Year End :2024-03

 

Ukraine and the conflict in Gaza and Israel, along with persistent tight labour markets could raise interest rate expectations. A divergence in disinflation speeds among major economies could cause currency movements that may put financial sectors under pressure.

India's Economic Scenario

Amidst the global challenges, the Indian economy has stayed resilient and has emerged as the fastest growing major economy of the world in FY2024 for the third successive year. The National Statistical Office's (NSO) advanced estimates placed real Gross Domestic Product (GDP) growth at 7.6% for FY2024, supported by an upturn in the investment cycle on the back of the Government's continued thrust on capital expenditure, higher capacity utilisation, underlying resilience of the services sector, double digit credit growth and healthier corporate and bank balance sheets.

FY2024 Second Advance Estimates reveal that Real Gross Value Added (GVA) in agriculture and allied activities is expected to grow by 0.7% in FY2024 (4.7% growth a year ago) on account of decline in foodgrains production during the kharif season. The industrial sector has strengthened further and is expected to grow at 9.0% in FY2024 as against 2.1% in FY2023 aided by strong activity across all sub-sectors. The services sector has maintained its momentum in FY2024 with an impetus from trade, hotels, transport, communication and broadcasting and financial, real estate and professional services. The services sector is expected to grow at 7.5% on the top of 10% growth a year ago. GST collections in FY2024 at around H20 trillion as compared to H18 trillion in FY2023 points towards robust domestic trading activity with monthly collections crossing the H2 trillion mark in April 2024.

India's external demand exhibited signs of slowdown owing to protracted geopolitical tensions. Overall, merchandise exports declined by 3.1% during FY2024, while merchandise imports weakened by 5.4%. However, the current account deficit narrowed sharply to 1.2% of GDP in FY2024 (9-month period) from 3.6% in the corresponding period last fiscal with an improvement in the net services trade and an increase in net transfer receipts.

Headline inflation has been on a moderating path during FY2024 with food price pressures interrupting the descent even as core inflation softened across its goods and services components. Industrial and farm input price pressures remain muted and organised sector wage growth stayed steady. Average CPI inflation stood at 5.4% in FY2024 as compared to 6.7% in FY2023.

Banking Business

With marked improvement in economic activities, ASCB's credit growth has remained robust in FY2024, clocking growth of 20.2% (H27.59 Lakh Crore) compared to 15.0% growth (H17.83 Lakh Crore) recorded in FY2023. Aggregate deposits grew by 13.5% (H24.3 Lakh Crore) in FY2024, compared to 9.6% growth (H15.78 Lakh Crore) in FY2023. Excluding asymmetry due to HDFC merger, ASCB's credit grew by 16.3% (H22.28 Lakh Crore), while deposits grew by 12.9% (H23.2 Lakh Crore) in FY2024. Though RBI kept the policy repo rate unchanged in FY2024, the tight system liquidity, as also gradual transmission of rates, has pushed up both the deposit and lending rates of the banks. Growth in unsecured personal loans showed deceleration post the increase in risk weights on select segments by RBI in November 2023.

Reflecting the improvement in credit offtake, excess holdings of SLR securities of SCBs has moderated to 7.7% of their net demand and time liabilities (NDTL) in FY2024 from 8.7% at FY2023. Excess SLR holdings provide collateral buffers to banks for availing funds under the LAF and are also a component of the liquidity coverage ratio (LCR). The surplus available has enabled banks to meet credit demands from various sectors prudently.

The incremental credit-deposit ratio stood at 95.9% as at end-March 2024 with incremental credit deposit ratio for H2FY2024 remaining below 100%.

The asset quality of ASCBs improved across all the major sectors during FY2024, with the overall gross NPA ratio declining to 3.0% in Dec'2023 from 4.5% in Dec'2022 and is expected to further improve as on March'24. The CRAR of SCBs stood at 15.9% in Dec'2023, above the regulatory requirements.

Digital transactions grew across different payment modes in FY2024, led by retail transactions through the Unified Payments Interface (UPI), the National Electronic Funds Transfer (NEFT) and the Bharat Bill Payment System (BBPS). Mobile transactions in the retail segment experienced consistent growth, propelled by person-to-merchant (P2M) transactions which accounted for 61.7% of the total volume in FY2024.

Outlook

The domestic economy has shown considerable strength against an otherwise volatile global economy. The Indian economy emerged as the fastest-growing major economy of the world in FY2024. Headline inflation has been on a moderating path during FY2024. The current momentum is expected to continue in FY2025 on the back of favourable

climatic conditions with probable onset of La Nina after May 2024.

The RBI monetary policy actions were largely anticipated and remained in a 'wait-and-watch' mode in FY2024. The steady drain of liquidity, advances growth outpacing deposit growth, resulted in hardening of deposit interest rates across banks. The RBI took many notable measures on the regulatory front including the review of LCR Framework, counter cyclical capital buffer and formal rollout of the Draft Disclosure framework on Climate-related Financial Risks 2024. Against this backdrop, your Bank's business has adapted quite well to the evolving situation. The healthy profit run for your Bank continues in FY2024. This places your Bank in a comfortable position to keep augmenting growth capital through internal accruals. With the continued demand for credit, banking businesses are expected to grow in double digits in FY2025.

Financial Performance

Net Profit and Operating Profit

Net profit increased by 21.59% to H61,076.62 Crore in FY2024 from H50,232.45 Crore in FY2023. The Operating Profit of your Bank for FY2024 increased by 12.05% to H93,797.18 Crore from H83,712.97 Crore in FY2023 (excluding exceptional item of H7,100.00 Crore in FY2024 and Nil in FY2023).

Net Profit
(H in Crore)	t 21.59%
FY2022	31,676
FY2023	| 50,232
FY2024	61,077
61,077

Net Interest Income

Net interest income increased by 10.38% to H1,59,875.83 Crore in FY2024 from H1,44,840.50 Crore in FY2023. Total interest income increased from H3,32,103.06 Crore in FY2023 to H4,15,130.66 Crore in FY2024 registering a growth of 25%. Total interest expenses increased by 36.31% from H1,87,262.56 Crore in FY2023 to H2,55,254.83 Crore in FY2024. Interest expenses on deposits increased by 36.35% from H1,62,418.05 Crore in FY2023 to H2,21,459.94 Crore in FY2024.

Net Interest Income
(Hin Crore)	t 10.38%
FY2022	1,20,708
FY2023	1,44,841
FY2024	Ý 1,59,876
1,59,876

Other Income

Other income increased by 41.15% to H51,682.16 Crore in FY2024 from H36,615.60 Crore in FY2023.

Operating Expenses

Operating expenses (excluding exceptional item) of the Bank increased by 20.48% to H1,17,760.81 Crore in FY2024 from H97,743.13 Crore in FY2023.

Provisions and Contingencies

Total provision and contingency is decreased by 23.48% from H33,480.52 Crore in FY2023 to H25,620.56 Crore in FY2024. Major provisions made in FY2024: Provision of H9,517.63 Crore for non-performing assets (as against H9,143.93 Crore in FY2023) and Investment depreciation write back of H593.18 Crore

(as against additional provision of H1,513.84 Crore in FY2023) was made during the year. The Provisioning to Gross Non-Performing Assets ratio (including AUCA) of the Bank as on 31^st March 2024 is 91.89% (Previous Year 91.91%).

Provision Coverage Ratio
(incl. AUCA) (%) 4-	2bps
FY2022	90.20
FY2023	91.91
FY2024	91.89
91.89

Assets and Liabilities

Total assets of your Bank have increased by 12.01% to H61,79,693.94 Crore as at the end of March 2024 from H55,16,978.53 Crore at the end of March 2023. During the period, the Net loan portfolio increased by 15.78% to H37,03,970.85 Crore from H31,99,269.30 Crore. Investments increased by 6.43% to H16,71,339.66 Crore from H15,70,366.23 Crore. The major portion of investments in the domestic market was in government securities.

31^st March 2023. Borrowings increased by 21.18% to H5,97,560.91 Crore as at the end of March 2024 from H4,93,135.15 Crore as at the end of March 2023.

Deposits (H in Crore)	t 11.13%
FY2022		40,51,534
FY2023		44,23,778
49,16,077

Reserves and Surplus

An amount of H18,322.99 Crore (as against H15,069.74 Crore in FY2023) was transferred to Statutory Reserves. An amount of H326.21 Crore (as against H232.81 Crore in FY2023) was transferred to Capital Reserves. Drawdown of H749.08 Crore in FY2024 from (as against transfer of H4,575.43 Crore in FY2023) to Investment Fluctuation Reserve. An amount of H3,142.84 Crore (as against Nil in FY2023) was transferred to the Investment Reserve.

Dividend

Your Bank has declared a dividend of H13.70 per share @ 1370% for the year ended 31^st March 2024.

Progress of Implementation of IND AS

RBI vide Circular DBR.BP.BC. No.29/21.07.001/2018-19 dated 22^nd March 2019 deferred implementation of Ind AS till further notice. However, RBI requires all banks to submit Proforma Ind AS financial statements every half year. Accordingly, your Bank is preparing and submitting the RBI Proforma Ind AS financial statements every half year after getting approval of the Steering Committee headed by MD (R, C & SARG) formed for monitoring of implementation of Ind AS in your Bank.

Loan Portfolio (Net)
(H in Crore) ^	15.78%
FY2022	27,33,967
FY2023	31,99,269
	37,03,971
37,03,971

Your Bank's aggregate liabilities (excluding capital and reserves) rose by 11.81% to H58,02,447.41 Crore as on 31^st March 2024 from H51,89,370.08 Crore as on 31^st March 2023. Deposits rose by 11.13% and stood at H49,16,076.77 Crore as on 31^st March 2024 against H44,23,777.78 Crore as on

Core Operations

Retail Business and Operations

Retail Business and Operations (RB&O) Group is the largest business group of your Bank with 99.48% of the total branches and 96.69% of the human resources of your Bank. The group comprises of the following business verticals:

•    Retail - Personal Banking and Real Estate

•    Retail - Agri, SME and Financial Inclusion

•    Transaction Banking and New Initiatives

The above verticals manage the delivery of retail banking products, which constitutes 90.41% of the total Deposits and 55.05% of the total Loans & Advances of your Bank through 22,425 branches in 17 Circles spread all over the country. Customer centricity is the essence of your Bank, and all the branches are committed to customer delight at every step. The ever-evolving customer preferences, especially of the younger population, coupled with increased focus on enhanced customer convenience through digital initiatives, are transforming

the retail banking landscape. Your Bank's customer base is steadily increasing across the country, making Retail Banking the most prolific segment in the Bank, both in terms of deposit mobilisation and also in extending customised credit.

Your Bank continues to be one of the largest Home Loan providers in the country and market leader in Education Loans and Auto Loans. Your Bank's proactive approach towards SME financing i.e. loans for business expansion, technology adoption, modernisation, export financing, etc. plays a crucial role in fostering entrepreneurship, driving economic development, creating job opportunities. Your Bank acknowledges the contribution of agriculture in the overall growth of the country and continues to support the farmer fraternity by way of various products for Agri financing. Your Bank actively participates in the Financial Inclusion programmes and government-sponsored schemes aimed at creating a sustainable, developing, and cohesive society, and all these demonstrate its unflinching commitment to serve the society at large.

 

A. Personal Banking Home Loans

Your Bank is one of the largest home loan provider in the country. The residential real estate market continued to witness strong growth in housing sales and new launches, leading to a positive trend with economic growth. There were robust housing demand from customers across top cities, tier-II and tier-III cities due to the launch of government programmes such as Smart Cities Mission.

f A Accomplishments/ Performance The HL/HL-related portfolio of your Bank has grown from nearly C1 Lakh Crore as on 31st March 2011 to C7.26 Lakh Crore as on 31st March 2024. The share of Home Loan portfolio as a percentage of domestic whole Bank advances stood at 22.48% and around 35.75% of NBG advances of your Bank. As on 31st March 2024, your Bank has disbursed close to C1.97 Lakh Crore of Home loans and Home-related loans.

Market Share

Your Bank has been continuously outpacing the growth curve and has garnered market share of almost 26.5% among ASCBs (Mar'24). The Home Loan market share of SBI in the whole industry level is 20.48% as on Dec 2023.

PSL Portfolio

Your Bank's PSL portfolio stands at 29.52% of its total Home Loan portfolio.

Asset Quality

Your Bank's constant proactive monitoring and follow-up, soft reach out calls to the customers has resulted in restricting Net NPA in Home loans to 0.76% as on 31^st March 2024.

 

 

Digitisation of Loan Journey •    Your Bank has introduced Retail Loan Management Solution (RLMS) and Vendor Verification Module (VVM) in loan processing across the country, including Non-BPR centres for uniform underwriting standards, seamless delivery and end-to-end product digitisation to ensure customer delight •    Your Bank's in-house developed contactless Digital platforms like YONO and RAAS are being promoted extensively as resource tools for maximising the Home Loan business and for boosting the market share further •    Your Bank has rolled out a Document Management Solution (DMS) to digitise and centralise the maintenance of Home loan documents, thus increasing customer convenience. Additionally, as a fraud preventive measure, Experian's National Hunter application has been integrated with RLMS for Home Loans and Home-related Loans to detect inconsistencies in the applicant information •    An end-to-end digital product, Insta Home Top-up Loan is available on our YONO platform for pre-selected eligible Home Loan customers

Auto Loan

The auto industry in India is witnessing a good demand, particularly for mid and premium segments, with waiting period for many such models and variants across Original Equipment Manufacturers (OEM). SUVs have witnessed a huge surge in demand and as per market reports, SUVs constitute 57% of India's total Passenger Vehicle sales. Your Bank is a top market player in new car loans and has taken new initiatives to provide best-in-class product and customer service, ensuring its presence at all major dealerships by increasing manpower for car loan sourcing across OEMs.

Performance

Your Bank's proactive monitoring and follow up has resulted in reduction in Auto Loan NPA to 0.38% as of Mar'24 compared to 0.43% in Mar'23.

Key Initiatives •    Your Bank has tied up with major car OEMs for instant in-principle sanction while car booking. Your Bank has the highest share in these new delivery channels: PreApproved Car Loan is another major enabler •    With a focus on sustainability and protecting the environment, your Bank is offering 'Green Car Loan' for Electric PVs at concessionary interest rates and with extended loan tenor to push this ecofriendly product •    Your Bank with these new initiatives and enablers could bring smiles to more than 6.29 Lakh new customers by assisting them in buying their dream vehicle in the current financial year y

Tie-ups with Builders

Your Bank is onboarding maximum projects under Builder Tie-Up (BTU), providing a much-needed fillip to your Bank's Home Loan portfolio and for improving the sourcing quality and TAT. Your Bank has so far approved 10,096 residential projects (RERA-approved) as tie-up projects.

Education Loans

Your Bank takes pride in being the largest Education Loan provider in the country with a commanding market share of 32.37% in the loan portfolio as of Feb'24 and 38.31% in disbursement target amongst all the ASCBs.

Performance

Your Bank has disbursed C10,860 Crore. Your Bank's collateralised share stands at 50% of the loan portfolio as of Mar'24.

 

Personal Loans

Your Bank is a leader in Personal Loan segment and both secured and unsecured Personal loans, are amongst its most popular products. Your Bank is aggressively serving the needs of the salaried class (both government and private), pensioners and self-employed/other customers.

Performance

Personal loan 'Xpress Credit' has reached a level of C3,48,438 Crore and 'Pension Loan' reached level of C54,288 Crore as on 31^st March 2024. During the current FY, your Bank has provided personal loans (Xpress Credit and Pension Loan) to more than 4.61 Lakh customers amounting to C2,01,279 Crore.

Gold Loans

Your Bank offers general purpose personal loan against pledge of gold ornaments.

Performance

During FY2024, the portfolio witnessed a YTD growth of 13.83%, reaching a level of C32,676 Crore as on 31^st March 2024 with the Gold Loan customer base at 1.4 Million.

As per the data released by RBI on sectoral deployment of Bank Credit as on Feb'24, your Bank had a Personal Gold Loan market share of 30.57%.

Key Initiatives •    Your Bank has modified the Pre-Approved Personal Loan (PAPL) product and increased the maximum loan amount to H15 Lakh, offered digitally through YONO & INB in 4 clicks only •    Your Bank has also implemented Digital document Execution (DDE) through YONO/RLMS to P-segment (Personal Loan & Auto Loan) customers, using e-signature and e-stamping services of M/s. NeSL. This facility is operational in 24 states at present. As on 31st March 2024, 4.99 Lakh P-segment documents have been executed

Key Initiatives

•    Your Bank has also made available personal Gold Loans for SBI's Home Loan customers by way of a product named "Realty Gold Loan" for meeting the margin requirements, project cost escalation and registration charges •    Your Bank has made available top-up Gold Loan for the existing borrowers wanting to avail top-up loans against their gold ornaments/jewellery already pledged with the Bank

Digital Personal Loan Offerings

Your Bank, with customer convenience at the fore, is offering products through platforms such as YONO and INB, to drive portfolio growth with ease of banking. Customers can avail these innovative offerings digitally, in real-time, eliminating the need for physical branch visits.

Digital Loan variants:

•    Real Time Xpress Credit Loans

•    PAPL (Pre-Approved Personal Loan)

•    PAXC (Pre-Approved Xpress Credit)

•    PAPNL (Pre-Approved Pension Loan)

•    PAPL Non-CSP (Pre-Approved Personal Loan for customers with SB Accounts)

•    Insta Home Loan Top-up

Precious Metal

 

i)    Sovereign Gold Bonds (SGB)

Sovereign Gold Bond Scheme was introduced by the Government of India during FY2015-16 with the objective of promoting digital gold instead of physical gold for investors. Your Bank, during FY2024, had mobilised 4,816 kg gold, amounting to C2,915 Crore under the scheme.

ii)    Gold Monetisation Scheme (GMS)

With the objective of mobilising gold, lying idle with households and institutions, the Government of India introduced the Gold Monetisation Scheme (GMS) during FY2015-16. Your Bank, during FY2024, has mobilised 2,562 kg gold, bringing the cumulative mobilisation to 20,610 kg.

iii)    Other Gold Business

a)    Metal Gold Loan (MGL)

Your Bank also offers Metal Gold Loan to jewellers engaged in manufacturing of gold ornaments for both domestic and export purposes. During FY2024, your Bank has extended Metal Gold Loans of 14,415 kg.

b)    Sale of Gold (SOG)

Your Bank is offering Sale of Gold (SOG) Scheme to Jewellers/Bullion Traders. During FY2024, your Bank has sold 2,616 kg gold under the scheme.

Awards and Recognitions •    SBI crossed C1 trillion Auto Loan Book in Jun'23 •    Pension Loan book has crossed C50,000 Crore level in Oct'23

Strategic Focus Enhancing our digital footprint in offering products/services to change our perception especially in the minds of millennials/neo-millennials.

Customer value creation/Customer-centric success story
• Interest Certificate and Account	• Emails sent to 32 Lakh customers	• Doorstep Banking creative
Statement made available to	having inoperative SB Account during	displayed in YONO app, which will
customers on their registered e-mail	Nov'23 requesting them to activate	make the customers aware about the
ids using Registered Mobile number	their accounts	facilities available
(as authentication) via contact centre	• Branch email id(s) made available on	• Logo and QR code of DICGC made
• Doorstep Banking Service centres	bank statement(s) for speedy resolution	available on your Bank's website
increased from 100 to 550	of customer queries/complaints	to boost customers' trust in the
• Number of branches providing	• Balance Certificate facility	banking system
Doorstep Banking Service	modified in INB for Either or Survivor	• Transfer of CIF, Joint Accounts and
increased from 4,927 to 6,022 as on	mode of operations. Deposit & Loan	Term Deposits facilitated through
31st January 2024	Balances separately incorporated in the Balance Certificate to enhance customer convenience	INB without branch intervention

Liability and Investment Products

•    Your Bank has opened 2.51 Regular Savings Bank Accounts per day per Branch during FY2024 as compared to 2.13 accounts during FY2023

•    SBI Green Rupee Term Deposit, a new Term Deposit Product launched on 11^th January 2024 aimed to mobilise deposits to support SBI in financing green initiatives and comply with regulatory guidelines. The product is offered for three tenors, namely 1111, 1777 and 2222 days

•    SBI We Care Deposit scheme with enhanced interest rates of 100 bps over Card rate for a tenure of 5 years and above extended to senior citizens

•    Sarvottam (Non-Callable Deposit) Term Deposit scheme with enhanced interest rate of 30 bps over card rate for one year and 40 bps for C1.01 Crore and above over card rate for 2 years

Doorstep Banking

To enhance customer convenience and

ease of banking, your Bank has extended

Doorstep Banking Services to all customers

at 1,080 Banking Centres.

Doorstep Banking services includes:

•    Cash Withdrawal

•    Life Certificate through Jeevan Pramaan

•    Pickup of Nomination Form, Standing Instructions and Fund Transfer Request

•    Pick up of Cheque Book Requisition Slip

•    Pick up of Cheques for Collection/ Clearing, IT/Govt/GST Challan with Cheque

•    Delivery of Statement of Account, Term Deposit Advice and TDS and Form 16 Certificate

•    Delivery of Pre-paid instrument/ Gift Card

•    Delivery of Demand Draft and Pay order

•    Senior Citizens of more than 70 years of age and Differently Abled Persons are being extended Doorstep Banking Services at all banking centres

•    Doorstep Banking Facility to Divyangjans at free of cost up to 3 transactions per month at all branches

Digital Savings Bank Account Opening

We have opened 60.89% Regular Saving Bank accounts through digital channels during FY2024.

Corporate and Institutional Tie-ups for Salary Package

Your Bank has a focused approach towards sourcing of Salary Package Accounts across segments i.e. Defence, Central Govt, State Govt and Corporate. Customised Salary Packages have been approved for various departments and corporates. The number of Salary Account customers has increased to 190.91 Lakh as on 31^st March 2024 with the opening of 6.31 Lakh new accounts during FY2024.

NRI Business

Your Bank is serving its 38.29 Lakh NRI clientele through 434 dedicated Specialised NRI Branches/NRI Intensive Branches in India, with your Bank's foreign offices in 29 countries and 227 Global Banks as Correspondent Banks. Your Bank also has tie-ups with 45 Exchange Houses and 5 banks in the Middle East to facilitate

remittances. A Global NRI Centre (GNC) has been set up at Ernakulam, Kerala, as a one-stop solution for the NRI customers serving them since 22^nd June 2017. To make banking easier and more convenient, your Bank will be opening a second Global NRI Centre at Patiala, Punjab for all non-financial services for NRIs.

Strategic Focus Enhancing our digital footprint in offering products/services to change our perception especially in the minds of millennials/neo-millennials.

 

 

 

 

SBI Wealth has shown exponential growth in terms of Investment AUM and Investment Active Clients during FY2024. Investment AUM has increased to C31,157 Crore and the number of Investment Active Clients has increased to 1,80,559. The number of clients also increased to 4,36,981 and the AUM increased to C3,49,182 Crore for the same period.

 

 

Your Bank has also launched Premier Banking Services to provide personalised banking and investment-related services to Corporate Salary Package (CSP) customers - Platinum category.

M/s Boston Consulting Group (BCG) has been onboarded as your Bank's consultant for the revamp of wealth and premier banking as a part of "Project Wealth". Under Project Revamp Wealth, it has been decided to have two customer segments viz. Premier (30-50 Lakh TRV+CSP Platinum) and Wealth (50 Lakh and above TRV+CSP Rhodium).

Your Bank's Integrated Wealth Management Solution (IWMS) platform became live from 26^th December 2023 and SBI Wealth Debit Card-RuPay Select variant with enhanced features have been issued.

B. Any Time Channels

1. ATMs and ADWMS

Your Bank has one of the largest ATM networks in the country, with 63,580 ATMs, including 11,256 Automated Deposit Cum Withdrawal Machines (ADWMs), as of 31^st March 2024 - with presence even in the most challenging locations including a Floating ATM at Dal Lake Srinagar, in the tea gardens of Assam, in Lachen, the last village of North Sikkim, on the islands of Andaman & Nicobar and Lakshadweep, Furthermore, in our ongoing effort to provide ATM services in the remotest locations of country, we have recently installed one ADWM at Andrott Island, Lakshadweep,

Your Bank is adopting cutting-edge technology, regularly upgrading and replacing nearly 34,350 machines including buffer quota for Safe & Secure Banking, The new machines are installed with the latest generation of Intel processors that are faster and more energy-efficient,

Your Bank is implementing suitable measures to protect the stakeholders' interests and strengthening the security of ATM cash withdrawals against skimming, cloning, etc,

2.    SWAYAM Barcode-based passbook printing kiosks

Your Bank has deployed 20,135 Barcode-based Passbook Printing Kiosks (SWAYAMs) at 17,663 branches and approximately 11 Lakh transactions are being processed daily, On an average, the SWAYAMs have been able to migrate ~3,4 Crore passbook printing transactions every month from the branch counters, Reprint functionality for the last 90 days has also been enabled,

3.    Green Channel Counter (GCC)

Your Bank has deployed 27,813 GCC terminals at 21,419 retail branches for transactions through Debit cards to promote Green Banking with facilities such as cash withdrawals, cash deposits, funds transfer within SBI accounts, Balance Enquiry, Green PIN generation/PIN change for Debit Cards and Mini Statements, Transactions are enabled on EMV-compliant GCC Terminals,

4.    Green Remit Card (GRC)

The GRC is a cash deposit card through which funds can be deposited to a predefined account of your Bank by GCCs and ADWMs, Cash deposit facilities through GRC are available 24x7 at ADWMs and are helpful, especially for migrant workers, The transaction limit for GRC is C25,000 per transaction with a monthly cap of C1,00,000,

5. Cheque Deposit Kiosk (CDK)

The CTS-enabled self-service Cheque Deposit Kiosks (CDK) facilitate customers to deposit their CTS cheques hassle-free, 2,496 CDKs have been deployed at 2,470 branches and an average of ~16 Lakh cheques are deposited every month, A receipt with details such as date, transaction ID, Beneficiary Name, cheque number and masked payee account number is generated for the depositor,

 

 

Customer Value Enhancemen

Your Bank is dedicated to increase value for its customers and stakeholders, by offering a range of financial services and products, all under one roof. As a financial superstore, your Bank provides Mutual Funds, General Insurance, Life Insurance, Credit Cards, National Pension System and Demat accounts through its pan-India network. As a part of your Bank's digital transformation, it has made onboarding simpler and has relied on need-based selling to strengthen customer loyalty. With an emphasis on better customer experience and offerings tailored to customers' needs, your Bank remains a leader in marketing of financial products and services with revenue earning of C3,891 Crore in FY2024.

The revenue contribution of each product is as under:

Product	FY2023	FY2024	%Change YoY
SBI LIFE	2,040	2,232	9%
SBI MF & Others	916	964	5%
SBI GENERAL	398	436	10%
SBI CARDS	264	231	-12%
NPS	18	20	11%
SSL	5	7	40%
Total	3,641	3,891	7%

Initiatives and performance highlights:

SBI Life

SBI Life Insurance is the No. 1 private player in Individual Rated New Business (IRNB) Premium since FY2018. IRNB has registered 12% YoY growth as on March 2024. Persistency ratio has improved from 84.13% to 86.06% YoY as on 31^st March 2024. The protection plans share for SBI Life in Individual Rated Premium stood at 6% as on March 2024. Digital sourcing of SBI Life Banca is 99.80%.

SBI Mutual Fund

SBI remains the numero uno Mutual Fund Distributor, having C1.93 Lakh Crore in Assets Under Management (AUM) as on 31^st March 2024. Further, SBIMF leads the rank amongst AMCs and has crossed C9.20 Lakh Crore as on 31^st March 2024 in AUM. Digital mobilisation of business is easing the process for customers as well as the operating personnel. 93% of Lumpsum transactions and 86% of fresh SIPs are being mobilised through the digital mode.

SBI General

Your Bank is offering Personal Accident Insurance, Health Insurance, Property Insurance and Loan Insurance. Gross Written Premium (GWP) collected in FY2024 has improved by 8.75% YoY. Health Insurance contributes major portion among general insurance products (21%).

SBI Card

With the increasing trend of the use of plastic money, your Bank is meeting customers' demand and making credit cards available to them at the remotest of the locations. In FY2024, 21.33 Lakh cards were issued.

An end-to-end Credit Card issuance journey is available on the YONO App and Internet Banking (INB). Customer Card Linking facility through Card Number and OTP has been rolled out in YONO app in FY2024.

NPS

Your Bank continues to be the leading bank in NPS registrations with a market

share of 21%. Your Bank has also qualified as the top performing Point of Presence (PoP) under the campaign launched during 1^st March 2024 to 31^st March 2024 by the PFRDA. It offers complete digital registration journey through Internet Banking (INB) and YONO App. Presently, 83.95% of the total NPS accounts are opened through digital modes.

Demat Accounts/SBI SSL

Your Bank has sourced over 13.27 Lakh Demat accounts during FY2024. An end-to-end Demat and trading account journey is available on the YONO App and INB.

Small & Medium Enterprises

The call for 'Atmanirbhar Bharat' has emphasised the contributions of MSMEs to the country's economy through manufacturing output, GDP, exports, and employment generation.

Your Bank is a pioneer and market leader in SME financing, providing a comprehensive package of products and services to the

MSMEs to meet their requirements, such as cash management, transactions and credit needs for both domestic/export sales.

With over 20 Lakh customers, the SME portfolio of C4,33,037 Crore as on 31^st March 2024 accounts for nearly 13.41% of your Bank's total domestic advances. The portfolio registered a growth of 20.53% (YoY) in FY2024. Your Bank's approach to drive SME growth rests on the following three pillars: a) Customer Convenience, b) Risk Management, and

c) Technology-based digital offerings and process improvements.

A. Customer Convenience

To provide an enhanced customer experience, your Bank has created a wide network of touchpoints for branches and other modes. The business delivery model of the Small and Medium Enterprises Centre (SMEC) comprises Asset Management Teams (AMTs), created to maintain end-to-end relationships with customers for loans up to C2 Crore. The SMECs have been strengthened in terms of manpower, resulting in improved service levels. Loans above C50 Lakh continue to be handled by Relationship Managers (SME). As on 31^st March 2024, 2,117 RMs (SME) and 864 dedicated SME Intensive Branches of your Bank are functioning pan-India. Your

Bank has also set SCF CPCs in 16 Circles. For all new proposals above C10 Crore (SME & Builder Finance) shall be handled by High Value CPCs for appraisal. As on 31^st March 2024, 330 proposals amounting to C19,914 Crore have been sanctioned.

B. Digital Offerings

Your Bank is leveraging technology in business, designing products, streamlining processes, improving delivery to monitoring. Your Bank has taken several initiatives to build an SME portfolio in a risk-mitigated manner by implementing significant changes in (i) Product suite, (ii) Processes, and (iii) Delivery to ensure Ease of Banking. The YONO Business combines all the corporate banking needs by being a one-stop solution for the company. Your Bank is increasingly deploying advanced technologies, such as Artificial Intelligence, Machine Learning and Business Analytics, to augment its product offerings, ensuring customer delight each time without exception.

Pre-Approved Business Loan (PABL) is an analytics-based product that identifies existing Current Account customers' eligibility for pre-approved loans based on their transaction history with a loan amount up to C20 Lakh sanctioned through a simplified YONO and LLMS journey.

Digital Documents Execution (DDE) was formulated under the guidance of the Ministry of Finance to provide an automated, digitised process and to ensure completion of digital contract formation, e-stamping, e-sign or its variants, as per applicable laws through authorised government agencies, thereby providing for safe and accurate financial information recording.

Project Digital Documents Execution (DDE) for PABL accounts was launched in Uttar Pradesh on 11^th August 2022. After the successful implementation in the state, it was extended to branches of 6 other states, namely, Odisha, Chhattisgarh, Tripura, Kerala, Himachal Pradesh and Meghalaya. The same has been extended to Maharashtra State (Mumbai & Maharashtra Circle) on 1^st February 2024.

The extension of the DDE facility (for PABL) to the branches located in the state of Rajasthan (Jaipur Circle) has been executed on 1^st March 2024.

The Business Rule Engine (BRE) is a single credit risk model developed for SME Loans up to C5 Crore, making the loan sanction process faster, innovative, and future-ready and enabling Straight Through Processing (STP) for all types of loan applicants, viz. New to Bank (NTB), Existing to Bank (ETB), New to Credit (NTC), Existing to Credit

 

 

objective inputs for the assessment of credit limits to greenfield projects, viz. Cash Credit, Term Loan and Non-fund-based limits to sanction authorities.

BRE has been rolled out pan-India on 7.12.2023 for loans above C10 Lakh and up to C50 Lakh in the first phase. 14,479 loans amounting to C3,869.52 Crore have been sanctioned as on 31^st March 2024 through BRE, out of which 6,461 loans to the tune of C1,397.16 Crore were new connections. Second phase for Loans above C50 Lakh and up to C5 Crore has been rolled out in the third week of March 2024.

1.    New digital product under development in collaboration with Fintech/AA/GST

•    MSME SAHAJ Seller's Invoice Financing on YONO Business by providing digital loans and financing of GST invoices

•    Seller's Invoice Financing Scheme, under GST Sahay, is an initiative by GoI that provides digital loans through the marketplace GST Sahay app

•    DIGI Sugam provides GST-based Working Capital Finance, an end-to-end digital journey offered through YONO Business

2.    Contactless Lending Platform (CLP)

Your Bank is one of the stakeholders of the SIDBI-led PSB consortium, with your Bank's path-breaking initiative, psbloanin59minutes.com, providing easy access to loans to SMEs. Instant in-principle approval generated for eligible proposals based on GST returns, IT returns and Account Statement. Using the platform, your Bank is sourcing leads from C1 Lakh to C5 Crore. In FY2024, 17,773 leads for C10,831 Crore have been sanctioned.

To promote end-to-end digitisation and to ease the credit delivery process, a new auto-renewal process for leads received from CLP has also been introduced by your Bank. This will ensure the timely renewal of good and financially satisfactory accounts without much manual intervention, as better customer experience will enable

Relationship Managers (SMEs) to focus on sales and marketing activity.

3.    Pre-Approved Business Loans (PABL)

In FY2024, your Bank has disbursed 1,05,052 PABL loans. The product caters largely to micro and small entrepreneurs with a good track record, and credit availability is made on liberal terms. During Feb'24, Partnership firms have been included under the PABL ambit. Your Bank has recorded a YoY growth of H2,794 Crore (70.80%) as of Mar'24.

4.    Supply Chain Finance

By leveraging state-of-the-art technology and branch network, your Bank continues to be a major player in Supply Chain Finance, strengthening its relationship with the Corporate world across various sectors. Your Bank has extended supply chain finance to 35,254 dealers with total sanctioned limits of over C49,261 Crore (e-DFS) and C28,092 Crore (e-VFS). In FY2024, 15 new e-DFS and 41 new e-VFS tie-ups were entered.

New e-DFS limits of C4,696 Crore to 662 new dealers and C6,335 Crore to new e-VFS vendors were sanctioned during FY2024. Your Bank has already implemented the Contactless Lending Platform (CLP) for e-DFS and e-VFS through psbloansin59minutes.com, which provides easy access for loans to dealers registered on the GST platform and for filing Income Tax returns.

Your Bank has also simplified e-VFS processes and built a front-end digital interface on CLP for better customer experience by eliminating redundant documents and implementing simplified appraisal formats. Your Bank has introduced Supply Chain Finance Centralised Processing Centres to reduce TAT during proposal processing. To ring-fence the supply chain portfolio, your Bank has put in place suitable risk mitigation measures and risk-based pricing for the Supply Chain Portfolio. Your Bank is also launching

various campaigns for onboarding dealers/ vendors and broadening the Channel Finance base.

C. Green Energy initiatives

Your Bank is committed towards its Green Energy initiatives to lower carbon footprint; many products were launched during the reporting year to achieve these objectives.

1.    Surya Shakti Solar Finance

This special product has been launched for financing 'Term Loans for Solar Projects' to business enterprises (for captive use) with a maximum loan amount of C10 Crore. The product has a comfortable repayment of 10 years. To capture the tremendous potential available under the segment, a dedicated Surya Shakti Cell has been created for centralised loan processing, and individual powers have been delegated to the Cell officials to ensure reduced TAT. MoUs have been entered with reputed companies like Tata Power Solar Systems Ltd., Waaree Energies Ltd., Mahindra Solarize Pvt Ltd., Havells India Ltd. and Redington India to finance the units having the requirement of installing Solar PV systems.

2.    Finance to Biofuel Projects

To promote the GoI initiative of Biofuels projects, a new product was launched to extend credit to all forms of Biofuels mentioned in National Policy of Biofuels 2018 viz. Ethanol, Biodiesel, Advanced biofuels, Bio-CNG, etc.

Biomass suppliers/aggregators supplying pellets/briquettes to Thermal Power Plants for substitution of coal are also financed under this product. The product has a long door-to-door repayment tenor of up to 15 years, and a Term Loan/regular working capital facility is also provided.

3.    Compressed Biogas under Satat Scheme

Under this product, finance is made available to the units that aim to set up manufacturing facilities for Compressed

Biogas. Under the Satat Scheme, loans sanctioned up to C100 Crore are considered PSL. Incentives for entrepreneurs such as reduced custom duty on imported equipment, 40% depreciation on the WDV method, and tax holiday on net income for

5    years.

D.    Export Credit

With the GoI's focus on increasing exports, MSMEs have a pivotal role in achieving this objective. Export Credit for SMEBU increased by 21.94% as of 31^st March 2024 despite several global and macroeconomic challenges in the international trade, reaching levels of C19,060 Crore. Your Bank is keen on seizing the available opportunities in the sector and has put in place strategies for maximising business potential in export finance. Various digital initiatives are in the pipeline to improve customer experiences.

Several customer digital journeys, viz. Inland LC, Import LC, Exports, Inland, A1

6    A2 remittances and Advance Payments have been made available in YONO Business. The end-to-end digital BG product, 'e-BG', has been rolled out in 25 States/UTs across India.

E.    Co-lending with NBFCs

To extend a helping hand to MSMEs that have little or no access to formal credit, your Bank has entered into a co-lending agreement with 9 NBFCs. Under the Co-lending scheme, your Bank has sanctioned 1,042 accounts amounting to C469 Crore, as on 31^st March 2024.

F.    Trade Receivables Discounting System (TReDS)

Your Bank is the first among all PSBs to register as a financier on the TReDS platform, set up to provide finance to MSMEs and has presence in all the three TReDS platforms in the country, i.e. RXIL, M1 exchange and Invoicemart. In FY2024, your Bank has crossed level of ?10,000 Crore as on 31^st March 2024, registering a YoY growth of 282.44% and a market share of 23%.

Rural Banking

Agriculture Advances

Your Bank's lending under Agriculture & Allied activities has crossed C3,00,000 Crore during this financial year, the highest for any Bank in India. Your Bank caters to the credit needs of more than 1.50 Crore farmers.

Your Bank has grown substantially in Agri Gold loans, SHG loans and Investment Credit portfolios, most of which are either risk mitigated or possess low risk. Your Bank continues to be the market leader in Agriculture Gold loans; during the year, the portfolio crossed C99,000 Crore.

In the past few years, the Government of India has been providing policy support for growth in the Agriculture & Allied sectors and improvement in Farmgate infrastructure. Your Bank is aligned with the Government's policies under various Aatmanirbhar Bharat schemes. Your Bank has sanctioned loans to 20,504 borrowers, amounting to C5,127 Crore during the current financial year under these schemes.

Your Bank has achieved 1st position amongst all banks in the Banks Heralding Accelerated Rural & Agriculture Transformation (BHARAT) Campaign & Rural & Agricultural Progress through Infrastructure Development (RAPID) campaign for Agri Infra Fund run by Ministry of Agriculture and Farmers welfare.

Further, your Bank has built a portfolio of more than C2,600 Crore during the year in two newly launched products -Agri Enterprise Loan (AEL) and Kisan Samriddhi Rin (KSR) for serving the credit needs of Agri-based Enterprises and production credit requirements of large farmers/Corporates/FPOs/Co-operatives of Farmers based on realistic cost of end-to-end farming, respectively.

Your Bank has worked strategically to reduce and control the stress in Agri portfolio and as a result, NPAs have come down during FY2024, as compared to the previous year, with single-digit Agri GNPAs % for the first time. Your Bank's Priority Sector Lending (PSL) achievement in Agriculture segment as well as sub-segments viz. Small & Marginal Farmers, Weaker sections and Non-corporate farmers have increased substantially during the year.

Micro Credit •    Your Bank has supported more than 50 Lakh additional households during FY2024, which includes households of SHGs (19 Lakh+), PMMY beneficiaries (18 Lakh+) PMSVANidhi beneficiaries (14 Lakh+), Stand Up India & PMEGP beneficiaries (2 Lakh+) and Agri Infra Fund & PM-FME beneficiaries (1 Lakh+) •    Your Bank is the market leader in SHG loans. Your Bank's portfolio under SHG loans has crossed C50,000 Crore as on 31st March 2024 covering more than 1 Crore women members. Your Bank's market share of loans under National Rural Livelihood Mission is the highest among PSBs at 29% as on 31st March 2024 •    Since inception of Deendayal Antyoday Yojana - National Rural Livelihood Mission (DAY -NRLM) on 1st April 2013, your Bank has undertaken Tie-ups with State Livelihood Agencies and financed 49.34 Lakh SHGs under Bank-SHG Linkage and disbursed C1,31,903 Crore up to 31st March 2024 •    Your Bank has signed Memorandum of Understanding (MoU) with the Ministry of Rural Development (MoRD) for financing SHG-led women Enterprises under 'Svyam Siddha Initiative' of the Bank as an enabling step to align with the Govt of India. initiative of Lakhpati Didi programme •    Your Bank has disbursed more than C49,000 Crore in Mudra Loans during FY2024. Further, your Bank has sanctioned more than 21,000 proposals under Stand-Up India scheme during the year •    In FY2024, your Bank has disbursed 14.27 Lakh loans, amounting to C1,548 Crore to Street Vendors under PMSVANidhi Scheme V___/

( Digitalisation and Collaborations
• Your Bank is in the process of	Under this model, your Bank has	• The Outsourcing Services Subsidiary,
onboarding a revamped Agri Tech	sanctioned loans to more than 2.79	State Bank Operation Support
Stack for processing of loans to	Lakh borrowers amounting to C2,030	Services (SBOSS), has stabilised its
Agriculture & Allied activities. This will	Crore. Of which, more than 2.70 Lakh	operation in Rural/Semi Urban areas.
significantly reduce Turn Around Time	accounts have been sanctioned in a	The Subsidiary works on a "High
(TAT) for delivery of credit. Your Bank	complete digitised mode for loans up	Tech, High Touch and Low Cost"
has also embarked upon digitising the	to C3 Lakh	mode and has helped your Bank in
journey in Agriculture	• Your Bank is actively looking to finance	sourcing more than 6,70,000 new
• To enhance our reach to the unserved	Farmer Producer Organisations	KCC Loans amounting to more than
and under-served populace, we have signed MoUs with 23 NBFCs/ HFCs under Co-lending model.	(FPOs) and has conducted multiple FPO Connect Programmes during the year	C13,500 Crore

Financial Inclusion

Your Bank is committed to people's economic empowerment through activities focusing on financial inclusion, from opening accounts for the unserved, underserved, and underprivileged population to making basic financial services accessible and available.

Your Bank pioneered the BC/CSP (Banking Correspondent - Customer Service Point) model for providing Banking services, not restricted only to withdrawal payments. At present, 32 financial services are facilitated at these CSP outlets. The Jan Dhan Yojana, Aadhaar, Mobile (JAM) trinity has played

a transformational role in delivering the earmarked benefits through DBT (Direct Benefit Transfer) to the targeted beneficiaries without any leakage. This channel has been the key enabler in making the DBT story of our country a big success, gaining recognition globally. In the current year, ~68 Crore DBT credits have been transferred. By bringing the unbanked masses to the financially included pool, the channel has effectively promoted thrift and saving habits amongst customers, enabling their financial growth. More than 15 Crore BSBD/PMJDY accounts have been opened, with total deposits crossing C58,000 Crore.

This channel is also leading the spread of Social Security coverage by way of micro-insurance (PMJJBY & PMSBY) and Pension (APY), for large populations who are otherwise excluded from such financial products. Your Bank is the market leader in PMJJBY, PMSBY and APY amongst all Public Sector Banks. Focus on empowerment of women has always been the key priority for your Bank and participation of females in the total enrolments covered by your Bank has been more than 50% under the Social Security Schemes.

Your Bank is enhancing its last-mile reach to ensure inclusivity through more than 82,000 CSPs covering most of the country's remote locations.

Initiatives

•    TAB Banking: A handheld device (TAB) has been launched to extend banking services with mobility. Through this TAB, our CSP operators are now delivering door-step banking to the masses, benefitting senior citizens and underserved population •    Payment through IRIS Scanner: AePS payment through IRIS authentication has been enabled at CSP outlets - useful for customers whose fingerprints are deformed due to old age or hard labour

Imparting Financial Literacy

Your Bank has set up 341 Financial Literacy Centres (FLCs) across the country to impart free financial literacy, credit counselling and the propagation of electronic payment systems. FLCs have conducted more than 37,000 Camps during the current year in which over 15 Lakh people participated. Furthermore, as a part of the RBI initiative to spread awareness about financial products among the rural masses, your Bank has also sponsored 595 Centre for Financial Literacy (CFL) at the block level which are also instrumental in exploring innovative and participatory approaches towards attaining financial literacy.

Rural Self Employment Training Institutes (RSETIs)

Your Bank has set up 152 RSETIs across 29 States/UTs. RSETIs act as social change agents, empowering rural youth towards sustainable livelihood through skill development and training, helping them establish their own micro-enterprises, and thereby creating rural employment. These RSETIs evolved as a specialised institution transforming rural youth from job seekers to self-employed entrepreneurs.

SBI RSETIs have trained ~11.54 Lakh candidates through ~43,000 training programmes since inception. Out of

these, 74% candidates have been settled through self-employment. Credit facility have been extended to more than 4 Lakh trained candidates.

Lead Bank Scheme

Your Bank has actively participated in Viksit Bharat Sankalp Yatra (VBSY), a nationwide outreach programme launched by Govt. of India and have covered more than 47,000 Gram Panchayats (GPs) and Urban Local Bodies (ULBs) across the country, sourcing ~3.25 Lakh PMJDY, ~7 Lakh PMJJBY, ~11.90 Lakh PMSBY and ~1.60 Lakh APY applications during the programme.

 

Government Business

Your Bank is at the forefront in conducting Govt. Business and is an accredited Banker to 26 major Central Government Ministries and Departments. Your Bank is the market leader in Government Business with market share of over 63% in Central Government Turnover.

Your Bank is one of the major Bankers to the Government of India and is continuously engaged in developing customised technology solutions, to keep pace with the Government's digital initiatives facilitating transition to the online mode, providing greater efficiency and transparency, resulting in ease of doing business and ease of living for the citizens.

Key Initiatives 1. PM Kisan Samman Nidhi Yojana	• IRCTC Rail Connect Mobile App	8. Members of Parliament Local
• As accredited Bank to the Ministry of	• Your Bank has successfully integrated	Area Development Scheme
Agriculture & Farmers' Welfare, your	SBI e-Pay Lite with the IRCTC Rail	(MPLADS)
Bank has facilitated the distribution of	Connect Mobile App for seamless	• Customised solution for
C50,689 Crore (up to 31st March 2024)	collection of passenger ticket fare for	implementation of Members of
under the scheme as a Sponsor Bank	online booking of tickets	Parliament Local Area Development
2. Direct Benefit Transfer (DBT)	5. CBDT	Scheme (MPLADs), under CSS: CNA
• All the major schemes of Direct Benefit	• Your Bank has completed integration	(Central Sector Scheme: Central
Transfer (DBT) of the Government of	of new Direct Tax Payment System	Nodal Account) mechanism of
India and State Governments are being	(TIN 2.0) for tax collection. Now, all	Ministry of Statistics and Programme
implemented through your Bank on pan-India level. Your Bank is the sole	branches of your Bank are enabled to collect taxes vis-a-vis 4,000 branches	Implementation (MoSPI) has been made live and 3.23 Lakh transactions
Banker for processing Direct Benefit	authorised earlier	have taken place till 31st March 2024
Transfer of LPG subsidy (DBTL)	• Your Bank continues to be the sole refund banker for Income Tax Refund	• The MPLADs Mobile App has been successfully launched by the Hon'ble
3. Ministry of Defence (MoD)	Orders (ITRO). An MoU has been	Minister of State, MoSPI Shri. Rao
• Life Certificate submission for	signed for the next three years i.e. up	Inderjeet Singh on 15th January 2024
SPARSH migrated pensioners	to 2026	9. Centrally Sponsored Schemes
• Utility of Life Certificate has been	6. CBIC	(CSS) under Single Nodal Account
made live through API for MoD for		(SNA) mechanism and Central
SPARSH migrated pensioners. This	• Your Bank has completed integration	Sector Schemes (CSS) under
utility is enabled at all the branches of	at ICEGATE Portal for customs duty	Central Nodal Account (CNA)
your Bank	payment with an API-based Solution	Mechanism
• Stand-alone utility for MoD offices	being successfully rolled out	•    Your Bank has enabled the Aadhar-based payment for SNA mechanism on DigiGov platform •    Virtual Account validation and
• Your Bank has onboarded 103 offices	7. Department of Post
of the MoD on standalone utility for providing real time MIS on expenditure	• Your Bank has entered into an MoU with the Directorate of Postal
position facilitating the status of utilisation of the allocated budget	Life Insurance (Deptt. Of Post) for collection of premiums in Postal	payments has been successfully enabled/made live in SNA/CNA
4. Ministry of Railways	Life Insurance (PLI) through SBI.	Model 3
• Handheld Terminals (HHTs) for TTEs	This service will provide easy auto	• Under the State Specific Scheme, a
of Railways	deduction premium payment facility	Customised Solution (without PFMS,
• Your Bank has rolled out HHTs to	for PLI/RPLI users	namely Model 5) has been developed
TTEs under QR code mechanism for		and implemented by your Bank. The
penalty collection		State Government schemes of four

States/UTs viz. Uttarakhand, Tamil	for submission of Digital Life	2023 at 2,658 Branches and 5,478
Nadu, Bhopal, Maharashtra and	Certificate (DLC) 2.0 at 51 locations	grievances of pensioners were
Puducherry, have been onboarded	in 251 branches during the month of	resolved by the Branches
on this Solution 10. Pension Payments • Your Bank has been administering pension payment to 39.83 Lakh pensioners. New pension accounts of 2.43 Lakh pensioners have been added in FY2024	November 2023 across the country which were identified by Ministry of Personnel, Public Grievances and Pensions, Department of Pension & Pensioners' Welfare (DoPPW), New Delhi. Face Authentication Technology for submission of DLC was widely promoted • Your Bank participated in the Special Campaign 3.0, launched by the Department of Financial Services, Ministry of Finance. During the campaign, 'Pension Grievances Redressal Week' was held from 16th October 2023 to 21st October	11. Small Savings Schemes • Your Bank services more than 91.34 Lakh PPF, 28.85 Lakh Sukanya Samriddhi Yojana (SSA) accounts and 15.12 Lakh Senior Citizen Savings Schemes (SCSS) accounts and 1.83 Lakh Mahila Samman
•    Your Bank has organised a Bankers Awareness Programme at Srinagar, graced by Hon'ble Minister Dr. Jitendra Singh, for various initiatives taken by the Government of India for Pensioners on 10th and 11th July 2023 •    Your Bank has successfully conducted a nationwide campaign		Savings Certificate (MSSC) accounts making it the highest among all the authorised Banks. During FY2023-24, 4.82 Lakh PPF accounts, 3.19 Lakh SSA accounts and 4.58 Lakh SCSS accounts and 1.83 Lakh accounts were added

Transaction Banking (TB) - Marketing

Current Accounts

Current Account deposits are a crucial determinant of your Bank's profitability as these contributes to reducing the cost of Deposits and improving Net Interest Margin (NIM). To cater to the needs of different customer segments, your Bank offers a bouquet of CA products and solutions to meet the specific requirements of business customers.

Key Initiatives
40 Transaction Banking Hubs	• Digital initiatives	- CA Opening Form has been simplified
(TB-Hub) were opened in the top 27	- The YONO reimagined journey is made	further and made user-friendly for all
district centres across the country,	available for online Current Account	entities
serving customer requirements by	opening for all entities, providing	- Leveraging artificial intelligence (AI)
providing comprehensive solutions	an omnichannel experience for the	and machine learning (ML) in all
for transactions, payments, collections and other financial needs. Each	customers. An end-to-end digital journey for opening of CAs for sole	business and technology aspects for generating quality Current Accounts
hub is equipped with well-trained Relationship Managers offering a	proprietors has been rolled out recently	leads for the operating functionaries
bouquet of products for customers.	- All variants of CA are realigned with a	- Business Debit Card on RuPay
The customer-centric processes are	bouquet of offerings and value-added	Platform is being offered for premium
finetuned to tap into market potential,	services. To tap into market potential,	CA Variants
deepen customer engagement and increase market share at these centres.	your Bank has introduced two new premium variants of CA, namely, Silver	- Partnering with FinTechs to provide
	and Rhodium as well as a separate	industry/sector-specific solutions and
	variant for Government Departments/ Autonomous bodies/Defence and Paramilitary establishments	automate respective financial operations

Cash Management Products

Cash Management Products (CMP)

are technology-driven products/solutions that help business clients, including Corporates, Institutions, and Autonomous bodies, among others, to optimise funds management through automated solutions. Your Bank is a pioneer in offering clients a wide range of cash management products.

 

 

Your Bank's TB solutions seek to capitalise on new technologies and meet clients' bulk transaction needs, in addition to customised MIS, ERP integration and a dedicated Client Support Cell. The study and analysis of transaction patterns allow your Bank to devise unconventional ways of meeting clients' varied banking needs, such as Credit, Fund Management, Cross Selling and other services. Your Bank has a dedicated marketing team to onboard clients on CMP and Digital products and extend them post-sale support. New CMP solutions such as Aadhaar Based Mandate Registration, IMPS in e-payment, UPI-based VAN collection, NACH settlement on a T+0 basis, VAN facility in multiple accounts under a single Corporate ID and CRM for grievance redressal have been introduced for the convenience of our clients.

Corporate Banking

A. Corporate Accounts Group

Corporate Accounts Group (CAG) is a dedicated Business Unit (BU) of your Bank. It handles SBI's 'high-value corporate relationships' as a specialised and efficient delivery platform. The CAG BU has five specialised Branches located in India's top three commercial centres, namely Mumbai, New Delhi, and Chennai.

Four branches of CAG BU at Mumbai (2), New Delhi (1) and Chennai (1) are headed by General Managers and provide a comprehensive range of financial products and services exclusively to toprated corporates, including their foreign associates and subsidiaries. The fifth branch viz. Financial Institutions Branch at Mumbai is headed by the Deputy General Manager and caters to banking and related

Agri, Pharma, and IT, with a focused thrust on existing as well as new-to-bank customers.

Major Corporates, Financial Institutions and Navratna PSUs of the country are esteemed customers of the CAG BU.

The total loan portfolio of CAG BU as of 31^st March 2024 was C7.44 Lakh Crore (fund based - C5.38 Lakh Crore and nonfund based - C2.06 Lakh Crore) compared to a total loan portfolio of C6.53 Lakh Crore (fund based - C4.60 Lakh Crore and nonfund based - C1.93 Lakh Crore) as on 31^st March 2023. Demand for credit picked up in the second half of FY2024, resulting in growth of C0.78 Lakh Crore in fund-based advances at CAG BU.

B. Treasury Operations

The Global Markets Unit (GMU) carries out domestic treasury operations of your Bank and is responsible for management of funds to achieve desired risk-adjusted returns. Your Bank's Global Market portfolio comprises investments in SLR (Statutory Liquidity Ratio) Securities, Non-SLR Securities, Listed Equities, Mutual Funds, Venture Capital Funds, Private Equity, and Strategic Investments. It also offers multiple products and services that cater to the foreign exchange and risk management requirements of its customers.

During the year, global economy exhibited higher than expected resilience led by the US and several emerging market economies. China's latest data also shows improvement in economic activity. Goods inflation fell faster than expected, but tight labour markets in advanced economies have kept services inflation sticky. Many central banks in Europe, the Middle East, Africa and Latin America have lowered their interest rates this year while central banks in a few large economies, like the US Fed, have indicated interest rate cuts to begin later in 2024. Nonetheless, markets

have had to lower their expectations of aggressive rate cuts in 2024, due to the continuing strength of the economy, which has kept bond yields high. Bank of Japan (BoJ) finally exited its negative interest rate policy in March indicating confidence in the latest economic and price recovery which has allowed the NIKKEI to scale its 1989 highs. Geopolitical tensions erupted in the Middle East this year, adding to the ongoing conflict in Ukraine, and have renewed fears of supply chain disruptions in the critical Red Sea region. India remains the fastest-growing major economy in the world with the FY2024 GDP growth estimates surprising to the upside.

Rupee Markets

1. Interest Rate Markets: SLR And Non-SLR Portfolio

The Monetary Policy Committee (MPC) has held policy rates unchanged for 7 consecutive monetary policy meetings. Given the strong economic momentum, it has continued to focus on bringing inflation down. CPI inflation was at 5.09% in February 2024, well above the targeted 4% level. Even though it has been on a downward trajectory after peaking in July 2023. The 10-year benchmark yield has trended lower during the year, falling from 7.31% on end March 2023, to 7.06% at end March 2024, touching a low of 6.94% and a high of 7.40% in between. Your Bank made prudent investment decisions that boosted the portfolio yield and interest income. Your Bank managed its liquidity position effectively despite tight banking system liquidity and continues to maintain a comfortable liquidity position.

Your Bank participated in India's first online tri-party repo platform for Corporate bonds during the year, and in line with its commitment to ESG, also participated in the Government of India's green bond auctions during the year.

2.    Equity Markets

Driven by country's robust economic outlook in FY2024, the Indian markets outperformed other global emerging markets despite global headwinds. Your Bank actively participated in the rally in the equity markets, calibrating the investment book as per market dynamics. The year saw robust IPO activity, with substantial listing gains for the issuances. Your Bank actively participated in the primary market generating high returns. Your Bank remains focused on building a long-term investment portfolio, as well as on generating positive alpha through short term tactical positions. Your Bank continues to deepen its research capabilities through expansion of the research team and ongoing trainings and other skill development initiatives.

3.    Private Equity/Venture Capital Fund

Your Bank has been an active participant in the Alternative Investment space during FY2024 and has made investments in Startup focused funds and sustainability-oriented investments via direct equity participation.

Forex Markets

The GMU handles the foreign exchange business of your Bank, providing solutions to the customers for managing their currency flows and hedging risks through options, swaps, and forwards, in addition to providing liquidity to markets. Your Bank is a leading player in USD-Rupee Spot and USD-Rupee Forward markets and has a high market share in merchant foreign exchange flows. Your Bank is the leader in providing liquidity in CCIL Fx Clear platform. Your Bank is also actively onboarding customers on Fx-Retail platform rolled out by CCIL. Your Bank has made further enhancements to its e-Forex¹ platform provided to customers to meet their foreign exchange requirements and is providing quotes to Fx-AII², which is a multibank Fx platform. Your Bank is

also a major player and a market maker in offshore USD-Rupee NDF market or Nondeliverable Derivative Contracts (NDDCs).

Your Bank has Treasury Marketing Units in 10 major cities and 8 satellite centres spread across the country to help customers with their requirements. They conduct meets, conferences, etc. with exporters, trade industry bodies and large corporate customers to understand their needs and explain about foreign exchange markets and the various products of your Bank. Your Bank also has a specialised desk to take care of the requirements of institutional non-resident customers.

Derivatives

Your Bank currently deals in Over The Counter (OTC) interest rate, Credit

Derivatives and currency derivatives, along with exchange-traded currency derivatives and Interest Rate Futures. Your Bank has participated in interest rate derivatives like Rupee Interest Rate Swaps (OIS), Rupee Interest Rate Futures (IRF), Foreign Currency Interest Rate Swaps (IRS), Foreign Currency to Rupee Interest Rate Swaps (Modified MIFOR), Forward Rate Agreements (FRA), Caps, Floors, Collars and Swaptions. Currency derivatives dealt by your Bank are Cross Currency Swaps (CCS), USD/INR options and Cross Currency Options and Credit Derivatives like Credit Default Swaps (CDS). These products and their customised versions are offered to your Bank's customers to hedge their interest rate, credit and foreign exchange exposures.

Post liberalisation of derivative guidelines by RBI, your Bank has started offering a larger bouquet of hedging solutions to its customers, including barrier options, and has also started trading in Swaptions.

Your Bank's "Market Risk Limit Policy" prescribes market risk parameters (Greek limits, Loss limits, cut-loss triggers, open position limits, Duration, Modified Duration, PV01, CS01 amongst others) as well as customer eligibility criteria (Credit Rating, sanctioned limits, and CAS rating as per Customer Appropriateness and Suitability policy) for entering into derivatives transactions. Risk on interbank counterparties is monitored through limits set for the purpose. These counterparties have also executed ISDA and Credit Support Agreement (CSA) with your Bank.

 

 

Keeping in line with its reputation as the largest global Bank from India, your Bank has been increasing its penetration in overseas local markets while continuing to cater to Indian diaspora and global Indian Corporates spread across various geographies. To further the quality and convenience of banking services to Indian

diaspora, the International Banking Group has established an NRI Coordination Cell to enhance synergies between domestic and international operations for serving the banking needs of expat Indians. Your Bank is also planning to venture into premium banking services overseas by creating a 'Wealth Hub' serving the Middle East and GIFT City, Gandhinagar, Gujarat. The overseas operations of your Bank are managed by a separate Business Unit -International Banking Group (IBG) headed by the Deputy Managing Director (IBG) and overseen by MD (IB, GM &T).

Global Presence

Your Bank's first global footprint was with the branch of Bank of Madras in Colombo, Sri Lanka in July 1864 (first amongst Indian banks). With footprint across all time zones through its 241 points of presence in 29 countries, your Bank, the State Bank of India, has gradually spread its wings across the globe to become a pioneer of International Banking among the Indian PSBs. The overseas operations of your Bank are being managed by IBG.

The IBG has continuously adapted to the multitude of heterogenous challenges including ongoing geopolitical turbulences, conflicts, bank failures

in the West, economic downturn in neighbouring countries, etc. and remained on a healthy growth trajectory while balancing the risk-return dynamics. Your Bank's international operations have maintained their profitability despite these headwinds through efficient asset liability management, cost efficiencies in liability management & overheads, exploring new income streams, enhancing digitisation, and leveraging relationships for new business. On the basis of its continuous drive to enhance value for your Bank and its stakeholders, the vision derived for IBG is as under:

IBG Vision

•    To strengthen your Bank's position as a Global Bank. •    To emerge as the Banker of First Choice for all India related business across the globe. •    To constantly improve its share in business and profits of the Bank. •    To contribute for maximising overall business of the Bank through Crossvertical synergies.

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The details of offices opened/closed are furnished in the table below:
Overseas Offices As on Opened during Closed during March 2023 the year the year	As on March 2024
Branches/Sub-Offices/Other Offices 56 3 0	59
Subsidiaries (8) 0 0 Offices of Subsidiaries 169 4 1 Representative Offices 5 0 0	(8)
	171
	5
JV/Associates/Managed Exchange Cos/Investments 5 0 0	5
Total 235 7 1	241

 

 

 

The specialised departments of IBG have played a vital role in sustaining the momentum by contributing on various fronts, such as:

1. Credit Contribution: Business Driver

Your Bank is a proactive partner of Indian corporates in their global growth strategy and arranges debt in Foreign Currency by way of:

a) ECBs through syndicated deals in conjunction with other Indian and Foreign banks

IBG Credit Strategy

•    Tapping growth potential at GIFT City, Gandhinagar Branch which is growing as a global financial services hub

•    Establishing footprints in newer geographies which are demonstrating strong economic performance globally

•    Endeavouring to increase the share of non-India linked business by tapping local corporates of our foreign offices

•    Leveraging upon cross-vertical synergies and on our relationship with domestic corporates to finance their overseas operations

•    Positioning as a relationship bank with increased participation in syndicated deals as Underwriter/MLAB/Arranger

•    Enhancing engagement with local banks

•    Increased emphasis in participating in Green Loans, Social Loans and Sustainability Linked Loans

2. Trade Finances

Your Bank is supporting Indian importers and exporters by offering them a bouquet of Trade Finance products and services through an extensive, well-equipped branch network that operates in all the time zones in India and abroad.

The Global Trade Department (GTD) of IBG supports our Foreign Offices (FOs) for an orderly growth of Trade Finance portfolio, formulates policies, and innovates new products for FOs as per the market demands and changing regulatory norms. GTD also facilitates Trade Credits to Indian Corporates for their imports by playing an important role in synergising business flows between domestic and foreign offices for maximising returns. It also organises Trade-related workshops/conferences, by partnering with Trade bodies viz. BAFT (Bankers Association for Finance and Trade), GTR (Global Trade Review), etc. Workshops are also organised by partnering with ICC, FI EO, etc. to provide a platform for networking with Exporters/Regulators/Industry majors.

3. Overseas Treasury Management

The Treasury Management Group at your Bank's International Banking Group (TMG-IBG) undertakes following functions for Foreign Offices:

a.    Liquidity Management

b.    Dealing Room Operations

c.    Investments

The TMG-IBG manages the overall asset liability portfolio of IBG and also monitors the liquidity requirements and Asset Liability Management ratios.

During the current financial year, your Bank has raised more than US$2 billion longterm resources through different channels. Your Bank has done a syndication deal of US$1,000 Million (US$500 Million for 3 years and US$500 Million for 5 years). Your Bank has also raised a total of US$1,750 Million under the MTN Program.

Currently, there are five major dealing rooms at London, New York, Hong Kong, Bahrain and GIFT City, Gandhinagar, which work on a 'hub and spoke model' to help smaller Foreign Offices in their operations, In order to leverage opportunities at our GIFT City, Gandhinagar Branch, several new initiatives like SOFR and US treasury linked deposit products, Bullion Trading Membership as Trading-cum-Clearing Member were initiated in this financial year,

4. Global Payments and Services

Global Payments & Services (GP&S) facilitates Online Inward Remittances

and SWIFT-based Remittances from Overseas locations to India, Foreign Currency Cheque collection, Opening & Maintenance of Rupee Vostro Accounts (RVA)/Special Rupee Vostro Accounts (SRVA) and Asian Clearing Union (ACU) Transactions, Your Bank has tie-ups with more than 50 remittance partners for channelising inward rupee remittances from overseas to India,

Highlights

•    During the year, GP&S has implemented Bharat Bill Payment System (BBPS) under Rupee Drawing Arrangement for facilitating Cross Border Inbound Bill Payments to India •    As per the provisions of RBI for settlement of trades in INR through Special Rupee Vostro Accounts, GP&S has opened four SRV accounts during the year with the approval of RBI

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5.    Retail Strategy

Your Bank has been a "Window to India" for NRIs residing in different parts of the world through its specialised retail and remittances products. The notable achievements for the year are:

•    YONO SBI, one of the most ambitious and secure digital offering of the Bank has now been extended to customers at our various overseas offices in the form of YONO Global. It has been successfully launched in the US, UK, Canada, Mauritius, Nepal, Maldives, Bangladesh, South Africa, Sri Lanka, and Bahrain. More than 2,07,000 overseas customers have been onboarded through YONO

•    Fully Digital non-face-to-face Online account opening journeys deployed at SBIUK and at SBI Canada Bank

•    Namaste UK: The product enables Indian citizens (having long term UK visa) opening account with SBIUK before arriving in UK through YONO Global SBI UK app

•    GIC account: The product enables students travelling to Canada (for studying) to open GIC account with our SBI Canada Bank through YONO Global Canada app

•    "One View" feature of YONO Global allows our customers abroad to view their domestic SBI Accounts through YONO Global App

6.    Financial Institutions Group (FIG)

- Correspondent Relations

FIG facilitates linkages of the Bank with international stakeholders viz. Financial Institutions (FIs), Foreign Government Agencies and Developmental Financial Institutions (DFIs), etc. and works for synergy between IBG and other business verticals such as Corporate Accounts Group, Commercial Clients Group, Retail Banking Group and Global Market.

We are having 222 Correspondent Banks spread across countries. It also maintains RMAs (Relationship Management Application) established by both domestic

• International Banking-Domestic (IBD) serves as a single point of contact between the Domestic Offices and Foreign Offices in areas related to Trade Finance and International Banking. IBD aims at improving synergies and trade flows between Domestic Offices and Foreign Offices/Correspondent Banks and trading community, by acting as a robust link between them

•    IBD facilitates growth of Export Credit by actively involving branches, trade bodies and other stakeholders

•    In a bid to facilitate the trade community, Forex Service charges are being rationalised and aligned with the market every year by IBD. IBD also facilitates IT system-related enhancements and updates in EXIM Enterprise/SWIFT

•    IBD is also actively involved in re-building skills of IB officials by partnering with ICC, FIEO, FICCI, CII, etc. and organising Trade related workshops/seminars which provide good platform for networking with Exporters/Regulators/Industry majors in addition to coordinating and liaising with Trade bodies and ICC subgroups for developing relations and strengthening ties

•    IBD has also launched the e-BG project, which is an end-to-end digital journey for Bank Guarantees. It has been rolled out in all States and Union Territories where NeSL is facilitating e-BG

8. Technology Initiatives at

Overseas Offices

Your Bank has continued the journey to

leverage technology solutions (including

Artificial Intelligence & Machine Learning) in various areas of operations vis-a-vis customer acquisition, process automation and AML-CFT/OFAC controls. Some of the highlights of initiatives undertaken at overseas offices include:

•    Roll out of automated IT system for Retail Loan Management, capturing the entire loan lifecycle from application, processing, sanctioning, disbursement and post sanction monitoring. The automation of retail loan journey will act as a business multiplier, by standardising the processes and ensuring seamless/ uniform experience to customers. This will also help to bring down the Turn Around Time (TAT), and at the same time, ensuring strict adherence to compliance standard and risk management. The process of roll out at all the foreign geographies with your Bank's retail presence has been initiated and this will be subsequently completed at all the geographies during FY2024

•    YONO has continued to be the digital pivot for servicing existing retail customers, as well as acquiring new customers. The omni-channel experience has now been widened

with a simultaneous upgrade of the Web based portal, which is similar to the Mobile Banking App - both in terms of functionalities as well as User Interface/ User Experience. The enhancements during the year include introduction of YONO Cash, ATM Card management, Online Account Opening and integration with local payment systems at multiple geographies, thus providing customers a seamless experience of You Only Need One - YONO

A significant rise in digital frauds poses a substantial risk - both to the customers, as well as your Bank. Your Bank is fully committed to ensure complete safety and soundness of the IT systems that are being used/offered to the customers. In addition to the industry standards of IT Security/Cyber Security that are being followed, we have also initiated the process of putting in place, a robust Fraud Monitoring Solution - specifically for electronic channels that are being used by the customers

Commercial Clients Group (CCG)

Your Bank's CCG vertical services the credit needs of mid and large-sized corporates, including specialised branches like the Diamond branch. The CCG vertical is headed by MD and supported by two DMDs, five CGMs, ten CCG Regional Offices (CCGROs) and three Direct branches headed by GMs. The CCG vertical is present in 29 cities, with 50 branches boasting a team of credit specialists to support large credit proposals and cater to the corporate ecosystem, promoting green finance and new-age business financing, managing associated risks and sustaining growth.

Within the CCG vertical, the CGMs are assigned as Group Relationship Owners to improve coverage quality and enable integrated views on exposure and earnings across the Group.

 

CCG Performance

Level	March 2021	March 2022	March 2023	March 2024
Non-food Advances	4,08,110	4,20,276	4,87,989	5,72,668
CASA Deposit (%)	23.56%	24.91%	26.43%	27.76%
Avg. Business per Employee	168.96	185.42	226.76	241
Other Income (excluding income from AUCA recovery)	3,163	3,819	3,900	4,112
Pre-TPM Operating Profit	32,623	29,113	32,916	41,268
New Credit Customers added
(i) No. of customers	128	304	232	267
(ii) Limits Sanctioned during financial year	59,965	75,552	49,101	84,008

Opening of Diamond Branch in Surat Diamond Bourse (SDB)

The Surat Diamond Bourse (SDB), located in DREAM City, Surat, exclusively promotes the diamond, gems and jewellery industry. It is the world's largest diamond trading hub with 4,500 offices of diamond traders

and manufacturers. Your Bank has recently opened a Specialised Diamond Branch in SDB and is authorised as Forex Category 'B' Branch for handling forex business. As a one-stop solution for diamond, gems

and jewellery manufacturers and traders with their offices in SDB, the Branch is also authorised as a Designated Branch for Metal Gold Loan and Sale of Gold (Wholesale).

Others •    Project Kuber has been launched in your Bank with a special focus on marketing the current account deposit and transaction banking products within CCG vertical •    Project Xceed is being undertaken to transform and modernise your Bank's

Corporate banking business (CCG and CAG), and to empower RMs with digitised and streamlined processes to improve TAT • As on 31st March 2024, the gross advances level of CCG increased by 18.42% on a YoY basis with major

A contributors from sectors like Infra, NBFC, Mining, Services, CRE, Power, Chemical, and Engineering • Special focus is being given to new-age industries such as Smart Meters manufacturing, Data centres, Power Storage & Battery, etc.

Project Finance and Structuring Strategic Business Unit

Your Bank's Project Finance and Structuring Strategic Business Unit (PF&S SBU) deals with the appraisal, structuring and syndication of funds for large projects, with a certain threshold on minimum project cost:

1.    Infrastructure sectors, such as power, roads, ports, railways, airports, etc.

2.    Non-infrastructure projects in industries such as refinery, metals, fertilisers, cement, oil & gas, and glass, amongst others

The PF&S SBU also supports other verticals by vetting large ticket term loan proposals. To strengthen the policy and regulatory framework for financing infrastructure, it provides inputs from lenders' perspective to various ministries of Central/State Governments and RBI. It gives inputs/suggestions on draft agreements and contracts like Model

Concession Agreements and broader infrastructure finance issues faced by various stakeholders.

The growth projections for the Indian economy are the highest for any large economy; it is expected to be one of the top three economic powers in the world over the next few years. Infrastructure is at the forefront of economic development in India. The government has further hiked the budgetary allocation towards capital expenditure from C10 Lakh Crore in FY2024 to C11.11 Lakh Crore.

The Government of India has introduced various initiatives to strengthen the economy, such as the National Infrastructure Pipeline (NIP) with targeted investments of US$1.4 Trillion, the National Monetisation Pipeline (NMP), and Performance Linked Schemes (PLI). The need to ramp up infrastructure on a large and sustainable scale has resulted in new

projects, particularly in sectors such as renewables, roads, city gas distribution, etc. There is a requirement for funds to finance various projects planned by the government, such as the construction of 2 Lakh km national highway network by 2025, increasing the number of Airports to 220 by 2025 and the development of 35 Multi-Modal Logistic Parks, among others. By leveraging the vast resources and expertise available within the SBI Group, PF&S SBU can offer the entire gamut of project financing-related services - funding as well as off-Balance Sheet items - for any project size across sectors.

Your Bank is well-positioned to garner a bigger pie of business opportunities and maintain its leadership position in the project lending space based on effective connect with clients, industry, Government Ministries, and Authorities supported by specialised marketing endeavours.

Stressed Assets Management

Stressed Assets Resolution Group (SARG) ranks among the most significant verticals of your Bank. Resolution of Stressed Assets by SARG presents the following latent income generating avenues for your Bank:

•    Cash recovery in NPA and Technically written-off accounts (AUCA)

•    Reduction in Loan Loss Provisions

•    Contribution to your Bank's bottom line

• Unlocking the lendable funds for credit growth

The movement of NPAs in your Bank and recovery in written-off accounts during the last six financial years:
Particulars	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Gross NPA	1,72,750	1,49,092	1,26,389	1,12,023	90,928	84,276
Gross NPA%	7.53%	6.15%	4.98%	3.97%	2.78%	2.24%
Net NPA	65,895	51,871	36,810	27,966	21,467	21,051
Net N PA%	3.01%	2.23%	1.50%	1.02%	0.67%	0.57%
Fresh Slippages + Increase in O/s	39,740	54,510	29,332	26,776	19,223	20,982
Cash Recoveries / Upgradations	31,512	25,781	17,632	21,437	16,258	11,472
Write-Offs	58,905	52,387	34,403	19,705	24,061	16,161
Recoveries in AUCA	8,345	9,250	10,297	7,782	7,097	6,934
PCR	78.73%	83.62%	87.75%	90.20%	91.91%	91.89%

Consistent recovery efforts have led to a significant decrease in the current level of NPA over the years:
• Insolvency and Bankruptcy Code (IBC)	• Compromise Settlement is also	• A team has been set up to look
2016 for resolution of stressed assets	offered to all eligible cases to recover	after the sale of assets to Asset
has provided Bank with a time-bound,	sticky loans. Your Bank's Board-	Reconstruction Companies (ARCs)
transparent and effective mechanism	approved One Time Settlement (OTS)	on a Cash and/or Security Receipts
to tackle Stressed Assets. Resolution	Scheme, which is non-discretionary	(SR) basis
has been achieved in some of the	and non-discriminatory, is also offered	• In non-NCLT cases, recovery is
high-value NPA accounts referred to	from time to time to eligible borrowers	explored through action under the
the National Company Law Tribunal	for recovery/resolution	SARFAESI Act and suit filing in DRTs
(NCLT) under the Code. The cases	• Prudential Framework for Resolution	and Courts. The sale of mortgaged
referred to NCLT are also monitored	of high-value Stressed Assets by RBI	properties is explored through a
by specialised teams at SARG. A total	has provided an avenue for time-	common e-Auction platform https://
of 1,156 cases (Whole Bank) were	bound resolution of these accounts	ibapi.in ('e-BH^' - Indian Banks
referred to the NCLT as on 31st March	(outside the NCLT process). Your	Auction Properties Information) under
2024 out of which 951 cases have been admitted and 245 cases have been resolved	Bank is exploring this option in all the eligible cases	the aegis of IBA

Sector-specific Targeted Approach •    SARG focuses on prioritising the resolution of NPAs through a Sector-specific approach. Presently, SARG is headed by Deputy Managing Director, supported by Chief General Managers overseeing the Sector-wise portfolio, NPA portfolio across SARG branches and for accounts under liquidation •    With constitution of Four (4) SAM Regional Offices (SAMROs) at Hyderabad, Kolkata, Mumbai and New Delhi on 1st August 2022, SARG covers the entire geographical area of the country. 16 Stressed Assets Management Branches (SAMBs) and 48 Stressed Assets Recovery Branches (SARBs) across the country are handling 48.67% of your Bank's NPAs and 86.38% of AUC Accounts of your Bank

Industry-wise Distribution of the NPA Portfolio (as on 31.03.2024): I ^4 : 12 9 1110 1    Power 2% 2    Telecom 3% 3    Trading 8% 4    Roads & Ports 8% 5    Infrastructure (Others) 7% 6    Engineering 2% 7    Iron & Steel 1% 8    Textiles 2% 9    CRE/Real Estate 2% 10    Automobiles/Transport 1% 11    Metals & Mines 1% 12    Others 63%

Recovery (I in Crore) made through Various Modes (NPA+AUCA) and percentage share in Total Recovery (31.03.2024) 7 • 1    Compromise 34% 2    SARFAESI 9% 3    DRT 2% 4    Sale to ARC 10% 5    NCLT 14% 6    Normal Recovery 28% 7    Misc Recovery 3%

Industry-wise Distribution of the NPA Portfolio (31^st March 2024)

Major NPA accounts are from sectors like Power, Telecom, Trading, Roads & Ports, Infrastructure (Others), etc. Apart from the above, remaining portion of gross NPA is from AGRI/PER/MSMEs. The GNPAs from Agri Segment & Personal Segment (35% & 11% of Total GNPAs respectively) also form part of Others in the pie chart shown above.

Innovation for Resolution of Stressed Assets

Resolution under IBC is a market-oriented mechanism where competing bidders for a particular Stressed Corporate Debtor strive to bring better valuation and higher recovery.

The transfer of eligible assets to NARCL is also being monitored by SARG and the requisite enablers are in place to ensure smooth migration of identified assets. Robust IT initiatives have been rolled out, including LITMAS (Litigation Management System), to monitor legal recourse undertaken in the Stressed Accounts for expediting resolution. It will further strengthen the transparency and efficiency of the process. Wilful Defaulter Management System (WDMS) Application has also been developed for digitalisation of Wilful Default examination process for better monitoring and achieving operational excellence.

Redesign Studio

1. Opening of Branches and RACPC during FY2024

•    A total of 137 Brick & Mortar Branches have been opened during FY2024

•    Total 32 branches opened in Unbanked Rural Centre during the current financial year

•    Number of RACPCs/RACCs opened during FY2024 are 73

Metro	Urban	Semi urban	Rural	Total
18	27	33	59	137

2.    IFRDS 2.0 (Interest and Forex

Rate Display System)

•    The IFRDS portal was developed inhouse as a utility portal for display of interest rates at all branches in 2020. The system is controlled and monitored centrally by BRNWM, CC ensuring uniformity

•    Interest and forex rates are displayed on television screens/PC Monitors connected through intranet at all branches

•    Rates are now also displayed in regional languages in addition to Hindi and English

3.    Colour Coding Concept

(Leveraging High Potential Branches)

Dashboard inaugurated by the

Chairman on 26^th October 2023

•    To differentiate branches based on performance under various parameters, such as business, efficiency, compliance, customer service, etc. by segregating under distinct cohorts

•    Branches are categorised as Diamond, Emerald and Pearl based on continued achievement of business targets, long standing high value relationships, audit ratings, high market share. The branches will then be colour-coded based on the ability to leverage business potential

•    To provide a level playing field to various types of branches, cohort-based ranking and segregation is done. Branches more than five years old are considered for categorisation, making this an effective tool for drawing up business strategies, increasing market potential and proper resource allocation

4.    Accessibility for Divyangjans

•    91.64% of your Bank's branches have been made accessible for Divyangjans as of March 2024

•    87.78% are accessible through ramp, with 3.86% of the branches made accessible through alternate solutions such as portable ramp, provision of services on the ground floor as well as space at ATM

•    Doorstep Banking services with three free transactions in a month as an additional measure for Divyangjans

•    Availability of wheelchairs at branches where Divyangjan customers are registered

5.    Facelifting of Premium and

Reputed Educational Institutions

during FY2024

•    Facelift of premier and reputed educational institutions like IITs, IIMs, AIIMs, etc. undertaken with a focus on providing digital offerings

•    307 branches at reputed institutions across the country like IITs, IIMs, AIIMS, IIITs, NITs, medical institutions, ISB, XLRI, etc. are identified with account opening Tabs and INB kiosk being provided

6.    First Time Right (FTR) Approach

•    In the account opening process, your Bank has adopted "First Time Right" approach for early activation of accounts. It has ensured optimum utilisation of the resources by avoiding recurring rectifications and follow ups

•    With regular monitoring, the rejections have come down to less than 2% in case of individual accounts and to less than 5% in case of non-individual accounts. Resultantly, average TAT of customers account activation has come down to less than 1 day for both individual and non-individual accounts

7.    Process Rationalisation and

Automation

•    Existing processes at Liability Centralised Processing Cells (LCPCs) have been revamped to remove the bottlenecks, provide technology-based enablers, improve productivity, reduce effective TAT and ensure compliance with the regulatory guidelines. Your Bank has taken the following important initiatives during FY2024 to finetune the procedures at LCPCs

- Upfront validations in CKYC application to avoid technical failure/ rejections

-    Upfront CKYC search facility to check CKYC number availability of the customers

-    Automation of CKYC return handling. Approximately 85 Lakh records have been returned by CERSAI as suggestions/probable matches, out of which approximately 68 Lakh records were auto updated

8. Digi Vault Application

•    Digi Vault envisages digitisation of customer loan documents and integration of various applications storing customer documents to provide view/access to the internal auditors and other intended users. Your Bank has completed all the three phases of the application i.e. facility to upload the loan documents, integration of Account Opening Forms (AOF), housing loan documents and loan processing documents

•    The application helps in reduction of cost to your Bank by facilitating off-site audit by providing remote document access to the auditors and also helps in speeding up the audit process

Support and Control Operations

Human Resources and Training

Your Bank believes that investing in employees will ultimately result in a stronger, effective and more valuable workforce. The committed and motivated human capital is the core strength to ensure that your Bank continues to maintain its legacy of achieving higher business goals year after year.

Your Bank always aspires to improve Employee Value Proposition and recognises the importance of aligning its strategies with the ever-changing aspirations of the workforce to increase efficiency, transparency and promote participative work culture in the organisation.

The summarised HR profile of your Bank as on 31^st March 2024 is as under:

Category	31.03.2023	31.03.2024
Officers	1,09,259	1,10,116
Associates	94,977	92,514
Subordinate	31,622	29,666
Staff & Others
Total	2,35,858	2,32,296

Productivity Enhancement Initiatives

Your Bank has conducted an Employee Engagement Survey "Abhyuday". This initiative was a step towards achieving the vision of your Bank to "Be the Bank of Choice for a Transforming India". The survey drew overwhelming response from more than 95% of eligible employees wherein more than 1.89 Lakh employees voiced their opinion. The survey results have provided us with comprehensive insights into our employees' perspectives on the performance, culture, relationships, processes and policies of your Bank.

Your Bank has launched a new generation and future-ready cloud-based Human Resource Management System (HRMS) HRMS SaaS solution to meet the diverse need of Human Capital and to provide the HR services to the employees and pensioners in a seamless digital mode through web and mobile application. The new HRMS solution is equipped with latest technology, AI, ML and internal social network and will enable your Bank to increase operational efficiency of HRMS processes by automation of various processes with enhanced security framework.

For a Bank with a large footprint and diversified set of roles operating in different geographical regions, specialised skills are particularly important to meet the aspirations of the customers. To ensure deep domain knowledge and to foster expertise, your Bank has defined career paths for its officers in Scale-II to V through

Job Families concept. This enables deep specialisation in the banking domain and ensures that employees with sufficient exposure to these skills offer best-in-class services to our esteemed customers.

Your Bank has aligned the job families to succession planning to ensure sufficient talent in pipeline for succession to critical positions in the senior leadership. The key outcome of the process is to identify, develop and train talent so that any succession risk could be better managed for business continuity.

Your Bank adopts a Branch Manpower Model for manpower planning and ensures optimal utilisation of Human Resources. The model is based on the productivity parameters at the branches like identified work-drivers of operations, transaction load factors, number of advance accounts, feedback from the operating units and organisational structure, etc.

Your Bank has streamlined its promotion and transfer process, and these are now completed in the first quarter of a Financial Year. This gives the required assurance and stability to the branches and other units to actively focus on business activities, during major part of the year.

Performance Management System

Your Bank has a robust Career Development System (CDS) for transparent, objective, and credible data-backed performance evaluation of employees' performance. The system ensures objectivity, business orientation, performance visibility and greater alignment between individual and organisational goals. The outcome of the performance evaluation is used in all the key processes, like promotion, incentives, posting and exposures to ensure performance improvement.

Your Bank reviews the policy and process related to Career Development System at annual interval to ensure that our HR practices stays in sync with the best industry practices. In this direction, your

Bank has introduced the concept of Performance Improvement Plan for helping employees to elevate performance in Team Performance Key Result Area (KRA) tc foster team spirit and collaboration, KRA Grouping Concepts for aligning individua KRAs with organisational goals and Net Promoter Score-based KRAs have also been introduced,

Your Bank continues to strive to increase the share of objective data-driven assessment in overall performance evaluation, At present, 89% of total employees covered under Career Development System are being evaluated based on data driven objective KRAs, The objective KRAs are mapped to all the category of employees up to the apex level i.e. Deputy Managing Directors,

Recruitment

The recruitment strategy of your Bank is tailored to suit the evolving landscape in banking, It typically involves a mix of traditional methods like job posting and modern techniques like social media recruitment and leveraging job portals with a view to attract talent with the right skill sets and aligned with your Bank's vision, mission and values,

Being the largest public sector bank in the industry with a robust career advancement policy, attracting the top talent from the market is not a challenge for your Bank, As part of its recruitment process, your Bank reaches out to a broader pool of candidates using digital platforms widely, Advertisements are published on job portals and in our social media handles, Making use of social and digital media in the hiring process has enabled your Bank to reach out to a larger pool of tech-savvy aspiring candidates,

Your Bank has recruited Probationary Officers, Circle Based Officers, and Junior Associates for entry-level positions, Your Bank is also actively recruiting specialised talent on a lateral and contractual basis in Information Technology (IT), Information Security, Risk, Credit, and Marketing among others to meet the demands of the fast-changing business landscape and also the regulatory requirement,

Gender Diversity

Gender sensitivity and inclusiveness have always been the cornerstone of your Bank's HR policy, Out of the total work force, the representation of women is 27% as on 31^st March 2024. Women employees are employed across all geographies and levels of hierarchy,

Reservations and Equal Opportunity

Your Bank meticulously follows the GoI directives on Reservation Policy for SC/ ST/OBC/EWSs/PWD, Your Bank has representation of SC, ST, OBCs and Persons with Benchmark Disabilities (PwBD) among all the cadres of its workforce, Your Bank has implemented reservation to Economically Weaker Sections in direct recruitment w,e,f, 1^st February 2019 in

terms of the GoI guidelines, Similarly, the Reservation in Promotion for PwBDs up to the lowest rung in Group-A i,e, up to JMGS-I has been implemented since 17^th May 2022,

Reservation Cells have been established under HR Department at Corporate Centre as well as at all 17 Local Head Offices of your Bank, At Corporate Centre, two high ranking officials of the rank of General Manager are designated as Chief Liaison Officer for SC /ST/PwBD and OBC, All 17 Circles have a recognised State Bank of India SC/ST Employees Welfare Associations (SEWA) for conducting Quarterly Structured/Core Committee Meetings,

Your Bank is conducting Workshop on Implementation of Reservation Policy of GOI for its Chief Liaison Officer (CLOs), Liaison Officers (LO) and HR Officials annually, Your Bank has also created a Portal for lodging grievances of SC/ST/ OBC/PwBD employees for quick redressal and better oversight,

Pre-recruitment Trainings were conducted for SC/ST/OBC candidates during FY2024 as under,

Pre-Recruitment Training	Numbers
Officer	1,87,712
Clerk	2,69,238

Industrial Relations and Staff Welfare

Your Bank places significant emphasis on maintaining healthy industrial relations by fostering open communication channels between management and employee representatives through periodical coordination meetings with staff and officers' federations, By encouraging transparency and inclusivity, your Bank cultivates a culture of trust and collaboration, essential for fostering harmonious industrial relations,

Your Bank has prioritised compliance with labour laws and regulations as a cornerstone of its industrial relations strategy, By adhering meticulously to legal frameworks governing employment practices, your Bank mitigates the risk

of legal disputes and penalties. This commitment to compliance not only safeguards your Bank's reputation but also promotes trust and stability among stakeholders, leading to enhanced productivity and organisational resilience.

Care and Assistance for Retired Employees

Your Bank recognises the contribution of its ex-employees whose dedicated lifelong services brought your Bank to its present height. Your Bank has implemented 'Project SBI Cares' for automation and streamlining of various pre-retirement and post-retirement benefits and processes through its HRMS portal.

Your Bank's e-pharmacy scheme for eligible retirees provides doorstep delivery of medicine at a very attractive price without any delivery charges. Starting with Policy year 2024-25, the retirees can select their preferred e-pharmacy vendor from a list of empanelled vendors.

Retirees of SBI now have an option to subscribe to Mediclaim policies of your Bank in online mode through the HRMS portal, thereby avoiding the hassle of visiting the branch, queuing up for premium payment, etc.

The retirees also have an option of downloading their Pensioner ID Card from the HRMS portal. The format of the Pensioners ID card is now uniform across all the circles and comes with a QR code containing details of the retiree.

Your Bank has also provided an option under the 'Project SBI Cares' to retirees of your Bank for opting in for Organ Donations.

Training and Development

Developing an Organisation-wide Learning Culture

The prevailing banking environment is marked by technological advancements and evolving market dynamics, which has made it imperative for the Bank to transcend traditional models and embrace a culture that values and prioritises learning.

A learning culture is not merely a series of training programmes but a holistic approach towards knowledge enhancement that permeates every facet of the Bank.

The training initiatives undertaken by the robust channel of our 6 Apex Training Institutes (ATIs) and 51 State Bank Institutes of Learning & Development (SBILDs) during the year to ingrain a learning culture in our employees are detailed as follows:

Shaping the competencies and skillsets to develop an agile workforce

Your Bank was able to touch around 1.57 Lakh employees through different learning modes like classroom training and webinars. Your Bank undertook the following training programmes to ensure upskilling of the workforce to meet the changing customer expectations and emerging business challenges:

Building new recruits' capabilities:

In addition to our regular onboarding training for new recruits, the Management Development Program (MDP) for POs/ TOs was extended up to two weeks. It helped them to learn and provide real life insights into the challenging life of a Banker and enhance their resilience and endurance, learn about teamwork, task delegation, stress management and maintaining a positive mindset. In FY2023-24, total 14,199 (including Probationary Officers, Trainee Officers, Circle-Based Officers, and Junior Associates were covered under onboarding training, and 6,487 employees were administered assessment examinations.

Precision trainings: Initiated in FY2023, the specialised trainings for first time and critical role holders under precision trainings continued in FY2024, covering around 7,500+ officials in various roles. Some of these trainings are highlighted below:

a. Institutionalisation of Samanvay & First Time Branch Managers: Due to high user acceptability and compelling training feedback, two training programmes viz. Samanvay - First Time Regional Managers

and First Time Branch Managers were institutionalised to be conducted every year.

b.    First Time Service Managers:

Considered as the key resource person for not just mobilising business and maintaining good housekeeping at the branch but also developing strong customer relations, a comprehensive programme was rolled out for Service Managers to empower them with requisite knowledge and skill sets which would enable them to emerge as game changers.

c.    Programme for CMs (HR) and Managers (HR) of Circles: A 3-day programme was introduced for your Bank's Circle HR functionaries operating at grassroot level to develop the expertise required in discharging their duties in an efficient manner and attain the necessary conceptual clarity of various functional aspects related to their role.

Institutionalisation of Mid-Career Certification: Introduced in FY2023, this CVC-mandated programme was institutionalised in FY2024 by making enhancements in the existing programme structure and preparing a roadmap till FY2027 to cover all SMGS - V & IV officials. In FY2024, 2,300+ SMGS-V officials completed Mid-Career Training.

Orientation Programme for JIBOs and IBOs: A two-week orientation programme for junior and middle management officers proposed to be posted abroad was conducted to acquaint them with the processes/regulations overseas and to groom them in becoming your Bank's brand ambassadors at the overseas locations. Emerging Leadership Development Programme: A five-day classroom programme on 'Emerging Leadership Development' was arranged at IIM Indore to suitably upskill the newly promoted DGMs (204 DGMs) to tackle the diverse challenges faced by them due to the transformation in the financial services sector.

Digital Leadership Program: For

CGMs, GMs and DGMs (total 412

officials) was conducted at ISB Mohali & Hyderabad campuses to keep up with the ever-changing regulatory compliance requirements, navigate the disruptive impact of technology, and tackle the growing complexities, specialisation, and diversification within the banking sector.

Director Development Program: The

Financial Services Institutions Bureau (FSIB), in collaboration with IBA and other stakeholders, had designed and launched a Directors Development Program (DDP) 2023. M/s Egon Zehnder delivered the program in partnership with Harvard Business Publishing (a wholly owned subsidiary of Harvard Business School). It was designed as a nine-month journey (Module I for 15 hrs, Module II for 4-5 days, and Module III for 4-5 days) through both online and offline delivery modes. The programme was attended by one of your Bank's Non-Executive Directors. Contemporary learnings

Your Bank initiated the following learning interventions to equip the workforce with the latest industry trends:

ESG (Environmental, Social, and Governance) trainings: Exclusive webinars were curated and conducted for employees to discuss the importance of ESG, the basic terminologies associated with ESG and its implementation in day-today banking. Furthermore, ESG aspects like Renewable Energy Financing (Ethanol, CBG, Solar, Wind, etc.), reducing carbon footprint are being covered in Risk Management programmes for the employees.

E-learning modules on trending topics:

Comprehensive MOOC e-lessons were designed on New-Age Skills covering Artificial Intelligence/Machine Learning, Anti-Bribery Anti-Corruption policy, Code of Ethics and CRISIL modules on Credit, Risk & Wealth Management for the employees to impart knowledge on emerging industry practices.

Program on Start-up ecosystem was conducted for 50+ Branch Heads of Start-up branches and RMSMEs of select branches. The programme covered the aspect of understanding startups with respect to sustainable business model.

Imbibing the Global Best Practices to gain the First Mover Advantage

External Training Abroad

Top Management Officials in the rank of DMD and above were deputed for external training programmes at top-notch institutes/business schools like London Business School, Harvard Business School, Wharton Executive Education and Centre for Creative Leadership, USA to enable them to understand global trends in various domains and hone their leadership skills.

Leveraging Digital

Virtual channels of learning have become a necessity for the next normal. To facilitate on-the-go learning among employees and ensure their uninterrupted skilling, your Bank has curated a host of digital learning tools such as bite-sized learning modes which are published at regular intervals in the form of audio/video podcasts, one-pager knowledge snippets on banking, economics and risk, short educational videos on cyber awareness, various agri products and operational risk.

The cumulative number of these micro learning initiatives as on 31st March 2024 are summarised as under:
Micro learning type	Names	Cumulative releases up to March 2024
Podcasts (Audio & Video)	Gurukul Vani, SBSC-on-Air, Gyan Chetna, Agri Podcasts, etc.		364
Short Videos	Cyber Awareness, Understanding Risk, Agri Products, etc.		69
Knowledge Snippets	Do You Know!, Gurukul Musings, Insight Awaits, etc.		432

Apart from these micro capsules, Case Study Discussion Board (having 1.21 Lakh unique visitors) for virtual community discussions on banking topics, Quiz platforms like My Quest Today (1.12 Lakh participants in FY2023-24) on latest banking & financial developments and askSBI, the internal search engine of the Bank are also available for the employees to enable self-paced learning.

Role Based Learning

With the perspective of skilling the employees as per their role, under the Mandatory Learning guidelines, Role Based Certification (e-RBC) was rolled out during the year for employees. Apart from the completion of role aligned certification, employees were prescribed to complete 6 mandatory e-lessons. As on 31^st March 2024, a total of 1,78,614 eligible employees (96.03%) had completed their mandatory e-learning, with 98.89% of eligible Officers and 94.47% of eligible Award Staff completing the Certification. Furthermore, 99.47% of eligible Officers and 97.71% of eligible Award staff had completed all their specified e-lessons. In addition to the mandatory e-lessons, your Bank has a repository of 700+ in-house e-lessons for knowledge enrichment of employees.

Learner's Helpline for Real-time Resolution

Gyan Setu: A dedicated Call Centre for resolving non-technology-related queries from staff members within your Bank has been dedicated to all the staff members. The strategic vision behind Gyan Setu is to offer authentic, real-time support to our staff, particularly those in operations to significantly enhance the overall customer experience.

Azadi Agyanta Se: A HR helpline was also rolled out for the Bank's HR functionaries operating at Circles to provide guidance & resolution on critical HR matters.

Knowledge Exchange

To further deepen the learner driven culture, your Bank rolled-out the following initiatives:

Dissemination to ground force: The top

management officials i.e. DMDs hosted a knowledge sharing session for employees to share their experience and learnings from the external trainings attended by them abroad.

Leading from the top: Interactive sessions were taken by the top executive officials in the grade of CGMs & above in various in-classroom/virtual training programmes to share the corporate goals, concerns, initiatives, and expectations from operating functionaries.

Faculty visits at internal institutes: To get a third eye-view on the training delivery techniques and gain insights on the nuances of training delivery, programme development and overall infrastructure management, ATIs faculty visits to SBILDs and vice versa was rolled out during the year.

Diversity Equity Inclusion (DEI) Interventions

Specialised training programmes for VI/HI employees were conducted in collaboration with SBI Foundation. The training sessions covered a range of topics that were geared towards improving the skills and knowledge of the employees and aimed to provide them with the necessary tools to excel in their roles.

Programme for Women Managers:

To nurture the female workforce, your Bank re-introduced the programme for Women Business Leaders such as Branch Managers, Regional M anagers, CPC Heads and DGMs (B&O), to enable them to discharge their role in this volatile banking environment, with renewed energy and enthusiasm while maintaining a healthy work-life balance.

Gender Sensitivity Webinars: Apart from the re-introduction of an exclusive in-classroom training programme for Women Managers, exclusive webinars on POSH/Garima Policy were conducted for all the employees to spread widespread awareness on gender parity.

'Samya': To embed gender sensitivity in our organisational DNA, the diversity and inclusion initiatives by State Bank Staff College under 'Samya' were institutionalised during the year. The initiatives include 'Samya 2.0 - A Time to Ponder': Fortnightly caselets, 'Samya -Leave No One Behind': Monthly webinars and Samya - Annual Magazine.

Transition to Retirement (TTR) Programme is a flagship programme of the Bank for all officials due for retirement along with their spouse, with the objective to help them manage the paradigm shift in their life after retirement. The TTR for AGM and below rank officials was carried out at our SBILDs and the officials in grade of TEGS-VI and above at SBIL. The contents of the programme have been altered in line with contemporary requirements to incorporate the themes of Post-Retirement Career Prospects, Cyber Security Awareness, Spiritual Well-being, etc. Pre-promotion trainings: Being an equal opportunity employer, your Bank conducts pre-promotion trainings for SC/ ST/OBC category employees to bridge their knowledge gaps before they appear for their promotional exams. Total 24,062 staff were imparted training which included 9,551 Award Staff, 5,609 Scale I and 8,902 Scale II officials.

Achieving Service Excellence

Your Bank took the following learning initiatives to facilitate a superlative customer experience delivery by the employees: Soft Skills & Customer Centricity: While soft skills session on customer centric behaviour is a part of all the major training programmes, exclusive webinars were conducted on your Bank's grievance redressal mechanism and compensation policy to spread its awareness among the employees

Grooming the missed opportunity segment: To unlock the true potential of the mediocre, under-achievers, a transformative performance improvement plan titled Sankalp was rolled out with a focus on skill enhancement, motivation, and fostering a growth mindset. The programme aimed to sensitise them on their roles and responsibilities and ignite a renewed sense of purpose among them to achieve their professional as well as personal goals.

Employee Engagement

Yes, I Can Bring Change: The

annual success stories campaign was implemented in FY2023 to gather the most creative, inspiring and implementable stories of transformation from our employees, irrespective of their grades. During FY2024, the originators of the top 5 success stories were invited to SBI's Corporate Office at Mumbai and bestowed Certificates of Excellence by the Chairman and Top Management. The other success stories originators were also felicitated at Circle/Local Head Office levels.

Prerak: This generation-aligned two-day programme was conducted for the seasoned employees of your Bank in the age bracket of 41 years and above. Around 31,800+ employees were sensitised on their crucial role in acting as a bridge to ensure seamless knowledge sharing with the new generation, create a base for effective changeover and understand the emerging challenges in the banking industry. The programme also recognised the stellar contributions made by the

group in maintaining your Bank its leading position over the years.

SBI Wizards 2023-24: Positivity is a potent tool for improving staff members' resilience and coping skills. This attribute benefits both the organisation and the employees equally. With this perspective, your Bank has been organising a family quiz 'SBI Wizards' since 2020-21. Top 6 teams participated in the grand finale for FY2024 at Corporate Centre, Mumbai in presence of Chairman and other Top dignitaries. The event generated great enthusiasm among the employees and garnered appreciation from all employee grades.

Coaching Interventions

Samunnati & Quality Circle: To

augment the competency of our workforce, these participative one-to-one coaching interventions were rolled out during the year in 259 critical branches. Under the initiative, our faculty hand holds these branches with an aim to align the training to business and make them self-reliant in problem solving/service improvement.

Sarthak: With an idea of the safety, reputational integrity & investor confidence in the Bank, it is essential that the process of "Audit & Compliance" is not merely a tickbox exercise but results in transformational changes in our work culture. This coaching intervention was rolled out during the year to improve the rating, generate risk awareness, and inculcate the habit of "doing things right the first time - every time" at the grassroots.

Training to Value Chain Partners

Your Bank conducted trainings for Business Correspondents, CSP Operators on various FI & Digital products with special emphasis on Social Security Schemes. Furthermore, orientation programmes were also conducted for 5,562 Feet-on-Street (attached to SBOSS). Exclusive training programmes are also conducted

for Home Loan Counsellors (HLCs) and SBI Cap Securities Ltd (SSL) executives on a regular basis.

Expanding Footprints

Customised training programme for Local Based Officers (LBOs) of Nepal SBI Bank Ltd. was curated and conducted during the year. The programme was a perfect blend of core functional and behavioural inputs. The programme was well received by the participants as they had an enriched learning experience. The training added value in terms of their job knowledge and honing appropriate skillset for improved efficiency at their workplace.

Industry Connect

DFS "Chintan Shivir": State Bank Academy, Gurugram organised the event of Department of Financial Services (DFS) titled "Chintan Shivir". The event brought together key stakeholders from the financial industry, government officials, and experts in the field. The workshop featured insightful panel discussions, engaging presentations, and interactive sessions.

Integrated Workshop on renewable

sector: Two-day integrated workshop on renewable energy industry was conducted at State Bank Academy, Gurugram. A total number of 36 officials from different BUs (SMEBU, CCG, PFSBU, CFU, CRD) attended the program. The sessions in the program were taken by industry experts such as Mr. Gagan Sidhu, Director, CEEW (Council on Energy, Environment and Water), Mr. Vivek Sen, Director, Climate policy initiative and Mr. Vikrant Sharma, Deputy Director, National Institute of Solar Energy (NSE).

Interaction with Agri Industry Leaders:

To equip the participants with latest developments in the field of Agriculture and other related areas, interactions with various industry leaders were arranged at State Bank Institute of Rural Banking (SBIRB), Hyderabad like Shri Vijay K.

Vijayaraghavan, Chairman, Sath Guru Management Consultants Pvt. Ltd., Dr. V. M. Choudhary, Group Director, ISRO, Dr. Padmaja, Principal Scientist, ICRISAT, Hyderabad, etc.

Sustainability at Core

Your Bank has incorporated sustainable practices in various facets of banking including the training infrastructure. All 6 ATIs have obtained IGBC certifications with 4 institutes being Platinum rated and 2 being Gold rated. Amongst SBILDs, we have 4 institutes with Platinum rating and 1 each with Gold and Silver rating. Under Sustainable Development Goals, our training institutes are equipped with Solar Power Plants, Rainwater Harvesting Plants, Sewage Treatment Plants, Food Waste Composting Plants, Organic Waste Converter (OWC) Machine, Vermicomposting & Energy Saving Buildings. Many training institutes are 'Plastic Free Zones' and outdoor activities such as walkathons, cleanliness drive, tree plantations, etc. are carried out at the institutes to spread awareness on sustainable environment among the participants.

Milestones

ET HR Future Skills Awards: Your Bank was bestowed two prestigious L&D awards in FY2024 under 'The Economic Times HR World Future Skills Awards' - in Gold Category for 'Best L&D Leaders and in Bronze Category for 'Diversity & Inclusion Learning Initiatives'.

Pre-recruitment glimpse of an SBIan:

Your Bank launched a video to attract potential talents to the Bank and increase visibility of the Bank. The video showcases employment in SBI as a way of life and highlights the Bank's culture and offerings. The video has been made available in various social media platforms and is also displayed during new recruits' interviews and other relevant events.

Learning Snapshots for FY2024

The average training hours per employee during FY2024 were 48.49. The grade-wise and gender-wise bifurcation of training hours is as follows:

Head	Male	Female	Total
Average Employee Training Hours	48.51	48.45	48.49
Associates	50.49	43.73	47.93
Junior & Middle Management	61.05	60.61	60.94
Senior Management	52.22	54.12	52.50
Top Management	83.47	93.57	84.50

Digital Transformation and e-Commerce

Over the years, your Bank has been deploying wide spectrum of technological capabilities enabling digital transformation by revamping the back-end and enhancing the front end experience for customers. Your Bank's vast network of branches coupled with digital banking platforms have kept your Bank in the leadership position and enabled the Bank to introduce more customer centric, intuitive & seamless products and services.

In this fast-changing digital era, your Bank is constantly innovating itself using transformative technologies to provide the right solutions to our diverse clientele, to provide great customer experience and in improving efficiency of staff. As part of digital initiatives of the Bank, your Bank is not only creating seamless digital products across assets and liability segments with innovative features, but also redesigning the back-end processes through end-to-end digitisation initiatives.

Aiming at becoming "Banker to every Business", your Bank's YONO Business (yonoB) platform (available on both desktop and mobile app) has integrated digital offerings that are designed for enhanced customer experience and convenience to do transaction banking for our business customers (Proprietors to Large Corporates). YONO Business offers a whole range of banking needs -

Trade Finance, Forex, Cash Management, Corporate Internet Banking, API Banking, Pre-Approved Business Loans (PABL), Cash Management and Supply-chain finance for corporate customers across categories, from emerging start-ups to the biggest conglomerates. Many more customer journeys are being designed which includes VKYC Based Current Account opening for Sole Proprietors, Trade Lifecycle, UPI Quick transfer, Forex rate booking, Revamped App, WhatsApp banking etc.

To support the Trade customers, your Bank has undertaken complete overhaul of existing Trade Finance and International Banking Businesses ecosystem by setting up 2 Global Trade Finance Centres at Kolkata & Hyderabad to achieve operational excellence, by making best use of digital offerings and improve market share. Your Bank is also working towards automation of many processes through real time integration with internal as well as external systems, introduction of AI/ ML driven processes, re-imagined UI/ UX architecture to improve customer satisfaction by improving response times and provide more personalised experiences. Your Bank has also integrated with all the three TReDS exchanges in the country - RXIL, Ml Exchange and Invoicemart to have real-time data access, enhanced risk management, better monitoring and effective supervision on the TReDS business.

Few other metrics indicating customer acceptance of our digital platforms:

1.28 Crore+

Average daily logins to YONO app

~91 Lakh

Digital Savings accounts opened in FY2023- 24 with daily average opening rate of ~25,000 accounts

~8.83 Lakh

Daily average transactions

1.13 Lakh

Average daily cardless cash withdrawal

~2,12 Crore

Cumulative number of bill payment transactions through YONO + RINB

2

Global Trade Finance Centres at Kolkata and Hyderabad

YONO

Your Bank's digital platform YONO, launched in 2017, has celebrated its 6^th anniversary and is very well accepted by our customers. The testimony of the same is our 7.4 Crore+ registered user base since the app launch.

YONO encompasses Banking, Investment, Insurance and Shopping needs of customers as well as enables to complete banking transactions with simple, minimum click journeys like Opening a Savings Bank Account, Transfer of funds, Apply for Personal loan, Car loan, etc. digitally with the convenience of operating from anywhere, 24/7.

Apart from the above, your Bank has launched several digital customer journeys on YONO for enhancing the convenience of our customers on a continuous basis such as Issuance of Virtual Debit Card, end-to-end instant Credit Card issuance, YONO for Every Indian - making available UPI functionalities to all Indian citizens, enhanced Whatsapp banking services etc.

To keep pace with the evolving digital banking ecosystem, your Bank is developing the next generation technology platform 'Only YONO - The New Digital Bank' (YONO 2.0) with certain key capabilities such as consistent Omnichannel experience across all digital channels, hyper-personalised customer experience, AI-based models for business, Preventive Risk Management, etc.

Your Bank is actively engaging with FinTechs/Start-ups with unique strength of focused product, solution and segment depth in niche areas to build key customer journeys, build digital capabilities, and to offer best digital journeys with faster time-to-market. To stay closer to the FinTech community, your Bank is also regularly participating in various Fintech conferences such as the Global Fintech Fest (GFF) 2023 (jointly organised by NPCI, Payments Council of India (PCI), and Fintech Convergence Council (FCC)) at the Jio Convention Centre, BKC, Mumbai from 5^th-7^th September 2023. Your Bank along with its JVs has showcased several products and services at the GFF pavilion attracting many FinTechs/Start-ups.

YONO Business

2.05 Lakh

Online Current Accounts opened in FY2024

5,24,504

New-To-Digital (NTD) customers onboarded in FY2024

C66.01 Crore

Payments Transactions

C2,23,50,557

Crore

Payments Transactions value

1,05,052

Pre-Approved Business Loans disbursed

C7,238 Crore

Pre-Approved Business Loans (PABL) value

13,691

Digital Import LCs

C1,03,112 Crore

Digital Imports LCs value (with 72% Digital penetration)

25,120

Digital Inland LCs

C40,062 Crore

Digital Inland LCs value (with 76% Digital penetration)

In recognition of its

efforts, your Bank has won various awards like

•    Your Bank has been conferred the "Operational Excellence Award" by ETBFSI •    ET CIO Award 2024 for Enterprise IT Excellence under Data Driven Customer Transformation category for YONO Pre-approved Personal Loan

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Key performance highlights of Digital (Retail)

•    Through YONO (Retail & Agri) platform, during FY2024, 15.91 Lakh Pre-Approved Personal Loans (PAPLs) of H30,344 Crore, 0.39 Lakh Real-Time Xpress Credit (RTXC) Loans of H1,535 Crore, 1.01 Lakh Insta Home Loan Top-up of H1,771 Crore were sanctioned •    In addition, a total of 5.35 Lakh Agri Gold Loans applications (aggregating H9,270 Crore) were sourced through YONO •    61.61 Lakh Personal Accident Insurance (PAI) policies, 2.83 Lakh Sampoorna Arogya policies, 7.79 Lakh SBI Life Sampoorn Suraksha policies and Mutual Fund Sales of H1,910.55 Crore were achieved through the YONO platform

 

 

Information Technology

Enterprise Integration Services

Your Bank's Enterprise Integration Services (EIS) department has channelised multiple heterogeneous applications like YONO, INB, Mobile Banking etc. by automating their processes through light-weighted API layer. EIS's robust integration architecture and highly secured APIs (complying Industry Standards), has reduced third party application development time by utilising generic APIs integrating multiple channels. EIS has automated processes for Account Opening, Pre-Approved Personal Loan (PAPL), Real Time Xpress Credit (RTXC), YONO CASH by internally orchestrating CBS transactions. EIS is a single-point integration layer for external entities like NSDL, UIDAI, NESL etc. with SBI. EIS has provided APIs for DigiLocker which is a flagship initiative of Ministry of Electronics and Information Technology providing a document wallet to citizens to access authentic documents/certificates in digital format from the source of truth thereby promoting the vision of paperless governance.

Network Infrastructure Improvement

Your Bank has relentlessly worked to improve the network experience and minimise branch isolations and completed 99.68% of fiberisation. All feasible branches are migrated to Fiber Channel to ensure on demand higher throughput and bandwidth. The fiber connectivity is better and reliable due to immune for weather, lightening, rust, moisture, temperature and attenuation issues. Your Bank is constantly in process to provide enhanced bandwidth and network capacity augmentation for all branches across India. Software Defined Wide Area Network (SDWAN) is being implemented pan-India to enhance network availability.

Enterprise Short Messaging Service (SMS)

Your Bank has put in place a Centralised SMS gateway solution for the entire Bank for sending bulk SMS there by removing

Meghdoot is designed to meet the challenges posed by the rapid technology requirements and substantial data processing loads through a combination of innovative strategies and cutting-edge technology. Meghdoot has been a runaway success, with just 5% footprint in the data centre space, and hosting around 50% of the workloads thus minimising carbon emissions and contributing to a greener and more eco-friendly operations.

Our initiative supports hybrid cloud architecture by providing seamless connectivity to public cloud services. This flexibility allows your Bank to leverage the advantages of both private and public cloud environments as needed to fulfil our commitment of providing efficient services and solutions to customers.

 

 

 

Your Bank's CRM Solution helps to build and maintain strong and loyal relationships with the existing and prospective customers. It has been implemented and continuously getting enhanced as an employee facing business interface to meaningfully engage with customers throughout the lifecycle of sales, service, and marketing.

CRM Solution has customised Lead modules for all Business Units and other critical departments, integrated with other sources such as Online Customer Acquisition

Solution (OCAS), YONO, Loan Origination System (LOS), Loan Life-cycle Management System (LLMS), Retail Loan Management System (RLMS), Retail Assets Acquisition Solution (RAAS), Bank's website, Contact Centre, etc. It also has a sophisticated and advanced Complaint Module, i.e. CRM-CMS wherein the customer's entire trail of previous complaints and other details are captured in the application giving ease to users and customer for complaint lodgement, tracking and resolution.

 

 

Software Factory

Your Bank has been at the forefront of launching various innovative solutions to become the leader in the technology front.

Your Bank has taken the following in-house initiatives during this FY
OLMS Application	and deliver services as per contractual	Bureau (CEIB), with the details of
• Your Bank has developed the	obligations and enforce penalties	Entity/Borrower which has sought
"Outsourcing Lifecycle Management	based on SLA breaches or incentives	for loan, for antecedent verification of
System (OLMS)" application	based on SLA performance	prospective borrowers for sanctioning
that captures all the details of	• Reporting, reviewing and Audit	of loans of C50 Crore and above or for
outsourcing activities within the bank,	Module in OLMS provides regulatory	NPA accounts
encompassing both IT and non-	compliance. It will also add to cost	• Your Bank has collaborated with
IT aspects. The OLMS application	efficiency and ensure transparency	CEIB Officials to create a new Search
captures all the pertinent information	and add to overall efficiency of	Automation Portal to streamline the
concerning onboarding agencies,	Vendor management	process and to automate the search
Service Level Agreements (SLAs), Sub-	Locker Allocation Management Project	and report generation process. The
Contract Agreements, and instances of	• LAMP facilitates all branches, to	portal was launched on 20th Feb
SLA breaches. Additionally, it facilitates	maintain locker information through	2024. After using the new portal, CEIB
the recording and maintenance of complaints, audits, and risk ratings	graphic representation of Cabinets and lockers and handles all requirements	acknowledged that the time taken to generate antecedent verification have
associated with the agencies	like documentation, rent recovery	reduced drastically
• Through the application, your Bank	including operations	Kisan Credit Card - Interest
has improved internal governance of	Benefits to Customers and Bank	Subvention Scheme Middleware
your Bank's vendor engagements, and		Portal
it allows us to have a comprehensive	• On-screen representation of cabinets	• The Ministry of Agriculture & Farmers'
view of risks associated with vendor	and lockers with different colors for	Welfare have asked all banks to
contracts/agreements	each status readily available • All financial transactions being handled on single platform through	provide Kisan Credit Card account
Benefits		details to their newly developed portal
• It Captures the entire lifecycle of	Application Programming Interface	https://fasalrin.gov.in/
Agency/Vendor within SBI and	(APIs) • Branch Staff immensely relieved from	• Accordingly, your Bank has developed
removes duplication of Agency Data		a portal that provides data to the
(Agency Details/address/contact/	manual registers as all documents	Government in Fully Automated mode
PAN/BO, etc.) at various levels within	generated and maintained online	through Application Programming
Bank. OLMS is acting as a single Source of truth related to Agency and	• Audit trail for all transactions, operations and changes available at	Interface (APIs) and your Bank is able to claim subvention based on
thereby reducing risks associated with	real time ensuring no income leakage	the data shared with the Government
Agency Activities		portal (https://fasalrin.gov.in). This
• It provides centralised monitoring and	Central Economic Intelligence	data is used by the GoI for Interest
enforcement of SLA and Subcontracts	Bureau (CEIB)	Subvention Scheme (ISS)
that ensures service providers meet	• Various Banks send request to
agreed-upon performance standards	Central Economic Intelligence

Channels and Operations

Payment System (PS)

Your Bank holds a significant share in NEFT remittances, SBI has processed 204.39 Crore transactions, constituting over 14,07% of the market share, SBI is a significant player in RTGS remittances and has processed more than 6,80 Crore transactions involving more than C405.51 Lakh Crore,

Your Bank holds a significant share in CTS Clearing with 7,89 Crore inward transactions with 10,18% market share and 5,62 Crore outward transactions with 7,24% market share, Value-wise inward clearing transactions amount to C10,14 Lakh Crore with a market share of 12,33%

Metro and Transit Projects: Your Bank has participated in various metro and transit projects to digitise micropayments rapidly, Your Bank has been awarded Nagpur Metro, Noida Metro, Chennai Metro, Kanpur Metro, MMRDA Line 2A & 7, Agra Metro, MMRC Line-3 Metro, MBMC City Bus and Himachal Road Transport Corporation (HRTC) State Bus Transport projects to implement qSPARC technology on the RuPay platform,

Major benefits

•    Time to Market will reduce significantly for launching any new products/services owning to advance technological features and architecture of new tech platform •    Customers' delight as new portal will integrate with its Enterprise Resource Planning (ERP) •    Enabling Third Party Partnerships: Platform offers Open APIs which will enable business team to enter partnerships with third party FinTech/ERP providers, etc,

and outward transaction amount to C8,01 Lakh Crore with a market share of 9,74%,

Your Bank uses the SWIFT messaging system for cross-border financial message transmission, SBI has processed 41,33 Lakh financial messages, SBI has fully complied with all the 24 mandatory controls and 8 advisory controls prescribed by the SWIFT for Customer Security Compliance Framework,

ATM

Your Bank's ATM department is PCIDSS Compliant, a benchmark security standard for the payment card industry, It stands tall, serving 22,87 Crore active Debit card users as on 31^st March 2024,

Your Bank has issued 9,1 Lakh prepaid cards in these projects,

Proactive Risk Management (PRM):

Your Bank has deployed fraud monitoring solution i,e, PRM, for monitoring of suspicious and fraudulent transactions, committed on various digital channels, Presently, PRM is integrated with ATM Cash, PoS, E-COM, Retail INB, Corporate INB, Merchant INB, YONO, YONO-Lite, UPI, Kiosk Banking and FASTag,

CMP & SCFU

Your Bank's Cash Management Product (CMP) is serving the big-ticket Corporates and Government clients for their payables and receivables through modules like Payments, Collections, Mandate, etc, generating both Fee & Float Income for your Bank, The current application is in operation since 2015-16 and handling an annual turnover of C120 Lakh Crore, Your Bank has taken the revamp exercise, which is likely to be operationalised by Sept'24, with an objective to bring off-the-shelf tool with regular product innovation and will be consolidated suite/single transaction banking platform for all modules,

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New facilities rolled out

•    Customers will be able to select 'Regional language' of their choice from the identified 11 languages on your Bank's ATMs/ADWMs •    Your Bank has launched Nation First Metro cards for RuPay platform for the Metros/Buses/ Parking, etc, •    Prepaid card management system is successfully integrated with ePay by your Bank so now nonBank customers can top up online for their SBI-issued prepaid card •    Now other Banks' customers can choose language option in SBI's ATMs as like SBI customers •    Your Bank has revamped the Green PIN generation process like the 'PIN generation' option has been changed to 'Set PIN' with a more simplified process •    Your Bank has also launched different Debit/Transit cards with more features and offerings for customer delight •    Transfer of SB a/c to another branch has been enabled by your Bank at ATM/ADWM using one's Debit card without visiting account holder's home branch •    A separate 'Rhodium' Debit Card has been launched by your Bank for Business customers having current account and 'RuPay Select' cards for your Bank's wealth customers

Supply Chain Finance

Supply Chain Finance application caters to invoice financing of Major Industry customers of your Bank. Electronic dealer Finance (e-DFS) and Electronic Vendor Finance Scheme (e-VFS) are flagship Supply chain Finance products contributing significantly to the SME business of your Bank. With technological advancements, spread of digital technologies and emergence of FinTechs, SCFU finance landscape has changed. The tech platform architecture has been upgraded by your Bank using microservice-based architecture with enhanced user experience to support the business need. SCF Revamp application is leveraging Tanzu Kubernetes platform hosted on Banks internal cloud Meghdoot, for auto scaling, self-healing cluster orchestration. Application integrated with your Bank's centralised DevOps CI/CD platform for automated deployments and has real time application monitoring facility.

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New features/revamped platform during FY2024

•    Integrated portal for Industry Majors, Vendors and Branch Users •    Enhanced user experience with revamped UI/UX •    Improved user management with role-based access control •    Allowing future dated transactions •    Customised reversal timing •    Integrated with Vayana Tech platform •    Straight-through processing through API

HRMS

Your Bank acknowledges the fact that human capital is at the core of any organisation's growth engine. To meet the diverse need of Human Capital Management, your Bank is in the process of implementing current generation and future-ready cloud-based HRMS with new-age technologies like AI/M L to provide the HR services in a seamless digital mode to the employees and pensioners.

f Salient features •    Complete Hire to Rehire HCM platform •    High availability •    Enhanced user experience of Employee Journey/Pensioner Journey through Web and Mobile App (Android/iOS) •    Increased productivity through automation of HR processes

SBIePay Lite (formerly SBMOPS -State Bank Multi-options Payment System)

Your Bank has rolled out SBIePay Lite to facilitate collection through various modes using the site-to-site integration with e-commerce and other merchant entities. As of now, total active direct Merchants integrated through SBIePay Lite are 701.

Your Bank has implemented the following significant changes •    Aadhaar Based Mandate Registration •    Integration with Flywire: Your Bank has entered tie-up with Flywire as Authorised Dealer (AD) Bank partner in India for processing remittances under LRS for payment of fee to educational institutions abroad

Internet Banking

Your Bank's Internet Banking provides a seamless online experience, offering secure and diverse banking services to 12.46 Crore Retail Users. It handles various critical customer-facing mobile applications/ services like YONO Lite SBI, SBI Quick, SBI WhatsApp and SBI Secure OTP These apps enjoy excellent reputation among customers and are known for their ease of use and outstanding user experience.

Your Bank has taken the following initiatives to further enhance user experience •    Your Bank has migrated to its own domain ".(dot)sbi" as an enhanced security measure •    Transactions (financial and nonfinancial) are integrated with PRM (Proactive Risk Management) for Real Time monitoring and security to our customers •    Your Bank has implemented digital documents execution for Locker agreements •    Your Bank has enabled restriction of user activity once User is deactivated through PRM (Proactive Risk Management)/ CRM (Customer Relation Management)/IVR (Interactive Voice Response) •    Your Bank has initiated facility of overdraft against multiple Fix Deposit, Closure of TDR and STDR through INB for senior citizens •    Your Bank has also enabled creation of customer profile status PIE CHART for personalised experience •    Your Bank has launched SB account opening using V-KYC for ease of account opening

SB Collect

Your Bank offers a Unique Payment Solution to its Corporate Customers for collection of funds online from receivers of their goods & services.

State Bank Collect has been specially designed and developed for the benefit of Schools, Colleges, Educational Institutes, Government Departments, PSUs, Corporates, Hospitals, Clubs, Trusts, etc.

SBI Uni Pay (BBPS: A one-stop solution for all bill payments)

Your Bank has developed a SBI Uni Pay application for Bill payments through BBPS services hosted by NPCI, which has gone live in July 2021. In the SBI Uni Pay platform, your Bank provides BBPS and non-BBPS bill payment facilities.

SBI Uni Pay has onboarded GMEC (Global Money Exchange Company) as agent Institution and has exposed the Agent Institution APIs which were consumed by GMEC to enable cross-border inbound payments in Bharat Bill Payment System (BBPS) for select categories. GMEC has also rolled out BBPS bill payment facility for their customers through their branches. Agent Institution portal and Agent portal were developed enabling MIS access, Complaint management and MIS dashboard functionality for Agent Institutions, which are available along with Bill payment transaction module for Agents in Agent Portal.

Performance highlights •    YoY Merchant onboarding growth 26.11%. •    Commission income increased from H14.24 Crore as of Mar.23 to H27.23 Crore as of Mar.24.

( Few achievements of your Bank's application as follows •    Total number of billers onboarded in current Financial Year till Feb'24 is 1,265 which includes 17 online billers and 1,248 offline billers •    13 RRBs have been onboarded as Agent Institutions and their 191 CSPs/Branches have been onboarded as Agents extending BBPS solution to RRBs Performance highlights •    Total number of BBPS bill payments through the Bank's Customer operating Unit reached 31.55 Lakh amounting to H 2,834.53 Crore and the number of transactions through Bank's Biller Operating unit reached 233.25 Lakh amounting to H11,960.92 Crore during FY2024

WhatsApp Banking

Whatsapp Banking is one of the customer-centric initiatives by your Bank for future banking, and has enabled the following functionalities:

Customer can choose their preferred language in Whatsapp banking. Currently Whatsapp Banking is available in 4 languages - English, Hindi, Bengali and Tamil

A total of 80+ services across 21 journeys are launched. Some of the major journeys that are available are:

•    Mini Statement

•    Branch ATM Locator

•    Pension slip

•    E-Statement

•    Interest Certificate

•    Language Selection

YONO Lite

YONO Lite, having a total user base of 2.49 Crore, is one of the widely accepted applications among customers of your Bank facilitating their day-to-day banking needs.

Your Bank has launched the following in YONO Lite mobile banking app •    Facility of Online application for FTC at YONO Lite •    Intimation in advance on Expiry of INB Login and Profile Password •    Prepaid card link facility •    Virtual debit card issuance

CENTRAL BANK DIGITAL CURRENCY (CBDC)

Your Bank is one of the 15 pilot banks identified by RBI to roll out CBDC Pan India. CBDC offers three elements i.e. Currency in Electronic format, issued by the Central Bank and is universally accessible. With half a million users and around 35,000 merchants, your Bank has achieved a million transactions on a single

day. Your Bank is spearheading innovations in this disruptive technology and active in both Retail and Wholesale CBDC. With use cases like UPI Interoperability, Programmable CBDC, Offline CBDC and UPI Intent, CBDC ensures quick real time transfer of money.

Your Bank is one of the 15 pilot banks identified by RBI to roll out CBDC pan-India. CBDC offers three elements i.e. Currency in Electronic format, issued by the Central Bank and is universally accessible. With half a million users and around 35,000 merchants, your Bank has achieved a million transactions on a single day.

 

 

 

YONO Business & CINB

Your Bank's YONO Business digitally serves various Banking interface requirements of all types of non-individual entities, right from a small proprietorship/MSME to large multinational corporates to Central and State Governments. It has approximately 32.65 Lakh registered Corporate User base.

Many new services were rolled out for Corporate customers in Corporate Internet Banking and YONO Business. Some of them are as follows •    PABL (Pre-Approved Business Loan), Business Rule Engine (BRE) loan facility extended to partnership customers •    UPI quick transfer payment facility for Saral and Corporate customers •    Facility in CINB for HUF/Trust customers for investing in GB (Sovereign Gold Bond) •    Re-imagined payment facility (YONO Pay) in YONO Business Mobile •    E-FDR Facility for stockbrokers for availing online trading facility with NSE through Financial Institution Branch •    API Banking facility for Business Customers through direct integration or through third parties •    V-KYC Digital Current Account opening for Sole Proprietors •    Two-user CINB product introduced for partnership and start-up customers •    Enhanced e-forex facility in YBBI for new eForex user creation and limit change

SBIPG

Your Bank's SBIPG is a PCIDSS-certified application, which processes card-based e-Commerce transactions acquired through integrated Payment Aggregators/ Merchants. During FY2024, SBIPG added 4,360 sub-merchants. As on 31^st March 2024,    87,630 sub-merchants and

17 aggregators are integrated with SBIPG.

UPI (Unified Payments Interface)

The Unified Payments Interface (UPI) stands as a flagship application of your Bank, integrating multiple bank accounts into a single mobile platform with interoperability. It merges various Banking features, facilitating seamless fund routing and merchant payments through UPI. In FY2024, your Bank achieved a remarkable milestone by successfully processing a peak volume of approximately 17 Crore UPI financial and 9 Crore non-financial transactions daily. The role of your Bank in UPI eco-system is crucial as it contributes 26-30% of the total volume in overall eco-system wherein SBI is supporting more than 52 Crore customers with UPI features which includes both SBI and non-SBI users.

-N Your Bank has introduced the following essential facilities this year to enhance customer convenience •    Enablement of Foreign P2M transactions: Customers can now directly pay merchants in Sri Lanka and Mauritius by debiting their SBI account using your BHIM SBIPAYapp •    UPI Credit: Your Bank has enabled UPI transactions through pre-sanctioned credit loan accounts •    Aadhaar OTP-based onboarding of customers on UPI: Your Bank has enabled UPI facility for customers without debit card, but their Aadhaar linked to their SBI account •    Your Bank now supports CBDC Interoperability

 

 

 

 

Data Governance

Data Governance in your Bank is evolving at par with global trends, transcending regulatory and compliance obligations and fostering a culture of data-driven decision-making. The focus on Data Culture across your Bank emphasises the importance of staff awareness and engagement in understanding the value of data. By adopting Data Quality by design, your Bank ensures accuracy,

reliability, and consistency of data across all operations. This approach, in addition to improving the operational efficiency, also strengthens customer trust through secure data handling and compliance adherence. Further, your Bank is in the process of enhancing its existing Data Quality Index (DQI), a yardstick to measure the quality of data in absolute terms, to cover various domains spanning across

multiple products. Your Bank is actively integrating internal data with external insights to drive innovation, identify new business opportunities, and enhance customer service. Prioritising critical data areas and implementing proactive measures establishes a streamlined, agile, and resilient ecosystem for effective data management within your Bank.

Core and Special Projects

Agri Tech

Your Bank's Agri Tech Department has aligned itself with the transformations in Agri Landscape. Launching of various e-2-e Digital Journeys, FinTech Integrations, making Cloud Ready in Agri Tech area, Integrations with GoI - JanSamarth/ RBIH and other agencies, and Enabling

Frictionless Credit to Farmers are some of the key initiatives of your Bank's Agri Tech Department. It is also in the process of replacing loan processing technology platform with a new-age modular tech stack - the NEW AGRI LMS, which will enhance customer experience of availing farm credit.

 

 

Similarly, your Bank is integrating with the RBIH Public Tech Platform for Frictionless Credit (PTPFC) for KCC end-to-end digital STP journey. The PTPFC will be of national importance and will play a key role in the digitalisation of lending processes and standardisation of data exchange formats to a great extent.

Core Banking

Your Bank's CBS customer base has recently crossed the 500 Million benchmark, as CBS continues to launch various customer service initiatives/ developments during the year.

 

 

 

 

 

IT-Special Projects

Your Bank has been conferred with the Finnoviti Award 2023 for DigiGov Fund Management Solution Application. SBI Loyalty Rewards was adjudged the Best Loyalty Program in Financial Sector Banking under the Customer FEST Award 2023.

Your Bank has rolled out the following initiatives/developments during the year:

DigiGov

Your Bank has integrated the Fund Management Solution (FMS) with NPCI for processing transactions through Aadhaar Payments Bridge System (APBS) and NACH Platforms for Aadhaar-based and Account-based, respectively. The application is handling 1,004 State Nodal Agency accounts with a balance of H34,674 Crore (39% market share) and 201 Central Nodal Agency accounts with a balance of H2,092 Crore (39% market share).

Important schemes
a)	Rajya Shiksha Kendra, Government of Madhya Pradesh through NACH Platform
b)	BoCW, Government of Jharkhand through APBS
c)	TUFIDCO, Government of Tamil Nadu
d)	Blood Transfusion, Government of West Bengal
e)	DAT Puducherry
f)	Maharashtra State Livelihood Rural Mission

Member of Parliament Local Area Development Scheme (MPLADS)

Your Bank has rolled out DigiGov - under CSS: CNA (Central Sector Scheme: Central Nodal Account) mechanism under Member of Parliament Local Area Development Scheme (MPLADS) of the Ministry of Statistics and Program Implementation (MoSPI). The web portal was made live from 1^st April 2023 and subsequent changes as desired by the Ministry have been rolled out during the year to the following website https://mplads.sbi.

Your Bank has made live a mobile application (MPLADS-eSakshi) comprising major functionalities of this scheme on both Android and iOS platforms.

Your Bank has also set up a Training Region under DigiGov for MPLAD Solution through internet, which is a first-of-its-kind for any of your Bank's applications, enabling various outreach programmes at regional and State level for Hon'ble MPs and other government functionaries. All Hon'ble MPs from Lok Sabha and Rajya Sabha have been onboarded under this scheme.

Government Business Software Solution (GBSS): Roll out of TIN 2.0

Your Bank's GBSS application has handled receipt transactions worth over C4.77 Lakh Crore and payment transactions worth over C1.35 Lakh Crore during FY2024, from 1^st April 2023 to 31^st March 2024.

Under the directives of CBDT for Income Tax, your Bank has implemented the Tax Information System (TIN) 2.0 as a replacement to Online Tax Accounting System (OLTAS) to digitise and streamline Income Tax processes with effect from 1^st April 2023. This functionality has been made available to all SBI branches.

Revamping of Microsite for Corporates

In order to attract and tap the business potential of corporates, your Bank has carried out uniformity in microsite design/s, content changes, alignment, removal of faulty links, updated contact details to increase customer acceptance.

Startup Webpage on SBI's Website

This functionality has been made available by your Bank to tap the vast business potential and avenues accompanying the start-up ecosystem.

GST

•    Improvement in Matching Logics:

Your Bank has enabled an increase in the PRDC matching percentage up to ~90% in order to claim ITC (Input Tax Credit)

•    Automation of GSTR 6: Your Bank has an automated generation form based on the details provided by the suppliers of an Input Service Distributor in their GSTR 1

SBI Loyalty: Points on WhatsApp

To encourage your Bank's presence on social media platforms, 50 reward points are credited to customers for successful registration on WhatsApp. To boost float fund, your Bank has decided to credit 30 to 1000 reward points to Current Account holders under Proprietorship, depending upon their Monthly Average Balance (MAB). Furthermore, 200 reward points are credited for activation of dormant/ inoperative current accounts.

SBI FASTag

In the dynamic landscape of digital transactions, SBI FASTag emerged as a game changer in the fiscal year 2023-24. This innovative solution revolutionised the way people experience travel, streamlining toll payments and enhancing overall convenience on the roads.

Your Bank has issued more than 27.50 Lakh FASTag during FY2024 and more than 50 Lakh FASTag have been issued since inception. Market share in monthly issuance has substantially increased to 18% in March 2024. Online issuance for SBI FASTag has been rolled out and multiple recharge options have been provided to customer including Google Pay, PhonePe, Amazon Pay, BBPS and UPI for convenience of customer. To popularise the product and spread awareness among public, your Bank has published various

creatives over social media and installed hoardings on various highways near toll plazas.

Automation of CRC (Customer Risk Categorisation) Write-back

As a part of regulatory requirements, Customer Risk is required to be calculated for all newly opened/modified accounts/ customers, based on a score-based model and written to CBS. Currently, the AMLOCK-generated risk is written back to CBS on a weekly basis using a file-based system. Your Bank has deployed an API-based functionality which writes back the AMLOCK-generated customer risk into CBS on a near real-time basis. The new approach creates better efficiency than the file-based write back process.

Enabling Bharat Bill Payment System (BBPS) to process Cross Border Inbound Bill

Onboarding of INB for BBPS cross-border inbound payments for screening as per predefined rules has been enabled by your Bank.

Sanction Screening Tool in Exim Bills

Your Bank has implemented sanction screening tool for screening of cross border trade finance transactions (dual used goods, entity, port of discharge and destination, vessel, and beneficial owners) in domestic branches to comply with FATF recommendation of incorporating OFAC check for all remittances.

FATF Readiness

Keeping in view the FATF Assessment of Bank, and as a preparatory measure, your Bank has delivered functionalities across the regulatory parameters that have been instrumental in successful FATF Assessment of your Bank.

The developments included (a) Complete Revamp of Reverse Name Screening Process (b) Auto Segregation of Key Sanction Lists to capture the accurate matches at any instance, (c) Provision of comprehensive Audit Log facility in line with RBI/MHA recommendations.

IWMS Application

Your Bank has launched a New Integrated Wealth Management Solution (IWMS) on 26^th December 2023. The IWMS provides a one stop solution to manage the entire life cycle of investment portfolios of Wealth Clients starting from tentative lead to Wealth Client conversion, transactions, portfolio dashboard view, reports, etc. It has digitally transformed the Mutual fund processing with complete automation.

KYC Update

Your Bank has introduced KYC Update 2.0 journey in the CKYC Branch portal. As part of this journey KYC details are updated for the customer in a front end provided to the branches. Customer documents for POI and POA are also uploaded along with customer details and will enable bank to comply with the regulatory guidelines. Apart from meeting regulatory requirement of facilitating CKYC of all KYC updations, the application is intended to bring out the KYC updation process from CBS making as per the 'Hollowing the Core' initiative.

Non-Individual CIFs Image-based Processing - NTB (New to Bank)

Your Bank has initiated facility of Image-based Processing of Non-Individual CIFs using CKYC Branch Portal. Guided document upload based on the Entity Type System will populate the type of documents that are to be uploaded based on the type of entity. Rejection Reason will be displayed according to the type of entity. Exact reason for rejection will be known to the branches for quick rectification. Previously, rejection reason was generic in nature and common for all types of entities.

Analytics

Your Bank's in-house Analytics Function has 45+ laterally recruited Data Scientists and 90+ models live in production, which have generated significant business worth more than C1.37 Lakh Crore in FY2024, a YoY growth of ~32% over C1 Lakh Crore in FY2023 and has embedded data-driven

decision making in your Bank's day-today operations through tools like Early Warning Signals and Analytical product recommendations in CRM.

Your Bank already has significant capabilities in AI/ML, which is backed by cutting-edge technologies, industry recruitment of specialists, etc. As per EASE 6.0 assessment by the DFS, your Bank has scored full marks in Analytics Maturity and capabilities. All of these accomplishments were achieved using in-house resources.

Highlights • Your Bank has state-of-the-art	committees at every level of the Bank,	comprehensive, Board-approved
Analytics Capabilities, recently	etc. The Data Warehouse is integrated	policy on 'Responsible AI and Model
augmented by its next-gen Data	with 80+ source systems, besides	Governance Framework' as well as
Warehouse and data lake	its Data Lake and Data Archival	an ethics charter in the form of a
• Centralised Silo-less Data: A	System. These sources include both	'Fairness, Ethics, Accountability and
Centralised Data Management Office	Core Banking and external data like	Transparency' document. The former
that drafts and enforces data policies,	news/stock market-based alerts	identifies risks involved in AI/ML and
monitors data quality levels, etc.	on borrowers	specifies controls while the latter
The Bank has formulated measures	• Based on the robust data stack	acts as ethical guidance for individual
of accountability for data quality,	describe above, a holistic Analytics	data scientists
including linkage of data quality to Career Development, specialised	function was set up with open source tech including Python, a

Significant advancements
• Your Bank has launched AI-	developed by your Bank that identifies	through sponsored skill-oriented
underwritten digital loans that can	persistent weakness in controls	academic programmes, which is
be availed in just 4 clicks, optimise its	and specific instances of risky or	intended to develop a well-trained
branch monitoring and enable both	suspicious behaviour	cadre of Data Scientists who are
digital transformation and profitability	• Your Bank uses AI/ML to drive	also familiar with the challenges,
through targeted leads, alerts and	subsidiary business as well, including	opportunities, and research in the
portfolio analyses	SBI Cards	BFSI sector
• In the credit risk arena, AI/ML is used	• Your Bank has also tied up with IIT	• Your Bank is researching generative
to drive your Bank's Early Warning	Bombay to launch the 'SBIF Hub for	AI in the form of large language and
Signal models for P segment as well	Data Science and Analytics', which	foundational models to empower
as SME/CCG/CAG. Your Bank has	involved deployment of resources to	both staff and customers as well as
recently adopted similar models for	jointly research AI, ML and emerging	to optimise resource wastage
Agri-lending as well	technologies in the BFSI domain. As
• In the compliance and operational	a part of this engagement, AI skillset
risk areas, several models have been	development is also being provided

Advances in FY2024

This financial year saw the release of several significant models, including:

•    Models to detect risky Home Loan and Xpress Credit Accounts •    Product specific Early Warning Signal •    Account Aggregator monitoring dashboard •    CA 360 Dashboard for engaging, retaining and nurturing the business customer segment

This has led to significant value creation, including end-to-end Digital Asset Business worth C40,471 Crore in FY2024 (~30% of total advances business from Analytical Leads).

Advances Business generated through Analytical Leads (H in Crore)

t 32%

FY2023 1,04139 FY2024 1,37,357

Customer Experience Enhancement Department

i) Performance

Your Bank achieved 1^st Rank in promotion of Doorstep Banking Services for the under noted Campaigns promoted by PSB Alliance Private Limited:

Campaign Rank	Campaign Rank
DSB Drive 1st Rank	DSB Dastak 1st Rank
NPS/CSAT/CES performance of SBI for FY2024:
Customer Feedback		Scores
Customer Satisfaction Score (CSAT) Captures customer experience, post completion of customer induced transaction on the following scale - Poor, Average, Good and Outstanding		3.47/4
Net Promoter Score (NPS) Customer loyalty and satisfaction measurement tool and helps the Bank to gauge how likely a customer is to recommend the organisation's products or services to others on a scale of 0 to 10		90.40%
Customer Effect Score (CES) Measures the effort customers put into a certain interaction with the Bank to achieve a goal on a scale of 1 to 7		6.79/7

 

ii)    Initiatives

Your Bank works on the Customer Experience Management (CXM) model, wherein the performance is gauged based on how customer perceives the organisation. The process is detail oriented, requiring strengthening of IT systems, collaborative efforts, and new skills.

Few initiatives undertaken by your Bank to connect with the dissatisfied customers are:

1.    Complaints Closure Feedback - On

closure of each complaint, the customer/ complainant is given the option to provide his/her rating and feedback on the complaint handling process

2.    Showing Gratitude - A Thanksgiving Letters' drive was launched during the year to express gratitude and acknowledge the customers for their continued patronage with Bank

iii)    Achievements

Your Bank has implemented CSAT, NPS and CES metrics for various other channels used by our customers for feedback submission:

1. Digital Channels - ATM, Retail Internet Banking, YONO Lite mobile app, UPI, YONO and YONO Business

across India, with 21,187 customers and 5,154 staff members in attendance. The theme of the meeting was Digital Banking Transaction - Benefits & Precautionary Measures. Customers were explained the benefit of digital transactions and were informed about the common modus operandi of various cyber frauds and the precautionary measures to be taken at their end to remain secure from cyber frauds.

Risk Management

A. Risk Management Overview

The Risk Management process at your Bank includes risk identification, risk assessment, risk measurement and risk mitigation with its main objective being minimising negative impact/s on profitability and capital.

Your Bank is exposed to diverse risks that form an inherent part of any banking business with major risks being credit risk, market risk, liquidity risk, and operational risk, including IT risk.

Your Bank is committed to create an environment of increased risk awareness at all levels and aims to constantly upgrade controls and security measures, including cyber security measures, to ensure avoidance or mitigation of risk. Your Bank also has policies and procedures in place to measure, assess, monitor and manage the various risks in a systematic manner across portfolios.

An independent Risk Governance Structure, in line with international best practices, has been put in place by your Bank for separating duties and ensuring independence of Risk Measurement, Monitoring and Control functions. The framework visualises empowerment of various Business Units at the operating level, with technology as the key driver that enables identification and management of risk/s at place of origination itself. The risks across your Bank and the SBI Group are monitored and reviewed by Executive Level Committees and the Risk Management Committee of the Board (RMCB) that meet regularly. Dedicated Risk Management Committees at the Operational Unit level and Business Unit level are in place as well.

1. Credit Risk Mitigation Measures

Your Bank has a robust credit appraisal and risk management frameworks to identify, measure, monitor and control risks in credit exposures. The industrial environment is scanned, researched, and analysed by a dedicated team, in a structured manner, to decide its outlook. The Credit

Rating threshold is based on outlook and probability of default for industry and growth appetite for 38 identified industries and sectors, constituting close to 67% of your Bank's total advances (excluding retail and agriculture) as on 31^st March 2024.

Events, such as government policies and/ or regulatory guidelines changes, power shortages and supply chain issues in the identified industries are continuously monitored; special studies pertaining to implications are conducted and shared with business groups to enable them to make informed credit decisions. Knowledge-sharing sessions and industry workshops are conducted to benefit the operating staff at various levels, in addition to providing business units with quarterly dashboards covering the top 18 industries detailing latest information/developments in the critical industries and sectors to keep them updated.

Your Bank uses internal Credit Risk Assessment Models and scorecards to assess borrower-wise credit risk. The Models for internal credit ratings of the borrowers are developed in-house, reviewed through cycles of comprehensive validation and back-testing frameworks including external validation/ review. Taking ESG risk into consideration, your Bank has also put in place an Environment, Social, and Governance (ESG) Rating Model that rates large borrowers on various objective ESG criteria.

Your Bank has a 'Dynamic Review of Internal Rating' framework that facilitates early stress identification, triggering appropriate mitigation mechanisms.

Your Bank has also adopted an IT platform for credit appraisal processes through a Retail Loans Management System/Loan Origination Software/Loan Lifecycle Management System (RLMS/LOS/LLMS). The Models developed by your Bank are hosted on the platforms, interfaced with CIBIL/CIC and RBI defaulters' lists.

Your Bank has a framework for Risk-Adjusted Return on Capital (RAROC), with the customer-level RAROC calculation being adjusted. The RAROC framework is applicable for commercial advances having existing/proposed exposures of C5 Crore and above. The pricing of loan products is in sync with its related risk along with risk/s associated with different types of borrowers. Each product and customer type has a unique Credit Risk Premium associated with it, the same forming a part of the final pricing.

Your Bank conducts Stress Tests every half-year on its Credit portfolio. The Stress Scenarios are regularly updated in line with RBI guidelines, industry best practices and changes in the macroeconomic values. Your Bank conducts specific analytical studies to identify trends in the movement of NPAs, a quarterly review of loan sanctions, etc. to keep track of the asset quality.

RBI has allowed your Bank to participate in the parallel run process for Foundation Internal Ratings Based (FIRB) under the Advanced Approaches for Credit Risk. The data under parallel run of FIRB is being submitted to RBI.

The Bank carries out risk-return analysis of its various corporate and MSME portfolios at periodical intervals, to assess the adequacy of return vis-a-vis the risk associated with the exposures. The bank has also conducted studies to analyse the impact of physical risks relating to climate change on its various portfolios (Home Loans, Agri & MSME).

2. Market Risk Mitigation Measures

Your Bank's Market Risk Management consists of identification and measurement of risks, control measures, monitoring and reporting systems. Market Risk is managed through a well-defined Board approved Investment Policy, Trading Policy, Market Risk Management Policy, Market Risk Limit Policy and Hedging Policy for Bank that together governs risk in different trading desks or various securities through trading risk limits/triggers for effective and judicious management of investment funds. These risk measures include

position limits, gap limits, tenor restrictions, sensitivity limits, namely PV01, Modified Duration, Convexity, Value-at-Risk (VaR) Limit, Stop Loss Trigger Level, NOOP, Forex Daylight Limit, LMAT, UMAT, Credit Spread 01 (CS01) and Options Greeks and are monitored on a daily basis. Further, the risk limits are reviewed periodically based on the risk appetite of your Bank.

Value at Risk (VaR) complements stress testing by providing an additional quantitative measure of potential losses in your Bank's trading positions. Enterprise level VaR of your Bank is calculated and back tested daily. The Stressed VaR for Market Risk is also computed daily. This is supplemented by a Board-approved Stress Testing Policy and Framework that simulates various Market Risk scenarios to measure stress losses and initiate remedial measures.

The Market Risk Capital Charge of your Bank is computed using the Standardised Measurement Method (SMM) by applying the prescribed regulatory factors.

Bank undertakes Risk a djusted performance analysis of its domestic and overseas portfolios. It also analyses the credit rating migration of non-SLR bonds as a tool for decision making. Monthly forward-looking analysis based on future outlook of Interest Rate Risk scenarios and its probable impact on your Bank's trading portfolio is carried out on a monthly basis as a prudent risk practice.

Your Bank has Model Validation Manual for models relating to market risk which enables your Bank to assess, measure, monitor and mitigate Model Risk.

3. Enterprise Risk Management Measures

Enterprise Risk Management aims to put a comprehensive framework to manage and align risk with strategy at the whole Bank level. It encompasses global best practices such as establishing a Risk Appetite Framework, Risk Culture Assessment Framework, and Material Risk Assessment Framework.

As a part of your Bank's vision to transform the role of risk into a strategic function, a Board-approved Enterprise Risk Management (ERM) Policy is in place.

The Risk Appetite Framework incorporates limits for significant risks with monitoring parameters. To promote a strong risk culture in your Bank, a Risk Culture Assessment Framework has been operationalised. As part of the Material Risk Assessment Framework, periodic analysis of risk-based parameters for Credit Risk, Market Risk, Operational Risk and Liquidity Risk, amongst others, is presented to the Enterprise and Group Risk Management Committee (EGRMC)/Executive Committee of the Central Board (ECCB).

Your Bank has a wide range of models to assess and mitigate various risks. Model risk emanating from the use of these models is mitigated through best industry practices in place at every stage of Model Lifecycle i.e. a) Governance, Policies and Controls, b) Development, Implementation and use, c) Validation (both Internal and External). Further, as part of Model Governance, for effective process efficiency and resource utilisation, the Models are classified based on Materiality into High, Medium and Low risk tiers.

Your Bank conducts a comprehensive Internal Capital Adequacy Assessment Process (ICAAP) exercise on a yearly basis with respect to adequacy of Capital under normal and stressed conditions at solo and Group-level.

In the ICAAP, besides the Pillar 1 risks, such as Credit Risk, Market Risk and Operational Risk, Pillar 2 Risks, such as Liquidity Risk, Interest Rate Risk in Banking Book (IRRBB), Concentration Risk and others are also assessed, and capital is provided where required. New and emerging risks are identified and discussed in the ICAAP,

Your Bank is committed to reduce the carbon footprint of its operations by addressing climate change concerns by identifying and managing climate-related risks and opportunities. Accordingly, your Bank has developed a Climate Change Risk Management Policy, which will serve as a

guidepost in supporting its journey towards a low carbon and climate-resilient future. The policy aims to integrate climate-related risk (and opportunity) considerations within day-to-day operations, lending portfolios and overall decision-making.

Your Bank has set up a Climate Change Risk Management Committee at the apex level with primary objective of enhancing your Bank's resilience in the face of climate-related risks. The committee will provide strategic guidance and oversight to ensure that climate considerations are integrated into our risk management framework.

4. Operational Risk Mitigation Measures

Operational Risk is the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events. Key elements of your Bank's Operational Risk Management, among others, include timely Incident reporting and ongoing review of Systems and Controls, measuring of residual risk and putting in place controls through Risk & Control Self-Assessment (RCSA), Theme-based RCSA, monitoring of Key Risk Indicators (KRIs) and aligning Risk Management activities with Business Strategy. Your Bank proactively undertakes Root Cause Analysis (RCA) of the probable vulnerabilities and based on its findings, the gaps found, if any, are being plugged on an ongoing basis. The intention of the entire exercise is to strengthen the controls, mitigate risks and minimise the losses.

Your Bank has a detailed Business Continuity and Operational Resilience (BC&OR) Plan in place for ensuring continuity of operations at the Branches and Offices during disruptions. BC&OR enables your Bank to ensure minimum business disruption during natural disasters. Also, your Bank ensures availability of ATMs round the clock and smooth functioning of Net Banking, YONO, Mobile Banking, etc. All these components minimise your Bank's Operational Risk in various products and processes besides ensuring compliance with Regulatory requirements.

Your Bank has allocated capital for Operational Risk as per Basic Indicator Approach (BIA).

Your Bank observes Risk Awareness Day annually on 1^st September to improve risk culture in your Bank. As a part of sensitisation, Risk Awareness Day pledge is being administered, and an online Quiz is also being conducted for the Bank's employees to spread Risk Awareness. Further, your Bank is fully aware of the need for building the risk culture and creating awareness, which is being embedded by conducting workshops, issuing monthly magazine and through the training system at all levels.

Your Bank also has put in place Risk Culture Assessment Framework to assess the Risk culture prevalent in your Bank.

5.    Group Risk Mitigation Measures

Group Risk Management aims to establish standardised risk management processes in your Bank's group entities. Policies relating to Group Risk Management, Group Risk Appetite framework, Group ICAAP, Group Liquidity and Contingency Funding Plan (CFP), maintaining arm's length requirements for intra group transactions and exposures are in place. Regular monitoring of the consolidated prudential exposures and group risk components is being done.

6.    Basel Implementation

The RBI Guidelines on Basel III Capital Regulations have been implemented and your Bank is adequately capitalised as per current requirements, including

maintaining the required level of Capital Conservation Buffer (CCB). Your Bank is identified as D-SIB by the Regulator and is accordingly required to keep additional Common Equity Tier 1 (CET1) of 0.60% of RWAs from 1^st April 2019, which is now increased to 0.80% of RWAs with effect from 1^st April 2025.

B. Internal Control

Internal Audit (IA) in your Bank is an independent activity and has sufficient standing and authority within your Bank. The IA Department (IAD), headed by a Deputy Managing Director, works under the guidance and supervision of the Audit Committee of the Board. Your Bank's IA function works in close coordination with the Risk Management and Compliance Departments to evaluate the effectiveness of controls, assess compliance with controls and adherence to internal processes and procedures.

The IA function of your Bank endeavours to comply with the International Standards for the Professional Practice of Internal Auditing prescribed by the Institute of Internal Auditors. IAD has received rating of 'generally conforms' with the 'Standards' the highest rating as per the external assessment conducted by M/s Deloitte Touche Tohmatsu India LLP, The IA function undertakes a comprehensive risk-based audit of the operating units of your Bank, in line with regulatory guidelines relating to Risk Based Supervision, guidelines of Basel Committee on Banking Supervision (BCBS) and guidelines on Audit Systems in Public

Sector Banks issued by Ministry of Finance (Department of Financial Services).

Keeping pace with rapid digitalisation in your Bank, the IA function has initiated technological interventions to provide enhanced efficiency and effectiveness.

A few key initiatives include the following:

•    Risk Focused Internal Audit (RFIA) for assessing compliance with controls at a granular level

•    Remote evaluation of data for continuous assessment of controls through RADAR (Remote application for Dynamic Assessment of Risk)

•    System-driven off-site monitoring of transactions

•    Concurrent Audit of business units to ensure contemporaneous scrutiny of compliances

•    Early Review of Sanctions to assess critical risks of all eligible sanctioned credit proposals

•    Coverage of Audit through hybrid mode of Audit with the guiding principle "more of offsite and less of onsite"

•    As part of Risk Focused Internal Audit, IAD conducts various audits, viz. RFIA of domestic branches (offsite and onsite), Risk Focused Credit Audit (offsite and onsite), Legal Audit, Early Review of Sanctions, Information Systems Audit, Cyber Security Audit, Home Office Audit (of Foreign Offices), Concurrent Audit, FEMA Audit, Audit of Outsourced Activities (IT & Non-IT), Expenditure Voucher Audit, Compliance Audit, Management Audit and Audit of Corporate Centre Departments.

 

Branch Audit

The domestic branches are broadly segregated into four groups (Group I Special, Group I, Group II and Group III) based on business profile and advances exposures. Your Bank has initiated a system-driven process for identification of branches for audit, whereby analytical algorithms are deployed to identify units displaying significantly divergent behavioural patterns. This enables your Bank to step in with a prioritised audit to identify the causative factors at the outlier branches and flag the underlying problem areas for early intervention.

During FY2024, the IA Department has completed RFIA of 12,196 Domestic Branches & Central Processing Centres (CPCs).

Risk Focused Credit Audit

Risk Focused Credit Audit is an integral part of 'Risk Focused Internal Audit' system. It is aimed at identifying risks inherent to the businesses of the counterparty and measuring effectiveness of the control systems for monitoring inherent risks. The Audit also suggests remedial measures for controlling credit risks for high value loan portfolios. Credit Audit Division (CAD) provides assurance to the 'Management' and to the 'Board' on the quality of your Bank's credit portfolio. The Audit recommends corrective actions for improving credit quality, credit administration of large advances with total credit exposures (FB and NFB limits) above C20 Crore (for domestic branches)/ US$2 Million (for foreign branches) or its equivalent and above. All eligible accounts are subjected to Risk Focused Credit Audit, annually.

Early Review of Sanction (ERS)

ERS captures the critical risks in sanctioned proposals at an early stage to sensitise the Business Units about critical risks for early mitigation thereof. All eligible sanctioned proposals (new, takeovers, enhancements, and renewals) with total domestic exposure

above C1 Crore and International Banking Group exposure of US$1 Million and above are reviewed under ERS. ERS facilitates in improving the quality of sourcing, presanction, and sanction processes. The ERS activity is centralised, with sanctioned proposals reviewed by in-house internal audit officials. The entire ERS process is system-driven and carried out through the Loan Lifecycle Management System (LLMS).

FEMA Audit

The branches that are authorised to deal in Foreign Currency transactions, including Trade Finance Centralised Processing Cells (TFCPCs) are subjected to FEMA audit. All 'A' & 'B' category branches are audited once in a year. In addition, branches linked to TFCPCs are also covered to the extent of 50% in a year. For FY2024, total 491 branches/units of your Bank have been audited.

Information Systems Audit,

Cyber Security Audit, Information Systems Concurrent Audit and Audit of IT Outsourced Activities

Your Bank is subjected to Information Systems Audit (IS Audit) to assess the Information Security and Cyber Security related risks. IS Audit of Centralised IT applications and Corporate Centre establishments is carried out by the internal team of qualified IS Auditors. For FY2024, Information Systems (IS) Audit of 451 applications has been completed, as planned. IT Outsourced Activities Audit of 551 activities has also been completed, as per the schedule. Further, 88 IT applications of Global IT Centre (GITC) are subjected to monthly IS Concurrent Audit (ISCA).

Cyber Security Audit of Public facing applications is conducted annually. For FY2024, Cyber Security Audit was conducted for 68 applications.

Apart from above, your Bank conducts regulatory audits like System Audit of the Payment Systems operated under the Payment and Settlements Systems

(PSS) Act 2007, Cyber Security & Cyber Resilience Audit of Global Markets Unit - Kolkata, Annual Registration Authority Audit of Payment Systems, Dual Standard Audit of Foreign Offices, Annual Information Security Assessment of IT Applications utilising Authentication services of UIDAI, etc.

Foreign Office Audit

Foreign Offices are subjected to Home Office Audit (HOA) in addition to Internal Audit conducted locally by reputed International Audit Firms, Local Based Officers and Officers from IAD, under the oversight of Internal Audit Department. Home Office Audit at 11 jurisdictions (20 Foreign Offices) and Management Audit of one Subsidiary and one Regional Head Office were carried out during FY2024, as per schedule.

Concurrent Audit System (CAS)

Concurrent Audit System in your Bank covers risk sensitive areas, as prescribed by the Regulatory Authority. Branches are categorised as Extremely High Risk/ Very High Risk/High Risk/Medium Risk/ Low Risk based on the Risk Categorisation model developed by your Bank as per RBI guidelines. All Extremely High Risk, Very High Risk and High-Risk branches are covered under Concurrent Audit. Concurrent Auditors are also placed at all Centralised Processing Centres to ensure monitoring of transactions contemporaneous with their occurrence. Concurrent Auditors also cover Currency Chest Branches, Treasury Operations, and other Special Outfits. Your Bank has covered 3,340 branches/Units under Concurrent Audit during FY2024.

Offsite Transaction Monitoring System (OTMS)

Offsite Transaction Monitoring System (OTMS) was introduced in your Bank in 2013 as a measure of strengthening transaction audit and to meet the regulatory requirement of off-site surveillance of

transactions passing through Bank's Core Banking System. Enhancements in the system are being carried out on an ongoing basis keeping in view the evolving risk dynamics. By deployment of analytics, the logics have been refined to rationalise alerts by removing false positives during the year.

Legal Audit

Legal Audit in your Bank covers scrutiny ol the loans and security related documents of having credit exposure of C5 Crore and above. The Legal Audit is a control function, carried out through a panel ol advocates and such reports are examined by the internal auditors, to ensure that there are no shortcomings in the documents or creation of security in favour of your Bank, Legal Audit Process is automated in Loan Lifecycle Management System (LLMS) and 19,774 accounts form the Legal Auditable accounts universe, as on 31^st March 2024,

Audit of Outsourced Activities (Non-IT]

Your Bank recognises the need of service providers engaged to be compliant with the legal and regulatory requirements as your Bank itself. Therefore, the Audit of Outsourced activities (Non-IT) is also conducted at regular intervals to ensure that adequate systems and procedures are in place to mitigate legal, financial, and reputational risks arising from outsourced activities (Non-IT).

During FY2024, your Bank has completed audit of 37,321 Customer Service Points (CSPs) as per the audit plan. Audit ol 902 vendors in respect of other Non-IT outsourced activities (other than CSPs) and IS Audit of 25 National Business Correspondents (BCs) has also been completed, as planned.

RFIA of Corporate Centre Departments

The Corporate Centre Audit wing of IAD carries out Risk Focused Internal Audit (RFIA) of Corporate Centre Departments of your Bank to strengthen the overall audit oversight of its aggregate risk assessment processes at macro level.

In addition, various other audits are undertaken viz. Thematic Audits, Validation Audits and verification of compliances of the RBI Directions and other Regulatory guidelines/RAR/RMP points, at the request of other BUs/Departments in Corporate Centre or independently or upon directions from the Central Board/Audit Committee of the Board/ECCB/CENMAC/ACE, etc. The Corporate Centre Audit wing is also engaged in the validation of RBI-Tranche-III-DCTs.

Management Audit

The core function of Management Audit is to assess the adequacy and effectiveness of Corporate Governance, Risk Management and Internal Control Process at apex level in accomplishing the overall corporate objectives. Management Audit of your Bank covers Local Head Offices in the Circles, sponsored Regional Rural Banks, and identified Corporate Centre Departments. In its continuous endeavour to enhance the effectiveness of Management Audit during FY2024, IAD has revisited the scope and revamped the Management Audit Rating Model by suitable regrouping of the assessment modules and bringing in more parameters.

C. Compliance Risk Management

Your Bank is committed to cultivating and upholding a robust compliance culture, ensuring strict adherence and priority to meeting Regulatory and Statutory requirements.

Comprehensive compliance training sessions are conducted regularly for staff at all operational levels, including new hires, to emphasise the importance of complying with your Bank's internal systems, procedures, and KYC/AML/ CFT guidelines. Mandatory courses are provided for all employees, including top executives, requiring them to complete e-lessons on KYC-AML/Compliance.

Additionally, a dedicated team of compliance officials with independent reporting structures has also been established at the Regional Business Office level - conducting regular visits to branches, offering guidance and ensuring adherence to internal and regulatory standards.

Your Bank is steadfast on instilling and fortifying a 'Compliance Culture' throughout the organisation and is committed for preventing the misuse of its banking channels for money laundering and terror financing activities.

Your Bank's Governance Function ensures that the Central Board and Top Management are informed of any regulatory events that might impact your Bank. A Compliance Risk Management Committee, comprising senior executives from various business verticals and support functions, provides oversight on all compliance matters.

KYC/AML-CFT Measures

Your Bank has a Board-approved policy on Know Your Customer (KYC) Standards, Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) Measures.

Your Bank has also launched a Video KYC facility for contactless customer onboarding wherein new customers can open fully functional accounts without the need to visit any branch. The option to update KYC through INB, YONO and ATM has been introduced for customers having CKYC numbers, enabling them to update KYC easily and without physically visiting a Branch.

A customer profile chart is now available for INB customers, with features to update their profile details, such as PAN card, mobile, e-mail, occupation, income, and educational qualification, through INB. Your Bank has also adopted a focused approach to sharing KYC information with the Central KYC Records Registry, implementing functionality for individual

and legal entity accounts. Since its rollout, your Bank has consistently uploaded KYC data for newly onboarded customers.

Insurance

Your Bank is procuring insurance policies that cover your Bank's assets and other risks. Insurance coverage for your Bank includes cash and valuables, properties of your Bank, fraudulent transactions carried out under Debit Card/Electronic banking and Cyber Risk, amongst others.

Premises

Your Bank has always incorporated environmental management practices in its functioning. With an intent and commitment for a greener world much in alignment with national priorities, your Bank has initiated varied initiatives.

•    Your Bank has achieved a milestone by getting green building ratings of IGBC for our 13 prestigious buildings during FY2024, making it to 45

•    Your Bank has initiated green power purchasing from the respective DISCOMs and our 18 buildings have been shifted on green power purchasing through which we are offsetting around 1.74 Crore of electrical units annually with green power across India

•    Your Bank has installed around 795 New Rooftop Solar Plant with capacity of 20.09 MWp in Bank owned Buildings across India as on 31.03.2024

•    Your Bank has installed around 20 PET Bottle crushing machine across India for reducing plastic waste

Official Language

Your Bank through its various Banking channels is spreading Indian languages in accordance with the spirit of Article 351 of the Constitution of India and is taking banking to the masses by imbibing the multilingual culture of India. All the projects of your Bank reflect the spirit of unity in

diversity, committed to communicate and reach banking to customers in their own languages. Customers and their expectations are paramount for your Bank.

Our frontline staff are trained and proficient in the local language. All information in our branches is displayed in local language, Hindi and English. All forms, slips, booklets, etc. are being made available to the customers in Hindi, English as well as in the local language. We have published 'Lets Learn Regional Language' booklets in 10 languages: Gujarati, Tamil, Telugu, Malayalam, Punjabi, Marathi, Assamese, Bengali, Kannada and Oriya for Hindispeaking officers posted in different states. In line with the spirit of Digital India, our call centres using the latest technology speak to customers in the language of their choice. Various facilities of Core Banking Solution (CBS) are available in these languages. Our customers can print passbooks in Hindi, Oriya, Gujarati, Kannada, Tamil, Assamese, Punjabi, Bengali, Maithili, Marathi, Malayalam, Telugu and English. YONO Krishi App is a multilingual platform (currently available in 12 languages) for agricultural centric offerings to farmers, traders and consumers. Customers are taking advantage of all the facilities like YONO Lite (in 13 languages), Online SBI (in 15 languages) and SBI Quick (in 15 languages) in the language of their choice.

Digital reporting of Official Language implementation in the Bank has been extended to include Regional Business Offices and branches.

We are an active participant in the Town Official Language Implementation Committees (TOLIC) constituted by the Ministry of Home Affairs, Government of India. The Bank also supports various offices of the Government of India through this platform. The TOLIC's of Bhubaneswar and Jabalpur under your Bank's leadership have been awarded by the Government of India.

Your Bank regularly organises various programmes for the dissemination and promotion of regional languages through events like Hindi Day, World Hindi Day, Marathi Day, Kannada Day. Further, discussions, seminars, etc. are organised on the contributions of great litterateurs. Your Bank organised a grand programme in Mumbai on the occasion of Premchand Jayanti. The celebration of World Hindi Day in more than 200 global offices is an innovative effort to spread the glow of Indian culture abroad.

Your Bank has also published print and digital editions of the quarterly in-house magazine 'Prayas'.

Marketing and Communication

Your Bank's Marketing & Communication (M&C) Department works to synergise the Brand/Product messaging and design aesthetics to build positive predisposition among different stakeholders. Various channels of communication are used, both internally and externally, to ensure streamlining and standardisation across all platforms.

The key components of your Bank's Brand equity are Brand awareness, Brand association, perceived quality, Brand loyalty and overall Brand equity. The marketing efforts of your Bank are effective in reaping a positive image for the Bank amongst all the stakeholders.

Branding statistics •    Brand Value 2024 - US$6.9 Billion •    Brand Strength Score of 88 with a AAA rating •    330th Global Ranking in 2024 of Top Global 500 Companies •    48th Global Ranking in 2024 of Top Banking 500 Companies •    6th Ranking in June 2023 in Top Indian 100 Companies

 

For the FY2024, your Bank's Marketing Department aims at a segmental allocation in pan-India Circles and distinguished Business Units and Departments at your Bank's Corporate Centre for schematic execution of the marketing plans during the year. The focused areas of operations

are Brand Building, Public Relations, Event Management, Creative Designing, Marketing Budget Planning, Audio Visual generation, Sponsorships, Research Activities, pan-India coordination with Circles, etc.

With the deep-rooted legacy of 218 years, your Bank, The State Bank of India is a pioneer of Banking in India, introducing the idea in the form of "Innovative Banking" since 1973. Your Bank has turned millennial with:

 

Your Bank's Marketing and Communication department undertook various brandbuilding initiatives through various videos like "Solid Bank ki Solid Banking", "Hum Saath Hain", "The Banker to Every Indian", "Desh Ka Fan" along with campaigns such as #ScamProofAsana, #SBIIsYourBFF, #LetThemDream, #BankingMadeEasy on various social media platforms for creating customer awareness about our products and services. The primary focus of your Bank's economic and growth push is always to make a meaningful and measurable impact on the lives of Individuals, Corporates, Startups, Industries, and the socially and economically challenged communities.

Vigilance Mechanism

a)    Your Bank's Vigilance Department is headed by a Chief Vigilance Officer of MD rank who is appointed by the Government of India in consultation with CVC and reports to the Chairman. CVO assist the top management in the formulation, implementation and review of your Bank's policy on all vigilance matters. To assist CVO, in his task of supervision of Vigilance matters in Circles/Verticals/Subsidiaries, Government of India has appointed six (6) Additional Chief Vigilance Officers (Addl.CVOs) on deputation basis in SBI at various locations.

b)    There are three aspects to the vigilance function - Preventive,

Punitive and Participative. Based on past experiences/incidences, system/ process improvements are being undertaken continuously by leveraging technology and guidelines of the Bank are being streamlined as a preventive vigilance measure.

c)    During the year, Vigilance Awareness Week was observed from 30^th October 2023 to 5^th November 2023, with the theme "Say no to Corruption; commit to the Nation; W^tmt? h$t fdaTY h?; TTg % ^fV g'ffid Ý?f. All channels of your Bank such as SBI Times, ATMs, CDMs, Internet Banking, Facebook, Twitter, Instagram, LinkedIn were used extensively to create awareness among employees and public on the theme of Vigilance Awareness Week (VAW) and also about PIDPI.

d)    Apart from your Bank's employees, mass awareness programmes were conducted in various schools, colleges and general public. People from rural areas were also covered during VAW by organising gram sabhas in their villages across India.

e)    I n a move towards inculcating the true spirit of participative vigilance, CVC also ran a three-month campaign as a precursor to Vigilance Awareness Week. One of the focus areas of this campaign was Capacity Building. In coordination with STU department and Staff College Hyderabad, your Bank has conducted extensive training programs during the

campaign period. Your Bank had invited Central Vigilance Commissioner Sh. PK. Srivastava, Vigilance Commissioner Sh. Arvinda Kumar and Secretary CVC Sh. P Daniel to our Staff College Hyderabad for inaugurating one such capacity building program on 19^th October 2023. Seven staff members, who had been identified as Vigilant Stars for their vigilant actions in branch were also felicitated during the event by the CVC and Chairman. The capacity-building programme was further escalated to your Bank's BCs and CSPs. During the campaign period, your Bank has imparted training to 21,000+ officers and 56,000+ CSPs.

^:) To bring about the structural efficiencies and processes consistencies, your Bank initiated digitisation of the entire disciplinary process, in a single platform. The entire disciplinary proceeding, from the stage of occurrence of the incident till imposition of penalty and subsequent Appeal and Review stage, is getting processed through the Portal. The portal has been named as DPMS (Disciplinary Proceedings Management System Portal). The DPMS captures the data related to disciplinary proceedings on a near real time basis and is an effective tool for monitoring and disposal of disciplinary cases in timely and swift manner.

g) Vigilance Department has conducted 1,570 preventive vigilance programs, 63 training sessions for EO/PO/IO training, having total 32,775 officers. In addition to conducting suo moto investigations in complaint prone branches and branches where serious irregularities were observed by the RFIA Auditor, suo moto investigations in High-Risk and Very High-Risk branches identified by your Bank's AI/ML engine, to ensure and improve the preventive vigilance measures. Suo-moto investigations were conducted in 1,475 branches.

a) The number of cases referred to your Bank's Vigilance Department has come down slightly to 2,990 from the

level of 3,331 cases referred during the corresponding period of last FY. Out of 2,990 cases referred, 716 were converted to Vigilance cases as against 956 during the last FY.

Asset & Liability Management

Effective Assets and Liabilities Management (ALM) is essential for a bank's sustainable and qualitative growth. Your Bank's ALM strives to strengthen the Balance Sheet by reviewing the market dynamics, picking up signals emanating therefrom, and maintaining regulatory requirements while creating value.

As a part of commitment for sound Risk Management practices, your Bank regularly reviews its Internal Policies on 'Interest rate on Deposits', 'Asset and Liability Management', 'Stress Test on Liquidity and Interest Rate Risks' to adapt to changes in market conditions. Your Bank further undertakes Stress Tests and Reverse Stress Tests to address any risks that may arise as a worst-case scenario. Studies are carried out at regular intervals to assess customer behaviour to impart proper treatment of non-contractual assets and liabilities while evaluating liquidity position. Behavioural studies are conducted at half-yearly intervals to ensure the proper placement of outflows/inflows in liquidity and interest rate sensitivity statements, which may result from Off-Balance Sheet (OBS) exposures or probable loan losses. The assumptions relating to non-contractual assets and liabilities are periodically reviewed, back-tested and revised as per the outcomes of the latest studies.

The stock of High-Quality Liquid Assets (HQLA) and cash outflows are monitored daily under a dynamic market environment to ensure the maintenance of LCR as prescribed by the Regulator and Bank's internal Policy benchmarks. Your Bank has implemented the NSFR guidelines of RBI, measuring the long-term resilience of your Bank in terms of liquidity.

Your Bank identifies the inherent risks associated with changing interest rates

on its Balance Sheet (On/Off) exposures from both short-term and long-term perspectives. For this purpose, the impact of change in the interest rates on Earnings at Risk (EaR) and Market Value of Equity (MVE) is assessed with pre-defined tolerance limits, enabling the management to initiate appropriate preventive steps in a likely scenario of erosion in NII/Net Worth. Your Bank has started the regulatory reporting under the new IRRBB guidelines of RBI, measuring current or prospective risk to Bank's capital and earnings arising from adverse movements in interest rates that affect the Bank's Banking Book positions. To encourage branches to garner stable funds and assess their profitability based on the cost of funds, a matched maturity-based Funds Transfer Pricing was adopted by your Bank. Your Bank constantly strives to ensure adequate monetary policy transmission through its benchmark lending rates.

Your Bank's Asset Liability Management Committee (ALCO) monitors and manages Liquidity and Interest Rate risks by modulating the asset-liability mix in the Balance Sheet and recalibrating the pricing of liabilities and assets from time to time. The ALCO, inter alia, regularly reviews the interest rate scenarios, the growth pattern of liability products, credit growth, competitive advantages, evolving liquidity conditions, adherence to regulatory prescriptions, etc.

With automation of Regulatory Reports/ Returns pertaining to ALM, your Bank is well-positioned in monitoring and compliance regarding Liquidity and Interest Rate Risk Management.

Ethics and Business Conduct

Your Bank, distinguished by its commitment to steadfast ethical standards, believes that ethics is a continuous process of infusing excellence in its operational fabric and endeavours to shape the moral sensibilities of rank and file within the organisation. Throughout FY2024, your Bank embarked on a series of initiatives to fortify its business principles as outlined in its 'Code of Ethics'.

In a pioneering move within the Indian banking sector, your Bank conducted an internal "Ethical Audit" to assess employee awareness of the Bank's ethics-related policies, their perception of the organisational culture, and their alignment with the Bank's vision, mission, and values. To enhance structural efficiencies and process improvements, a project was initiated to digitise staff accountability and disciplinary processes, culminating in the launch of the first-of-its-kind Disciplinary Proceedings Management System (DPMS) Portal across the Bank on 1^st July 2023. This portal serves as a central database and repository for all disciplinary cases, significantly enhancing transparency and strengthening the discipline management system within your Bank. Your Bank also regularly conducts capacity-building workshops for various stakeholders in discipline management, fostering a culture of compliance and standardisation in staff accountability practices.

Your Bank has meticulously crafted a comprehensive framework of policies, including the Code of Ethics, Anti-Bribery & Anti-Corruption Policy, Conflict of Interest Policy, Staff Accountability Policy, Gift Policy - all aimed at aligning employee conduct with the organisation's values. Regular reviews ensure the relevance of these policies amidst evolving business and socio-economic landscapes.

Your Bank has an unwavering commitment towards fostering an inclusive, secure, and empowering environment for its women employees, exemplified by the dedicated 'Garima' Policy for implementation of the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013. Garima (PoSH) covers the entire process on matters relating to gender sensitivity and sexual harassment. During the year, the policy was reviewed, and additional operational guidelines were included to streamline the process at functional levels.

Your Bank regularly conducts webinars on 'Overview of Ethics & Garima (PoSH)'

aimed at ingraining ethical conduct at every level of the organisation,

As a testament to its commitment to transparency, accountability, and social responsibility, your Bank stands as a trusted partner, consistently exceeding the expectations of stakeholders and embodying the pinnacle of ethical rectitude in the banking sector,

Corporate Social Responsibility

The primary focus of your Bank's philanthropic push is to make a meaningful and measurable impact on the lives of

economically, physically, and socially challenged communities,

The focus areas of your Bank's CSR activities for FY2024 include Healthcare, Education, Livelihood, Rural & Slum Area Development, Skill Development, Environment, Protection of National Heritage, Empowerment of Women and Senior Citizens, Animal Welfare, Sports, among others, carried out through 17 circles of your Bank covering all States and UTs,

In order to smoothly carry out large CSR projects/programmes which require substantial funding and investment of time, the SBI Foundation was established, SBI Foundation has been envisioned to undertake socially oriented programmes directly through strategic alliances and in collaboration with third parties,

The Corporate Social Responsibility Committee (CSRC) of the Board ensures a transparent monitoring mechanism for implementation of CSR projects/ programmes/activities undertaken by your Bank. The CSRC of the Board sets the direction for the activities of your Bank, as per the laid down CSR policy and reviews the progress at quarterly intervals.

Activities during FY2024 Swacchhata Pakhwada	Healthcare	- Seva Sadan Eye Hospital Trust,
• As a part of Swacchhata Pakhwada	• To improve the infrastructure of	Bhopal
campaign, launched by the	Primary Health Centres, your Bank has	- Basavatarakam Indo American
Government of India, your Bank	adopted 158 PHCs across the country,	Cancer Hospital, Hyderabad
undertook various country-wide	spending an amount of C11.38 Crore for	- Rotary Eye Hospital, Midnapore,
initiatives during September-October	procurement of medical equipments,	West Bengal
2023 and January 2024	benches, etc. With this initiative 1.90	- Jagadguru Sri Shivarathreeshwara
• The Swacchhata activities included	Lakh poor and underprivileged people	Hospital, Mysuru
cleanliness of surroundings, beach	have benefitted	- Jaya Bharat Hospital, Nellore,
cleaning, distribution of jute bags,	• As a part of TB Mukt Bharat Abhiyaan,	Andhra Pradesh
organising no-plastic campaigns,	your Bank has supported ~8,000 TB	Education
construction of toilets, etc.	patients by arranging for their food and	• To help rural children with their
• 10,000 PPE kits were provided to	immediate needs in Kerala and Haryana	education, laptops were distributed
sanitation workers in 14 districts	• TB diagnostics medical equipments	in Karnataka and Tamil Nadu
of Kerala, with C75 Lakh spent on	were procured and used in various	• For facilitating digital education in
the initiative	districts of West Bengal for TB detection	schools, your Bank has upgraded
Rural Self Employment Training	and diagnosis	classrooms to Smart classrooms in
Institute (RSETIs)	• Your Bank is continuously striving for	232 schools country-wide. An amount
• Constructing new RSETIs buildings at	improvement of medical infrastructure	of C10.62 Crore was spent on this
19 locations	and has provided CSR support for	project with an estimated 1.26 Lakh
• Constructing additional areas of	procuring medical equipments for	children being benefitted
RSETIs as per SOP issued by MoRD	institutes, that provide free medical care	• Tying up with Masoom Emgee Greens
at 7 locations	to the underprivileged people. Few of	Trust, your Bank improved infrastructure
• Constructing compound walls of	such institutions include:	for Night School Transformation
RSETIs and other civil works at	- Sri Satya Sai Sarla Memorial	Program (NSTP) and Evening Learning
14 locations	Hospital, Chikkaballapura, Karnataka	Centres (ELC) at Pune, Maharashtra
• Repair and maintenance at 23 locations	- Eye Hospital managed by Sadvichar	• Through Akshaya Patra Foundation,
• Procuring training equipments and	Parivar, Ahmedabad	your Bank supported meals for 500
logistics at 152 RSETIs managed by	- Umeed Health & Medicare Hospital,	children for one year to the students
your Bank	Indore	hailing from poor backgrounds
• An amount of H57.16 Crore was spent	- Sankara Netralaya Eye Hospital,	to promote and encourage
on RSETIs	Chennai	school enrolment

• As part of Azadi Ka Amrit Mahotsav	• As part Green Environment initiatives,	• In an attempt to document the age-old
(AKAM) celebrations, fans were	Plastic Paver Block Manufacturing	Gharana Music Traditions, your Bank
provided to schools in various districts	Machines were donated to Shri	has tied up with SMP Namsankirtan for
of Gujarat, with an amount of C31 Lakh	Somnath Trust, Prabhas Patan, Gir	preserving the heritage of 12 Gharanas.
• Vehicles such as school buses,	Somnath District, Gujarat. The proposed	A CSR fund of C50 Lakh has been
vans, etc. were provided to various	project aims to utilise plastic waste as a	allocated for this project
educational institutions enabling	resource to manufacture paver blocks,	• Your Bank has supported Madhav
children to effortlessly travel to school	thus addressing two major concerns	Rao Sapre Sangrahalaya, Bhopal
from their homes	simultaneously, reducing plastic pollution	with a CSR fund of C45.83 Lakh for
Empowerment of Women and	and creating sustainable construction	digitising national intellectual heritage,
Senior Citizens	materials. An amount of C70.50 Lakh	and installing Solar Power Panels.
• As part of livelihood initiatives, ~4,600 sewing machines were provided to underprivileged women helping them in setting up their own tailoring shops. An amount of C3.16 Crore was spent	was spent for this project • To encourage green power usage, e-vehicles were procured and donated to various institutions across the country	The Institute collects and preserves our national heritage in the form of Newspapers, Periodicals, Reference books, Manuscripts and other Heritage documents
by your Bank on this initiative	Disaster Management	CSR in Aspirational Districts
• 355 Anganwadis were upgraded by	• Natural calamity in the form of a	• Your Bank has undertaken various
setting up new infrastructure with	"sudden cloudburst" hit over Lhonak	pan-India CSR activities in Aspirational
an amount of C3.44 Crore, which	Lake in the North Sikkim during the	Districts across the country. An
benefitted around 1 Lakh women	night of 3rd October 2023, causing fast-	amount of C6.08 Crore was spent in
• 75 old age homes were upgraded	moving torrents of water surging down	80 Aspirational Districts. A total of
with an amount of C1.42 Crore,	the Teesta River in Sikkim's Lachen	173 CSR activities were undertaken
which benefitted around 1 Lakh	Valley. To provide immediate relief for	to benefit underprivileged people from
underprivileged senior citizens	the people affected from the natural	backward areas
Environment	calamity, your Bank donated a CSR fund	SBI Children’s Welfare Fund
• Your Bank has tied-up with Isha	of C2 Crore to the Disaster Management	(SBI CWF)
	Fund of Government of Sikkim. • Your Bank has supported the Indian	• SBI CWF is a voluntary fund set up
Outreach for plantation of 9 Lakh
trees across the Cauvery basin in		by the contribution of your Bank's
Karnataka and Tamil Nadu. The	Coast Guard Visakhapatnam with 6 units of remote operated self-propelled life buoy crafts, to help fishermen and others who get trapped	employees. Out of the interest
plantation activity was conducted during June-November 2023. The		earned from the corpus of the fund that is maintained, grants are given
project was intended to address the	in the ocean currents	to various organisations for children
farmer and water crisis in the Cauvery basin districts of Karnataka and Tamil	• Your Bank has supported people affected by natural calamities such as	welfare related activities, subject to a ceiling of C10.00 Lakh per grant.
Nadu. It offers an economic solution		During FY2023-24, C32.46 Lakh was
with significant ecological benefits. A	Biporjoy cyclone in Jalore, Rajasthan, floods in Tamil Nadu and Kerala, etc.	granted to four organisations across
CSR fund of C3.78 Crore was spent on		the country benefitting children from
the project by your Bank	Protection of National Heritage	marginalised and underprivileged
• As a part of Green Tamil Nadu	• Your Bank has supported The	sections of the society
campaign, your Bank has tied-up	Indian Music Experience Museum	Awards Won
with Gramium Trust for plantation of 2	(IME), Bengaluru with the latest	• Your Bank has won the 10th Greentech
Lakh trees in Dindigul District of Tamil	AV equipment and technologies,	CSR India Award 2023 in the category
Nadu, with a CSR spent of C2 Crore	empowering them to create immersive	"Protection of National Heritage &
• 200 Solar street lights were installed in	installations to educate the masses	Culture"
Lakshadweep to encourage usage of	on the history of Indian Music. A
solar power systems for street lighting	CSR fund of C98 Lakh was spent on the project

SBI Foundation

SBI Foundation was established by the State Bank of India as a Section VIII Company under the Companies Act (2013) to undertake the CSR Activities of State Bank Group in a planned and focused manner. Focusing on areas such as rural development, healthcare, empowerment of PwDs, education, sustainability & environment, livelihood & skill development, youth empowerment, promotion of sports,

and more, SBI Foundation works across 28 states and 7 Union Territories of India.

Gram Seva: Rural Development

State Bank of India has always strived to contribute towards building a strong and developed rural India. In this direction, SBI Foundation started 'SBI Gram Seva', a flagship programme in 2017 for the holistic development of

villages through Digitalisation, Education, Health, WaSH (Water, Sanitation & Hygiene), Skill & Livelihood Development, Women Empowerment, Infrastructure, and Environment. During FY2024, the programme was expanded to another 30 villages in Aspirational Districts/Backward areas etc. taking the total to 180 villages across 27 states covering 17 Circles of your Bank, impacting over 2 Lakh lives.

Gram Saksham	native villages of 4 National Heroes	'Direct Seeded Rice' for Sustainable
• SBI Foundation has initiated 'Gram	(Bharat Ratna Vinoba Bhave, The	Rice Production. The project aims
Saksham' to create sustainable	Mountain Man Shri Dashrath Manji,	to support farmers with a package
livelihood opportunities in rural areas	Lance Naik Bhairon Singh Rathore	of practices and capacity building,
and also provide supplementary	and Shaheed Veer Narayan Singh)	with an estimated outreach of
options for income augmentation.	who hailed from humble backgrounds,	15,000 farmers in Telangana for next
The project activities mainly focus	exhibited bravery and valour, and	two years
on natural resource management,	contributed to their country and	- 'Shalihotra Express', a Mobile
livestock development and	its people	Veterinary Services Unit flagged off
improvement in farmer incomes,	SBI Saptarshi	in Visakhapatnam District, Andhra
with a special focus on women,	• During the year, special CSR activities	Pradesh, to provide veterinary
youth, farmers, and tribal and	were initiated in 100 SC/ST intensive	services at farmers' doorsteps by way
marginalised communities	villages identified by ABU & GSS	of a dedicated vehicle and a veterinary
• During FY2024, the Gram Saksham	Department of your Bank under	team. The initiative is expected
Project was expanded to another 145	'SBI Saptarshi' programme. The	to reach around 2,000 breedable
villages, taking the total to 270 villages across 12 States and impacting over	project was self-implemented in coordination with the M, C & CSR	livestock population, benefitting an estimated 1,200 farmers in the
1.5 Lakh lives SBI SAMMAAN - Hom(e)age to the	Departments of all 17 Circles of your Bank. The interventions focused on	next year - 'Raita Bandhu' and 'Bhagirath'
National Heroes	improving basic infrastructure in	watershed development initiatives were flagged off in Gadag District,
• SBI Foundation initiated a new	the villages, viz. Smart Classrooms,	Karnataka and Vidisha District,
programme named 'SBI SAMMAAN - Hom(e)age to the National Heroes',	Computer Labs, Girls Common Room, Water Filters, Solar Street lights and	Madhya Pradesh, to bring prosperity in the lives of the farmers by supporting
which aims to identify and develop the	other interventions	them in watershed development for
villages of the freedom fighters, war	Other new initiatives	agricultural activities. The initiatives
veterans and public heroes	• SBI Foundation joined hands with	are expected to reach over 2,000
• During FY2024, SBI Foundation	ICAR - Indian Institute of Rice	farmers over the next two years
piloted need-based projects in the	Research, Hyderabad, to promote

 

SBI Youth for India Fellowship

SBI Youth for India is a 13-month rural development Fellowship programme that provides a framework for bright young minds from urban areas to join hands with rural communities in their struggles and aspirations. Our 13 grassroots partner NGOs facilitate this journey of rural immersion and in the selection of meaningful projects to tackle and solve rural issues.

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	The Youth for India Conclave was held at Vishwa Yuvak Kendra, Delhi, on 8-9th April 2023. It is a platform for multiple Youth for India Fellowship stakeholders, including alums, and partner NGO to interact, network and share ideas
	New Batch: Nearly 44,000 registrations and 12,000 applications were received for the 11th batch of the Fellowship. 64 Fellows have been selected for the 2023-24 batch, whose orientation programme was organised in collaboration with the DHAN Foundation at The DHAN Academy in Madurai, Tamil Nadu
	Valediction: The valediction programme for the 2022-23 Batch of Fellows was organised at the State Bank Institution for Learning & Development (SBILD), Jakkur, Bengaluru, on 2nd November 2023. 67 Fellows were awarded the Fellowship Completion Certificate
	The Pitch Fest: Four alumni ventures were awarded grants worth C24 Lakh. Four alumni ventures were awarded C6 Lakh
	YFI SAHYOG: 25 Fellows of the 2022-23 batch across ten partner NGOs were awarded grants worth C15,16,410 as part of the Youth for India Sahyog, an initiative to provide handholding support to innovative and promising pilots and ventures, run by the alumni and Fellows
V

Centre of Excellence for Persons with Disabilities (CoE), launched in 2017, is a centralised support centre for Persons with Disabilities. CoE conducted 31 offline training programs for 681 PwD employees from SBI, RBI, Bank of Baroda, Canara

Bank, Indian Bank, Indian Overseas Bank, Central Bank of India, Panjab and Sind Bank. Centre of Excellence for PwD also won the ATF award in November 2023 for its contributions towards empowering Persons with disabilities.

 

Jivanam

Jivanam, the Foundation's healthcare vertical, curates projects spanning access to primary healthcare, cancer care, palliative care, eye care, infrastructural support, mental health care, organ donation advocacy, and fostering healthcare technology and innovation.

Projects sanctioned in FY2024 SBIF Jivanam - TB Care: The projects SBIF Maatrichhaya: It aims to supply		camps, surgeries, medicinal support,
focus on providing screening and testing	necessary equipment and infrastructure	consultations, counselling, and follow-up
for TB at the doorsteps of villagers	related to maternal and neonatal health to	care. A total of 3 projects amounting to
through Mobile Medical Units (MMUs)	selected Primary Health Centres (PHCs),	C3 Crore were sanctioned
and advanced technological support	Community Health Centres (CHCs), and	SBI Sanjeevani: The project SBI
to ensure access and affordability.	Charitable Hospitals. A total of 2 projects	Sanjeevani has played an instrumental
Additionally, they will be provided with	with a financial overlay of C2.37 Crore	role in improving healthcare access in
nutritional and medicinal facilities for	were sanctioned in rural areas of Odisha	India's rural areas by reducing financial
six months. A total of 2 projects were	and Jharkhand	difficulties and bringing situational
sanctioned in Chhattisgarh and Madhya	SBIF Eye Care: The project aims to	change at the community level in the
Pradesh, with a financial outlay of	provide quality eye care facilities to	villages. In FY2024, a total of 49 projects
C5 Crore	marginalised and vulnerable populations	were sanctioned, amounting to C46.56
	in West Bengal, Andhra Pradesh, and Rajasthan through screening	Crore across 11 states

6.6 Lakh	66	114.71 Crore
Lives impacted through Jivanam	Newly sanctioned projects	Budget sanctioned

Sashakti

The projects under this vertical aim to raise awareness of women's rights, gender equality, and women's roles in governance, as well as help underprivileged women in leadership and skill development.

Projects sanctioned in FY2024 • The 'SBIF - She Leads' project	and child abuse prevention in Haryana's	• The 'SBIF Sashakti: Financial
aims to conduct financial, legal, and	Jind and Kaithal districts. Focused on	Empowerment of Tribal Women'
digital literacy sessions for 3,000	school students, this initiative enables	aims to provide livelihood opportunities
Women Self Help Groups (WSHG)	early intervention, empowering them	to tribal women in the target areas
members in Kalahandi and Nuapada	with crucial life skills and knowledge	through skill development and training
districts of Odisha. The project aims to	to safeguard themselves and promote	in different domains, striving for their
address gaps in knowledge through	healthier lifestyles	economic independence, increased
a comprehensive approach, offering •	The 'SBIF Garima' project aims	participation in decision-making and
education in digital, financial, and	to support a shelter home for 40	financial empowerment
legal aspectss • The 'Saarthi' project is designed to offer sessions on menstrual hygiene	elderly women in Krishna District, Andhra Pradesh

29,000	(J1	5 Crore
Lives impacted through Sashakti	Newly sanctioned projects	Budget sanctioned

Livelihood and Entrepreneurship Accelerator Program (LEAP)

 

 

LEAP, the Foundation's flagship programme, strives to develop, foster, and sustain robust and inclusive livelihood models entrepreneurial and startup ecosystems, with strategic collaborations to uplift incomes and empower marginalised communities to bridge the development gap and break the poverty cycle in the country. These initiatives are implemented to accelerate India's contribution towards achieving SDG 1, No Poverty.

Projects sanctioned in FY2024 SBIF LEAP: Setting up Community SBIF LEAP: Skilling in BFSI sector: Institutions: Two new projects for Four new projects for skilling in the BFSI developing community institutions sector have been sanctioned in 9 cities have been sanctioned in 6 districts across Madhya Pradesh, Uttar Pradesh, across Assam, Meghalaya, Tripura, and West Bengal, Maharashtra, Delhi NCR, Maharashtra, with a financial outlay of and Karnataka, with a financial outlay of C8.89 Crore C2.55 Crore SBIF LEAP: Integrated Livestock The project to set up 250 Common Development: A new project for Service Centres (CSP Outlets) in integrated livestock development has Army Cantonment Areas across the been sanctioned with a financial outlay country was sanctioned at an outlay of of C4.90 Crore C4.73 Crore. The project aims to create SBIF LEAP: Promotion of Micro- livelihood opportunities for 250 army Entrepreneurship: Two new projects veterans/widows by setting up 250 for promoting micro-entrepreneurship Common Service Centres. have been sanctioned with a financial outlay of C8.98 Crore

Conservation through Sustainable Engagement, Restoration, and Wildlife Protection (CONSERW)

CONSERW, the Foundation's flagship programme, aims to ensure environmentally conscious production and consumption, clean energy adoption, restoration of ecosystems and natural resources, and conservation of wildlife to contribute to CONSERWING for a better and sustainable future for our planet.

A | Key Highlights •    MoU with the Textile Committee of India: An MoU has been signed with the Textile Committee of India, Government of India, to pilot a project for recycling post-consumer textile waste in Navi Mumbai, in partnership with the Navi Mumbai Municipal Corporation •    Waste No More: Two new projects for sustainable waste management in Panna City of Madhya Pradesh, as well as in 10 Gram Panchayats of Dakshin Kannada district in Karnataka, have been sanctioned with a financial outlay of C 7.54 Crore •    ARANYA: Four new projects for ecosystem restoration through tree plantation have been sanctioned with a financial outlay of C13.88 Crore. 17,82,960 trees will be planted across 15 districts in Punjab, Tamil Nadu, Maharashtra, and Madhya Pradesh •    Disaster Relief: Two projects have been sanctioned to provide postdisaster relief support in the areas of Tamil Nadu affected by Cyclone Michuang, which has a financial outlay of C50 Lakh •    Wildlife Conservation: Two projects for mitigating human and wildlife conflict in Tadoba Tiger Reserve and conducting the first large-scale genetic study of tigers in 7 protected areas of the northeast have been sanctioned, with a financial outlay of C4.94 Crore

SBIF ACE

ACE is the Foundation's flagship programme in the domain of sports. It comprises key interventions in building state-of-the-art sports infrastructure creating and nurturing strategic partnerships with the flag bearers of sporting excellence in India, such as ex-Olympians and sportspersons of international repute. The programme provides holistic support to young and underserved sportspersons, Olympic medal prospects, and para-athletes to create an environment that supports budding sportspersons in ACE their respective sport. The programme also strives to support and contribute to the FIT INDIA movement.

 

 

 

 

 

Regional Rural Banks (RRBs)

With two-thirds of our country's population living in rural areas, it presents a vast yet under-tapped opportunity for the Indian Banking sector. Your Bank's extensive network of sponsored Regional Rural Banks (RRBs) has a distinct competitive advantage due to the large account base and decades-old tradition of trust-earning services.

Your Bank has sponsored 14 Regional Rural Banks operating at regional levels in 13 States and 1 UT. These RRBs boast combined branch strength of 4,761 spread across 242 districts and are on the CBS platform, offering banking services at par with any other commercial banks in the country.

r
Business highlights of FY2024 • The aggregate deposits and advances	and advances by 16.51% YoY. RRBs	fee income streams, and maintaining
of the 14 RRBs sponsored by your	expanded their Housing and Gold	control on operating costs.
Bank as on 31st March 2024 stood at	loan exposure by 22.47% and 36.70%	• The combined Gross Non-
C1,35,922 Crore and C99,171 Crore,	(YoY), respectively, as a part of their	performing Assets ratio of the RRBs
respectively, as against C1,23,907	strategy to diversify the portfolio.	has decreased to 3.53% as on
Crore and C85,117 Crore as on •	The RRBs posted a Net-Profit of	31st March 2024 as against 4.21%
31st March 2023.	C2,916.41 Crore as on 31st March	as on 31st March 2023. The Net NPA
• During the year under review,	2024 as against a Net-Profit of	stands at 0.40% as against 0.82% as
despite the persistently challenging	C2,301.91 Crore as on 31st March	on 31st March 2023. Business per
macroeconomic environment, the	2023. The RRBs continue to focus on	employee during the year improved to
RRBs improved their business,	improving earnings from their core	C12.98 Crore as against C11.68 Crore
with deposits growing by 9.70%	Banking business, strengthening the	as on 31st March 2023.

Significant developments in FY2024
• The Viability Plan was rolled out on	Processing system for Loans &	their customers for ease of transaction
2nd October 2022 by the Dept of	Advances, for an efficient underwriting	and convenience.
Financial Services (DFS) in all RRBs.	process at all RRBs.	• Launch of mobile app by 10 RRBs
Your Bank's four sponsored RRBs	• Recent development in IT area of RRBs	for digital account opening with
i.e. Telangana Grameena Bank in	are LOS (Loan Origination System),	video KYC facility. Apart from
Southern Region, Chhattisgarh Rajya	CIF-based NPA classification, system-	Branch Channel, services of digital
Gramin Bank in Central Region,	driven Customer Risk categorisation	account opening with Video KYC
Saurashtra Gramin Bank in Western	and onboarding of RRBs on Account	facility have been extended to the
Region and Mizoram Rural Bank	Aggregator platform. Apart from the	Customer Service Points/Business
in North-Eastern Region out of six	above, Immediate Payment Service	Correspondent channel.
RRBs were selected by NABARD	(IMPS) and Bharat Bill Payment	• To improve treasury yields/returns, the
as best performing RRBs, based	system (BBPS) have been made live	services of SBI Fund Management
on their overall performance under	at Customer Service Points (CSPs) of	Limited for non-discretionary Portfolio
the Viability Plan Framework during	RRBs. Internet Banking (INB) facility	Management Services have been
the FY2023.	is also made available in 5 RRBs. 12	engaged at all the 14 RRBs.
• Introduction of Asset Management	out of 14 SBI-sponsored RRBs are
Hubs (AMHs) - A Centralised Credit	extending Internet Banking facility to

Associates
Sr.	Name of the Associate (RRB)	Country of	Group's Stake (%)
No.		Incorporation	Current	Previous
			Year(2023-24)	Year (2022-23)
1	Andhra Pradesh Grameena Vikas Bank	India	35.00	35.00
2	Arunachal Pradesh Rural Bank	India	35.00	35.00
3	Chhattisgarh Rajya Gramin Bank	India	35.00	35.00
4	Ellaquai Dehati Bank	India	35.00	35.00
5	Jharkhand Rajya Gramin Bank	India	35.00	35.00
6	Madhyanchal Gramin Bank	India	35.00	35.00
7	Meghalaya Rural Bank	India	35.00	35.00
8	Mizoram Rural Bank	India	35.00	35.00
9	Nagaland Rural Bank	India	35.00	35.00
10	Rajasthan Marudhara Gramin Bank	India	35.00	35.00
11	Saurashtra Gramin Bank	India	35.00	35.00
12	Telangana Grameena Bank	India	35.00	35.00
13	Utkal Grameen Bank	India	35.00	35.00
14	Uttarakhand Gramin Bank	India	35.00	35.00

 

SBI Capital Markets Limited (SBICAPS) incorporated in 1986, is one of India's leading domestic Investment Banks and is registered with SEBI as a category I Merchant Banker and a Research Analyst. SBICAPS offers the entire bouquet of investment banking and corporate advisory services to its clients. These services include Project Advisory, Loan Syndication, Structured Debt Placement, Mergers and Acquisitions, Private Equity, Restructuring Advisory, Stressed Assets Resolution, IPO, FPO, Rights Issues, Debt and Hybrid Capital raising. SBICAPS is also involved in fund raising through new products such as Real Estate Investment Trusts (REIT) and Infrastructure Investment Trusts (InvIT) in line with Government's Asset Monetisation Plan. Headquartered in Mumbai, SBICAPS has 6 Regional Offices across India (Ahmedabad, Chennai, Hyderabad, Kolkata, New Delhi and Bangalore), one office in Abu Dhabhi Global Market and 2 Wholly Owned Subsidiaries - SBICAP

Securities Limited and SBICAP Trustee Company Limited.

SBICAPS is ranked No. 1 with Market share of 53.56% as Merchant Lead Arranger for India Borrowers Loans in INR during the calendar year 2023.

During the year, the Company has sold its entire stake in SBI Pension Funds and SBICAP Ventures Limited (wholly owned subsidiary) resulting in exceptional gain. During the period, the Company has been involved in several marquee transactions, few of which are listed below:

•    Buy Side M&A advisory services to IndusInd International Holding Limited (IIHL) for acquisition of Reliance Capital Ltd.

•    Debt syndication for HPCL Rajasthan Refinery Limited

•    Advisory for refinancing transaction of Adani Power Ltd.

•    Advisory for financing capex of Jindal Steel Odisha Ltd (JSOL)

Assistance for debt of greenfield Ganga Expressway project

IPO offering of Nexus Select Trust (Issue size-3,200 Crore), JSW Infrastructure (H2,800 Crore), IREDA (H2,150 Crore) and Medi Assist Healthcare Services (Issue size- 1,172 Crore).

QIP of Bank of India (Issue size H4,500 Crore), KPI Green Energy (Issue size H300 Crore), Brookfield India (H2,305 Crore), and Indian Bank (H4,000 Crore)

Acted as an Arranger for bond issuance aggregating to H38,101 Crore by State Bank of India, one of the largest bond issuance by any bank.

NCD issuance for NMDC Data Center Pvt. Ltd (H800 Crore Size).

Completed three Municipal Bonds during the year.

Reward & Recognition The Company has won IJGlobal Awards 2023 in:

•    Social Infrastructure Deal of the Year - APAC - Telangana SuperSpecialty Hospitals •    Oil & Gas - Deal of the Year -Downstream - APAC - HPCL Rajasthan Refinery

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SSL, a wholly owned subsidiary of SBI Capital Markets Ltd., started operations in 2006 to provide primary and secondary capital market access to retail customers and became the broking arm of the State Bank of India Group. SSL is specialised in providing comprehensive equity broking services to clients in the Cash and Futures & Options segments.

SSL serves over 48.34 Lakh customers through state-of-the-art trading platforms on mobile apps, websites, and dealer terminals and offers its customers a variety of products and services to choose from- such as Equity, derivatives, Currency trading, Mutual Funds, Tax Free Bonds, distribution of home loans and auto loans to meet their financial needs.

In Retail Trading, the market share has increased to 1.71% in FY2024 as compared to 1.57% in previous year. In Margin Funding product, the book size has grown to 4.83% in FY2024 as against 3.11% in the corresponding previous year. During FY2024, the company has acquired 14.15 Lakh accounts as against 11.12 Lakh reported previous year.

In Retail Assets, SSL being captive sourcing arm of State Bank of India, has played a significant role in the Bank's overall Home Loan and Auto Loan business. The company has achieved a remarkable

milestone of H1 Trillion+ disbursement in Home Loan vertical and Auto Loan vertical. The company has its geographical footprints with more than 360 locations for Home Loan and more than 560 locations for Auto Loan at pan India level to cater its customers with SBI Home loan and Auto Loan products respectively.

SSL has enhanced its Mobile App application with various features viz., Edit profile section where customer can easily manage and update their account details, facility of in-app banners, and notifications for account updates, market insights, feedback and surveys, addition of new reports like Capital gain Report, MTF and Non-MTF ledger and Interest Rate Report.

The company has introduced several digital products viz., Buyback of shares, Equity SIP (ESIP) to enable customers creating their own Equity basket of stocks and invest in equated instalment, allowing E-margin positions till 365 days with interest charge after 23 trading days.

Enhancement in Third Party Product Offerings

Investment via native journey for Corporate Fixed Deposit: Integrating with corporates through native journey providing seamless investment opportunities in corporate FDs that align with customer's interests and financial goals.

National Pension System (NPS): Launch of NPS towards fulfilling your financial empowerment journey.

Mutual Fund 24x7 Orders: Enabled Mutual Fund investment transaction 24x7 facility for customers to diversify their investment, as well as create a revenue stream of SSL.

Pre-IPO Offering: Enabled Pre-IPO offering which helps customers to apply IPO before the issues opens which help customer in easy decision making for investment in IPO.

SSL has achieved gross income of H1,805.88 Crore for the year ended 31^st March 2024 as against income of H1,203.14 Crore in previous year. SSL reported expenses of H1,191.44 Crore for the year ended 31^st March 2024 as against H791.52 Crore in the previous year.

Reward & Recognition •    Awarded with "BFSI Best Brands Award" by ET Edge Awards for Pioneering in Digital Customer Experience, Fortifying Cyber Security and Driving Innovation. •    Recognised in Top 50 Companies by Great Place to Work for Best Workplace in Health and Wellness.

STCL, a Wholly Owned Subsidiary of SBI Capital Markets Limited started operation of Security Trustee business with effect from 1^st August 2008.

The Company acts as a Security Trustee to the Lenders for Corporate and Project Finance Loans. It performs the role of a Debenture Trustee for the Debentures/ Bonds issued by Corporates, Banks, PSUs & Municipal Corporations. It is registered with SEBI as a Debenture Trustee. STCL also provides other related services like Share Pledge Trustee, Escrow Trustee, AIF Trustee, ESOP Trustee, etc. As Trustees, STCL currently handles 4,044 assignments and holds securities for loans of value H49 Lakh Crore (approx.) as on 31^st March 2024 on behalf of Lenders and Debenture/ Bond holders.

 

 

 

 

SBI Cards and Payment Services Limited (SBICPSL) is a subsidiary of State Bank of India wherein Bank holds 68.63% stake. SBI Cards and Payment Services Limited is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards,

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Awards and Recognition	• SBI Card clinched another global	• Awarded with LearnX Award (Gold
• Awarded Best CSR Excellence	recognition with Bradon Hall Awards	category) for the Best Learning &
Award in Healthcare 2nd Edition of	(Bronze category) for the Best Advance	Talent Tech - Best Mobile App
Healthcare Summit and Awards by (ASSOCHAM). • Won Silver Award in CSR Waste	in Mobile Learning Technology in the L&D Category • Recognised as Superbrand for the	Launch of New Products during FY2024
Management Project and Bronze	year 2023 in the Credit Card category. • Won 'Golden Peacock Award' for	• Reliance SBI card
Award in CSR Clean Energy Project. • SBI Cards has been bestowed with the 'Best Business Eco-Friendly Award' at the Global Summit on Sustainability.	Corporate Social Responsibility in the financial services category for FY2023	•    Titan SBI Card •    SimplySAVE Merchant SBI Card

 

SVL is a leading alternative asset management company with assets under management of around H32,500 Crore. The company manages funds that are diverse in nature, cutting across various sectors. SVL was a Wholly Owned Subsidiary ol SBI Capital Markets Ltd. SVL has become a Wholly Owned Subsidiary of SBI since 7^th February 2024. SVL manages NEEV Fund I (Neev), NEEV II (SVL-SME) Fund & SWAMIH Investment Fund I (SWAMIH). The company is also the investment manager for three Funds of Funds: Self Reliant India (SRI) Fund and UK India Development Cooperation Fund (UKIDCF) and Trilateral Development Co-operative Fund (TDCF).

Neev I is SEBI registered Category I AIF with a mandate to invest in infrastructure development of eight low-income states. SVL is a General Partner in the Fund with net investment of H25.50 Crore till March 2024. The fund has fully invested its investible corpus of H450.10 Crore across 10 portfolio companies of which three have been fully exited till March 2024.

NEEV II (SVL-SME) is SEBI registered Category I AIF which had its first close in March 2024. The Fund corpus is ~H1,004 Crore. The Fund has made commitment of H826 Crore in seven investments against the actual investments aggregating to H507 Crore till March 2024.

SWAMIH, a SEBI registered Category - II AIF had its final close on 6^th December 2022, at H15,531 Crore with Government of India and public sectors banks and other institutions as investors in the Fund. It has mandate to provide last mile funding to stalled housing projects in the affordable housing/ mid income category. The fund has disbursed H6,769.90 Crore in 117 projects where the committed amount is H11,314 Crore. The Fund has returned H2,373.90 Crore back to investors through 20 full exits and partial exits in 37 projects till 31^st March 2024.

UKIDCF Fund, a SEBI registered Category - II AIF with a corpus of H5,000 Crore had its first close in June 2021 at H253 Crore. The Fund has given commitments in three

identified downstream funds aggregating to H220 Crore and invested H66.00 Crore till 31^st March 2024. The Fund would identify 2-3 daughter funds every year and deploy its corpus across the daughter funds.

SRI Fund has been set up in Oct 2021 by National Small Industries Corporation (NSIC) on behalf of the Ministry of MSME with corpus of H10,000 Crore upto March 2022. Final approval has been accorded for 55 investments in daughter funds amounting to H6,560 Crore. The Fund has also provided preliminary recommendation (subjected to diligence and final approval) to another 3 investments aggregating about H230 Crore till March 2024.

TDC Fund is a SEBI registered Category II AIF with a corpus of H700 Crore and a green shoe option of H300 Crore. The Fund has completed its first close in March 2024 at H199.09 Crore. The Contribution Agreement for TDC was signed with MEA and SVL on 27^th February 2024.

SVL has earned a gross revenue of H127.13 Crore and net profit of H43.17 Crore for the year ended 31^st March 2024 as against gross revenue of H141.71 Crore and net profit of H61.82 Crore in the previous year.

SBI DFHI Limited is one of the largest standalone Primary Dealers (PD) with a pan-India presence. As a Primary Dealer (PD), the company is mandated to support the book building process in primary auctions and provide depth and liquidity to secondary markets in G-Sec. Besides Government securities, it also deals in money market instruments, non-G-Sec debt instruments, amongst others. As a PD, its business activities are regulated by RBI.

The SBI Group holds 72.17% (SBI-69.04%, SBICAP-3.13%) share in the Company. The Company posted a net profit of H180.42 Crore for the year ended 31^st March 2024 as against H16.55 Crore in the corresponding previous year. Total balance sheet size is H21,427 Crore as on 31^st March 2024 as against H16,789 Crore as on 31^st March 2023.

Name of the subsidiary company	Ownership	% of ownership	Net Profit
	(SBI Interest)		(losses) FY2024
SBI DFHI Limited	131.52	69.04	180.42

 

SBI GLOBAL FACTORS LIMITED (SBIGFL)

SBIGFL is a leading NBFC providing factoring services for Domestic and International trade. It is a wholly owned subsidiary of State Bank of India and is regulated by Reserve Bank of India.

The Company's services are especially suitable for MSME sector clients for freeing up resources locked in book debts and provide required liquidity. By virtue of its membership of Factors Chain International (FCI), the SBIGFL is able to alleviate credit risk from export receivables under the 2-factor model.

Name of the subsidiary company	Ownership	% of ownership	Net Profit
	(SBI Interest)		(losses) FY2024
SBI Global Factors Ltd	159.89	100	44.47

 

SBI General is one of the leading fastest-growing private General Insurance company, with the strong parentage of SBI. The Company is committed to carry forward the legacy of trust and security; and has a vision to become the most trusted General Insurer for a transforming India.

Against the industry growth of approximately 12.80%, the company achieved 15.90% increase in Gross Direct Premium (GDP) amounting to H12,554 Crore in FY-24 and Gross Written Premium of H12,731 Crore at the end of FY2024, SBI General has notched up in its rankings in the overall industry entering the top 10 space amongst general insurers of India, positioning at 10^th. Amongst the private general insurers, the Company has maintained its position at 6^th.

The Company has expanded its presence to over 143 branches pan-India. SBI General's distribution family includes over

30,000+ agents, and over 560 Brokers to make insurance easily available even in the remote areas of India. The company has 22 OEM tie-ups to serve motor insurance. SBI General has also entered into strategic partnerships with NBFCs, leading Banks, Cooperative societies, web aggregators and Digital partners with an endeavour to create long-term sustainable value.

The Company has consistently reviewed and upgraded its processes with digital interventions like launching its CRM platform, all in one distribution app (SIMBA) and Renewal Management System. The company has more than 174 87 network hospitals and an in-house claim processing in health which has optimised claims cost and superior claims experience for our health customers. The Company has many new-age and market-fit products in every line of business with flagship health offering in Super health, Cyber vault edge covering cyber risks, pay-as-you drive in motor and commercial lines product like surety bonds and jeweller's block. SBI General is leading player in crop insurance business ranking 4^th in the private General Insurance and 1^st in personal accident segment in private place.

The Company has generated a net profit of H240 Crore for the year ended 31^st March 2024 as against H184.00 Crore in the previous year.

Awards and Recognitions Recognised as the Domestic General Insurer of the Year - India at the Insurance Asia Awards 2023 Singapore •    Recognised as Great Place to Work. •    Recognised as one of the Best BFSI Brands 2023 at the ET Now Best BFSI Brands Conclave 2024. •    Best large General Insurer at The Mint BFSI Summit & Awards •    One of the Best Brands 2023 at the ET Edge Best Brands 2023 v y

SBI PENSION FUNDS PRIVATE LIMITED (SBIPFPL) (Amount in H Crore) Name of the subsidiary company Ownership % of ownership Net Profit (SBI Interest) (losses) FY2024 SBI Pension Funds Private Limited.* 24 80 62.76

*SBI Funds Management Limited is holding 20% equity in the Company.

SBIPFPL has been appointed as the Pension Fund Manager (PFM) to manage the pension corpus under National Pension System (NPS). SBIPFPL is one of the three PFMs appointed by the Pension Fund Regulatory & Development Authority (PFRDA) for management of Pension Funds under the NPS for Central Government (except Armed Forces) and State Government employees.

The Company is one out of 2 PFMs allowed for Corporate CG Schemes for NPS contribution of all PSU bank staff. Other than this, SBIPFPL is actively managing 10 other NPS Schemes under Private Sector. The Company has obtained license to operate as POP (Point of Presence) in the year 2019 for marketing and on boarding of NPS subscribers.

The total Assets Under Management (AUM) of the Company as on 31^st March 2024 is H4,33,384.33 Crore. The Company maintains lead position among 11 PFMs in terms of AUM with market share of 36.93%. During FY2024, the Company has onboarded 76 corporates and added 6,344 NPS subscribers.

The Company has earned net profit of H62.76 Crore for the year ended 31^st March 2024 as against H53.51 Crore in the previous year.

 

SBI Life has a multi-channel distribution network comprising an expansive bancassurance channel, including State Bank, the largest bancassurance partner in India, a large and productive individual agent network comprising 246,078 agents as of 31^st March 2024, as well as other distribution channels including direct sales and sales through corporate agents, brokers, insurance marketing firms and other intermediaries.

During the period ended 31^st March 2024, the Company operated in sound and stable manner, with its sole objective of increasing insurance penetration and concentrating on individual regular business and protection business through an active and prudent strategy. The sales team have ensured qualitative growth and established a firmer market position. The Company has

proven its market leadership in the period ended 31^st March 2024, with numero-uno position in Individual New Business Premium, Individual Rated Premium, Total Rated Premium and Total New Business Premium among private insurers.

The Company achieved 29.2% growth in Total New Business Premium (NBP) vis-a-vis the industry growth of 2.00%. The market share of SBI Life in Total New Business Premium (NBP) among all private players as on 31^st March 2024 is 24.6%, gain of 326 bps over corresponding period. Total New Business Premium of the Company for the period ended 31^st March 2024 stands at H38,238 Crore Individual New Business stands at H23,832 Crore and Group New Business Premium stands at H14,406 Crore, for the period ended 31^st March 2024.

The Company continues to maintain the leadership position amongst private players in number of policies issued, which reflects mass coverage and strong market acceptance across geographies amongst life insurers. During the period ended 31^st March 2024, more than 22.61 lacs new individual policies were issued.

AUM of the Company stands at H3.9 trillion mark and recorded a growth of 27% at H3,88,923 Crore as on 31^st March 2024 as compared to H3,07,339 Crore as on 31^st March 2023. For FY2024, Indian Embedded Value (IEV) of the Company stands at H58,259 Crore with a growth of 27% and Value of New Business (VoNB) is at H5,548 Crore with growth of 9%. VoNB margin stood at 28.1%.

The Company's net worth increased by 15% from H13,016 Crore as on 31^st March 2023 to H14,906 Crore as on 31^st March 2024. SBI Life generated PAT of H1,894 Crore for the year ended 31^st March 2024 as compared to 1,721 Crore in the previous year.

Awards and Recognitions • SBI Life won a 'Silver' at the	• Awarded for the campaign 'The Most	• Recognised as 'Best Insurance
Adgully DIGIXX Awards 2023 under	Ignored Rider' in the category Best	Company' (2nd Runner) by the Indian
the category Programmatic &	CSR Initiative/Public Awareness at	Chambers of Commerce (ICC)
Performance marketing	e4m Health & Wellness Marketing	• Awarded under the 'Highest Growth'
• Awarded as 'Insurer of the Year-Life	Awards 2023	category at the ASSOCHAM's
category' at FICCI Insurance Industry	• Awarded with the Global Performance	15th Global Insurance Summit &
Awards 2023	Excellence Award (GPEA) 2023 under	Awards 2023
• Bagged the Guinness World Record	the 'World Class' category	• Awarded with 'Amiable Insurer-Large
title for Most Pledges received for	• Won Special Award for 'Best	Category' at the ET Now Insurance
passion campaign in 24 hours	Insurance Spreading- Private Sector	Summit & Awards 2023
• Awarded for the campaign 'The	Company - India by Indian Chambers	• Winner of 'Golden Peacock Innovative
Most Ignored Rider' in the category	of Commerce (ICC)	Product/Service Award' for the year
Best use of Celebrity/Influencer at	• Recognised as 'Best Risk	2024 by Golden Peacock Awards
e4m Health & Wellness Marketing	Management Strategy of the Year'	(Hello SBI Life Project)
Awards 2023	(2nd Runner) by the Indian Chambers	• Recognised as #35 Most Valuable
	of Commerce (ICC)	Indian Brand by Kantar Brandz 2023

SBI Funds Management Limited, the Asset Management Company of SBI Mutual Fund, is one of the fastest growing AMCs with an absolute growth of over H1.97 Lakh Crore Average AUM during the quarter March 2024 vs March 2023. The average "Assets Under Management" (AUM) of the Company during the quarter ended March 2024 was H9,14,365 Crore with a market share of 16.89% as against the average assets under management of H7,17,161 Crore with a market share of 1770% during the quarter ended March 2023. In FY2024, the Fund House has consolidated the

1^st rank position for fourth year. SBIFML has maintained its top leadership position as the ETF manager in the country with 43.03% market share. SBIFML has one of the largest investor base with over 145.85 lacs LIVE investor folio's with about 40.06 lacs new investor folio's added during this financial year. The Fund House has 35.34 Lakh direct live investors and over 2.93 Lakh institutional investors.

The Company has a fully owned foreign subsidiary viz. SBI Funds Management (International) Private Limited, which is based in Mauritius and manages

Off-shore Fund. SBIFML also provides Portfolio Management Services (PMS) and manages Alternative Investment Funds (AIF).

In the last three years, SBIFML has achieved a CAGR of 21.9% against the industry average of around 19.0% in terms of quarterly Average AUM growth (March 24 vs March 21).

SBIFML posted a PAT of H2,063 Crore during the year ended 31^st March 2024 as against H1,331.20 Crore earned during the year ended 31^st March 2023.

(Amount in H Crore)
Name of the subsidiary company	Ownership (SBI Interest)	% of ownership	Net Profit (losses) FY2024
SBI Funds Management Ltd.	18.90	62.21	2063.00
SBI Mutual Fund Trustee Company Pvt. Ltd.	0.10	100.00	5.00
SBI CDMDF Trustee Private Limited	0.10	100.00	0.12
SBI Funds Management (International) Pvt. Ltd.	100% Subsidiary of SBI Funds Management Ltd.		5.00

(Amount in H Crore) Name of the subsidiary company Ownership % of ownership Net Profit (SBI Interest) (losses) FY2024 SBI SG Global Securities Services Pvt. Ltd. 52 65 111.67

 

 

 

STATE BANK OPERATIONS SUPPORT SERVICES PVT. LTD. (SBOSS)

 

 

 

 

State Bank Operations Support Services Pvt. Ltd. (SBOSS) is a wholly owned subsidiary of SBI set up in July 2022 for providing operations support services to RUSU branches of SBI. SBOSS has its Registered Office at New Delhi. The subsidiary is providing support services to SBI in Agri/MSME/Micro loans.

SBOSS deploys Feet-On-Street (FOS) at RUSU Branches of the Bank with appropriate technology support for

doorstep services to customers at a competitive cost. It is providing support to more than 9,500 RUSU Branches across 17 Circles in the Bank. This facilitates greater Financial Inclusion through provision of appropriate credit linkages as part of our national development goals.

The Company has developed a robust pan-India "High Tech", "High Touch" and "Low Cost" model for providing

multidimensional support to operations in Agri & SME segments.

SBOSS is also envisaged to extend its operation support to the Bank in other segments and geographies for providing further impetus in business growth and value creation in areas like customer service, ATM and vendor management support, etc. as per mandate received from the Bank from time to time.

Name of the subsidiary company Ownership % of ownership Net Profit (SBI Interest) (losses) FY2024 State Bank Operations Support Services Pvt. Ltd. 10 100 17.31

Management Discussion and Analysis Report (MDA)

In compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, separate Section of this Annual Report includes details on the state of affairs of the Bank.

The following ratio have changed by more than 25% or more as compared to the immediately previous financial year:

(in %)	Mar 23	Mar 24	Variation (bps)	% Change
Debt* - Equity Ratio	0.66	0.87	21	31.82

*Debt represents borrowings (including Repo Borrowings) with residual maturity of more than one year.

Responsibility

Statement

The Board of Directors hereby states:

i.    That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii.    That they have selected such accounting policies and applied them consistently and made judgements and estimates as are reasonable and prudent, so as to give a true and fair view of the state of affairs of your Bank as on the 31^st March 2024, and of the profit and loss of Your Bank for the year ended on that date;

iii.    That they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Banking Regulation Act, 1949 and State Bank of India Act, 1955 for safeguarding the assets of your Bank and preventing and detecting frauds and other irregularities;

iv.    That they have prepared the annual accounts on a going concern basis;

v.    That the internal financial controls had been laid down, to be followed by your Bank and that such internal financial controls are adequate and were operating effectively;

vi.    That proper system had been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Acknowledgement

During the year, Smt. Swati Gupta was nominated as Director on the Board by the Central Government u/s 19 (d) of SBI Act, 1955, w.e.f. 8^th May 2023 for a period of three years or until further orders, whichever is earlier. The term of Shri Swaminathan J, Managing Director, ended on 26^th June 2023 consequent upon his appointment by the Central Government to the post of Deputy Governor, RBI.

Shri B. Venugopal and Dr. Ganesh Natarajan, elected by the Shareholders as Directors on the Board u/s 19 (c) of the SBI Act, 1955, retired from the Board on 25^th June 2023 upon completion of their respective term. Shri Ketan S. Vikamsey and Shri Mrugank M. Paranjape were reelected, whereas Shri Rajesh Kumar Dubey and Shri Dharmendra Singh Shekhawat were elected by the Shareholders as Directors on the Board u/s 19 (c) of the SBI Act, 1955, w.e.f. 26^th June 2023 for a period of three years.

Shri Ajay Kumar was nominated as Director on the Board by the Central Government u/s 19 (f) of SBI Act, 1955, w.e.f. 14^th July 2023 till further orders, vice Shri Anil Kumar Sharma.

The term of Shri Dinesh Kumar Khara, Chairman was extended by the Central Government beyond 6^th October 2023 till he attains the age of 63 years, or until further orders, whichever is earlier. Shri Vinay M. Tonse was appointed as Managing Director on the Board by the Central Government w.e.f. 21^st November 2023 till 30^th November 2025 or until further orders, whichever is earlier. Further, the term of

Shri Ashwini Kumar Tewari, Managing Director was also extended by the Central Government for a period of two years, beyond 27^th January 2024, or until further orders, whichever is earlier.

The Directors place on record their appreciation for the contributions made by Shri Swaminathan Janakiraman, Shri B. Venugopal, Shri Ganesh Natarajan, and Shri Anil Kumar Sharma to the deliberations of the Board. The Directors welcome Smt. Swati Gupta, Shri Rajesh Kumar Dubey, Shri Dharmendra Singh Shekhawat, Shri Ajay Kumar and Shri Vinay M. Tonse, as new Directors on the Central Board of the Bank. The Directors also express their gratitude for the guidance and co-operation received from the Government of India, RBI, SEBI, IRDA and other government and regulatory agencies. The Directors also thank all the valued clients, shareholders, banks and financial institutions, stock exchanges, rating agencies and other stakeholders for their patronage and support and take this opportunity to express their appreciation for the dedicated and committed team of employees of your Bank.

For and on behalf of the Central Board of Directors

- Chairman

Date: 9^th May 2024