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History of SBI
It is astate-ownedcorporation with its headquarters inMumbai, Maharashtra. SBI, a bank with 60% government stake, is Indias largest commercial bank and the 43rd largest bank in the world. As of March 2012, it had assets ofUS$360 billion and 14,119 branches, including 157 foreign offices in 32 countries across the globe making it the largest banking and financial services company in India. It along with its five associate banks and 22 subsidiaries, which constituted the State Bank Group, had more than 267,000 employees; a pan India network of over 18,000 branches, and 25,000 ATMs; and delivered profits of $2.6 billion. Pratip 3/3/13 Chaudhuri is the chairman of SBI.
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A.K. Purwar was the CHAIRMAN Of SBI, was sailing the ship through hard times.SBI has been slowly but steadily losing market share to competitors. Deposits have been particularly hard hit, with its share in total bank deposits coming down from 18.72 per cent in March 2004 to 15.21 per cent by December 2005. With buoyant demand for credit, slowing deposit growth is the last thing that any bank wants.
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Ex-Chairman of SBI
In 2006, when OP Bhatt (Bhatt) was appointed Chairman of India's leading bank State Bank of India (SBI), the bank was confronting a host of problems. A new chairman, a new vision. O.P. Bhatt, the chairman of the State Bank of India (SBI), has lost no time in jettisoning his predecessor A.K. Purwars strategies, replacing them with more hard-nosed, down-to-earth goals
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Project Parivartan aims at making the bank customer-centric, bring about a shift from transaction banking to relationship banking, focus on cross selling(Selling of banks products/services to an already existing customer), and provide alternate channels like ATM and internet banking. The project also sought to bring about a change in the attitude and approach of the employees and to help them develop a more customer-centric approach.
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WORK CULTURE
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Bhatt and his managers came up with a tool: a Tree of Fulfillment that each employee had to fill up. The Tree had explicit fruits of employment like money, promotions, and rewards, along with implicit fruits like personal growth, satisfaction from helping a needy person, social interactions, and relationships. They got in touch with their own inner purpose and aspirations. SBI also introduced an Employee Share Purchase Scheme to which everybody from the messenger to the Chairman could subscribe.
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Business Initiatives
Win back the Indian Middle Class Consumer
SBI had to change its image to be relevant to the youth and the Indian middle class and for this, it had to change its image. Therefore, we did a series of campaigns with a theme Pure Banking Nothing Else. Eventually we moved on to Banker to every Indian. The current campaign is, Proud to be an Indian. it is an advertisement by an institution. SBI also made a conscious effort to attract younger customers. The first step towards this was to reduce the average age of its employees, most of who were over 45. The bank therefore started recruiting employees directly from campus.
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Winning IT Platform
In three years, Bhatt completed the reengineering exercise. SBI shifted from decentralised system to centralized system. A centralized system is:
One in which the records for several people or units are located in one, central location; and,
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SBI has opened 1,000 branches and 10,000 ATMs. STATE BANK OF SAURASHTRA merger with SBI GENERAL INSURANCE
State Bank of India signs joint venture agreement with Insurance Australia Group
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Microfinance SBI has been actively involved in the microfinance sector as it serves both the social and commercial objectives of the bank.
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Conclusion
State Bank of India is the country's premier financial institution. It is a crucial wheel in the economy with the ability to move markets. For Bhatt has put the bank on a high growth path.
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