India’s TOP 500 Companies 2020

INDIA’S TOP 500 COMPANIES 2020 118 Experts’ View State Bank of India CMYK FINAL LOGO SBI is the largest public sector bank in India. What are the key factors of the Bank’s success? What, according to you, are the most significant milestones for SBI in the last few years? Our reach and ability to cater to all our customers’ financial needs through our varied products and services are the key factors of our success. With changing times, we have reinvented ourselves to suit our customers’ sensibility and this flexibility is also one of our USPs. We launched our flagship digital app for retail customers ‘YONO’ in 2017, and it has crossed many milestones with 26.8 million registrations and is growing. YONO has features like account opening, pre-approved personal loans, financial superstore, online marketplace, and non-financial services, making it one of the best and most comprehensive apps offered for banking needs. You can say, it is the only Super App in financial space. It has captured the imagination of the customers across all ages. We have also comprehensively overhauled our Corporate underwriting processes, introduced robust Early Warning System, and used technology effectively to monitor our look. What are the key factors/initiatives taken, that have contributed to the company’s success? What are the factors that give SBI an edge over its competitors? We have revamped our business units, both Corporate and Retail, with a new vision, mission, and values, and all our steps are aimed at improving customer satisfaction. On our HR front, we instituted a massive organizational intervention program – ‘Nayi Disha Phase II,’ focused on customer- centricity. We won three Brandon Hall awards for this program. So we are constantly innovating to make our services and products better, making us one of India’s most successful companies. We are always the first to adopt new and better business practices, which sets SBI apart. For example, in a historic step towards enhancing the trust of home loan customers, SBI was the first bank that decided to link its home loan interest rates to RBI’s Repo Rate from 1st July 2019. Over the years, we have been the trendsetters when it comes to thinking out of the box and offering new products to suit the taste and likings of the ever-changing customer needs and requirements. When the whole world is battling the pandemic, what are your views on the current economic situation of the country? What are your views on the effect of recent rate cuts announced by the RBI? Also, how do you perceive the growth of the Indian banking sector in the next 3-5 years? The shutdown of economic activity to control the spread of COVID-19 has taken a toll on the country’s economic growth, which will be reflected in the Gross Domestic Product (GDP) growth rate. However, the high-frequency indicators are now showing signs of revival, and the hope of a vaccine has improved sentiments. Beginning February’, RBI has cut repo rate by 115 basis points. Banks have “ We are always the first to adopt new and better business practices, which sets SBI apart. We have revamped our business units, both Corporate and Retail, with a new vision, mission, and values. ” CHALLA SREENIVASULU SETTY Managing Director Dun & Bradstreet