State Bank of India has its history which dates back to the time when the Bank was known as Imperial Bank. When I was a child, my father, who worked with Reserve Bank of India and had played an active role in the formation of State Bank of India and its subsidiaries always mentioned that the cream of people with knowledge and devotion were the assets of State Bank of India. From then, the Bank has come a long way and has served the people of our Nation. Even today, when the Bank is facing stiff competition from private and foreign banks due to globalisation, the service rendered is far better compared to the services of all private and foreign banks put together, if one takes into consideration the price that an account holder pays for. Often it is argued that the modern Banks of today are technologically more advanced and professional in their services, but, I wish to differ in the opinion commonly expressed due to the advantages that other banks’ have in comparison to State Bank of India. The private Banks and Foreign Banks which has mushroomed around us have from the very beginning benefitted from the technological innovations like computers and internet with an option to spread its business with the use of ATMs which are much economical to the Institutions, in comparison to operating a full fledged Branch. Also, from day one, these Banks have been choosy about its customers and have always judged them according to their financial standing. Even today, a common middle class person, finds it difficult to follow the terms and conditions that governs him while maintaining an account. Drafts, cheque books, money transfers, withdrawals , etc. all come with price attached. State Bank or for that matter any Nationalised Bank extends these facilities almost free of charge. It has accounts from small depositors who use thumb impression for withdrawal of their money to big multinationals who have benefitted from the services rendered over the years by State Bank of India who they look forward to as friend, philosopher and guide. From a small time businessman to an industrial tycoon can always banks upon the Institution for guidance and benefits without charges, which these so called private and foreign financial institutions have learnt as business acumen and find it most essential for their survival. The services that they advertise on the media are given in State Bank of India from day one of its inception, free of charge. Even in the days of competition, you will find the employees of State Bank of India calling you up informing you of your return cheque and requesting you to come and deposit money into your account, not because he gains anything from this gesture but takes care of your goodwill.
I understand that with the changing times, the Bank is going through teething problems in its endeavour to cater to its clientele with most sophisticated financial system that would ensure prosperity and convenience to all its account holders irrespective of his/her portfolio. Connecting Branches that are spread out all over the country with its roots from small villages to high terrains, is just not something that any foreign or private Bank would dare think of. Private Banks are taking over other Banks, who fail to perform and forced into liquidation, just to benefit from its network that is already established. And have you ever cared to find out what happens to the employees of the Banks taken over by these so called modern banks? They face humiliation, tremendous work pressure and anxiety as they need to compete with the young generation of management students who go all out to establish themselves and gain monetarily. I have had the opportunity to interact with so many of my friends who are working with private and foreign banks who feel that the bargain for lots of money in their pay pack with amenities takes away from them the family life and good sleep. The ethics of taking care of seniors and those with constant health problems leads to staff shortage to man the counters in Branches. Maybe you wont find the counter staff with a tie and sophisticated look but what certainly you find is the smile and willingness to help, given all constraints.
Banking scenario is changing drastically and State Bank too has the vision to surge ahead. The staff of today are imparted training in customer relationships, portfolio management, risk management, technical and software knowhow, etc. Management trainees are being directly recruited, trained and challenges put forth to them. Similarly existing staff are being upgraded with modern knowhow and promoted to higher ranks with better incentives and challenges. Sooner or later you will find a new generation leading the Bank who have the foresight to give State Bank the postion and respect it truly deserves.
My suggestion to the customers of the Bank is to keep all channels of communication open and expect the best, for the secret of all success is faith and coordination. Just as there are bad experiences, there are good feelings too. One cannot have all the bad days and still retain the choice of maintaining an account with State Bank of India as prestigious customers.