State Bank of India is the first bank established in India and was initially named as Bank of Calcutta. SBI is India’s largest commercial bank in terms of assets, deposits, branches and number of customers and employees.
SBI is among the leading commercial banks which have introduced the use of the latest digital technology. Digitisation is expected to reduce costs and improve productivity at SBI.
The bank has seen an impressive 13 per cent growth in internet banking over previous year and the share of mobile banking (value of transactions) stands at 44.37 per cent.
The bank is committed towards transforming into a fully-digitised organisation, supported by technologically advanced back-end operations.
The Government of India’s drive towards demonetisation has given a strong push to the popularity of digital banking.
We believe that these digital tools and technology can completely transform the distribution reach of SBI's banking services and the banking cycle time in general. The benefits are immense: By digitising information-intensive processes, costs can be reduced significantly and turnaround times can be improved remarkably. These efforts are expected to positively impact the efficiency and productivity of SBI and are essential for being an enduring value creator. In FY2017 the aggregate deposits for SBI registered a multi-year high growth of 18.14 per cent to â¹20,44,751 crore from the previous year level of â¹17,30,722 crore.
The savings bank accounts saw good growth of around 27.81 per cent following demonetisation. This higher growth of SBI's deposits compared to all scheduled commercial banks' growth has pushed up the market share by 38 bps to 18.05 per cent in March 2017.
FINANCIAL PERFORMANCE :
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