The new boss of the country's largest government lender State Bank of India, i.e. the chairman, has taken over the charge. He has also revealed the future plan of the bank. While giving information, he told how the Uno app will be taken forward. How will the work of increasing deposits be done. What will be the attitude regarding interest rates and most importantly, how will the customer experience be improved? Let us also tell you what CS Shetty has said on all these things?
Who will be emphasized
State Bank of India's (SBI) new chairman CS Shetty said that the pressure to increase deposits in the banking system is expected to continue for some more time. However, he said that the country's largest lender will not enter into an interest rate war to raise deposits. He said that instead the bank will focus on its customer service and extensive network to increase deposits. Shetty, who took charge on Wednesday, said at the annual GFF (Global Fintech Fest) that competition on deposits is expected to continue for some time.
How to increase deposit growth?
He said the bank is targeting loan growth of 14-16 per cent in FY2024-25, and given the high base of its liabilities, this can be easily sustained with deposit growth of 8-10 per cent. Shetty told reporters on the occasion that he plans to move ahead on the strength of the bank as its balance sheet is strong.
He also said that the bank is preparing to launch the much-awaited Uno 2.0 among a limited user group in November. After that it will be widely introduced for everyone. He said that the bank is planning to acquire 90 percent of its retail unsecured loans through digital means.
How was the bank's share?
SBI shares were flat on Friday. According to BSE data, SBI shares closed at Rs 815.65 on Friday with a gain of Rs 1.15. During the trading session, the bank's share reached a day's high of Rs 820.35. However, the bank's share is currently about 11 percent below its lifetime high. On June 3, SBI shares reached a lifetime high of Rs 912.10.
SBI is one of the top 10 institutions in the country in terms of market cap. Its valuation is currently Rs 7,27,935.97 crore. In the last 5 years, SBI shares have given investors a return of about 200 percent. In the last 25 years, it has given a return of 5300 percent, making investors rich.
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