[sbinews] SBI allows inter-bank transfer of its officials with associates (Financial Express)
- From: Rajendra S Pai <rspai@xxxxxxxxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Sun, 20 Feb 2005 21:01:32 -0800 (PST)
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SBI allows inter-bank transfer of its officials with associates
(Financial Express)
Last major step towards operational integration with associates; RRBs in UP
merged
SITANSHU SWAIN
Posted online: Monday, February 21, 2005 at 0000 hours IST
MUMBAI, FEB 20 : Moving closer towards full operational integration with seven
of its associate banks, State Bank of India (SBI) has now allowed transfer of
officials between itself and the associates. SBI itself has over two lakh
employees while seven of its associates together have over one lakh staffers.
Earlier, such transfer was a one-way affair, where only officials in the rank
of deputy managing directors of SBI were posted as the managing directors of
the associate banks. But neither officials below the rank of DMD of SBI nor any
officials of the associate banks could be a part of inter-bank transfer between
SBI and associates.
âThis is practically one of the last steps for effecting a full-scale
operational integration between SBI and its associates,â said a top official
of the bank. Sources point out that other aspects of integration between the
two pertaining to accounting, treasury, IT and other processes are over, paving
the way for a legal merger between the two at a later date.
âCreating parity in terms of salary packages between SBI and the associates
will definitely be looked into,â said the sources. Recently, in another move,
the bank has brought all the treasury rooms of the associate banks under one
roof in the Bandra Kurla Complex in Mumbai. âThough they will operate
independently abiding by the Reserve Bank of India regulations, there will now
be physical proximity,â said a top official. However, the possibility of the
associate banks accessing the capital market is now ruled out as it needs an
amendment to the SBI Associates Act. âSBI is ready to pump in the necessary
funds for the business growth of these banks,â said the sources.
Meanwhile, SBI has decided to merge all of its Rural Regional Banks (RRBs) in
Uttar Pradesh. The bank has already obtained clearance from the government for
merger of their UP-based RRBs.
SBI shifts Rs 20,000 cr gilts to HTM, takes Rs 200 crore hit
Soon after making a provision of Rs 907.7 crore for nine months, while
finalising the Q3 (â05-06) results on account of investment depreciation,
State Bank of India has shifted over Rs 20,000 crore of gilts from the
available for sale (AFS) category to Held to Maturity (HTM). The bank has taken
a hit of over Rs 200 crore while shifting the large scale gilts portfolio to
HTM category to avoid any big hit on its balance sheet due to the ongoing
volatility in the money market. The bank has a total gilts portfolio of around
Rs 2,00,000 crore as on December 31, 2004.
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