Milestone achievement for State Bank of Travancore, says MD

http://www.thehindubusinessline.com/industry-and-economy/banking/article3865614.ece

Hiving off the Office of the General Manager represents a milestone achievement in the growth and reach of State Bank of Travancore (SBT), says P. Nanda Kumaran, Managing Director.

He said this while delivering the presidential address at the launch of the Network 1, the decentralised office of the General Manager, based outside of its headquarters here.

Coming after 67 years of its existence, this represented the coming of age of the bank coinciding as it did with the level of empowerment of the people of its home State.

Nanda Kumaran described the initiative as a new level of employing management control or decontrol, depending on whichever way one might wish to look at it.

It is another way of taking banking services to the grass-roots. More decentralisation of powers eases decision-making and brings to table empowerment of beneficiaries.

While the bank has looked at expanding within the State, it has also realised the need for growing outside of the home base.

The bank is also looking at Chennai as a base for a network under a general manager, Nanda Kumaran said.

Business volumes handled by the newly set up Thiruvananthapuram Network better the total size of the business handled by the bank’s closest competitor, he said.

“The bank now believes it is in a position to bring services closer to its customers. This is just in order for a bank of its size, approaching a business of Rs 1.33 lakh crore.”

This is a humongous amount, and is at least 50 per cent more than the second largest bank, private of public, in the State.

The branch network is also far more extensive than that of its peers, and counts top names in corporates and companies as borrowers.

Trust as addition

Last year, the State Government had decided to enable its employees to draw their salaries from banks.

At least 60 per cent of them chose SBT as their bank, which is indicative of the reliability and trust that people associate with it.

“It is this long tradition of trust that has sustained SBT’s status as the premier bank of the State. This would not have been possible without the commitment, dedication and sense of purpose displayed by the employees of the bank, ’’ he said.

“I salute each and every employee who made this possible,” Nanda Kumaran said.