Financial Daily from THE HINDU group of publications
Friday, Jun 21, 2002
Financial Daily from THE HINDU group of publications Friday, Jun 21, 2002 |
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Money & Banking
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Public Sector Banks Ballabh rules out another VRS at SBI Our Bureau
KOLKATA, June 20 THE Chairman of the State Bank of India, Mr Janki Ballabh, not only ruled out a second round of voluntary retirement scheme (VRS) but also added that the bank was looking for fresh manpower for a bout of aggressive marketing. Addressing presspersons, he reiterated that, at present, there was no excessive manpower in SBI. "There is no meat or extra flab. So there is no need of a second round of VRS. Instead, we need more people for aggressive marketing of our products'', Mr Ballabh. Regarding the bank's credit cards' subsidiary, he said that it had achieved break-even in 2001-02. This company is yet to wipe out its overall losses but has reduced its total accumulated loss. SBI is yet to take a final decision on its ailing subsidiary SBI Home Finance. The company is still holding talks with some of the leading housing finance companies. "They have been urged to take over the company along with the good assets only but we are yet to strike a deal. We are open to all sorts of options'', he said. Insurance, according to the SBI Chairman, will be another major business of the bank in future. Mr Ballabh said that it will focus on the bancassurance route, but for the time being, it is waiting for the passage of the Insurance Amendment Bill in the Rajya Sabha. In 2001-02, SBI Life Insurance Company Ltd issued 3,662 policies for a sum assured of Rs 23.89 crore. Premium income was Rs 14.69 crore. The bank is still looking for a foreign partner for its merchant banking subsidiary, SBI Capital Markets Ltd. Mr Ballabh said that the company needs a partner because it does not have enough experience in the business of ADRs and GDRs.
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