SBI launches first NRI branch in UP, to open 3 more in FY12

Public sector State Bank of India (SBI) on Monday launched its first specialised NRI (non-resident Indian) branch in Uttar Pradesh at Lucknow.

The bank has planned to open three more such branches in UP in current financial year at Kanpur, Gorakhpur and Deoria towns.

“The Kanpur branch would be opened in the next two months itself,” SBI chief general manager (Lucknow circle) Abhay Kumar Singh told Business Standard on sidelines of the launch ceremony.

SBI business portfolio from NRI segment in UP is over Rs 1,200 crore, the bulk of which is deposits vis-à-vis advances. “This segment is small compared to our total business portfolio in UP and we want to increase this portfolio by providing value added services to such customers,” he added.

The NRI segment has been posting ‘nominal growth’ in recent years.

“We are trying to create a database of NRIs from UP to proactively try reaching out to them,” Singh added.

The specialised branch will provide NRIs with relationship manager, financial planning and advisory services, demat and Ez trade facilities, investment counselling, international debit card, NRI credit card, account operation through letter of authority, permissible loans to NRIs, mutual funds investment, SBI Life products, remittances/money transfers etc.

SBI has 157 foreign offices in 32 countries, correspondent banking relations with 491 global banks and 44 dedicated NRI branches to provide specialised services to NRI customers any time in any zone of the world.

Lucknow Circle spanning 58 UP districts (remaining 15 UP districts come under NCR) has a network of 1,210 branches, 1,229 ATMs and 700 customer service points. SBI is planning to open 38 new branches and installing 900 new ATMs in the current financial year.

“We have undertaken a programme for soft skills training and attitude changes in our staff members and 50 sessions have been completed,” Singh informed.