The global economic environment has broadly strengthened, and is likely to improvefurther, with much of the growth impetus emanating from advanced economies. However,global growth still remains uneven with strengthening of the US economy, subdued growth inthe Euro Area and Japan and slowdown in Emerging Markets and Developing Economies (EMDC).Although full global recovery is a distant prospect, normalisation of fiscal policies isnow on the agenda of governments across the world.
The prices of global energy items and non-fuel commodities reduced by 1% and 1.2%,respectively, due to lower demand in 2013. However, the decline in commodity pricesreflected disproportionately on consumer inflation. For the advanced countries, consumerinflation declined by 0.6% to 1.4% in 2013, while in the EMDC it exhibited downwardrigidity and declined marginally by 0.2% to 5.8%.
The policy responses of major central banks (the US, ECB and Japan) no more resemblethe coordination of the earlier years. The US Federal Reserves Quantitative Easingprogramme is expected to witness major unwinding before the end of 2014. However,conditions in Euro Zone and Japan may constrain the European Central Bank (ECB) and Bankof Japan to scale down monetary expansion programmes. In such a scenario, we may enterinto a new phase of asymmetric policy responses, where both ECB and Bank of Japan will beexpanding, while the US will, in part, contracting. These policy stances may heighten theuncertainty associated with global growth momentum. The impact on asset prices andcommodity prices thus will remain uncertain.
Indias Economic Scenario
India remains one of the fastest growing economies of the world. However, thecountrys growth momentum has remained subdued for two consecutive years, reflectingweak and fragile global growth and domestic supply constraints. Indias GDP growthimproved moderately to 4.7% in FY 2013-14 against 4.5% in the previous year, and isestimated to increase further to 5.3%-5.5% in the current financial year (SBI estimates).
The forecast for below normal rainfall in current fiscal does not augur well foragricultural production. There were also unseasonal rains, accompanied by hailstorm andfrost during early part of March 2014 in various parts of the country, adversely impactingRabi crops. However, the good thing is that, led by higher crop production, agriculturalGDP including allied sector is poised to grow by 4.7% in FY 2013-14, over three timeshigher than 1.4% in the previous year. Industrial growth continues to remain sluggish dueto lackluster investment climate, stalled projects and subdued consumption demand.Persistent contraction in the mining sector, owing to regulatory and environmental hurdlesalso contributed to the overall decline in industrial activity.
However, the electricity sub-sector grew smartly by 5.9% in FY 2013-14 against 2.3% inthe previous year. It continued to generate some optimism amidst a bleak industrialscenario, but its buoyancy was clearly inadequate to counter the weakness of otherconstituent sectors. With the formation of a stable Government at the Centre with renewedfocus on reforms, economic activity across all sectors is likely to pick up pace.
Inflation, both Wholesale Price Index (WPI) and Consumer Price Index (CPI), remains amatter of concern. Both the build-up of inflation during April - November 2013 and thesubsequent fall in inflation during December - February 2013-14 was driven by food prices.During the periodJune - December 2013, inflation in food articles remained indouble digits, while in manufactured products it was stable at around 3% throughout theyear. In fuel and power sector, inflation rose to 8.9% in April 2014 from 8.3% in April2013. The core inflation remained below 3% during April November 2013 butthereafter rose gradually to 3.50% by end of March 2014. However, it again declined to3.40% in April 2014.
The Indian economy is now on the threshold of a major transformation, with expectationsof policy initiatives by the newly elected Central Government.
On the external front, improvement in the current account deficit (CAD) from 4.7% ofGDP in FY 2012-13 to 1.7% for FY 2013-14 is good news. The narrowing of CAD followed alower trade deficit due to higher exports as well as moderation in imports. With a gradualrecovery in key partner economies, Indias exports began to improve in July 2013;this was also helped by rupee depreciation. During FY 2013-14, exports grew by 3.98%,while imports contracted by 8.1%. It resulted in sharp contraction in trade deficit fromUSD 190.3 bn in March 2013 to USD 138.6 bn in March 2014, primarily due to a 40% declinein gold imports. Going forward, with a likely improvement in world GDP and global trade,export growth is likely to recover in 2014-15.
Due to various measures taken by the RBI since September 2013, surge in capital inflowsled to reserve accretion. This is yet another positive development during the financialyear 2013-14. The RBIs swap windows for banks mobilisation of fresh FCNR(B)deposits and overseas borrowing helped to build reserve during September - November 2013.With the revival of portfolio flows since December 2013, Indias forex reservesreached USD 314.9 billion (as on 16th May, 2014), an accretion of USD 22.9 bn over that ofa year ago. With a lower CAD and build-up of foreign exchange reserves, the downwardpressure on the currency and the volatility in the Indian rupee have subsided down. Therupee has also moved in a narrow range of Rs.60.10 to Rs.62.99 per US dollar sinceEnd-November 2013 to March 2014. In fact, during this period the rupee outstripped most ofthe other emerging market currencies.
The Indian economy is now on the threshold of a major transformation, with expectationsof policy initiatives by the newly elected Central Government. The economy is on the roadto modest recovery with cautiously positive business sentiments, improved consumerconfidence and more controlled inflation. The sectors which were significantly impacted bythe crisis and slowdown in the economy are now showing definite signs of improvement. Thechallenge for maintaining disinflationary momentum over the medium term, however, remainson the horizon. A moderate recovery is likely to set in 2014-15 and real GDP may grow by5.3% to 5.5%.
However, data revisions for previous quarters and the consequent changes in baseeffects impart uncertainty to the growth trajectory ahead. The pace of recovery,nevertheless, is likely to be modest. It is likely to be supported by investment activitypicking up due to part resolution of stalled projects and improved business and consumerconfidence.
In an interesting development, the Indian Meteorological Departments (IMD)forecast of below normal rains have triggered widespread discussions about Indiasproduction of food grains, agricultures contribution to the GDP and concerns aboutfood inflation in the current fiscal. Whatever may be the course of Monsoon 2014 goingforward, fears of drought are unfounded at this point of time.
The outlook for industrial activity is positive. Industrial growth, which had beensubdued in the past two fiscal, is now likely to gather momentum with moderately strongerglobal growth, improving export competitiveness and implementation of recently approvedinvestment projects. The new Central Governments reforms focus should also act as animpetus to growth.
In the baseline scenario, commodity prices will remain muted during 2014. In thecurrent scenario, global food and meal prices are likely to moderate. According to the USEnergy Information Administration (EIA), the Brent crude oil price is projected to averageUSD 105 and USD 101 per barrel in 2014 and 2015, respectively, thus imparting a clearsoftening bias.
Going forward, while the global commodity price scenario provides some comfort, therate of inflation may decelerate further from what has been witnessed in recent months.
In the coming years, we may see a fascinating scenario emerging in the India-Chinagrowth debate. While India is now focusing on increasing its share of manufacturing sectorto 25% by 2025, China has already embarked on a mission of significantly revamping itsservices sector. The strategy of shifting the Chinese economy towards a service-sectorbias may sooner or later impact Indias services trade balance. However, consideringChinas growing ageing population such structural transformation would take a whileto materialise.
Banking Industry Developments
Being one of the top 10 global economies with a billion-plus population, India offers asignificant potential for the banking sector to grow. In addition, one third of thecountrys population still remains outside the purview of formal banking offering theIndian banking industry a rare opportunity to grow and help facilitate the nationsinclusive growth agenda.
Going forward, the countrys Rs.81 trillion (USD 1.34 trillion) banking industrymay see more participants and greater healthy competition. Two new banks have alreadyreceived licences from the RBI i.e. IDFC and Bandhan Group, which apart from providingimpetus to financial inclusion, is expected to intensify competition in the banking sectorin the medium term.
Going forward, the countrys Rs.81 trillion (USD 1.34 trillion) bankingindustry may see more participants and greater healthy competition
In addition, by postponing the implementation of Basel III capital accord by one year,RBI has given some breathing space to banks struggling with plummeting margins and lowerprofitability on account of increase in NPAs. The Reserve Bank of Indias (RBI) newnorms will further encourage banks to identify potential bad loans and take correctiveactions.
As a part of monetary transmission, base rate of major banks inched up from9.70%-10.25% in April 2013 to 10.0% -10.25% in March 2014, while deposit rates werereadjusted from 7.5%-9.00% to 8.0%-9.25% in the same period.
While aggregate deposit of All Scheduled Commercial Banks (ASCBs) grew by 14.1% in FY2013-14 against 14.2% growth in FY 2012-13, credit expanded by 13.9% against 14.1% in theprevious year.
The Reserve Bank of Indias (RBI) new norms will further encourage banks toidentify potential bad loans and take corrective actions.
Given the system wide economic slowdown, the financial performance of the Bank duringthe financial year ended 31st March, 2014, remained satisfactory. The Bank registered agood growth in Operating Profit during the fourth quarter of the year as compared toprevious quarters. The Operating Profit of the Bank for 2013-14 was higher at Rs.32,109.24crores, as compared to Rs.31,081.72 crores in 2012-13, an increase of 3.31%.
The Bank posted a Net Profit of Rs.10,891.17 crores for 2013-14, as compared toRs.14,104.98 crores in 2012-13, i.e. a decline of 22.78% on the back of higherprovisioning requirement.
Net Interest Income
Due to higher growth in the advances and investment portfolios, the gross interestincome from global operations rose from Rs.1,19,655.10 crores to Rs.1,36,350.80 croresduring the year registering a growth of 13.95%.
The Net Interest Income of the Bank correspondingly registered a growth of 11.17% fromRs.44,329.30 crores in 2012-13 to Rs.49,282.17 crores in 2013-14.
Interest income on advances in India increased from Rs.85,782.26 crores in 2012-13 toRs.97,674.91 crores in 2013-14 registering a growth of 13.86%, due to higher volumes.However, the average yield on advances in India has declined from 10.54% in 2012-13 to10.30% in 2013-14.
Income from resources deployed in treasury operations in India increased by 15.24%mainly due to higher average resources deployed. The average yield has also increased to7.65% in 2013-14 from 7.54% in 2012-13.
Total interest expenses of global operations increased from Rs.75,325.80 crores in2012-13 to Rs.87,068.63 crores in 2013-14. Interest expenses on deposits in India during2013-14 recorded an increase of 15.65% compared to the previous year. The average cost ofdeposits has increased by 6 basis points from 6.29% in 2012-13 to 6.35% in 2013-14,whereas the average level of deposits in India grew by 14.55%.
Non-interest income increased by 15.69% to Rs.18,552.92 crores in 2013-14 as againstRs.16,036.84 crores in 2012-13. During the year, the Bank received an income of Rs.496.86crores (Rs.715.51 crores in the previous year) by way of dividends from AssociateBanks/subsidiaries and joint ventures in India and abroad.
There was an increase of 22.43% in the Staff Cost from Rs.18,380.90 crores in 2012-13to Rs.22,504.28 crores in 2013-14. The main reasons for increase were higher provision forpension liability due to revision in mortality table from 01.04.2013, impact of which wasRs.2,400.00 crores and provision for wage revision to the tune of Rs.1,814.00 crores.Other Operating Expenses registered an increase of 21.26% mainly due to increase inexpenses on rent, taxes and lighting, law charges, postage, telephones, printing andstationery, insurance and miscellaneous expenditure.
Provisions and Contingencies
Major amounts of provisions made in 2013-14 were as under:
Rs.14,223.57 crores (net of write-back) for non-performing assets (as againstRs.11,367.79 crores in 2012-13).
Rs.1,260.69 crores towards Standard Assets (as against Rs.749.61crores in2012-13), including the current years provision, the total provision held onStandard Assets amounts to Rs.6,575.43 crores.
Rs.5,282.71 crores towards Provision for Tax in 2013-14, (as against Rs.5,845.91crores in 2012-13).
Rs.563.25 crores provisions for depreciation on investments, excludingamortisation of premium on Held to Maturity category (as against Rs.961.29crores write back towards depreciation on investments in 2012-13).
Reserves and Surplus
An amount of Rs.3,339.62 crores (as against Rs.4,417.86 crores in 2012-13) hasbeen transferred to Statutory Reserves.
An amount of Rs.216.75 crores (as against Rs.19.17 crores in 2012-13) has beentransferred to Capital Reserves.
An amount of Rs.4,796.63 crores (as against Rs.6,453.26 crores in 2012-13) hasbeen transferred to other Reserves.
The total assets of the Bank increased by 14.43% from Rs.15,66,211.27 crores at the endof March 2013 to Rs.17,92,234.60 crores as at the end of March 2014. During the period,the loan portfolio increased by 15.70% from Rs.10,45,616.55 crores to Rs.12,09,828.72crores. Investments increased by 13.52% from Rs.3,50,877.51 crores to Rs.3,98,308.19crores as at the end of March 2014. A major portion of the investment was in the domesticmarket in government securities.
The Banks aggregate liabilities (excluding capital and reserves) rose by 14.08%from Rs.14,67,327.59 crores on 31st March, 2013 to Rs.16,73,952.35 crores on 31st March,2014. The increase in liabilities was mainly contributed by increase in deposits andborrowings. The Global deposits rose by 15.94% and stood at Rs.13,94,408.50 crores as on31st March, 2014 against Rs.12,02,739.57 crores as on 31st March 2013. The borrowingsincreased by 8.24% from Rs.1,69,182.71 crores at the end of March 2013 to Rs.1,83,130.88crores as at the end of March 2014.
I. CORE OPERATIONS
At SBI, we believe customers represent the foundation of our achievements acrossdecades. It is their continuing support in our vision that has helped us strengthen ourlegacy as the nations most successful commercial Bank. Therefore, all our strategiesand initiatives revolve around the Customer and his/her preferences andaspirations.
Our Customer Service link, available 24 x 7 on SBI-Online, has the option ofOnline/Offline Complaint Registration. Also Online/Offline Appreciation/ Feedback portalprovides the feeling of Customer Delight, to our customers.
The Bank was the first in India to introduce a code of Fair Banking Practices in thecountry called Towards Excellence. The code reflects the Bankscontinuing commitment to provide world-class banking services to all sections of society.Towards this purpose, SBI has laid down several policies:
Policy on Grievance Redressal
Cheque Collection Policy
Policy on Depositors Rights
Policy on Security Repossession/Code of Conduct for Recovery Agents
Policy on Multi-city Cheque
SBIs Contact Centre caters to customers through inbound calls and e-mails. It hasemerged as a strong alternate channel and is providing following customer services:
Account Information to customers having ATM-cum-Debit Card (Balance info, lastfive transactions, among others).
Debit Card hot-listing and Status of the debit card, ATM PIN re-generationrequest.
Information on products and services and lead registration.
Registration of complaints.
Pension particulars (Basic Pension, Dearness allowances, status of lifecertificate, among others).
Online trouble shooting for Mobile Banking, Internet Banking and Mobi-cash.
Status of NEFT/RTGS and SBI Express Remittances.
Contact Centre is available 24x7 through 2 toll free helpline nos. 1800 112211/1800 425 3800 and toll number 08026599990. Bank has 4 Contact Centres at Vadodara,Bangalore, Agra & Kolkata.
This helpline provides a human interface of the Bank, thus helping in migratingthe customers from branches. It is estimated that it helps in reducing footfalls atbranches by an average of 20 customers/day per branch.
It is handling approximately 3.50 lakhs calls/day in 12 languages includingHindi and English. Out of this, Customer Service Representatives attend approx. 80,000calls, whereas the remaining calls are served on self-service options through InteractiveVoice Response System (IVRS).
It is also responding to e-mails received on major SBI Corporate IDs firstname.lastname@example.org, ibanking@ sbi.co.in, email@example.com, firstname.lastname@example.org
In keeping with our Vision Statement, SBI strives to achieve one of the higheststandards in customer service. Customers have direct access to relevant Authorities,Controllers and the Management at the apex. Two days in a month are observed asCustomer Day, when Branch Head & Administration Officers are available toreceive suggestions from customers and resolve their grievances.
The Banks mandate is to redress customer grievances within maximum three weeks ofreceipt, as against a 30-day timeline prescribed in the BCSBI Code. All ATM relatedcustomer complaints are redressed within seven days (prescribed by the RBI). The Bank hasput in place a Compensation Policy to compensate aggrieved customers financially for anyslippage in services extended.
Fraud Prevention and Monitoring
The Bank has taken several measures to strengthen the internal control mechanism toprevent frauds.
I. Business Groups
A) National Banking Group
B) Corporate Banking Group
C) Mid Corporate Group
D) International Banking Group
E) Global Market Operation
A) National Banking Group
The National Banking Group (NBG) is the largest business vertical of the Bank,anchoring 95.24% of total domestic deposits and 52.05% of total domestic advances, as on31st March, 2014. It is also the largest business vertical in terms of branch network andhuman resources.
RBU, PBBU, ReH & HD and SME business units are having business portfolios aboveRupees One Lakh crores, each.
Exhibit 1: Branch Expansion Trend
Branches added during FY 2013-14
* Excluding 24 BPR/ other outfits (RACPCs, CPCs, etc.)
Exhibit 2: NBG Business Performance
Rs. (in crores)
Segmental Advances (non-food)
* excluding account transfer to MCG during FY 2013-14
Financial Inclusion (FI)
The Bank has set up 45,487 Business Correspondent (BC) Customer Service Pointsthrough alliances both at the national and regional level.
The Bank is offering various technologically enabled products through BCchannel, such as Savings Bank, flexi RD, STDR, remittance and SB-OD facilities.
The Bank has achieved 100% coverage across 31,729 villages during FY 2013-14.The cumulative coverage totalled 52,260 villages.
Over 11,423 BC outlets have been set up across urban/ metro centres, which caterto the requirements of migrant labourers and vendors, among others. During FY 2013-14, 226lakhs remittance transactions for Rs.9,983 crores were registered through BC channel.
During FY 2013-14, the Bank has opened 1.50 crores small accounts withsimplified KYC, taking the overall tally to 3.53 crores accounts.
The transactions volume through the BC Channel has grown to Rs.22,525 croresduring FY 2013-14 as against Rs.13,033 crores during FY 2012-13.
To facilitate transactions through alternate channels, the Bank has issued 24lakhs FI Rupay ATM Debit Cards to FI customers.
Linking of villages to branches through CSPs in a hub-and-spoke model has beenlaunched and 69,749 villages have been linked so far. A facility of depositing loanrepayments at 31,919 BC outlets has also been enabled.
Direct Benefit Transfer (DBT) Scheme has been successfully rolled-out. The Bankhas successfully completed 27.41 lakhs transactions amounting to Rs.505 crores asSponsoring Bank in addition to handling 7.1 lakhs transactions amounting to Rs.98.61crores as Receiving Bank. Overall 1.36 crores accounts were linked with Aadhaar across thecountry.
SBI is the sole Sponsoring Bank for DBT for LPG transactions, which areprocessed centrally for all the three Oil Marketing Companies; over 8.98 crorestransactions amounting Rs.5,393 crores were successfully processed.
Over 4.46 lakhs SHGs are credit linked with credit deployment of Rs.5,134crores. Our market share in SHGs is 22%.
The Bank retained its leadership in Agri Business by crossing Rs.1,16,081 croresunder agri-segmental advances covering over 1.13 crores customers. A total of 5.13 lakhsnew customers were brought in the Banks fold during FY 2013-14.
Short-term production credit constituting KCC and Agri Gold Loan, recorded 14%Y-o-Y growth.
Average agri loan ticket size increased to Rs.1.03 lakhs through migration ofcrop loans to revised Kisan Credit Card scheme operated through ATM enabled State BankKisan Cards.
The number of Kisan Credit Card issued by Bank crossed 61.60 lakhs during FY2013-2014.
Flow of Credit to Agriculture
As in the past, the Bank has surpassed Agri credit flow target set by GOI during FY2013-14.
Exhibit 4: Flow of Credit to Agriculture Trend
New Products Launched
To meet the emerging needs of the farmer in tune with market dynamics, the Bank hasrolled out new loan products - Multi-Purpose Agri Gold Loan a hassle-free andtailor-made product to tap the potential in Agri Gold Loan business for all investmentcredit needs, such as minor irrigation, horticulture and farm machinery, among others.
To create awareness among farmers and to improve coverage/penetration of theBanks Agri products, special campaigns were launched.
KCC Campaign: To drive growth in KCC loan portfolio through renewal andmigration of existing KCC accounts under the revised KCC scheme, a business of Rs.6,841crores was garnered under the campaign in FY 2013-14.
Swarnadhara Campaign: To promote Agri gold loans and Multi-Purpose AgriGold Loan, the campaign was re-launched quarterly and mobilised a business of Rs.4,342crores during FY 2013-14.
Tractor Loan Carnival: To promote New Tractor Loan scheme, whichwas dovetailed to capture and regain the competitive tractor market and garnered abusiness of Rs.274 crores in FY 2013-14.
Krishi Plus: To target the existing high-value agri borrowers (limit of Rs.3lakhs and above) with good track record for the sanction of an additional loan to capturegrowth with quality. A total of 4,148 accounts, aggregating to Rs.108.15 crores, have beensanctioned under the campaign.
Bonding with Farmers
SBI Ka Apna Goan Scheme: During FY 2013-14, 121 new villages were adoptedunder SBI Ka Apna Goan Scheme for overall development, taking the total numberof villages adopted to 1,393.
Farmers Club: A total of 145 new Farmer Clubs were formed for fosteringcontinued relationship with the farming community taking the total number of Farmer Clubsto 10,670 as on 31st March, 2014.
Hub-and-Spoke Model with BC network: The Bank has established linkage with 67,489villages through 34,064 rural CSPs for scouting applications from customers residing inremote unbanked areas and bringing them into the banking fold.
Loan Origination Software (LOS): Loan Origination Software applications supporttracking and recording all processes from sourcing to sanction, documentation, control andsubsequent account opening in CBS, resulting in avoidance of repetitive work.
Personal Banking Business Unit (PBBU)
Domestic Deposits have grown by Rs.1,17,100 crores (16.87%) and Advances by Rs.6,702crores (7.43%) as on 31st March, 2014. CASA Deposit has grown by 15.51% and CASA Ratio ason 31.03.2014 is 46.95%. During the year, we have taken the following steps to strengthenour Savings Bank product and to make it more competitive:
Online Account opening facility has been popularised.
Personal Accident Insurance was enhanced by adding two new insurance cover slabsof Rs.10 lakhs and Rs.20 lakhs.
Medical Insurance was introduced for Savings Bank Account holders.
Number of free multicity cheques was linked to the Average Quarterly Balance(AQB).
The above mentioned initiatives strengthened customer acquisition.
The number of Premier Banking customers has increased from 2,78,509 to 3,57,679customers during FY 2013-14. There is 27% growth in deposits in this segment.
During the year, four exclusive HNI branches and 45 new PBBs were opened.
During FY 2013-14, NRI Deposits have grown by Rs.32,518 crores (42%) and reached alevel of Rs.109,958 crores as on 31.03.2014. Advances to NRIs recorded a growth of Rs.538crores (24%) during the FY 2013-14, the level reached being Rs.2,751 crores as on31.03.2014. We had also launched the special FCNB scheme to mobilise foreign currencydeposits under the RBIs special SWAP window from 04.10.2013 to 25.11.2013 andgarnered an amount of USD 3089 million.
The Bank has been to make the most of our available services and products throughonline channels. Therefore, we recently launched the Online Account Opening facility forNRI customers.
SBI was the Principal Sponsor of Pravasi Bharatiya Divas, an annual flagship event forNRI Diaspora from all over the world, organised by the Ministry of Overseas IndianAffairs, which was held at Vigyan Bhavan, New Delhi from 7th-9th January, 2014.
To strengthen our pre-eminent position in the area of NRI Services, we have opened fivenew NRI branches in India during the current financial year, taking the number of totalNRI branches to 74. These dedicated branches have an excellent ambience, along with awell-skilled team of officials to serve NRI customers. Apart from these branches, thereare also about 100 NRI intensive branches across all Circles servicing substantial volumesof NRI business.
Corporate and Institutional Tie-Ups
The Bank now has customised Special Salary Packages for employees of Corporates,Defence, Para Military, Railways, Central Government, State Governments as well as Police,which enable a focused marketing approach.
Related Assets and Liabilities business garnered from this niche group is Rs.36,970crores in Time Deposits and Rs.29,999 crores in retail loans comprising Home Loans(Rs.14,913 crores), Auto loans (Rs.3,135 crores), Xpress Credit Loans (Rs.11,951 crores).Four hundred and sixty six new tie-ups were entered under the Corporate Salary Packageduring FY 2013-14.
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