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SBI working overtime to boost growth

The State Bank of India has embarked on an exercise to boost its image and enhance growth, reports MC Vaijayanthi.

business Updated: Jun 15, 2007 21:35 IST
MC Vaijayanthi

The State Bank of India has embarked on an exercise to boost its image and enhance growth. "All corporate heads of the bank are burning the midnight oil to conjure plans to improve incremental growth," said Piyush Goyal, a nominee director on the SBI board on the sidelines of a public event.

He was not ready to go into the specifics of the plan but said the attempt is to reach out to customers and gain the confidence of younger generation and the middle class customers. "We lost out in between," he said. The bank is clearly aiming to recapture the markets it had lost out to the private sector and new generation banks.

State Bank of India is in the process of change in ownership and raising money through a follow in equity issue. On Thursday the government said it will promulgate an ordinance to buy RBI’s 59.7 per cent for an estimated cost of Rs 40,000 crore. The process is to complete by August.

SBI Chiarman OP Bhatt had indicated earlier that the bank proposed to rase Rs 5,000 crore through a follow-on public offer, without diluting the government stake to a level below 55 per cent.

SBI needs funds and said that its is not only for augmenting growth in the current business segments but also for new businesses the banks wants to enter. SBI issue follows the ICICI Bank’s grand Rs 20,000 crore issue.