Banking
SBI management mulling working Sundays to improve efficiency

Being open on Sundays is said to help bank branches attract the new-age working class customers where both the spouses in a household work and struggle to do banking transactions during the week

 
Mumbai: State Bank of India (SBI) may have its branches open on Sundays to help improve efficiency, reports PTI quoting a top bank official.
 
"Possibly we would like to see Sunday working which would increase the time available for doing banking and increase the business," bank chairman Pratip Chaudhuri told analysts on a conference call organised by the brokerage firm Edelweiss Securities.
 
The country's largest bank had last year taken everybody by surprise by opting to keep all its branches open on 2nd October to compensate for a day's business loss due to a technical snag.
 
The bank management was happy with the foot fall and the staff turnout at the branches at that time in spite of it being a Sunday as well as a national holiday - Gandhi Jayanti.
 
Notably, many private banks, which control only a minority share in the banking operations, do keep their select branches open on Sundays for customer convenience, even though technologies like internet banking have reduced the need.
 
Being open on Sundays is said to help the branches attract the new-age working class customers where both the spouses in a household work and struggle to do banking transactions during the week.
 
SBI, which has almost 14,000 branches across the country, counts on its large chunk of savings account deposits (at over 38%) for higher margins.
 
SBI had carried out widely appreciated 'Parivartan' programme in early part of this decade, which helped it stay relevant in changing times and maintaining lead in the market.
 
During the call, Chaudhuri said the costs incurred on developing physical infrastructure and network does not hit the bank as much as staff costs.
 
In order to improve efficiency, it will therefore try to delegate routine responsibilities currently done by officers to the low cost junior employees, he said.
 

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COMMENTS

TIHARwale

4 years ago

in pre Computer days bank branches in Delhi had weekly off coinciding with weekly market off day because Police was finding bank branches functioning on days when local markets in residential areas were closed were targeted for robbery/dacoity. but SBI and Chairmen of PSB's should understand in computerised environment branch functioning hardware like UPS play an important role. Hardware vendors normally don't attend breakdown calls on Sundays then what happens. Branches have many officers and clerks but normally only one security guard with arm's license , so when Armed Security Guard will have weekly off - Zonal Office heads and Executive in Head Office never apply thoughts on this . The CMD,ED, Zonal Heads never care to know about these issues. i can vouch from experience in those times TV serials like Ramayan, Mahabharat ( Oct 1988 onwards) were telecast around 10.00 to 11.00AM believe it customers used to step into branches around 11.30AM inspite of fully knowing that branches function for half day 10.00AM to 2.00PM with public dealing restricted during 10.00AM - 12 Noon only and transactions used to be just 10% of what it was on normal days. today with availability of ATM,Net banking etc there is no need for Sunday Banking , rather Saturday half day puts severe strain on City Pocessing Centres as clearing window duration is compressed where as work load remains like any normal week day. in Janakpuri (near TIHAR) SBI is having a specilised Personal Banking retail branch which works on Sunday with Tuesday weekly off ( i understand SBI has 6 such branches in Delhi) but here also transaction load is just 5% of what is on weekdays. SBI CMD may not know if u keep branch opened at midnight daily atleast one customer will visit the branch to withdraw Rs 100/- so why not keep branches open 24 hours so that SBI can render customer service.

REPLY

Adi Daruwalla

In Reply to TIHARwale 4 years ago

Very good thoughts on Hardware etc. Also I again endorse that there is no need for Sunday working or 24 hrs working. People have a life and need to destress from routine by getting their weekly offs. Also with new fundas like EQ emotional quotient and QT quality time,having changed the corporate thinking, they also need to bond with their familes as well, besides office colleagues and customers.

Adi Daruwalla

4 years ago

"HOGWASH' If all emloyees at SBI worked their normal hours everyday with due diligence one would not need to work on Sundays. This is a joke !! The Management must ensure proper training, proper electronic attendance devices that are fully functional, and customer centric approach in all their divisions. No Sunday working is required. The people who need to implement the same should not tamper with the properly set systems.

J&K Bank disburses Rs780.35 crore to priority sector in Q1

J&K Bank has given loans of Rs780.35 crore to the priority sector during the first quarter, thus accounting for 62% of the total priority sector credit disbursement by all banks in the state

 
Srinagar: The Jammu and Kashmir (J&K) Bank has given loans of Rs780.35 crore to the priority sector in the first quarter of the current fiscal, accounting for 62% of the total priority sector credit disbursement by all banks in the state, reports PTI quoting a top bank official.
 
"Banks operating in the state have extended credit facilities to the tune of Rs1,258.91 crore in favour of 69,219 beneficiaries during the first quarter of the current fiscal against annual target of Rs6,094.50 crore for 3,54,302 beneficiaries under Priority Sector," the bank's Chairman and CEO Mushtaq Ahmad said.
 
He was speaking at the 86th meeting of State Level Bankers' Committee (SLBC) in Srinagar.
 
While reviewing sector-wise performance of banks, Ahmad said that under the agriculture sector, banks have extended credit aggregating Rs461.97 crore to 39,557 beneficiaries against an annual target of Rs1,771.85 crore for 2,10,675 beneficiaries.
 
Under micro and small enterprises sector, the banks have disbursed credit aggregating Rs433.45 crore in favour 14,399 beneficiaries during the April-June quarter of this fiscal, the chairman of the bank said.
 
He said under micro credit sector, a credit aggregating Rs119.44 crore has been disbursed in favour of 6,086 beneficiaries during the aforesaid period, while under the education sector, banks have extended credit facilities aggregating Rs19.57 crore in favour of 962 beneficiaries.
 

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ICICI Bank pays Rs53 lakh in gold coin duty evasion case

ICICI Bank has manufactured branded gold coins through job-worker for their corporate customers and sold or redeemed through their branches located across India during 1 March 2011 to 16 March 2012 without paying the duty

 
New Delhi: Country's largest private sector lender ICICI Bank has paid Rs53 lakh in a duty evasion case relating to manufacture and sale of gold coins, reports PTI.
 
"ICICI Bank being the brand owner has admitted the facts and implication (in the duty evasion case) and paid an amount of Rs53.08 lakh towards their duty liability including interest of Rs7.29 lakh," Central Excise Commissionerate (Kolkata) said in a statement.
 
The duty evasion on manufacture and sale of gold coins by the ICICI Bank was discovered by the Anti-Evasion Unit of the Kolkata Commissionerate, it added.
 
Although the ICICI Bank has admitted the facts and paid Rs53 lakhs, it said, "further investigation is in progress".
 
During inquiry, the statement added, it was "revealed that ICICI Bank has manufactured branded gold coins through job-worker for their corporate customers and sold/redeemed through their branches located throughout India during 1 March 2011 to 16 March 2012 without payment of duty...and thereby evaded central excise duty to the tune of Rs 45.79 lakh".
 
The duty was imposed under Rule 12AA of the Central Excise Rules, 2002 which deals with registration, maintenance of accounts, payment of duty etc. with regard to manufacture of jewellery on job work basis.
 
Job-worker has been defined as a person engaged in manufacture or processing of article of jewellery on behalf and under the instructions of the brand owner.
 

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