[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 21:03:20 -0800 (PST)

SBI allows inter-bank transfer of its officials with associates  
(Financial Express) 
Last major step towards operational integration with associates; RRBs in UP 
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.

Donât just e-mail them, BeaconFlash themâ

Mailing list (sbinews@xxxxxxxxxxxxx) related information:

News/articles about SBI and Banking related matters published  in the print 
media, Internet etc will be circulated through this Mailing List. 

The messages in this list will help in improving awareness of SBI and its 
activities vis-a-vis the happenings in the Banking industry. This should be of 
help to all staff members of SBI, particularly those who are preparing for 
promotional written tests/interviews/group discussions. Subscription to this 
Mailing List is simple and FREE. Please check the procedure below. Please share 
this information with other colleagues/branches that could be interested in 
subscribing to this Mailing List. 

The messages circulated here should not be deemed to have the official 
endorsement of the SBI or any of its employees. The correct factual position 
may be ascertained from official sources. 

To join this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx 
with the word 'subscribe' without the quotes in the subject of the email 

To leave this mailing list, just send an email to sbinews-request@xxxxxxxxxxxxx 
with the word  'unsubscribe' without the quotes in the subject of the email 

Archives (old messages) are available for viewing at:
Click on the month-year at the lower left corner to view messages posted during 
that month. 

This is an announcements/newsletter type mailing list i.e. only the Moderator/s 
can post messages to the list. 

This mailing list is maintained and moderated by Sri. R.S.Pai, currently 
working as Chief Manager(IT-Internet Banking), SBI, Corporate Centre, Mumbai. 
Visit http://rspai.tripod.com for some useful Banking, Reference and Utilities 

Other related posts: