State Bank Of India: Unmatched Leadership
A customer-centric approach marked by improving customer experience and seamless delivery of products and services has done SBI the world of good
State Bank of India (SBI) has maintained its dominant position among the top ten most respected companies in India consistently. In this year's list of Most Respected Companies, SBI has climbed three spots driven by strong financial returns, innovative products and services, and trustworthy leadership.
With a legacy of over 200 years, SBI provides a wide range of products and services through its various branches and outlets. In sheer number terms, SBI has over 48 crore customers, 22,405 branches, and 26.25 per cent market share in debit card spends. SBI is also a market leader in government business with total turnover standing at Rs 60.35 lakh crore in FY23 and a market share of 65.92 per cent in central government turnover. The bank also emerged as the market leader in SME financing clocking Rs 3.59 lakh crore in total SME advances for FY23. The company is the second-largest credit card issuer in India with nearly 1.8 crore active users.
SBI has one of the largest ATM networks in the country with 65,627 ATMs, including Automated Deposit and Withdrawal Machines (ADWMs), as on March 31, 2023. SBI has 29.90 per cent market share of ATMs in the country. On an average, ~1.3 crore transactions are recorded every day at SBI's ATMs/ADWMs.
Growth Path
During FY23, SBI's total deposits grew 9.19 per cent to surpass Rs 44 lakh crore of which domestic deposits grew 8.5 per cent to Rs 42.53 lakh crore and foreign offices deposits 29.6 per cent to Rs 1.70 lakh crore. CASA deposits grew 4.9 per cent to Rs 18.62 lakh crore. "SBI opened 1.24 crore regular savings bank accounts, of which 64 per cent accounts were acquired digitally through YONO during FY2023," said D.K. Khara, Chairman, SBI.
In FY23, Xpress credit loans exceeded Rs 3 lakh crore. Home loans and auto loans grew 14 per cent to Rs 6.41 lakh crore and 23.2 per cent to Rs 97,523 crore, respectively. SBI held 33.1 per cent and 19.4 per cent market share in home loans and auto loans as of March 2023, respectively, Khara stated.
Big CSR Push
SBI scored well on CSR once again in this year's list. SBI believes that its success is intertwined with the prosperity of the society it serves. For FY2023, an amount of Rs 316.76 crore was allocated for CSR activities by the SBI, almost Rs 112 crore more than the CSR allocations for FY22. Out of Rs 316.76 crore, Rs 194.78 crore was allocated to SBI Foundation for undertaking CSR activities in project mode, the bank said. The CSR initiatives benefitted ~54 lakh citizens. SBI's CSR activities focused on key areas including healthcare, education, livelihood, rural and slum area development, among others.
In FY23, SBI also concluded a landmark $1 billion Syndicated Social Loan, which was Asia Pacific's largest and second largest globally led by a commercial bank, it added.
SBI Foundation, the CSR arm of SBI, adopted 150 villages across 25 states, in five phases, impacting over 1.75 lakh lives. SBI Gram Saksham, a sub-project focused mainly on rural livelihoods to empower communities beyond the adopted villages, was rolled out across 115 villages in 6 states, namely Assam, Bihar, Jharkhand, Maharashtra, Uttarakhand and Uttar Pradesh.
