Report of the Board of Directors to the State Bank of India, the Reserve Bank of India and the Central Government in terms of Section 43(1) of State Bank of India (Subsidiary Banks) Act, 1959.
Period covered by the Report: 1st April, 2013 to 31st March, 2014
1. MANAGEMENT DISCUSSIONS & ANALYSIS
1.1 Global Economy
Global growth is likely to be in the vicinity of 3 per cent in 2014-15, about a percentage point higher than in 2013-14. The expansion in global output is expected to be led by Advanced Economies (AEs), especially the US. However, downside risks to growth trajectory arise from ongoing tapering of Quantitative Easing (QE) in the US, continuing de_ation concerns and weak balance sheets in the euro area and inflationary pressures in the Emerging Market and Developing Economies (EMDEs). Weakening growth and financial fragilities in China that have arisen from rapid credit growth in recent years also pose a large risk to global trade and growth.
Global inflation remains benign with activity levels staying below potential in the Advanced Economies as well as in some of the large emerging market and developing economies and a softer bias for global commodity prices continuing into 2014.
The global financial markets have weathered the initial dose of actual tapering of the Quantitative Easing (QE) by the US Fed, quite well. However, the global interest rate cycle has just begun to turn. Any large withdrawal of monetary accommodation by advanced economies and consequent effect on capital flows to and from Emerging Market and Developing Economies (EMDEs) could lead to volatility and could translate into liquidity shocks impacting asset prices.
1.2 National Economy
GDP growth has been stagnant at around 5% during the year. This is attributable to the continued weakness in industrial activity and supply side constraints.
A moderate recovery is likely to set in 2014-15 broadly in line with the Reserve Banks indicated projections in January 2014. The recovery is likely to be supported by investment activity picking up due to part resolution of stalled projects and improved business and consumer confidence. Manufacturing PMI, for the month of February 2014, touched a years high on the back of higher output and new orders. The rural demand base is likely to shore up demand, following record agricultural output.
While the global environment remains challenging, policy action in India has rebuilt bu_ers to cushion it against possible spill overs. There was curtailment of deficit (both Current & Fiscal). There was also adjustment of rupee exchange rate and replenishment of foreign exchange reserve which resulted in lowering of risk of near-term macro instability. However, more efforts in terms of removing structural impediments, building business confidence and creating fiscal space to support investments will be needed to secure growth.
1.3 Kerala Economy
Keralas economy is one of the fastest growing economies in the country. Kerala has won international recognition for its outstanding achievements in Health and Education sectors. The prime driver of the economy still is the remittance from abroad by 22 lakhs Non- Resident Indians, mainly from Gulf Countries. Economy in Kerala is supported by traditional industries. Coir, Cashew, Bricks and Tiles, Oil Milling, Handloom and Timber employ 83% of the total work force in the industrial sector.
Kerala contributes 97% of national pepper production and accounts for 85% of the area under natural rubber cultivation in the country. Coconut, tea, coffee, cashew, and spices including cardamom, vanilla, cinnamon, and nutmeg form a major part of the agricultural sector. In addition to this, rice is extensively grown in Kerala. Nevertheless, home gardens comprise a significant portion of the agricultural sector.
Tourism continues to flourish and plays an important role in the States economy. IT sector is on a growth path with flagship Techno Park at Thiruvananthapuram and Techno City at Ernakulam gaining further momentum. The proposed Info Park and Smart City near Kochi, are expected to propel Kerala to become one of the leading IT destinations in the country. Mega Projects like Vallarpadam International Container Trans-shipment Terminal will give a fillip to the economy. The proposed Vizhinjam International Deepwater Multipurpose Seaport at Thiruvananthapuram is expected to give boast to the States economy. The Kannur International Airport project is expected to transform the North Malabar region into a highly developed Centre for Travel, Tourism and Industries.
1.4 Banking Environment
The resilience and stability of the domestic financial system have become essential to the countrys macroeconomic stability, particularly in an increasingly integrated world. Indian Banking sector demonstrated strong resilience during the global financial crisis and was able to maintain stability. In India, reforms have continued with a view to building a robust and resilient financial system. More stringent capital and liquidity measures for Commercial Banks have been implemented and steps have been taken to build up Capital Conservation Bu_ers (CCB). RBI has initiated the steps for implementation of the Basel III norms embedded with provisions and guidelines for higher capital adequacy. The key focus areas for Indian Banks include, liquidity management; gainful deployment of funds; availability of cheaper technology to serve thinly populated unbanked areas; grooming suitable replacement for large number of experienced manpower due for retirement; IT security; advanced Risk Management approaches; and introduction of innovative products. The Indian Banking sector is continuing to grow with rapid transformation, with almost all the Banks having migrated to Centralised Core Banking Environment, supported by technology enabled products viz. mobile banking, net banking and smart cards.
1.5 ASCB Performance
All Scheduled Commercial Banks Deposits grew by Rs 9,87,970 crore (14.63%) between 22nd March, 2013 and 21st March, 2014 to reach a level of Rs 77,39,390 crore as on 21st March, 2014. The Gross Advances grew by Rs 7,50,260 crore (14.25%) in the same period to touch a level of Rs 60,13,090 crore. Food credit increased by 2.13% to touch Rs 98,480 crore. Non Food credit grew by 14.48% and reached the level of Rs 59,14,610 crore.
1.6 Regulatory Measures and Monetary Policy
The year 2013-14 witnessed a series of monetary measures initiated by Reserve Bank of India to contain rising inflation and arresting the weakening of rupee. Further, liberalisation in the Branch Authorisation Policy and adoption of more stringent security measures for electronic payment system were announced. The Reserve Bank of India granted "in-principle" Bank license to Infrastructure Development Finance Co and Bandhan Financial Services Ltd.
Some of the main policy changes and reforms announced by RBI during the year were as under:
Repo rate moved from 7.5% to 8%.
Cash Reserve Ratio (CRR) of Scheduled Commercial Banks maintained at 4.0 per cent of Net Demand and Time Liability (NDTL).
Increased liquidity provided under 7-day and 14-day term repos.
The reverse repo rate moved in tandem with repo rate and is presently at 7.0 per cent.
The Marginal Standing Facility (MSF) rate and the Bank Rate are presently at 9.0 per cent.
Under the new RBI Branch Authorisation Policy, Banks can now open branches without taking prior permission from RBI, subject to reporting. To provide enhanced banking services in Tier 5 and 6 centres (Rural), domestic Scheduled Commercial Banks should necessarily open 25% of the branches, in unbanked rural centers.
RBI has stipulated higher provisioning norms on Restructured Assets.
2. The Banks Operations and Performance
2.1 Total Business
The Banks gross business crossed Rupees One Lakh Sixty
Thousand crore during FY 13 14. The total business of the Bank reached the level of Rs 1,60,119 crore as on 31st March, 2014, from
Rs 1,52,108 crore as on 31st March, 2013 showing a growth of 5.27%.
It comprises of a total deposit of Rs 89,337 crore and Gross Advances of Rs 70,782 crore.
2.2 Working Results and Operating Profit
Operating profit (after Staff Provisions) for the year ended 31st March, 2014 stood at Rs 1,369.69 crore as compared to Rs 1,351.00 crore recorded for the year ended 31st March, 2013. Net Profit for the year stood at Rs 304.34 crore as compared to Rs 615.04 crore for FY 201213, showing a decline of 50.52%.
The earnings per share (face value of Rs 10) was Rs 60.87 as on 31.03.2014 as against Rs 123.01 as on 31.03.2013.
The Net Interest Income increased by 11.98% from Rs 2,128.20 crore in FY 2012-13 to Rs 2,383.15 crore in FY 13 -14. Net interest Margin (NIM) stood at 2.43% as on 31.03.2014.
The Bank declared a dividend of Rs 2.50 per share (25%) for FY 2013-14, entailing a total payout of Rs 12.50 crore. The dividend payout Ratio works out to 4.11% of the Net Profit.
2.4 Capital Adequacy
The Capital Adequacy ratio under Basel II stood at 11.52% as on March 31st, 2014 as compared to 11.70% as on March 31st, 2013, against a minimum of 9% stipulated by RBI. Under Basel III, the Banks capital fund improved from Rs 5,671.43 crore as on 1st April, 2013 to Rs 6,357.63 crore as on 31st March, 2014. This also includes, an amount of Rs 385 crore received from State Bank of India towards preferential allotment of Equity shares, pending allotment. The Capital Adequacy Ratio under Basel III improved from 10.74% as on 1st April, 2013 to 10.79% as on 31st March, 2014.
Banks Aggregate Deposits showed a growth of 5.54% and stood at Rs 88,707 crore as on 31st March, 2014 compared to Rs 84,047 crore in the previous year. The Personal Segment Deposits recorded an impressive growth of Rs 9,656 crore (18.36%) during the year, to reach a level of Rs 62,247 crore, which constituted 70.17% of Aggregate Deposits.
NRI Deposits also recorded an impressive growth of Rs 5,651 crore (29.26%) during the year, to reach a level of Rs 24,963 crore. It constitutes 28.14% of the Aggregate Deposits of the Bank as on 31st March, 2014.
Total Deposits of the Bank (including Inter Bank Deposits) stood at Rs 89,337 crore as on 31st March, 2014 as against Rs 84,624 crore as on 31st March, 2013.
The Gross Advances of the Bank stood at Rs 70,782 crore as at the end of 31st March, 2014 as against Rs 68,389 crore a year ago, registering a growth of 3.50%. Personal segment advances grew by Rs 374 crore and reached a level of Rs 18,294 crore, whereas the C&I segment declined by Rs 311 crore and reached a level of Rs 34,901 crore.
The Retail lending stood at Rs 35,881 crore and constituted 50.69% of the Gross Advances as at the end of 31st March, 2014. .
The Credit Deposit Ratio of the Bank as on 31st March, 2014 was 79.23% as against 79.75% a year ago.
2.7 Market Share
The Banks market share in ASCB Deposits was 1.16% as on 21st March, 2014 as compared to 1.22% as on 22nd March, 2013. The market share in Advances has come down from 1.25% as on 22nd March, 2013 to 1.16% as on 21st March, 2014. The Banks All India Market share in total business as on 21st March, 2014 stood at 1.16%. (Source: RBI).
The Bank continued to maintain its position as the premier Bank in Kerala, with a market share of 21.32% in business among all Commercial Banks ( as at the end of December 2013) with a 14.06% share of the total branch network. In respect of NRI deposits, our market share in the State was 24.24%. (Source SLBC, KERALA)
2.8 Priority Sector Lending
The Bank continued to give special emphasis on lending to the priority sector in conformity with national policies, expectations and fulfillment of social objectives. Banks Gross Advances to the Priority sector increased from Rs 24,378 crore as at the end of March 2013 to Rs 29,179 crore as at the end of March 2014 and constituted 42.26% of the Adjusted Net Bank Credit (ANBC), against the benchmark of 40%.
2.9 Agricultural Finance
The Bank disbursed an amount of Rs 10,408 crore under Agriculture segment as at the end of March 2014 against the Special Agricultural Credit Plan target of Rs 7,200 crore. Agriculture segment showed a growth of Rs 1,137 crore during the financial year 2013-14. Exposure to Agriculture segment reached a level of Rs 13,212 crore as on 31st March, 2014, which is 19.13% of ANBC, against a benchmark of 18%.
The Bank conducted an intensive Agriculture lending campaign covering all agriculture loan products, called "HARITHA CAMPAIGN" during the financial year 13 14.
Farmer Clubs meetings were conducted at various centres to give wide publicity to the schemes available to farmers. Meetings were also conducted on the occasion of Farmers Day.
2.10 Lending to Micro, Small and Medium Enterprises (MSMEs)
MSMEs play a major role in the countrys economic development. The Bank gives due importance for the growth of this vital segment of the economy. Total lending to MSME sector as on 31st March, 2014 stood at Rs 11,460.54 crore, registering a growth of Rs 2,230.31 crore over the previous year. The lending to Micro and Small Enterprises (MSEs) stood at Rs 7,774.10 crore which is 37.37% higher over the previous year level.
The growth in this sector was fuelled by an intensive MSME lending campaign conducted from 1st September, 2013 to 31st December, 2013. The total loan disbursement during the Campaign period was Rs 677 crore covering 3,699 accounts.
MSME segment achieved all the three RBI Bench marks i.e.
i) The year on year growth to Micro and Small Enterprises was 37.37% as against the bench mark of 20%.
ii) The increase in number of Micro accounts was 84.58% as against the bench mark of 10%.
iii) Lending to Micro enterprises under MSE segment was 60.01% as against the bench mark of 60%.
The Bank was conferred with the National Award for excellence in lending to Micro Enterprises based on credible performance in lending to MSMEs during the year 2012- 13. The Bank has been receiving this award in succession for the second year and for the fifth time since institution of the award i.e. from the year 2005-2006.
RTO Tie up arrangement
Road Transport Operators (RTO) is an important sub segment under service segment. The relaxation in security norms, reduction in interest rate and Tie up with automobile companies, contributed to the steady growth under this vital segment. Outstanding under RTO segment as on 31st March, 2014 was Rs 362.39 crore comprising of 10,096 accounts.
Prime Ministers Employment Generation Programme (PMEGP)
The Bank actively supported the programme to generate employment for youth and stood first in the State of Kerala surpassing the targets. The Bank financed 334 projects during FY 13-14, against the target of 193 projects, registering an achievement of 173%. The total outstanding under PMEGP scheme was Rs 64.04 crore.
CREDIT GUARANTEE FUND TRUST FOR MICRO AND SMALL ENTERPRISES (CGTMSE)
The Bank is a Member Lending Institution of CGTMSE which provides guarantee cover to collateral free loans. Bank made it mandatory to cover all eligible accounts up to a limit of Rs 50 lacs under CGTMSE. The Bank extended finance under this scheme to 15,699 borrowers with a total outlay of Rs 679.28 crore upto FY 2013 14.
Specialised MSME Branches:
Bank opened three specialised MSME Branches at Kollam, Kozhikode and Palakkad during the financial year, taking the total number of specialized MSME branches to eight.
Lending to Women Entrepreneurs
Bank actively supported / encouraged lending to women entrepreneurs. Total lending to women entrepreneurs stood at Rs 8,625.32 crore covering 7,69,851 borrowers. The exposure constitutes 12.49 % of ANBC.
2.11 Commercial & Institutional Finance
The Banks performance under this Segment reached a level of Rs 34,901 crore as on 31st March, 2014. This segment contributed 49.31% of Banks total advance,
Commercial Network (CNW) Branch System was introduced in the Bank for giving focused attention to select branches to achieve substantial growth in large value advances. Commercial branches at Bangalore, Chennai, Ernakulam and New Delhi, Corporate Finance Branch Mumbai, Mumbai Main and Karol Bagh Branch (New Delhi) were brought under the system. The 7 CNW branches put together have a business level of Rs 27,015 crore. CNW Branches Credit portfolio was Rs 21,225 crore, which is about 30% of the Banks total advances.
With the objective of improving the market share in Corporate segment and enhancing the business mix, Bank established a separate network called "Commercial Business Network" (CBNW).
The core idea behind the formation of CBNW is to cater to the banking needs of Mid Corporates, emerging Business Groups and large SMEs which contribute to the Banks asset portfolio. Now, CBNW has in its fold, 13 branches across the country and it is proposed to add more branches during 2014-15.
CBNW Branches, being credit focused, have great potential to contribute towards the growth of business. At the end of 2013-14, the total business of CBNW was Rs 10,498 crore, with deposits at Rs 3,134 crore and advances at Rs 7,364 crore. CBNW branches contributed 10.40% of the Banks total advances.
Project Finance Unit (PFU) was formed in the Bank in order to develop project appraisal skills in-house and also to prevent good business proposals from going past us for want of Techno-economic viability (TEV) study. PFU facilitates Technical and Financial appraisal of Large, Medium and Small sized projects, which have not been vetted by agencies of national/ international repute. During the year, PFU received 30 proposals from various branches. 5 proposals with an aggregate limit of Rs 172.00 crore were sanctioned.
2.12 Personal Deposits
Deposits under Personal Segment grew from Rs 52,590.92 crore as on 31.03.2013 to Rs 62,246.92 crore as on 31.03.2014 thus recording a growth of 18.36%. Domestic Deposits grew by Rs 4,004.55 crore while NRI deposits grew by Rs 5,651.45 crore. Personal Deposits constitute 70.17% of the aggregate Deposits of the Bank.
2.13 Personal Finance
The Bank continued to be active in extending Personal Segment finance, mainly by way of Housing Loans, Car Loans, Education Loans and Gold Loans. 13,785 housing loans aggregating Rs 2,029.21 crore were sanctioned during FY 13-14. Outstanding in Housing Loan stood at Rs 9,500.75 crore as on 31.03.2014.
Similarly, 10,455 Vehicle loans aggregating Rs 517.60 crore were sanctioned during FY 13-14. Outstanding in Vehicle loan stood at Rs 1,387.86 crore as on 31.03.2014
The Bank continued to support the younger generation to pursue higher studies by extending Education Loans under IBA Model Scheme. The Bank maintained its leadership in extending Education Loans in the State of Kerala. In FY 13-14, 6794 Education Loans amounting to Rs 217.76 crore were sanctioned, taking the total outstanding amount to Rs 2,475.41crore as at the end of March 2014.
In conformity with the Government of India guidelines, Interest Subvention benefits were passed on to the eligible borrowers under Housing loans and education loans schemes.
2.14 Treasury Operations
The Gross Investments of the Bank stood at Rs 28,035 crore as on 31st March, 2014 as against Rs 27,273 crore as on 31st March, 2013. Average investments during 2013-14 were Rs 29,938 crore as against Rs 24,984 crore during 2012-13. The Revenue from investment operations (interest and dividend) for the year was Rs 2,211.92 crore as against Rs 1,816.37 crore for the previous year. The average yield on investments was 7.44 % during the year as compared to 7.38% as on 31st March, 2013.
The Bank earned a profit of Rs 190.52 crore from Domestic Treasury Operations during FY 2013-14 compared to Rs 131.18 crore during FY 2012-13. The total profit from Forex operations during the year was Rs 80.91 crore as against Rs 25.29 crore as on 31st March, 2013. Banks total Forex turnover during the year for merchant transactions was Rs 26,973 crore compared to Rs 24,026 crore during the previous year. Interbank turnover during the year was at Rs 6,13,203 crore as against Rs 4,83,332 crore during the previous year. The Bank is a member in MCX-SX (Multi Commodity Exchange) for trading in Currency Futures.
2.15 International Banking
The total profit from Forex operations during the year was Rs 80.91 crore as against Rs 25.29 crore as on 31st March, 2013. The export finance extended by the Bank reached a level of Rs 2,397.69 crore, recording a growth of 16.15 % YoY.
The Bank has entered into an agreement with Export Credit Guarantee Corporation of India (ECGC) to cover its export credit portfolio. Accordingly, eligible accounts were covered under Whole Turnover Packing Credit Guarantee (WTPCG) and Whole Turnover Post Shipment Guarantee (WTPSG).
With a view to speeding up, issuing of Bank Realisation Certificate (issued to exporters) for claiming export incentives and as part of message exchange initiative of Directorate General of Foreign Trade (DGFT), the Bank has commenced digital transmission of Bank Realisation Certificate (e-BRCs) through DGFT website.
2.16 Cross Selling
The Bank has been constantly endeavoring to meet the financial requirements of its customers by making available Life, Non-life insurance products as well as other non-banking products like Mutual Funds and Credit Card. These products are dispensed through SBI Life Insurance Company, SBI General Insurance Company, SBI Mutual Fund and SBI Cards companies.
The Bank earned an amount of Rs 11.15 crore from cross selling business in FY 13 14 as against Rs 9.87 crore during FY 12 13, thereby recording a YoY growth of 13%
Under Bancassurance, as part of financial inclusion, around 2,500 lives of rural poor was covered under micro insurance schemes of SBI Life.
2.17 Asset Quality
The Bank continued to give, in a very dynamic manner, special focus to improve the quality of Assets and to ensure building up of well performing loan portfolio. The Gross NPA level of the Bank as on 31st March, 2014 stood at Rs 3,077 crore. The percentage of Gross NPA to Gross Advance stood at 4.35% compared to 2.56% as on 31st March, 2013. The Net NPA level of the Bank as on 31st March, 2014 stood at Rs 1,929 crore. The percentage of Net NPA was 2.78% in FY 2013 14, compared to 1.46% as at the end of the previous year.
A well built monitoring mechanism for recovery has been placed by constituting a Board level Committee, besides a High Power Task Force with Top Executives as members, to review the Non Performing Assets and build momentum for recovery. As a strategic initiative, a new cell has been formed to exclusively monitor recovery performance under loss assets.
The Asset Tracking System has been centralized and put in place effectively, for follow up of irregular accounts by tele-calling. During the year 1,40,005 accounts were tracked and 54,200 accounts were regularized with a recovery of Rs 63.82 crore.
The Bank is continuously engaged in providing the right kind of rehabilitation package to sick units to ensure revival of potentially viable sick industrial units. Rehabilitation / Restructuring packages are under implementation in respect of 22 units with a total exposure of Rs 1,569 crore, of which 20 units are under CDR scheme with an exposure of Rs 1,512 crore and 2 units under BIFR scheme with exposure of Rs 57 crore.
2.18 Government Business
The Bank maintains its status as the Principal Banker to Government of Kerala. The Bank has been authorized by Reserve Bank of India to handle State Government Business at 132 branches in the State of Kerala and 1 branch in Tamil Nadu. 415 Post Offices are linked with the branches, with a total turnover of Rs 5,139 crore. Bank is also undertaking Railway transactions in its 33 branches.
194 branches of the Bank are authorized by CBDT for collection of Direct Taxes by physical mode (134 branches in Kerala and 60 branches outside Kerala) and 148 branches are authorized by CBEC in Kerala for Indirect Taxes in physical mode. All branches are authorized for e-payment of Direct and Indirect Taxes.
State Bank of Travancore is a Banking partner of the Government of Kerala in the e-tender / e-procurement project. E-payment facility launched by the Government of Kerala, through the Bank for the payment of Commercial Taxes is well received by the business community and the Bank recorded a Turnover of Rs 11,847 crore for FY 13 14. E-payment of Kerala State Excise License Fee, Rent, Vehicle Tax, Duty, collection of petty case penalties and import fee are enabled through SBT Online.
Other e-payment initiatives include collection of Karnataka State Government Taxes, Commercial Tax and Sales Tax of Tamil Nadu, Professional Tax and Sales Tax payment of Maharashtra State Government. Bank also started collection of property tax online in selected Corporations, Municipalities and Panchayaths in the state of Kerala.
The Centralised Pension Processing Cell (CPPC) has become fully operational with 1,45,018 pensioners and generated an income of Rs 11.19 crore during 2013-14.
The Bank is having 114 currency chest branches in Kerala, 1 in Kar-nataka and 8 in Tamil Nadu. In FY 13 14, the Bank earned Commission to the tune of Rs 58.15 crore by conducting Government business.
2.19 Electronic Payment Systems
Electronic Payments of the Bank are done by the Payment and Settlement Group which functions from Belapur, Navi Mumbai. All the branches of the Bank are enabled for RTGS/GRPT/NEFT remittances. The total number of outward electronic remittances for the year ended 31.03.2014 was 63,74,055 registering an increase of 32%, over the previous year. While the number of transactions under RTGS recorded a growth of 14%, GRPT outward transactions and NEFT transactions increased by 50% in the current year. RTGS application was moved over to an upgraded versions complying with ISO 20022 messaging protocol with effect from October 2013. In order to improve customer service, one more settlement batch was started for NEFT transactions at 8.00 AM during the year.
3. Marketing Initiatives and Development of New Products
The Bank continues to play its role in facilitating customer acquisition, retention and broadening of customer base by conducting segment centric marketing drives.
3.1 The salary payments of most of the State Government Departments are now disbursed through the Bank. Corporate Salary Package, with attractive features, was rolled out to cater to the needs of the employees.
3.2 The Bank is the preferred Bank for almost all State Government Departments.
3.3 The Bank continues to be the main Banker to all the Universities in the State of Kerala and has branches in their campus.
3.4 The major achievement during FY 13 14 was the arrangement for payment of salary and pension for 80,000 KSRTC employees.
3.5 In order to provide one-stop service to customers, the Bank introduced a 3-in-1 account for securities transactions. In this regard, Tie-up arrangement with SBICAP Securities Ltd. (SSL) was put in place to enable the customers for opening of Demat and Trading accounts.
3.6 The State Lottery collection account to pool the funds of each District Lottery Officers (DLOs) was rolled out.
3.7 A concept of "Mega Locker" was floated. The same was rolled out at Kuravankonam branch as a pilot project.
3.8 Bank has tie-up arrangement with Maruthi Suzuki which facilitated sourcing of car loans.
4. Customer Service
Customer service is accorded top priority in the Bank and every endeavour is made to improve the quality of service to the customers and redress their grievances expeditiously.
A well defined and full- fledged Customer Grievances Redressal Mechanism is put in place in the Bank. An official of the rank of Deputy General Manager is placed as head of the Customer Service Department to give greater focus on redressal of complaints.
Bank has provided a facility (SMS SBT CARE) to the customers whereby they can send a message from anywhere by SMS to 56363 or give a missed call to 9847198471 from their mobile. The customer is contacted by the officials of the Bank and the complaints are taken up for redressal on priority.
Bank has also established a call centre with toll free number: 1800 425 5566 which enables the customers and general public to seek clarification on Banks products and services.
5. NRI Services
The NRI deposits recorded a growth of Rs 5,651 crore during the year and achieved a level of Rs 24,963 crore. Bank continue
Arudhati Bhattacharya , Chairman & Director
J Sadakkadulla , Director
P V Prasad , Director (Workmen Employee)
Jeevandas Narayan , Managing Director
Company Head Office / Quarters:
Poojappura P O,
Phone : Kerala-91-471-2359975/2351244 (10 Lines) / Kerala-
Fax : Kerala-91-471-2351137/2351861 / Kerala-
E-mail : email@example.com
Web : http://www.statebankoftravancore.com
Integrated Enterprises (I) Ltd
Kences Tower,2nd Floor No 1,Ramakrishna Street,Chennai - 600 017
|Scheme Name||No. of Shares|
|HDFC Prudence Fund - (G)||5,67,000|
|Reliance Capital Builder Fund II - Sr.A (G)||91,200|
|Reliance Capital Builder Fund - Series A (G)||59,200|
|Goldman Sachs CNX 500 Fund (G)||223|
|HDFC Prudence Fund - (G)||5,67,000|