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Bangalore (June 09, 2004) : State Bank of India (SBI) is an organisation
?in transition? and will re-examine its staff strength only after ?two or three
years? once certain ongoing processes are completed, chairman A K Purwar said
here today. He ruled out another round or VRS or alternative ways of reducing
staff strength in the mean time. Having
carried out extensive computerisation, SBI is now implementing a core banking
solution. Consultancy major McKinsey is also undertaking a detailed study of
its business processes, which on reengineering, will have implications
regarding staffing.
But there is unlikely to be any kind of
delayering by way of doing away with zonal offices, Purwar clarified. SBI is also going in for selling of
non-banking products of group companies in life insurance and mutual funds. This
will entail redeployment and retraining of staff. The aim of the bank is to earn 15 per cent of its bottom-line
through cross-selling of non-banking products by 2007-08, Purwar added, seeking
to play down the need to reduce staff after extensive computerisation.
As to where profits would come from once
the foreseen ?stable interest regime in the short and medium term? reduced
profits from the sale of investments, the SBI chairman laid great store by
lending to infrastructure. He aimed to
take outstandings on this account from last year?s Rs 18,000 crore to Rs 28,000
in the current year. Another thrust area for increasing earnings is
agriculture.
This assumes added importance in view of
the current government?s emphasis on revival of agriculture and generating
additional jobs in it. The bank had
enough capital and retained earnings to both take care of Basel-II capital
adequacy requirements and expand inorganically. SBI has been looking at Asia
and Africa and is conducting due diligence on one bank. Purwar clarified this
was not in the Indian subcontinent.
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