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A Losing Game
FRONTLINE
|December 8, 2017
With Reliance Payment Bank, a joint venture between Reliance Industries Limited and SBI, set to begin operations in December, there is widespread concern that the new venture will cause the downslide of the country’s largest public sector bank.
IS it the beginning of the end for State Bank of India (SBI)? Is the country’s largest public sector bank being pushed on a downward journey that could eventually lead to its demise?
State Bank of India is the only Indian bank to figure in the list of the world’s top 50 banks and the only one to be listed in Fortune 500. It is widely known as the banker of the nation and has 23,566 branches in the country, of which 15,037 are in rural and semi-urban areas. SBI has 189 international offices in 35 countries. As of September 30, 2014, the bank had approximately 225 million active customer accounts, and deposits, net advances and a total assets base of Rs.14,73,785 crore, Rs.12,09,648 crore and Rs.18,74,332 crore respectively. It recently acquired additional muscle by merging its five associate banks with itself, besides opening crores of new accounts under the Prime Minister’s Jan Dhan Yojana. This bank is now being gifted to Reliance Industries Limited (RIL) on a platter, ostensibly for the purpose of “banking the unbanked”.
Dit verhaal komt uit de December 8, 2017-editie van FRONTLINE.
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