Reddy, Puri & SBI win top FE Best Banks awards

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fe Bureau: Mumbai, Feb 19 2013, 00:36 IST

by 30% every year for more than a decade now and has the cleanest book in the business. It has managed to sustain a net interest margin of over 4% and has leveraged its strong deposits franchise to grow the business. All this it has achieved in the face of keen competition. The bank today is a role model for the industry.

With the kind of impeccable track record that he has, the five-member jury comprising Adil Zainulbhai, chairman –India, McKinsey & Co, Sunil Bharti Mittal, chairman & group CEO, Bharti Group, Isher Judge Ahluwalia, chairperson, ICRIER, Sanjay Nayar, CEO, KKR India Advisors and Hemendra Kothari, chairman, DSP Blackrock Investment Managers, had no hesitation in selecting Puri the winner.

The jury also felt that State Bank of India, which has shouldered the responsibility of taking banking to the masses in the hinterland, with determination and great success, should be commended for its work. Apart from strengthening the branch network – 273 branches and another 553 ATMs were set up in rural areas in 2010-11 – the bank also created around 8,000 customer service points taking the tally around 21,000. SBI has its own proprietary Management Information System for dealing with Business Correspondents – 60,000 of them. Indeed, SBI stands out both in scale and style, having launched SBI ‘Tatkal” a scheme that targets the urban poor. The USP of this initiative is that customers can transfer money to their families in their native towns and villages without actually opening an

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