipment and technologies, empowering them to create
immersive installations to educate the masses on the history of Indian Music. A CSR fund
of C98 Lakh was spent on the project
\
, • In an attempt to document the age-old
Gharana Music Traditions, your Bank i has tied up with SMP Namsankirtan
for preserving the heritage of 12 Gharanas.
I A CSR fund of C50 Lakh has been allocated for this project , •
Your Bank has supported Madhav
; Rao Sapre Sangrahalaya, Bhopal
i with a CSR fund of C45.83 Lakh for
digitising national intellectual heritage, i and installing Solar Power
Panels.
The Institute collects and preserves , our national heritage in the
form of
I Newspapers, Periodicals, Reference
; books, Manuscripts and other
Heritage documents
CSR in Aspirational Districts
i • Your Bank has undertaken various ; pan-India CSR activities in
Aspirational
Districts across the country. An amount of C6.08 Crore was spent in i
80 Aspirational Districts. A total of
i 173 CSR activities were undertaken
to benefit underprivileged people from l backward areas
* SBI Children's Welfare Fund 1 (SBI CWF)
^ • SBI CWF is a voluntary fund set up
^ by the contribution of your Bank's
employees. Out of the interest earned from the corpus of the fund that
is maintained, grants are given to various organisations for children welfare related
activities, subject to j a ceiling of C10.00 Lakh per grant.
' During FY2023-24, C32.46 Lakh was
granted to four organisations across the country benefitting children
from marginalised and underprivileged : sections of the society
1 Awards Won
• Your Bank has won the 10th Greentech , CSR
India Award 2023 in the category
i 53 3
\ "Protection of National Heritage &
Culture"
V
1
SBI Foundation
SBI Foundation was established by the State Bank of India as a Section
VIII Company under the Companies Act (2013) to undertake the CSR Activities of State Bank
Group in a planned and focused manner. Focusing on areas such as rural development,
healthcare, empowerment of PwDs, education, sustainability & environment, livelihood
& skill development, youth empowerment, promotion of sports,
and more, SBI Foundation works across 28 states and 7 Union Territories
of India.
Gram Seva: Rural Development
State Bank of India has always strived to contribute towards building a
strong and developed rural India. In this direction, SBI Foundation started 'SBI Gram
Seva', a flagship programme in 2017 for the holistic development of
villages through Digitalisation, Education, Health, WaSH (Water,
Sanitation & Hygiene), Skill & Livelihood Development, Women Empowerment,
Infrastructure, and Environment. During FY2024, the programme was expanded to another 30
villages in Aspirational Districts/Backward areas etc. taking the total to 180 villages
across 27 states covering 17 Circles of your Bank, impacting over 2 Lakh lives.
f
Gram Saksham
• SBI Foundation has initiated 'Gram Saksham' to create
sustainable livelihood opportunities in rural areas and also provide supplementary options
for income augmentation. The project activities mainly focus on natural resource
management, livestock development and improvement in farmer incomes, with a special focus
on women, youth, farmers, and tribal and marginalised communities
• During FY2024, the Gram Saksham Project was expanded to another
145 villages, taking the total to 270 villages across 12 States and impacting over 1.5
Lakh lives
SBI SAMMAAN - Hom(e)age to the
National Heroes
• SBI Foundation initiated a new programme named 'SBI SAMMAAN -
Hom(e)age to the National Heroes', which aims to identify and develop the villages of the
freedom fighters, war veterans and public heroes
• During FY2024, SBI Foundation piloted need-based projects in the
V
native villages of 4 National Heroes (Bharat Ratna Vinoba Bhave, The
Mountain Man Shri Dashrath Manji, Lance Naik Bhairon Singh Rathore and Shaheed Veer
Narayan Singh) who hailed from humble backgrounds, exhibited bravery and valour, and
contributed to their country and its people
SBI Saptarshi
• During the year, special CSR activities were initiated in 100
SC/ST intensive villages identified by ABU & GSS Department of your Bank under 'SBI
Saptarshi' programme. The project was self-implemented in coordination with the M, C &
CSR Departments of all 17 Circles of your Bank. The interventions focused on improving
basic infrastructure in the villages, viz. Smart Classrooms, Computer Labs, Girls Common
Room, Water Filters, Solar Street lights and other interventions
Other new initiatives
• SBI Foundation joined hands with ICAR - Indian Institute of Rice
Research, Hyderabad, to promote
A
'Direct Seeded Rice' for Sustainable Rice Production. The
project aims to support farmers with a package of practices and capacity building, with an
estimated outreach of 15,000 farmers in Telangana for next two years
- 'Shalihotra Express', a Mobile Veterinary Services
Unit flagged off in Visakhapatnam District, Andhra Pradesh, to provide veterinary services
at farmers' doorsteps by way of a dedicated vehicle and a veterinary team. The initiative
is expected to reach around 2,000 breedable livestock population, benefitting an estimated
1,200 farmers in the next year
- 'Raita Bandhu' and 'Bhagirath'
watershed development initiatives were flagged off in Gadag District,
Karnataka and Vidisha District, Madhya Pradesh, to bring prosperity in the lives of the
farmers by supporting them in watershed development for agricultural activities. The
initiatives are expected to reach over 2,000 farmers over the next two years
)
SBI Youth for India Fellowship
SBI Youth for India is a 13-month rural development Fellowship
programme that provides a framework for bright young minds from urban areas to join hands
with rural communities in their struggles and aspirations. Our 13 grassroots partner NGOs
facilitate this journey of rural immersion and in the selection of meaningful projects to
tackle and solve rural issues.
f \
• The Youth for India Conclave
was held at Vishwa Yuvak Kendra, Delhi, on 8-9th April 2023.
It is a platform for multiple Youth for India Fellowship stakeholders, including alums,
and partner NGO to interact, network and share ideas
• New Batch: Nearly 44,000 registrations and 12,000
applications were received for the 11th batch of the Fellowship.
64 Fellows have been selected for the 2023-24 batch, whose orientation
programme was organised in collaboration with the DHAN Foundation at The DHAN Academy in
Madurai, Tamil Nadu
• Valediction: The valediction programme for the 2022-23
Batch of Fellows was organised at the State Bank Institution for Learning &
Development (SBILD), Jakkur, Bengaluru, on 2nd November 2023.
67 Fellows were awarded the Fellowship Completion Certificate
• The Pitch Fest: Four alumni ventures were awarded grants
worth C24 Lakh. Four alumni ventures were awarded C6 Lakh
• YFI SAHYOG: 25 Fellows of the 2022-23 batch across ten
partner NGOs were awarded grants worth C15,16,410 as part of the Youth for India Sahyog,
an initiative to provide handholding support to innovative and promising pilots and
ventures, run by the alumni and Fellows
V J
Centre of Excellence (CoE) for Persons With Disabilities (PwDs)
Centre of Excellence for Persons with Disabilities (CoE), launched in
2017, is a centralised support centre for Persons with Disabilities. CoE conducted 31
offline training programs for 681 PwD employees from SBI, RBI, Bank of Baroda, Canara
Bank, Indian Bank, Indian Overseas Bank, Central Bank of India, Panjab
and Sind Bank. Centre of Excellence for PwD also won the ATF award in November 2023 for
its contributions towards empowering Persons with disabilities.
r ^
Projects for Promoting Inclusion and Empowerment
• SBIF CoE Child Assistance, Relief, and Empowerment
(CARE): It addresses the critical healthcare needs of Persons with
Disabilities (PWDs). In line with SDG 3 - Good Health and Wellbeing for all, including
persons with disabilities, CARE aims to create a paradigm shift in how disabilities are
identified, treated and managed. In FY2024, CoE started working with organisations such as
Drishti Samajik Sansthan, Society for Action in Community Health, etc.
• SBIF CoE SAMAGRA SHIKSHA provides education and assistance to
children with disabilities and intensive interventional support. It promotes SDGs for good
health, well-being, and quality education for children with disabilities. SBIF recently
partnered with several organisations, such as ADAPT, Samarthanam, Shroff's Charity Eye
Hospital, etc. to promote inclusive and accessible education
• SBIF CoE SAMARTHYA - The Samarthya vertical is wholly
dedicated to promoting and developing assistive technology and aids for the empowerment of
Persons with Disabilities. Some projects sanctioned this year under the vertical are in
partnership with organisations such as Saksham Trust, Calcutta Centre Mahavir Seva Sadan,
etc.
• SBIF CoE SWAVALAMBAN - This vertical deals with the
upscaling and employability of Persons with Disabilities (PwDs). Under this vertical, the
Centre of Excellence for PwDs recently started working with organisations such as Anudip
Foundation for Social Welfare, TRRAIN Trust, and J.M. Institute of Speech and Hearing to
provide livelihood opportunities to PwDs
• SBIF Sensitisation and Awareness programme includes SBI
Foundation's set up, Dialogue in the Dark Centres, offering a distinctive and immersive
experience, guiding visitors through complete darkness led by visually impaired Guides,
thus enhancing awareness and empathy for the Persons with Disabilities (PwDs) community,
and promoting inclusivity. Centre of Excellence for PwDs also started a project to improve
the lives of Persons with Disabilities (PWDs) in Goa by addressing mobility challenges and
deploying 30 Wheelchair Accessible e-Rickshaws in Goa and providing Persons with
Disabilities convenient access to healthcare services, educational support, and employment
opportunities, thus ensuring inclusive everyday mobility
Jivanam
Jivanam, the Foundation's healthcare vertical, curates projects
spanning access to primary healthcare, cancer care, palliative care, eye care,
infrastructural support, mental health care, organ donation advocacy, and fostering
healthcare technology and innovation.
r : : ~ ^
Projects sanctioned in FY2024
SBIF Jivanam - TB Care: The projects focus on providing screening
and testing for TB at the doorsteps of villagers through Mobile Medical Units (MMUs) and
advanced technological support to ensure access and affordability. Additionally, they will
be provided with nutritional and medicinal facilities for six months. A total of 2
projects were sanctioned in Chhattisgarh and Madhya Pradesh, with a financial outlay of C5
Crore
SBIF Maatrichhaya: It aims to supply necessary equipment and
infrastructure related to maternal and neonatal health to selected Primary Health Centres
(PHCs), Community Health Centres (CHCs), and Charitable Hospitals. A total of 2 projects
with a financial overlay of C2.37 Crore were sanctioned in rural areas of Odisha and
Jharkhand
SBIF Eye Care: The project aims to provide quality eye care
facilities to marginalised and vulnerable populations in West Bengal, Andhra Pradesh, and
Rajasthan through screening
camps, surgeries, medicinal support, consultations, counselling, and
follow-up care. A total of 3 projects amounting to C3 Crore were sanctioned SBI
Sanjeevani: The project SBI Sanjeevani has played an instrumental role in improving
healthcare access in India's rural areas by reducing financial difficulties and bringing
situational change at the community level in the villages. In FY2024, a total of 49
projects were sanctioned, amounting to C46.56 Crore across 11 states
| 6.6 Lakh |
66 |
114.71 Crore |
| Lives impacted through Jivanam |
Newly sanctioned projects |
Budget sanctioned |
Sashakti
The projects under this vertical aim to raise awareness of women's
rights, gender equality, and women's roles in governance, as well as help underprivileged
women in leadership and skill development.
(
Projects sanctioned in FY2024
• The 'SBIF - She Leads' project aims to conduct financial,
legal, and digital literacy sessions for 3,000 Women Self Help Groups (WSHG) members in
Kalahandi and Nuapada districts of Odisha. The project aims to address gaps in knowledge
through a comprehensive approach, offering education in digital, financial, and legal
aspectss
• The 'Saarthi' project is designed to offer sessions on
menstrual hygiene
\
and child abuse prevention in Haryana's Jind and Kaithal districts.
Focused on school students, this initiative enables early intervention, empowering them
with crucial life skills and knowledge to safeguard themselves and promote healthier
lifestyles
• The 'SBIF Garima' project aims to support a shelter home
for 40 elderly women in Krishna District, Andhra Pradesh
>!
• The 'SBIF Sashakti: Financial Empowerment of Tribal Women'
aims to provide livelihood opportunities to tribal women in the target
areas through skill development and training in different domains, striving for their
economic independence, increased participation in decision-making and financial
empowerment
| 29,000 |
(J1 |
5 Crore |
| Lives impacted through Sashakti |
Newly sanctioned projects |
Budget sanctioned |
Integrated Learning Mission (ILM)
ILM is an education vertical of the SBI Foundation, making education
accessible for all children. It stands on the pillars of creating a quality curriculum,
building the capacity of stakeholders, strengthening infrastructure in government schools,
and ensuring access to quality and inclusive education, including higher education.
f ^
Key Programmes
New Initiatives
• Five new projects were sanctioned for improving educational
infrastructure in government schools, including digital classrooms, safe drinking water
and sanitation, playground and library development, at a total financial outlay of C9.43
Crore
• Three new projects were sanctioned to improve literacy, numeracy
and STEM learning outcomes, at a total financial outlay of C6.18 Crore
• Two new projects were sanctioned to provide students with access
to quality education in remote and conflict-prone regions and residential academic
facilities for underprivileged students at a total financial outlay of C3.65 Crore
• Five workshops were conducted for the Prevention of Cyber Crime
for police officials of Maharashtra State at Mumbai, Navi Mumbai and Pune
SBIF Asha Scholarship
• Scholarships worth C3.91 Crore were distributed in FY2024 to
3,198 students, including students from Grades 6th to 12th,
undergraduate students, IITs and IIMs, and PhD students
V J
Livelihood and Entrepreneurship Accelerator Program (LEAP)
LEAP, the Foundation's flagship programme, strives to develop, foster,
and sustain robust and inclusive livelihood models entrepreneurial and startup ecosystems,
with strategic collaborations to uplift incomes and empower marginalised communities to
bridge the development gap and break the poverty cycle in the country. These initiatives
are implemented to accelerate India's contribution towards achieving SDG 1, No Poverty.
f \
Projects sanctioned in FY2024
SBIF LEAP: Setting up Community Institutions: Two new projects for
developing community institutions have been sanctioned in 6 districts across Assam,
Meghalaya, Tripura, and Maharashtra, with a financial outlay of C8.89 Crore
SBIF LEAP: Integrated Livestock Development: A new project for
integrated livestock development has been sanctioned with a financial outlay of C4.90
Crore
SBIF LEAP: Promotion of MicroEntrepreneurship: Two new projects for
promoting micro-entrepreneurship have been sanctioned with a financial outlay of C8.98
Crore V
SBIF LEAP: Skilling in BFSI sector:
Four new projects for skilling in the BFSI sector have been sanctioned
in 9 cities across Madhya Pradesh, Uttar Pradesh, West Bengal, Maharashtra, Delhi NCR, and
Karnataka, with a financial outlay of C2.55 Crore
The project to set up 250 Common Service Centres (CSP Outlets) in
Army Cantonment Areas across the country was sanctioned at an outlay of
C4.73 Crore. The project aims to create livelihood opportunities for 250 army
veterans/widows by setting up 250 Common Service Centres.
Conservation through Sustainable Engagement, Restoration, and Wildlife
Protection (CONSERW)
CONSERW, the Foundation's flagship programme, aims to ensure
environmentally conscious production and consumption, clean energy adoption, restoration
of ecosystems and natural resources, and conservation of wildlife to contribute to
CONSERWING for a better and sustainable future for our planet.
Key Highlights
• MoU with the Textile Committee of India: An MoU has been
signed with the Textile Committee of India, Government of India, to pilot a project for
recycling post-consumer textile waste in Navi Mumbai, in partnership with the Navi Mumbai
Municipal Corporation
• Waste No More: Two new projects for sustainable waste
management in Panna City of Madhya Pradesh, as well as in 10 Gram Panchayats of Dakshin
Kannada district in Karnataka, have been sanctioned with a financial outlay of C 7.54
Crore
• ARANYA: Four new projects for ecosystem restoration
through tree plantation have been sanctioned with a financial outlay of C13.88 Crore.
17,82,960 trees will be planted across 15 districts in Punjab, Tamil Nadu, Maharashtra,
and Madhya Pradesh
• Disaster Relief: Two projects have been sanctioned to
provide postdisaster relief support in the areas of Tamil Nadu affected by Cyclone
Michuang, which has a financial outlay of C50 Lakh
• Wildlife Conservation: Two
projects for mitigating human and wildlife conflict in Tadoba Tiger
Reserve and conducting the first large-scale genetic study of tigers in 7 protected areas
of the northeast have been sanctioned, with a financial outlay of C4.94 Crore
SBIF ACE
ACE is the Foundation's flagship programme in the domain of sports. It
comprises key interventions in building state-of-the- art sports infrastructure creating
and nurturing strategic partnerships with the flag bearers of sporting excellence in
India, such as ex-Olympians and sportspersons of international repute. The programme
provides holistic support to young and underserved sportspersons, Olympic medal prospects,
and para-athletes to create an environment that supports budding sportspersons in ACE
their respective sport. The programme also strives to support and contribute to the FIT
INDIA movement.
f \
Key Events Participated
• Asian Para Games Hangzhou
• Paris World Para Athletics Championships
• Elite & Legend World Championships, Dubai, UAE
• ITF FUTURES M15 Tournament held in Ethiopia
• Osijek 2023 World Shooting Para Sport World Cup
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413 medals
Won by ACE beneficiaries in FY2024
Miscellaneous
SBI Foundation Hub for Data & Analytics for India
An initiative in partnership with the Indian Institute for Technology,
Bombay (IITB), to
establish the SBI Foundation Hub for Data & Analytics for India.
r ; a
• The Himachal Flood Relief initiative provided essential relief
materials to people affected by the recent floods and landslides in the Kullu, Shimla and
Chamba Districts of Himachal Pradesh
• The International Purple Fest 2024, held in Goa, was a six-day
inclusive festival organised by the Government of Goa and supported by the Ministry of
Social Justice and Empowerment, Govt of India. SBI Foundation's participation was highly
appreciated
CSR Awards
| Award |
Programme |
Category |
| CSR Health Impact Awards (IHW) |
SBIF Jivanam |
Health & Environment |
| ATF Award 2023 |
SBIF Centre of Excellence for
PwDs |
Best Assistive Technology CSR
Initiative |
| The CSR Journal Excellence Awards 2023 |
SBIF Gram Seva |
Agriculture & Rural
Development |
| The CSR Journal Excellence Awards 2023 |
SBIF Women Empowerment |
Special Category -
"EmpowerHer" award |
| SABERA Awards 2023 |
SBI Foundation |
Non-profit of the Year |
Regional Rural Banks (RRBs)
With two-thirds of our country's population living in rural areas, it
presents a vast yet under-tapped opportunity for the Indian Banking sector. Your Bank's
extensive network of sponsored Regional Rural Banks (RRBs) has a distinct competitive
advantage due to the large account base and decades-old tradition of trust-earning
services.
Your Bank has sponsored 14 Regional Rural Banks operating at regional
levels in 13 States and 1 UT. These RRBs boast combined branch strength of 4,761 spread
across 242 districts and are on the CBS platform, offering banking services at par with
any other commercial banks in the country.
/ \ Business highlights of FY2024
• The aggregate deposits and advances of the 14 RRBs sponsored by
your Bank as on 31st March 2024 stood at C1,35,922 Crore and C99,171 Crore,
respectively, as against C1,23,907 Crore and C85,117 Crore as on 31st March
2023.
• During the year under review, despite the persistently
challenging macroeconomic environment, the RRBs improved their business, with deposits
growing by 9.70%
V
and advances by 16.51% YoY. RRBs expanded their Housing and Gold loan
exposure by 22.47% and 36.70% (YoY), respectively, as a part of their strategy to
diversify the portfolio.
• The RRBs posted a Net-Profit of C2,916.41 Crore as on 31st
March 2024 as against a Net-Profit of C2,301.91 Crore as on 31st March 2023.
The RRBs continue to focus on improving earnings from their core Banking business,
strengthening the
fee income streams, and maintaining control on operating costs.
• The combined Gross Nonperforming Assets ratio of the RRBs has
decreased to 3.53% as on 31st March 2024 as against 4.21% as on 31st
March 2023. The Net NPA stands at 0.40% as against 0.82% as on 31st March 2023.
Business per employee during the year improved to C12.98 Crore as against C11.68 Crore as
on 31st March 2023.
II J
f
Significant developments in FY2024
• The Viability Plan was rolled out on 2nd October 2022
by the Dept of Financial Services (DFS) in all RRBs. Your Bank's four sponsored RRBs i.e.
Telangana Grameena Bank in Southern Region, Chhattisgarh Rajya Gramin Bank in Central
Region, Saurashtra Gramin Bank in Western Region and Mizoram Rural Bank in North-Eastern
Region out of six RRBs were selected by NABARD as best performing RRBs, based on their
overall performance under the Viability Plan Framework during the FY2023.
• Introduction of Asset Management Hubs (AMHs) - A Centralised
Credit
V II
Processing system for Loans & Advances, for an efficient
underwriting process at all RRBs.
• Recent development in IT area of RRBs are LOS (Loan Origination
System), CIF-based NPA classification, system- driven Customer Risk categorisation and
onboarding of RRBs on Account Aggregator platform. Apart from the above, Immediate Payment
Service (IMPS) and Bharat Bill Payment system (BBPS) have been made live at Customer
Service Points (CSPs) of RRBs. Internet Banking (INB) facility is also made available in 5
RRBs. 12 out of 14 SBI-sponsored RRBs are extending Internet Banking facility to
their customers for ease of transaction and convenience.
• Launch of mobile app by 10 RRBs for digital account opening with
video KYC facility. Apart from Branch Channel, services of digital account opening with
Video KYC facility have been extended to the Customer Service Points/Business
Correspondent channel.
• To improve treasury yields/returns, the services of SBI Fund
Management Limited for non-discretionary Portfolio Management Services have been engaged
at all the 14 RRBs.
)
Associates
| Sr. No. |
Name of the
Associate (RRB) |
Country of |
Group's Stake
(%) |
| Incorporation |
Current Year(2023-24) |
Previous Year (2022-23) |
| 1 |
Andhra Pradesh Grameena Vikas
Bank |
India |
35.00 |
35.00 |
| 2 |
Arunachal Pradesh Rural Bank |
India |
35.00 |
35.00 |
| 3 |
Chhattisgarh Rajya Gramin Bank |
India |
35.00 |
35.00 |
| 4 |
Ellaquai Dehati Bank |
India |
35.00 |
35.00 |
| 5 |
Jharkhand Rajya Gramin Bank |
India |
35.00 |
35.00 |
| 6 |
Madhyanchal Gramin Bank |
India |
35.00 |
35.00 |
| 7 |
Meghalaya Rural Bank |
India |
35.00 |
35.00 |
| 8 |
Mizoram Rural Bank |
India |
35.00 |
35.00 |
| 9 |
Nagaland Rural Bank |
India |
35.00 |
35.00 |
| 10 |
Rajasthan Marudhara Gramin
Bank |
India |
35.00 |
35.00 |
| 11 |
Saurashtra Gramin Bank |
India |
35.00 |
35.00 |
| 12 |
Telangana Grameena Bank |
India |
35.00 |
35.00 |
| 13 |
Utkal Grameen Bank |
India |
35.00 |
35.00 |
| 14 |
Uttarakhand Gramin Bank |
India |
35.00 |
35.00 |
Subsidiaries
SBI CAPITAL MARKETS LIMITED (SBICAPS)
(Amount in H Crore)
| Name of the subsidiary company |
Ownership (SBI Interest) |
% of ownership |
Net Profit (losses) FY2024 |
| SBI Capital Markets Ltd. |
58.03 |
100 |
1336.31 |
| SBICAP Securities Limited (SSL) |
|
100% Subsidiary of |
452.08 |
| SBICAP Trustee Co. Limited (STCL) |
SBI Capital Markets
Ltd |
29.95 |
SBI Capital Markets Limited (SBICAPS) incorporated in 1986, is one of
India's leading domestic Investment Banks and is registered with SEBI as a category I
Merchant Banker and a Research Analyst. SBICAPS offers the entire bouquet of investment
banking and corporate advisory services to its clients. These services include Project
Advisory, Loan Syndication, Structured Debt Placement, Mergers and Acquisitions, Private
Equity, Restructuring Advisory, Stressed Assets Resolution, IPO, FPO, Rights Issues, Debt
and Hybrid Capital raising. SBICAPS is also involved in fund raising through new products
such as Real Estate Investment Trusts (REIT) and Infrastructure Investment Trusts (InvIT)
in line with Government's Asset Monetisation Plan. Headquartered in Mumbai, SBICAPS has 6
Regional Offices across India (Ahmedabad, Chennai, Hyderabad, Kolkata, New Delhi and
Bangalore), one office in Abu Dhabhi Global Market and 2 Wholly Owned Subsidiaries -
SBICAP
Securities Limited and SBICAP Trustee Company Limited.
SBICAPS is ranked No. 1 with Market share of 53.56% as Merchant Lead
Arranger for India Borrowers Loans in INR during the calendar year 2023.
During the year, the Company has sold its entire stake in SBI Pension
Funds and SBICAP Ventures Limited (wholly owned subsidiary) resulting in exceptional gain.
During the period, the Company has been involved in several marquee transactions, few of
which are listed below:
• Buy Side M&A advisory services to IndusInd International
Holding Limited (IIHL) for acquisition of Reliance Capital Ltd.
• Debt syndication for HPCL Rajasthan Refinery Limited
• Advisory for refinancing transaction of Adani Power Ltd.
• Advisory for financing capex of Jindal Steel Odisha Ltd (JSOL)
• Assistance for debt of greenfield Ganga Expressway project
• IPO offering of Nexus Select Trust (Issue size-3,200 Crore), JSW
Infrastructure (H2,800 Crore), IREDA (H2,150 Crore) and Medi Assist Healthcare Services
(Issue size- 1,172 Crore).
• QIP of Bank of India (Issue size H4,500 Crore), KPI Green Energy
(Issue size H300 Crore), Brookfield India (H2,305 Crore), and Indian Bank (H4,000 Crore)
• Acted as an Arranger for bond issuance aggregating to H38,101
Crore by State Bank of India, one of the largest bond issuance by any bank.
• NCD issuance for NMDC Data Center Pvt. Ltd (H800 Crore Size).
• Completed three Municipal Bonds during the year.
f A
Reward & Recognition
The Company has won IJGlobal Awards 2023 in:
• Social Infrastructure Deal of the Year - APAC - Telangana
SuperSpecialty Hospitals
• Oil & Gas - Deal of the Year - Downstream - APAC - HPCL
Rajasthan Refinery
SBICAP SECURITIES LIMITED (SSL)
SSL, a wholly owned subsidiary of SBI Capital Markets Ltd., started
operations in 2006 to provide primary and secondary capital market access to retail
customers and became the broking arm of the State Bank of India Group. SSL is specialised
in providing comprehensive equity broking services to clients in the Cash and Futures
& Options segments.
SSL serves over 48.34 Lakh customers through state-of-the-art trading
platforms on mobile apps, websites, and dealer terminals and offers its customers a
variety of products and services to choose from- such as Equity, derivatives, Currency
trading, Mutual Funds, Tax Free Bonds, distribution of home loans and auto loans to meet
their financial needs.
In Retail Trading, the market share has increased to 1.71% in FY2024 as
compared to 1.57% in previous year. In Margin Funding product, the book size has grown to
4.83% in FY2024 as against 3.11% in the corresponding previous year. During FY2024, the
company has acquired 14.15 Lakh accounts as against 11.12 Lakh reported previous year.
In Retail Assets, SSL being captive sourcing arm of State Bank of
India, has played a significant role in the Bank's overall Home Loan and Auto Loan
business. The company has achieved a remarkable
milestone of H1 Trillion+ disbursement in Home Loan vertical and Auto
Loan vertical. The company has its geographical footprints with more than 360 locations
for Home Loan and more than 560 locations for Auto Loan at pan India level to cater its
customers with SBI Home loan and Auto Loan products respectively.
SSL has enhanced its Mobile App application with various features viz.,
Edit profile section where customer can easily manage and update their account details,
facility of in-app banners, and notifications for account updates, market insights,
feedback and surveys, addition of new reports like Capital gain Report, MTF and Non-MTF
ledger and Interest Rate Report.
The company has introduced several digital products viz., Buyback of
shares, Equity SIP (ESIP) to enable customers creating their own Equity basket of stocks
and invest in equated instalment, allowing E-margin positions till 365 days with interest
charge after 23 trading days.
Enhancement in Third Party Product Offerings
Investment via native journey for Corporate Fixed Deposit: Integrating
with corporates through native journey providing seamless investment opportunities in
corporate FDs that align with customer's interests and financial goals.
National Pension System (NPS): Launch of NPS towards fulfilling
your financial empowerment journey.
Mutual Fund 24x7 Orders: Enabled Mutual Fund investment transaction
24x7 facility for customers to diversify their investment, as well as create a revenue
stream of SSL.
Pre-IPO Offering: Enabled Pre-IPO offering which helps customers to
apply IPO before the issues opens which help customer in easy decision making for
investment in IPO.
SSL has achieved gross income of H1,805.88 Crore for the year ended 31st
March 2024 as against income of H1,203.14 Crore in previous year. SSL reported expenses of
H1,191.44 Crore for the year ended 31st March 2024 as against H791.52 Crore in
the previous year.
r ^
Reward & Recognition
• Awarded with "BFSI Best Brands Award" by ET Edge
Awards for Pioneering in Digital Customer Experience, Fortifying Cyber Security and
Driving Innovation.
• Recognised in Top 50 Companies by Great Place to Work for Best
Workplace in Health and Wellness.
V J
SBICAP TRUSTEE CO. LIMITED (STCL)
STCL, a Wholly Owned Subsidiary of SBI Capital Markets Limited started
operation of Security Trustee business with effect from 1st August 2008.
The Company acts as a Security Trustee to the Lenders for Corporate and
Project Finance Loans. It performs the role of a Debenture Trustee for the Debentures/
Bonds issued by Corporates, Banks, PSUs & Municipal Corporations. It is registered
with SEBI as a Debenture Trustee. STCL also provides other related services like Share
Pledge Trustee, Escrow Trustee, AIF Trustee, ESOP Trustee, etc. As Trustees, STCL
currently handles 4,044 assignments and holds securities for loans of value H49 Lakh Crore
(approx.) as on 31st March 2024 on behalf of Lenders and Debenture/ Bond
holders.
S'
Performance Highlights
• STCL posted PAT of H29.95 Crore for the year ended 31st
March 2024 as against PAT of H28.73 Crore in the previous year
• Gross Income has increased to H60.79 Crore as on 31st
March 2024 as against H58.66 Crore in the corresponding previous year
• As Security Trustee and Debenture Trustee service provider, STCL
have completed 681 new mandates with income generation of H16.75 Crore during FY2024
• As an Escrow Trustee, STCL acts as a neutral party to provide
services as envisaged under the Tripartite Agreement. During the year, the company has
completed 8
v
mandates amounting to fee income of H0.10 Crore
• As Virtual Data Room (VDR) Service provider, the company has
completed 23 mandates amounting to income generation of H0.38 Crore
• During the year, the company has completed 26 mandates amounting
to fee income of H0.25 Crore for providing Ancillary Services which includes KYC due
diligence, obtaining title search reports, valuation reports, legal opinions, ROC search
reports, obtention of timely financial information, Revival Letters etc. to lenders for
corporate lending under Consortium/Multiple Banking and Sole lending
SBI CARDS & PAYMENTS SERVICES LIMITED (SBICPSL)
| Name of the subsidiary company |
Ownership |
% of ownership |
Net Profit |
|
(SBI Interest) |
|
(losses) FY2024 |
| SBI Cards and Payment Services |
652.63 |
68.63 |
2,408.00 |
| Limited |
|
|
|
SBI Cards and Payment Services Limited (SBICPSL) is a subsidiary of
State Bank of India wherein Bank holds 68.63% stake. SBI Cards and Payment Services
Limited is a non-banking financial company that offers extensive credit card portfolio to
individual cardholders and corporate clients which includes lifestyle, rewards,
travel & fuel and banking partnerships cards along with corporate
cards covering all major cardholders' segments in terms of income profile and lifestyle.
It has diversified customer acquisition channels that enables to engage prospective
customers across a wide spectrum.
' ^ Performance Highlights
• Growing Portfolio: Cards-in- Force of 1.89 Crore at 13%
YoY, Spends H3,29,589 Crore at 26% YoY, Receivables H50,846 Crore at 25% YoY
• Market share: #2 in both Spends and Cards for FY2024;
Cards in force @18.6% (FY2023 19.7%), Spends @17.8% (FY2023 18.2%), Transactions @17%
(FY2023 18.2%)
• Profitable operations: PAT H2,408 Crore, at 7% YoY, ROAA
at 4.7%, ROAE at 21.7%
• Asset quality: GNPA @2.76%, NNPA @0.99%, GCL @7.20% v/s
5.9% as on March 2023
• Liquidity: Diversified borrowings mix, adequate banking
limits available. CAR @20.5%, T-1 @16.5%. LCR @105% vs statutory requirement of 85%
The company reported Profit after Tax (PAT) of H2,408 Crore for the
year ended 31st March 2024 as compared to H2,258 Crore in the previous year.
/
Awards and Recognition
• Awarded Best CSR Excellence Award in Healthcare 2nd
Edition of Healthcare Summit and Awards by (ASSOCHAM).
• Won Silver Award in CSR Waste Management Project and Bronze
Award in CSR Clean Energy Project.
• SBI Cards has been bestowed with the 'Best Business Eco-Friendly
Award' at the Global Summit on Sustainability.
• SBI Card clinched another global recognition with Bradon Hall
Awards (Bronze category) for the Best Advance in Mobile Learning Technology in the L&D
Category
• Recognised as Superbrand for the year 2023 in the Credit Card
category.
• Won 'Golden Peacock Award' for Corporate Social Responsibility
in the financial services category for FY2023
\
• Awarded with LearnX Award (Gold category) for the Best Learning
&
Talent Tech - Best Mobile App Launch of New Products during FY2024
• Reliance SBI card
• Titan SBI Card
• SimplySAVE Merchant SBI Card
SBICAP VENTURES LIMITED (SVL)
(Amount in H Crore)
| Name of the subsidiary company |
Ownership (SBI Interest) |
% of ownership |
Net Profit (losses) FY2024 |
| SBICAP Ventures Ltd. |
603.78 |
100 |
43.17 |
SVL is a leading alternative asset management company with assets under
management of around H32,500 Crore. The company manages funds that are diverse in nature,
cutting across various sectors. SVL was a Wholly Owned Subsidiary of SBI Capital Markets
Ltd. SVL has become a Wholly Owned Subsidiary of SBI since 7th February 2024.
SVL manages NEEV Fund I (Neev), NEEV II (SVL-SME) Fund & SWAMIH Investment Fund I
(SWAMIH). The company is also the investment manager for three Funds of Funds: Self
Reliant India (SRI) Fund and UK India Development Cooperation Fund (UKIDCF) and Trilateral
Development Co-operative Fund (TDCF).
Neev I is SEBI registered Category I AIF with a mandate to invest in
infrastructure development of eight low-income states. SVL is a General Partner in the
Fund with net investment of H25.50 Crore till March 2024. The fund has fully invested its
investible corpus of H450.10 Crore across 10 portfolio companies of which three have been
fully exited till March 2024.
NEEV II (SVL-SME) is SEBI registered Category I AIF which had its first
close in March 2024. The Fund corpus is ~H1,004 Crore. The Fund has made commitment of
H826 Crore in seven investments against the actual investments aggregating to H507 Crore
till March 2024.
SWAMIH, a SEBI registered Category - II AIF had its final close on 6th
December 2022, at H15,531 Crore with Government of India and public sectors banks and
other institutions as investors in the Fund. It has mandate to provide last mile funding
to stalled housing projects in the affordable housing/ mid income category. The fund has
disbursed H6,769.90 Crore in 117 projects where the committed amount is H11,314 Crore. The
Fund has returned H2,373.90 Crore back to investors through 20 full exits and partial
exits in 37 projects till 31st March 2024.
UKIDCF Fund, a SEBI registered Category - II AIF with a corpus of
H5,000 Crore had its first close in June 2021 at H253 Crore. The Fund has given
commitments in three
identified downstream funds aggregating to H220 Crore and invested
H66.00 Crore till 31st March 2024. The Fund would identify 2-3 daughter funds
every year and deploy its corpus across the daughter funds.
SRI Fund has been set up in Oct 2021 by National Small Industries
Corporation (NSIC) on behalf of the Ministry of MSME with corpus of H10,000 Crore upto
March 2022. Final approval has been accorded for 55 investments in daughter funds
amounting to H6,560 Crore. The Fund has also provided preliminary recommendation
(subjected to diligence and final approval) to another 3 investments aggregating about
H230 Crore till March 2024.
TDC Fund is a SEBI registered Category II AIF with a corpus of H700
Crore and a green shoe option of H300 Crore. The Fund has completed its first close in
March 2024 at H199.09 Crore. The Contribution Agreement for TDC was signed with MEA and
SVL on 27th February 2024.
SVL has earned a gross revenue of H127.13 Crore and net profit of
H43.17 Crore for the year ended 31st March 2024 as against gross revenue of
H141.71 Crore and net profit of H61.82 Crore in the previous year.
SBI DFHI LIMITED (SBI DFHI)
SBI DFHI Limited is one of the largest standalone Primary Dealers (PD)
with a pan-India presence, As a Primary Dealer (PD), the company is mandated to support
the book building process in primary auctions and provide depth and liquidity to secondary
markets in G-Sec, Besides Government securities, it also deals in money market
instruments, non-G-Sec debt instruments, amongst others, As a PD, its business activities
are regulated by RBI,
The SBI Group holds 72,17% (SBI- 69,04%, SBICAP-3,13%) share in the
Company, The Company posted a net profit of T180.42 Crore for the year ended 31st
March 2024 as against T16.55 Crore in the corresponding previous year, Total balance sheet
size is ?21,427 Crore as on 31st March 2024 as against ?16,789 Crore as on 31st
March 2023.
| Name of the subsidiary company |
Ownership |
% of ownership |
Net Profit |
|
(SBI Interest) |
|
(losses) FY2024 |
| SBI DFHI Limited |
131.52 |
69.04 |
180.42 |
SBI GLOBAL FACTORS LIMITED (SBIGFL)
SBIGFL is a leading NBFC providing factoring services for Domestic and
International trade. It is a wholly owned subsidiary of State Bank of India and is
regulated by Reserve Bank of India.
The Company's services are especially suitable for MSME sector clients
for freeing up resources locked in book debts and provide required liquidity. By virtue of
its membership of Factors Chain International (FCI), the SBIGFL is able to alleviate
credit risk from export receivables under the 2-factor model.
r
Performance highlights
• Profit After Tax (PAT) of H44.47 Crore for the year ended 31st
March 2024 as against Profit After Tax (PAT) of H31.17 Crore for the corresponding period
last year.
• AUCA recovery of H16.71 Crore (Including Interest H0.74 Crore)
during FY2024 as against H10.76 Crore (Including Interest H1.22 Crore) for the
corresponding period last year.
• Turnover for the period ended 31st March 2024 is
H6,799 Crore as
V
\
compared to turnover of H5,544 Crore in the previous year.
• Net Fund in use (FIU) as on 31st March 2024 is H1,833
Crore as compared to H1,227 Crore as on 31st March 2023.
• Turnover in TReDS during FY2024 is H2,180 Crore, as against
H1,655 Crore in previous year.
• Turnover in Gold Pool for the period ended 31st March
2024 is H562 Crore, as against H287 Crore in previous year.
| Name of the subsidiary company |
Ownership |
% of ownership |
Net Profit |
|
(SBI Interest) |
|
(losses) FY2024 |
| SBI Global Factors Ltd |
159.89 |
100 |
44.47 |
SBI GENERAL INSURANCE COMPANY LIMITED (SBI GENERAL)
(Amount in H Crore)
| Name of the subsidiary company |
Ownership
(SBI Interest) |
% of ownership |
Net Profit (losses) FY2024 |
| SBI General Insurance Company Ltd. |
154 |
69.11 |
240.00 |
SBI General is one of the leading fastest- growing private General
Insurance company, with the strong parentage of SBI. The Company is committed to carry
forward the legacy of trust and security; and has a vision to become the most trusted
General Insurer for a transforming India.
Against the industry growth of approximately 12.80%, the company
achieved 15.90% increase in Gross Direct Premium (GDP) amounting to H12,554 Crore in FY-24
and Gross Written Premium of H12,731 Crore at the end of FY2024, SBI General has notched
up in its rankings in the overall industry entering the top 10 space amongst general
insurers of India, positioning at 10th. Amongst the private general insurers,
the Company has maintained its position at 6th.
The Company has expanded its presence to over 143 branches pan-India.
SBI General's distribution family includes over
30,000+ agents, and over 560 Brokers to make insurance easily available
even in the remote areas of India. The company has 22 OEM tie-ups to serve motor
insurance. SBI General has also entered into strategic partnerships with NBFCs, leading
Banks, Cooperative societies, web aggregators and Digital partners with an endeavour to
create long-term sustainable value.
The Company has consistently reviewed and upgraded its processes with
digital interventions like launching its CRM platform, all in one distribution app (SIMBA)
and Renewal Management System. The company has more than 174 87 network hospitals and an
in-house claim processing in health which has optimised claims cost and superior claims
experience for our health customers. The Company has many new-age and market-fit products
in every line of business with flagship health offering in Super health, Cyber vault edge
covering cyber risks, pay-
as-you drive in motor and commercial lines product like surety bonds
and jeweller's block. SBI General is leading player in crop insurance business ranking 4th
in the private General Insurance and 1st in personal accident segment in
private place.
The Company has generated a net profit of H240 Crore for the year ended
31st March 2024 as against H184.00 Crore in the previous year.
f A
Awards and Recognitions
Recognised as the Domestic General Insurer of the Year - India at the
Insurance Asia Awards 2023 Singapore
• Recognised as Great Place to Work.
• Recognised as one of the Best BFSI Brands 2023 at the ET Now
Best BFSI Brands Conclave 2024.
• Best large General Insurer at The Mint BFSI Summit & Awards
• One of the Best Brands 2023 at the ET Edge Best Brands 2023
V J
SBI PENSION FUNDS PRIVATE LIMITED (SBIPFPL)
| Name of the subsidiary company |
Ownership |
% of ownership |
Net Profit |
|
(SBI Interest) |
|
(losses) FY2024 |
| SBI Pension Funds Private Limited.* |
24 |
80 |
62.76 |
*SBI Funds Management Limited is holding 20% equity in the Company.
SBIPFPL has been appointed as the Pension Fund Manager (PFM) to manage
the pension corpus under National Pension System (NPS). SBIPFPL is one of the three PFMs
appointed by the Pension Fund Regulatory & Development Authority (PFRDA) for
management of Pension Funds under the NPS for Central Government (except Armed Forces) and
State Government employees.
The Company is one out of 2 PFMs allowed for Corporate CG Schemes for
NPS contribution of all PSU bank staff. Other than this, SBIPFPL is actively managing 10
other NPS Schemes under Private Sector. The Company has obtained license to operate as POP
(Point of Presence) in the year 2019 for marketing and on boarding of NPS subscribers.
The total Assets Under Management (AUM) of the Company as on 31st
March 2024 is H4,33,384.33 Crore. The Company maintains lead position among 11 PFMs in
terms of AUM with market share of 36.93%. During FY2024, the Company has onboarded 76
corporates and added 6,344 NPS subscribers.
The Company has earned net profit of H62.76 Crore for the year ended 31st
March 2024 as against H53.51 Crore in the previous year.
SBI LIFE INSURANCE COMPANY LIMITED (SBILIFE)
(Amount in H Crore)
| Name of the subsidiary company |
Ownership (SBI Interest) |
% of ownership |
Net Profit (losses) FY2024 |
| SBI Life Insurance Company Ltd. |
555 |
55.42 |
1,894.00 |
SBI Life has a multi-channel distribution network comprising an
expansive bancassurance channel, including State Bank, the largest bancassurance partner
in India, a large and productive individual agent network comprising 246,078 agents as of
31st March 2024, as well as other distribution channels including direct sales
and sales through corporate agents, brokers, insurance marketing firms and other
intermediaries.
During the period ended 31st March 2024, the Company
operated in sound and stable manner, with its sole objective of increasing insurance
penetration and concentrating on individual regular business and protection business
through an active and prudent strategy. The sales team have ensured qualitative growth and
established a firmer market position. The Company has
proven its market leadership in the period ended 31st March
2024, with numero- uno position in Individual New Business Premium, Individual Rated
Premium, Total Rated Premium and Total New Business Premium among private insurers.
The Company achieved 29.2% growth in Total New Business Premium (NBP)
vis-a-vis the industry growth of 2.00%. The market share of SBI Life in Total New Business
Premium (NBP) among all private players as on 31st March 2024 is 24.6%, gain of
326 bps over corresponding period. Total New Business Premium of the Company for the
period ended 31st March 2024 stands at H38,238 Crore Individual New Business
stands at H23,832 Crore and Group New Business Premium stands at H14,406 Crore, for the
period ended 31st March 2024.
The Company continues to maintain the leadership position amongst
private players in number of policies issued, which reflects mass coverage and strong
market acceptance across geographies amongst life insurers. During the period ended 31st
March 2024, more than 22.61 lacs new individual policies were issued.
AUM of the Company stands at H3.9 trillion mark and recorded a growth
of 27% at H3,88,923 Crore as on 31st March 2024 as compared to H3,07,339 Crore
as on 31st March 2023. For FY2024, Indian Embedded Value (IEV) of the Company
stands at H58,259 Crore with a growth of 27% and Value of New Business (VoNB) is at H5,548
Crore with growth of 9%. VoNB margin stood at 28.1%.
The Company's net worth increased by 15% from H13,016 Crore as on 31st
March 2023 to H14,906 Crore as on 31st March 2024. SBI Life generated PAT of
H1,894 Crore for the year ended 31st March 2024 as compared to 1,721 Crore in
the previous year.
Awards and Recognitions
• SBI Life won a 'Silver' at the Adgully DIGIXX Awards 2023 under
the category Programmatic & Performance marketing
• Awarded as 'Insurer of the Year-Life category' at FICCI
Insurance Industry Awards 2023
• Bagged the Guinness World Record title for Most Pledges received
for passion campaign in 24 hours
• Awarded for the campaign 'The Most Ignored Rider' in the
category Best use of Celebrity/Influencer at e4m Health & Wellness Marketing Awards
2023
• Awarded for the campaign 'The Most Ignored Rider' in the
category Best CSR Initiative/Public Awareness at e4m Health & Wellness Marketing
Awards 2023
• Awarded with the Global Performance Excellence Award (GPEA) 2023
under the 'World Class' category
• Won Special Award for 'Best Insurance Spreading- Private Sector
Company - India by Indian Chambers of Commerce (ICC)
• Recognised as 'Best Risk Management Strategy of the Year' (2nd
Runner) by the Indian Chambers of Commerce (ICC)
• Recognised as 'Best Insurance Company' (2nd Runner)
by the Indian Chambers of Commerce (ICC)
• Awarded under the 'Highest Growth' category at the ASSOCHAM's 15th
Global Insurance Summit & Awards 2023
• Awarded with 'Amiable Insurer-Large Category' at the ET Now
Insurance Summit & Awards 2023
• Winner of 'Golden Peacock Innovative Product/Service Award' for
the year 2024 by Golden Peacock Awards (Hello SBI Life Project)
• Recognised as #35 Most Valuable Indian Brand by Kantar Brandz
2023
J
SBI FUNDS MANAGEMENT LIMITED (SBIFML)
SBI Funds Management Limited, the Asset Management Company of SBI
Mutual Fund, is one of the fastest growing AMCs with an absolute growth of over H1.97 Lakh
Crore Average AUM during the quarter March 2024 vs March 2023. The average "Assets
Under Management" (AUM) of the Company during the quarter ended March 2024 was
H9,14,365 Crore with a market share of 16.89% as against the average assets under
management of H7,17,161 Crore with a market share of 1770% during the quarter ended March
2023. In FY2024, the Fund House has consolidated the
1st rank position for fourth year. SBIFML has maintained its
top leadership position as the ETF manager in the country with 43.03% market share. SBIFML
has one of the largest investor base with over 145.85 lacs LIVE investor folio's with
about 40.06 lacs new investor folio's added during this financial year. The Fund House has
35.34 Lakh direct live investors and over 2.93 Lakh institutional investors.
The Company has a fully owned foreign subsidiary viz. SBI Funds
Management (International) Private Limited, which is based in Mauritius and manages
Off-shore Fund. SBIFML also provides Portfolio Management Services
(PMS) and manages Alternative Investment Funds (AIF).
In the last three years, SBIFML has achieved a CAGR of 21.9% against
the industry average of around 19.0% in terms of quarterly Average AUM growth (March 24 vs
March 21).
SBIFML posted a PAT of H2,063 Crore during the year ended 31st
March 2024 as against H1,331.20 Crore earned during the year ended 31st March
2023.
| Name of the subsidiary company |
Ownership (SBI Interest) |
% of ownership |
Net Profit (losses) FY2024 |
| SBI Funds Management Ltd. |
18.90 |
62.21 |
2063.00 |
| SBI Mutual Fund Trustee Company Pvt. Ltd. |
0.10 |
100.00 |
5.00 |
| SBI CDMDF Trustee Private Limited |
0.10 |
100.00 |
0.12 |
| SBI Funds Management (International) Pvt. Ltd. |
100% Subsidiary
of SBI Funds Management Ltd. |
5.00 |
SBI PAYMENT SERVICES PRIVATE LIMITED (SBI PAYMENTS)
(Amount in H Crore)
| Name of the subsidiary company |
Ownership |
% of ownership |
Net Profit |
|
(SBI Interest) |
|
(losses) FY2024 |
| SBI Payments Services Private |
4.50 |
74 |
144.36 |
| Limited |
|
|
|
SBI became the first public sector bank to form an exclusive JV i.e.
SBI Payment Services Pvt. Ltd. (SBI Payments) for Merchant Acquiring Business and holds
74% stake in the company. The objective of the company is to build a cutting-edge
acceptance ecosystem in nationwide and enable the merchants, accept payments digitally
across various form factors.
SBI Payments continues to be one of the largest acquirers in the
country with more than 33.10 Lakh Merchant Payment
Acceptance Touch Points as on 31st March 2024, including
13.67 Lakh POS machines, deployed across geographies (Tier 1 to Tier 6). To further
encourage government's vision of a less cash economy and promote digital payments, SBI
Payments launched Soundbox offering mainly targeting small and medium merchants.
The Company has earned net profit of H144.36 Crore for the year ended
31st March 2024 as against H159.34 Crore in the previous year.
' ~ : \
Key initiatives
• Acceptance of e-HUPI prepaid vouchers through the YONO SBI
Merchant application (Soft PoS)
• Launch of EMI facility on SBI Payments PoS Terminals
• Offering customised solutions to various merchant categories for
digital payment collection for ticket purchase in transit systems
• Onboarded various electricity distribution companies, Municipal
Corporations to facilitate utility bill payment and provided integrated PoS solutions to
AIIMS Delhi
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SBI-SG GLOBAL SECURITIES SERVICES PRIVATE LIMITED (SBI- SG)
SBI-SG Global Securities Services Pvt. Ltd. is a joint venture between
State Bank of India and Societe Generale, Paris with 65% equity holding by SBI. The
company commenced commercial operations in 2010 and provides custodial services with
end-to-end support on clearing & settlement, Cash & Forex solutions, Asset
Servicing, Derivatives Clearing, Gold Custody for Gold ETFs to Domestic (MFs, AIF, PMS,
Banks, Corporates, and others) and Foreign Investors (FPI, FDI, FVCI). The Company also
provides Fund Accounting Services to Domestic as well as Foreign Institutional Investors.
As on 31st March 2024, the company is managing Assets Under
Custody (AUC)
of <18,79,307 Crore and Assets Under Administration (AUA) of
<14,15,000 Crore. During the FY2024, the Company has onboarded three Mutual Fund
Houses. SBI-SG plays a crucial role in overall startup strategy of SBI group by providing
Custodial and Fund Accounting Services to the Alternative Investment Funds. SBI- SG
maintains high quality standards as evidenced from various certifications like ISAE 3402,
ISO 27001:2013 and ISO 9001:2015.
The Company registered Net Profit of <111.67 Crore for the year
ended 31st March 2024 as against H87.55 Crore in the previous year.
\
Award and Recognition
• Rated as "Global Outperformed' and "Category
Outperformer in the Agent Banks Emerging Markets Survey - 2023" by Global Custodian,
London, a renowned magazine that tracks International Securities Services
• SBI-SG also received an award "Best local Custodian in
India" at the Best of Best Awards event of Asia Asset Management, Hong Kong
J
| Name of the subsidiary company |
Ownership |
% of ownership |
Net Profit |
|
(SBI Interest) |
|
(losses) FY2024 |
| SBI SG Global Securities Services Pvt. Ltd. |
52 |
65 |
111.67 |
STATE BANK OPERATIONS SUPPORT SERVICES PVT. LTD. (SBOSS)
State Bank Operations Support Services Pvt. Ltd. (SBOSS) is a wholly
owned subsidiary of SBI set up in July 2022 for providing operations support services to
RUSU branches of SBI. SBOSS has its Registered Office at New Delhi. The subsidiary is
providing support services to SBI in Agri/MSME/Micro loans.
SBOSS deploys Feet-On-Street (FOS) at RUSU Branches of the Bank with
appropriate technology support for
doorstep services to customers at a competitive cost. It is providing
support to more than 9,500 RUSU Branches across 17 Circles in the Bank. This facilitates
greater Financial Inclusion through provision of appropriate credit linkages as part of
our national development goals.
The Company has developed a robust pan-India "High Tech",
"High Touch" and "Low Cost" model for providing
multidimensional support to operations in Agri & SME segments.
SBOSS is also envisaged to extend its operation support to the Bank in
other segments and geographies for providing further impetus in business growth and value
creation in areas like customer service, ATM and vendor management support, etc. as per
mandate received from the Bank from time to time.
| Name of the subsidiary company |
Ownership (SBI Interest) |
% of ownership |
Net Profit (losses) FY2024 |
| State Bank Operations Support Services Pvt. Ltd. |
10 |
100 |
17.31 |
Management Discussion and Analysis Report (MDA)
In compliance with Regulation 34 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, separate Section of this Annual Report
includes details on the state of affairs of the Bank.
The following ratio have changed by more than 25% or more as compared
to the immediately previous financial year:
| (in %) |
Mar 23 |
Mar 24 |
Variation (bps) |
% Change |
| Debt* - Equity Ratio |
0.66 |
0.87 |
21 |
31.82 |
*Debt represents borrowings (including Repo Borrowings) with residual
maturity of more than one year.
Responsibility
Statement
The Board of Directors hereby states:
i. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation relating to material
departures;
ii. That they have selected such accounting policies and applied them
consistently and made judgements and estimates as are reasonable and prudent, so as to
give a true and fair view of the state of affairs of your Bank as on the 31st
March 2024, and of the profit and loss of Your Bank for the year ended on that date;
iii. That they have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of the
Banking Regulation Act, 1949 and State Bank of India Act, 1955 for safeguarding the assets
of your Bank and preventing and detecting frauds and other irregularities;
iv. That they have prepared the annual accounts on a going concern
basis;
v. That the internal financial controls had been laid down, to be
followed by your Bank and that such internal financial controls are adequate and were
operating effectively;
vi. That proper system had been devised to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating
effectively.
Acknowledgement
During the year, Smt. Swati Gupta was nominated as Director on the
Board by the Central Government u/s 19 (d) of SBI Act, 1955, w.e.f. 8th May
2023 for a period of three years or until further orders, whichever is earlier. The term
of Shri Swaminathan J, Managing Director, ended on 26th June 2023 consequent
upon his appointment by the Central Government to the post of Deputy Governor, RBI.
Shri B. Venugopal and Dr. Ganesh Natarajan, elected by the Shareholders
as Directors on the Board u/s 19 (c) of the SBI Act, 1955, retired from the Board on 25th
June 2023 upon completion of their respective term. Shri Ketan S. Vikamsey and Shri
Mrugank M. Paranjape were reelected, whereas Shri Rajesh Kumar Dubey and Shri Dharmendra
Singh Shekhawat were elected by the Shareholders as Directors on the Board u/s 19 (c) of
the SBI Act, 1955, w.e.f. 26th June 2023 for a period of three years.
Shri Ajay Kumar was nominated as Director on the Board by the Central
Government u/s 19 (f) of SBI Act, 1955, w.e.f. 14th July 2023 till further
orders, vice Shri Anil Kumar Sharma.
The term of Shri Dinesh Kumar Khara, Chairman was extended by the
Central Government beyond 6th October 2023 till he attains the age of 63 years,
or until further orders, whichever is earlier. Shri Vinay M. Tonse was appointed as
Managing Director on the Board by the Central Government w.e.f. 21st November
2023 till 30th November 2025 or until further orders, whichever is earlier.
Further, the term of
Shri Ashwini Kumar Tewari, Managing Director was also extended by the
Central Government for a period of two years, beyond 27th January 2024, or
until further orders, whichever is earlier.
The Directors place on record their appreciation for the contributions
made by Shri Swaminathan Janakiraman, Shri B. Venugopal, Shri Ganesh Natarajan, and Shri
Anil Kumar Sharma to the deliberations of the Board. The Directors welcome Smt. Swati
Gupta, Shri Rajesh Kumar Dubey, Shri Dharmendra Singh Shekhawat, Shri Ajay Kumar and Shri
Vinay M. Tonse, as new Directors on the Central Board of the Bank. The Directors also
express their gratitude for the guidance and co-operation received from the Government of
India, RBI, SEBI, IRDA and other government and regulatory agencies. The Directors also
thank all the valued clients, shareholders, banks and financial institutions, stock
exchanges, rating agencies and other stakeholders for their patronage and support and take
this opportunity to express their appreciation for the dedicated and committed team of
employees of your Bank.
For and on behalf of the Central Board of Directors
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- Chairman |
| Date: 9th May 2024 |
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