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To woo the country's increasing population of millionaires — high net-worth individuals (HNI) in banking parlance — the State Bank of Bikaner and Jaipur (SBBJ) plans to set up a premium banking centre that will offer custom-made products and services, as per the clients' needs.
Reports submitted by Capgemini and Merrill Lynch Wealth Management suggest that India has doubled its HNI count to nearly 1, 26,700 in 2010. Reportedly, this is the fastest growth in HNI head-count anywhere in the world.
On the lines of ‘Kohinoor Banjara'
Mr Shiva Kumar, Managing Director, SBBJ, said the branch would be designed on the lines of State Bank of India's ‘Kohinoor Banjara' in Hyderabad, which is a premium banking centre spread over a 4,000 sq.ft area, where it takes minimum Rs 1 crore to open an account.
The branch is likely to be operational by December this year. “We will be setting up the branch over 4,000 sq.ft in Jaipur. Though the branch will be based in Jaipur, it will, however, act as a national outfit with specialised officers at designated branches across the country,” Mr Kumar told Business Line.
SBBJ is yet to finalise the name, the minimum amount required for opening an account and other finer details, he said.
“Kohinoor Banjara' — launched in September 2010 — has turned out to be a very profitable venture. We plan to launch a ‘Kohinoor' version for SBBJ but with several additional features and benefits,” he said.
Short-listing customers
The premium banking centre would be open 24 hours or as per the customer's choice. “We will provide additional services as per clients' requirements. For instance: if a customer wants a floral bouquet to be delivered or wants someone to be picked up from the airport then we will give the service at an additional fee,” Mr Kumar said.
The bank is in the process of preparing a list of people to be invited to be customers of the premium banking centre. “We have short-listed names of about 1,000 people in the HNI segment and we will start sending out mailers to them by the first week of November requesting them to bank with us,” he said.
Having such a branch would help improve the bank's brand image, he felt.
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