It’s been days and MS seems a changed place, This is a review and there is a neutral view reflecting the appoach no matter I work in this, The HYPE works to its advantage as the today’s world goes, Probably I was susprised to see that SBI is one of the Few banks on MS list that actually has 3 stars Reccomendation unlike ICICI where in the bank has more reviews then anyother bank and not reccomended by anyone but still is the 2nd largest bank in India.
State Bank of India is largest bank of India and also the largest nationalized one, it has many of its subsidaries bank which too are large in size like Bank of Mysore, Bank of Allahabad, Bank of Bikaner, Bank of Indore.
In True sense State Bank of India originated in the late 19th Century by the formation of Bank of Bengal but truely its been more then 80 years since inception, The Bank had even Dadabhai Naoroji in its board once.
Modern banking is much more then Deposit and Withdrawal we know, Modern Banking is ’’Providing TRUST and making use of the new age technologies’’
So SBI in that regard is building up and getting better and hence I feel the bank has something more in it which really makes it better then other banks. Its a weighing factor and let me just look few aspects in every way I can.
Retail Banking::
To be honest, SBI is much better in this segment, Its executives don’t bother you for 0 balance becuase there is still prevailing 1000 min for the cheque book rule, The bank normally has more branches then anyother private bank and many a times the queues for cheque deposits and cash deposits is managed well with 2-3 windows unlike Private banks where it is a mess. The Staff of SBI looks drastically Sarkaari doesnt it, the same clerkish approach and hence it feels sometimes you are in the old age but to be honest what’s wrong in a personality trait of someone, You need banking afterall, You dont need to exploit young graduates paying them nothing and making them work for like anything, that the private banks do. So overall approach is straight and better.
Loans::
To be honest, SBI is slow in processing loans and falters in comparison, but there is a understandable nature of it being nationalized, there are far more formalities in a nationalized bank then a pvt. bank but still it is acceptable in every sense considering the long term interest payment on any loan you make, Some bank lure customers with catchy interest rate for say HomeLoans like 7% etc but it is a mere gimmick, Thing is why SBI is not aggressive into this kind of aproaches is the fact ’’Consumer is Aware’’, when a consumer reads 7% he/she also reads somewhere in the same communication ’’Conditions Apply’’, I can bet on this that on long term we have to pay lesser interest then we pay in short term.
Behaviour wise SBI and its staff have a humane approach generally unlike Private banks which are more or less professional because ’’You have the money and you are business for them’’, this is where the approach shows.
Technological Aspect::
SBI is a poor lagger in this regard because it is computerized for the sake of getting computerized, till today in host of branches across the country the Daily posting is taken through same manual way unlike use of IT which ICICI, HSBC and other big private banks do, This regard it needs to definitely improve, I work in SBI so I know whats it like where in AGM and GM level persons use computer for playing Solitaire, they dont check mails and some even know basic operations. Even the banking software in use in many branches to keep the accounts is in ageold Foxpro, we use Dot matrix printers, Well its not SBI isnt Fianancially apt its just that the willingness is not there and the chalta hai attitudes goes on.
Technical Banking Services::
ATM, there are more ATMs in SBI then anyother bank, as I type there are 5300+ ATMs, but unfortunately even here SBI falls behind other banks, whats the use of such ATM strength when your network is many a times down, I regret this but it happened and the staff handling ATM related problems in many branches is not trained enough, But these are temporary technology problems and once this gets solved its a breeze.
Some good services::
Like Exporter’s Gold Card, Travellers Card. This have gone well with the business community and hence its one of the highlights that SBI can promote and boast about.
Marketing::
Well its a poor state here, SBI is dull and even if it makes attempts its a a creative mess, plus the ageold empanel system brings in babudom and slowness to the overall process, SBI is the only bank where in they empanel ad agencies on the basis of there RATE CARD and not creativity, Thats BAD.
Corruption::
Yes the bank is nationalized it is plagued with it, People show a unique kind of trust in SBI or anyother Nationalized bank that Govt. Banks are safer then the Private ones and I too somewhat share this but this is where the Employees of the bank have taken there post as a ministry wherein they feel decision makers unlike normal officers, There is corruption in passing loans, approving industrial finance etc.
Overall SBI has more humans then professionals hence it works for it both ways, Interest Rates for the overall end payment is low, SBI has lesser NPAs (Non Performing Assets), we give to the worthy and also make people worthy unlike private banks who will give you any loan at any dp but will not hesitate to disrespect you by sending pvt. recovery agencies.
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