[sbinews] SBI rules out VRS for now (Business Standard)
- From: "Rajendra S. Pai" <rspai9@xxxxxxxxx>
- To: sbinews@xxxxxxxxxxxxx
- Date: Tue, 8 Jun 2004 20:03:41 -0700 (PDT)
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SBI rules out VRS for now
(Business Standard)
To re-examine staff strength only after 'two or three
years'
Our Bureau / 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
bottomline 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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R.S.Pai
Web Address: http://rspai.tripod.com
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