SBI chief spots modest recovery underway

State Bank of India chairman Arundhati Bhattacharya today said the current financial year is going to be more promising than the previous one with a modest recovery already underway.
"FY16 is expected to be more promising than the previous year. The economy is poised to recover moderately with industrial production gaining momentum and the pro-reform policies will act as a catalyst to bring the desired results," Bhattacharya told shareholders today.
Bhattacharya said with the ebbing inflationary pressures, there may be further scope for monetary stimulus to pump up domestic demand.
On monsoon, she further said the risk of deficit monsoon seems to be dissipating with more than adequate rainfall in June.

"Looking ahead, boost to exports in the backdrop of global economic recovery and improvement in domestic investment climate, backed by various initiatives of the government, supports favourable growth outlook," she said.
Bhattacharya said after taking charge in October 2013, she had set six goals-NPA reduction, risk management, cost control, improving delivery standards, higher non-interest income and leveraging technologies.

"As I look back today, tangible progress has been made on all the six fronts. Risks due to NPAs have been contained against all odds," she said.
Bank's progress under Basel III transition and hence migration to advanced approach to risk management are on schedule, she added.

"We are striving to control cost without compromising future growth," she said.