“The bank’s profit in the recent quarterly results is the highest ever. SBI has crossed the highest ever profit recorded by any corporate and is being appreciated by analysts and broking houses,” he added. ”
In the second quarter of the current financial year, the lender’s net profit stood at Rs 13,265 crore, up 74 per cent over the same period last year.
Taking the name of Broking House, he said,Motilal Oswal Securities Had said that SBI is in a cruel mood. ICICI Securities said that SBI is firing on all cylinders.” Khara said that SBI is “a proxy for the Indian economy. This is because the bank enjoys a patronage of 47 crore customers and is practically the banker to every household.”
He said that India has already become the fifth largest economy, probably by 2027 the country will be the third largest in terms of size of the economy.
But, Khara also said that there is a need to improve customer service as there are many options available today.
The SBI chairman said that the expectations of the customers are changing and the bank needs to reach out to their doorsteps.
“We have improved customer service, but there are miles to go. Banking has now become a knowledge field. We need to package the offerings that customers are looking for,” he added.
During the peak of the pandemic, SBI had provided continuous service to the customers, he said, adding that there has also been a change in their behavior to go digital mode.
“SBI has invested in technology, and the bank’s app YONO has helped generate business and offer services in a frictionless manner,” he added.
Khara said that punctuality is also needed in opening bank branches.