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What Course Will C.S. Setty Plot For SBI?

Mint Mumbai

|

January 08, 2025

The new chairman's biggest challenge is to figure out where to steer a bank that is already humongous in size

- Shayan Ghosh & Gopika Gopakumar

What Course Will C.S. Setty Plot For SBI?

Standup comedian and graphic designer Kajol Srinivasan wasn't laughing after an interaction with the manager of a State Bank of India (SBI) branch in Mumbai a couple of months ago. She had arrived at the bank armed with a certificate from a doctor proving that her mother was alive. Without it, her pension would be discontinued.

Given that her mother was 80 years old and suffering from Parkinson's disease, Srinivasan requested the branch manager to verify her identity over a video call. Unfortunately for mother and daughter, the manager was a stickler who insisted on doing things the 20th-century way—nothing less than the physical presence of the octogenarian would satisfy him.

"He refused despite all the background and insisted that my mother come to the branch," said Srinivasan.

Submitting a life certificate is a yearly ritual for millions of pensioners. Srinivasan explained that it was impractical for her mother, who was in a retirement home in Neral, 80km from Mumbai, to visit the bank. Eventually, she managed to get the verification done online. But her ordeal did not end there. A few weeks later, her mother got a letter from the branch stating that she had to comply with the bank's KYC (know-your-customer) requirements or the account would be frozen.

A frustrated Srinivasan took to X (the social media platform formerly known as Twitter) to detail her struggles with the bureaucratic mindset that bedevils India's largest bank. There were numerous responses to her post by X-erati, many detailing their own struggles. That is when officials at SBI took note.

"I do not know where they got my number but I got a few calls to say that the KYC had been sorted. All I wanted was to sensitize them that branch managers need to be more receptive," she said.

MEER VERHALEN VAN Mint Mumbai

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For years, India’s stock market ran on the shoulders of a few giants. Not anymore.

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Would you like to be interviewed by an AI bot instead?

I don't think I want to be interviewed by a human again,\" said a 58-year-old chartered accountant who recently had an interview with a multinational company.

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Sebi now trains sights on commodity derivatives

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The curious case of LIC's voting on RIL, Adani resolutions

Life Insurance Corp. of India Ltd, or LIC, consistently approved or never opposed resolutions proposed before shareholders of Reliance Industries Ltd (RIL) or any Adani Group company since 1 April 2022, even as it rejected several similar proposals at other large companies, some even part of other conglomerates, a Mint review of about 9,000 voting decisions by the government-run insurer showed.

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Refiners, SCI tap Korean giants for local shipyard

Indian Oil, Bharat Petroleum and Hindustan Petroleum are part of the discussions

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Paint firms strengthen moats as competition heats up

A bruising market-share battle is escalating in India's ₹70,000-crore paints sector, forcing companies to look beyond aggressive discounting and instead strengthen their foothold in key geographical areas while sharpening their product portfolios.

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Telcos slam Trai penalty plan for financial report flaws

Trai has proposed turnover-linked penalties for filing incorrect, incomplete financial reports

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