AGM 2021

Jun 25, 2021

Very good afternoon to everyone present here and through VC. On behalf of State Bank of India, I extend a very hearty welcome to all our esteemed shareholders for this sixty sixth Annual General Meeting of Shareholders of State Bank of India being held through VC. We are pleased to have with us Sri Jantosh Roy, Government of India representative from Department of Financial Services, who is attending the meeting through VC from Delhi May I now request our respected Chairman, sir, to please start the proceedings of the sixty sixth Annual General Meeting of Shareholders of State Bank of India? Thank you, Ravi I, Dinesh Kumar Kara, Chairman of State Bank of India. I was certain that the quorum for the sixty sixth Annual General Meeting has been established. I call to order the sixty sixth Annual General Meeting of the shareholders of State Bank of India. I would now like to introduce to the shareholders the directors present here and also through VC. Directors present here are to my right Mr. Shetty and to his right Mr. J. Swaminathan and Mr. Ashwini Bhatia is on my left. He is looking after Managing Director of Corporate Banking and Global Markets. And to his left is Mr. Ashni Kumar Diwari. The non executive directors who have joined us through VC are Doctor. Pushpand Rai, he is attending the meeting through VC. Namaskar. Sharibee Venugopal, he is also attending the meeting through VC. Sanjeev Maheshuri, he is also attending the meeting through VC. Namaskar. Doctor. Ganesh Natarajan, attending the meeting through VC. Namaskar. And Shri Anil Kumar Sharma, representative of RBI also attending the meeting through VC. Namaskar to all. Thank you. I now request Shri Alok Kumar Chaudhry, Dipti Managing Director of Finance, to read the notice convening the 60 and the Auditor's Report. SBI under the State Bank of India Act 1955 notice, the sixty sixth Annual Meeting of Shareholders of the State Bank of India will be held at the State Bank Auditorium, the State Bank Bhavan Madam Kamarod, Mumbai forty thousand and twenty one on Friday, the twenty fifth June twenty twenty one at three p. M. The meeting will be held through video conferencing, other audiovisual means facility to transact the following business, to discuss and adopt the balance sheet and the profit and loss account of the State Bank of India made up to the March 2021 the report of the Central Board on the working and activities of the State Bank of India for the period covered by the accounts and the auditors report on the balance sheet and accounts Dinesh Kumar Khara, Chairman, Corporate Centre, Mumbai, dated twenty one May twenty twenty one. As audit report is with unmodified opinion, if shareholders agree, sell we treat auditors report as read. As the report is cleaned without any qualifications, the report can be treated as a red. Thank you. Now I request the Chairman to deliver his speech. Thank you. Thank you, Aluk. Ladies and gentlemen, very good afternoon to all. I'm very happy to welcome you to the sixty sixth Annual General Meeting of the shareholders of State Bank of India being held at Mumbai today through video conferencing due to the unprecedented situations we are in. I feel honored to present your bank's performance, highlights, achievements and some of the significant initiatives taken during financial year 'twenty one. The report of the Board of Directors and the audited financial statements of your bank as well as the State Bank Group for the year ended thirty first March twenty twenty one are already with you. And with your permission, I take these as read. I would now like to share some of the board level changes which have taken place during the previous year 2021. During the year, Shirdi Sanjeev Malhotra, Shri Bhaskar Pramanik, Shri Vasanth Seth and Doctor. Poornima Gupta retired from the Board consequent upon completion of their respective terms. Doctor. Ganesh Natarajan, Shri Kitanes Vikamse, Shri Birragan M. Pranjpe were elected by the shareholders as directors on the Board under Section 19, Section C of the SBA Act 1955. And Sheribiragandha P. Venugopal was re elected as director by shareholders under Section 19, Subsection C of the SBA Act 1955. Shri Ashwini Bhatia, Shri J. S. Swaminathan and Shri Ashwini Kumar Tewari were appointed as the Managing Directors by the Government of India under Section 19, Subsection B of the SBA Act 1955. Shiri Rajdish Kumar retired from the office of Chairman on 06/2020 on completion of his tenure. Shiri Arijit Basu, Managing Director, superannuated on October 31. The directors placed on record their appreciation for the contributions made by Shri Rajneesh Kumar the outgoing Chairman, Shri Arijit Basu, Managing Director and the non executive directors namely Shri Sanjeev Malhotra, Shri Bhaskar Pramanik, Shri Basant Seth and Doctor. Poornima Gupta to the deliberations of the Board. The directors welcome the new Managing Directors namely Shri Ashwini Bhatia, Shri J. Swaminathan, Shri Ashwini Kumar Tiwari and the new non executive directors namely Doctor. Ganeshna Tarjan, Shriketan S. Bikamsay and ShriMirogan Prajpe on the board. The directors expressed their gratitude for the guidance and the cooperation received from the Government of India, RBI, SEBI, IRDA and other government and regulatory agencies. The directors also thank all the valued clients, shareholders, bank 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 employees of the bank. Global economy has actually contacted by 3.3% in the year 2020. With the COVID nineteen pandemic causing significant loss of lives and livelihood, GDP in India contacted by 7.3% in financial year '21. India experienced a second wave of infection with cases rising rapidly since March 21. However, the policy measures and the coordinated efforts of RBI and the government are directed towards enabling growth on a more durable basis during these difficult times. Notwithstanding the second wave of COVID-nineteen Indian economy, though its risk resiliency is poised for a recovery in financial year '20 '2. Banks performance. Despite the impact of COVID-nineteen, your bank's business growth has remained robust in financial year twenty one In financial year twenty one, your bank's total deposit grew by 13.56% to INR 36.81 lakh crore from the previous year's level of INR 32.42 lakh crore. This growth, which is higher than the deposit growth of the all scheduled commercial banks at 11.4%, pushed your bank's market share up by 45 basis points to 23.29%. More importantly, the Casa deposit grew at a faster pace of 16.73% compared to the growth of 12.23% in term deposits, pushing up the Casa ratio to 46.13%, an improvement of 97 basis point over financial year twenty twenty. In financial year twenty twenty one, the banking industry's advances grew at a fifty nine year low of 5.6%, while your bank's domestic advances grew by 5.67% to rupees 21.83 lakh crore compared to 3.75 percent growth in the financial year twenty twenty. The whole bank advances of your bank grew to the level of 25.39 lakh crore in financial year twenty twenty one from the previous year's level of 24.23 lakh crore. The domestic loan growth is led by retail personal loans. The retail personal loans segment grew by 16.47% to INR 8.7 lakh crore in financial year twenty twenty one, aided by robust digital channels. Within retail, home loan grew by 10.51% to INR 5.03 lakh crore, express credit grew by 36.49% to INR 1.93 lakh crore, and gold loan grew by 465% to rupees 20,987 crore These together constitute around 82.41 of the total personal loans, which is one of our focus area Our focus on retail lending helped us cross the milestone of INR 5 lakh crore in home loan and a market share of 34.53%. The growth in express credit has also been boosted by our UNO and INB platforms. However, credit to corporate segment remained subdued and contacted by 3.02% to INR 8.1 lakh crore in financial year 2021, which is in line with the industry trend. Agri and SME loans have increased by 3.92% to Rs. 2.1 lakh crore and 4.24% to Rs. 2.7 lakh crore, respectively. With decline in corporate loan book, the share of personal segment in the domestic loan book has increased to 39.89 from 36.19% last year. Your bank's investment portfolio increased to lakh crore in financial year twenty twenty one compared to rupees 10.58 lakh crore in financial year twenty twenty, mainly due to rise in SLR investments. Your bank part divested its stake in non core assets and invested nearly 600 crores in private equity or alternative investment funds Your bank has issued bonds to the tune of USD 600,000,000 in January 2021 with fixed coupon of sub 2%, one of the lowest borrowing rates by any Indian corporate The capital adequacy of the bank improved during the last financial year on the back of better capital planning, internal resource generation, and containment of risk in the banking book The capital adequacy position of the bank improved from 13.06% in March 2020 to 13.74% in March 2021. That year one capital has increased by 44 basis points to 11.44%. Despite financial year 2021 being an extremely challenging year, the pragmatic approach followed by the bank coupled with the support of the customers, your bank has reported highest ever net profit of INR 20,410 crore against net profit of INR 14,488 crore in the previous year. Return on assets improved by 10 basis points to 0.48 in financial year twenty twenty one, again 0.38% in financial year twenty twenty. And return on equity improved by two twenty basis point from 7.74% to 9.94%. The bank over the last two financial years was dealing with steep rise in stress assets. All round efforts in managing stress assets. Accounts initiated in financial year twenty nineteen continued in financial year twenty twenty one as well. Despite the outbreak of the pandemic and the consequent lockdown in financial year twenty twenty one that altered the dynamics of stress assets recovery, including disruption in the normal proceeding set and CLT, bank was able to achieve a reduction in the level of gross NPA by Rs. 22,703 crore by March 2021. The corporate segment saw the largest reduction in NPS at INR 18,530 crore. The gross NPA ratio of the bank declined to 4.98% from 6.15% in the last year. The PCR has also improved to 87.75% in financial year twenty one from 83.62% in financial year twenty twenty. Your bank is committed towards creating an environment of increased risk awareness at all levels. It also aims at constantly upgrading controls and security measures, including cybersecurity measures to ensure mitigation of various risks. Your bank has been tracking the credit portfolio very closely during the current pandemic. The bank performed customized stress testing of all portfolios, including corporate, retail personnel segment, SME and equity portfolios at periodical intervals during twenty twenty-twenty twenty one. The internal control mechanism of the bank has also been strengthened wherever required. Keeping pace with the rapid digitization in your bank, the internal audit department has initiated technological interventions for enhanced efficiency and effectiveness through system dependent analytics based audits. Being the banker to every Indian household, it was of paramount importance for your bank to take care of the safety of all our customers without compromising on service quality. During the pandemic, our wide network of 22,000 plus branches and 62,000 plus ATMs were kept functional to cater to our customers' need. As a safety measure, we carried out regular sanitization of our branch premises to contain the spread of the virus. With the launch of doorstep banking, the customer can avail 10 types of services like account statement, cash withdrawal facility, life certificate submission for pensioners, etcetera. Your bank has introduced the concept of floor managers in over 2,400 branches for superior customer service. In addition to this, we also embraced digital readiness to meet our customers virtually and organized over 800 e town hall meetings for our MSME clientele. All our employees rose to the challenge of keeping banking operations functional during this critical period and served our customer without interruption. Various new IT initiatives have also been rolled out by your bank. Your bank is using and enhancing its analytical capabilities through AIML for improving efficiency, acquiring new vendors and managing various risks. The following product variants are made available through UNO platform to ensure ease of banking for customers' convenience Pre approved personal loans Pre approved X West Credit Pre approved pension loan Insta Top Up X West Credit and Insta Top Up for pension loans. For our corporate customers, a versatile debt banking application, Uno Venus, was launched to provide a one stop shop for customers to access five applications with corporate internet banking, cash management product, supply chain financing, e trade, and eforex. Your bank is also working on providing a fully digital finance solution to our various customers on the Unobayness platform. A digital journey has also been introduced for forex rate booking and document upload facility to enhance customer convenience, which will help your bank increase income from forex business. The corporate social responsibility practices at SBI aim to integrate economic, environmental, and social objectives to implement national priorities for social development. In financial year 2020, '1 percent of the net profit, that is, INR 144.88 crore was earmarked as CSR fund of the bank for the financial year 2021. During financial year 2021, your bank spent a total of rupees 73.7 crore on various initiatives under CSR, including donation of 71.18 crore to SBA Foundation SP. Your bank also donated rupees 11 crores to PMCures Fund to support the COVID-nineteen vaccination drive and also committed rupees 30 crores towards various other COVID-nineteen relief programs. Owing to concerted efforts, your bank's ESG rating has improved to BB by September 20 and further improved to A by December 20. This is a rating assigned by MSEI, an international body. Your bank has integrated ESG principles in its lending process with clear criteria for go, no go decisions. Your bank has entered into an MOU with Luxembourg Stock Exchange to add impetus to ESG focused funds and bond markets. Your bank has undertaken extensive COVID relief measures such as distribution of ventilators, health equipment, food packets, arranging for community based testing, etc, both through our own branches and also through SBA Foundation. Your bank has committed adequate funding to support capacity building in medical infrastructure. Additionally, SBA Foundation has launched India Health Alliance, a collaborative healthcare program to support the government of India in its effort to combat current and future healthcare challenges in the country. Your bank's efforts in various areas of banking were acknowledged and we won various awards during the year. To name a few, your bank was recognized as the best transaction bank in India in 2020 by Asian Bankers Magazine Singapore for the fourth consecutive year. Your bank was also recognized as the best payment bank in India in 2020 by Asian Bankers Magazine Singapore for the second consecutive year. In recognition of its exemplary performance, Your bank was chosen as the syndicated loan house of the year India by the Asia Pacific Loan Market Association SBI has also been awarded the Best State Finance Provider India Twenty Twenty One for the ninth consecutive year by Global Finance Magazine Though through its subsidiaries, your bank extends a wide range of financial services to its customers, the growth exhibited by the subsidiaries has been healthy year after year On a standalone basis, SBA Capital Markets posted a profit after tax of 273.25 crore for financial year 2021 as against rupees 215.43 crore in financial year 2020. On a consolidated basis, SBA Group posted a PAT of INR 527.1 crore in financial year 2021 as against INR 334.49 crore in the previous fiscal. SBA Life Insurance Company Limited has continued to maintain the leadership position amongst private player in number of policies issued, which reflect mass coverage and strong market acceptance among life insurance across the country. SBA Cards and Payment Services Limited delivered lower PAT of INR $9.85 crores in financial year 2021 as compared to INR $12.45 crores in financial year 2020, mainly on account of the impact of COVID To cover itself against future credit risk, the company has made higher provisions and overall management overlay stands at INR297 crore in addition to the base provision of INR38crore as on March 2021. SBA Funds Management Private Limited, the asset management company of SBA Mutual Fund, is amongst the fastest growing AMCs and ranked first in the MF industry with a growth of over 35% against the industry average of 18.8% in financial year 2021. SBA General Insurance Company Limited has achieved gross return premium of rupees 8,312 crore in financial year 2021 as against rupees 6,840 crore in financial year 2020. The company registered growth of 22% and the market share has also gone up. SBI Global Factors Limited, a leading provider of factoring services for domestic and international trade, registered a turnover of INR 4,352 crores for financial year 2021 as compared to the turnover of INR 4,394 crores in financial year 2020. SBA Pension Fund Private Limited maintained lead position in terms of assets under management among the PFMs in both government and private sector. The total AGM of the company as on thirty one March twenty twenty one was INR 222,615 crores as against INR 160,491 as on thirty first March twenty twenty, translating into a YOY growth of 39% Financial year twenty one was an exceptionally challenging year for the entire world Despite this, your bank was able to function against all odds with minimal disruption for the customers. The business continuity plan that was chalked out have worked well for the bank and this is reflected in various parameters of the bank's performance in financial year twenty one. Notably, bank has achieved high level of digitization with share of alternate channels in total transaction increasing to 93% in financial year '20 '1, thereby converting a challenging situation into an opportunity. The current financial year has begun with unexpected second wave of COVID-nineteen infections. Although the containment strategy this time, including avoiding complete lockdown and managing the situation through micro containment zones, the impact on the economy will nevertheless be felt. In the current financial year, bank will continue to accelerate its digital agenda. The scope and reach of UNO will be expanded further. With the rollout of prepackaged insolvency for resolution, redemption of quotes, and formation of National Asset Reconstruction Company, efforts will be in full force to keep the momentum in stress assets recovery in the current financial year. The bank is comfortably placed in terms of growth capital. Opportunities for lending in promising sectors will be explored to diversify the portfolio and contain the risk. In conclusion, the bank adjusted to the challenges posed by the COVID-nineteen pandemic and is better positioned to tackle any subsequent wave. I am cautiously optimistic that the performance trajectory for financial year '21 will continue in financial year '22 as well. Let me end with this quote by Epicurus. It is our attitude towards event, not even themselves, which we can control. Thank you very much for listening to me so patiently. Thank you. Now I request our Deputy MD Finance to briefly explain the e voting procedure. The Chairman, ladies and gentlemen, I shall now explain in brief the e voting procedure. As you are aware, any shareholder with 50 shares and above registered in his or her own right, either as sole holder or as first deemed holder when jointly held, in the register of shareholders of the bank for a minimum period three months prior to the date of the annual general meeting, that is twenty fourth March two thousand twenty one, and who continues to be a shareholder with minimum 50 shares in the register of the bank's shareholders as on the date of meeting is eligible to vote on the resolution and will have one vote for each block of 50 shares held by him or her. All shareholders entitled to vote as detailed above can cast their vote through remote e voting. Only those shareholders who are present in the annual general meeting through VC or other audiovisual means and who have not cast their vote on the resolution through remote e voting are eligible to vote through e voting system provided by NSDL during the annual general meeting. NSDL e voting platform bears resolution for adoption of audited annual accounts for the FY2020-twenty one. You can cast your vote by selecting appropriate options, that is assent or dissent, verify, modify the number of sales for which you wish to cast your vote and click on submit. And also confirm when prompted on the SDL platform https:www.evoting.nsdl.com. The evoting will be conducted under the supervision of Chief Financial Officer, the polling supervisor and the Chief General Manager of Compliance, the accounting supervisor during the annual general meeting and will come to an end at five p. M. The scrutinizers, C. S. Rajkumar R. Tiwari and Messers Mehta and Mehta appointed by the Central Board after conclusion of the e voting at the annual general meeting will unblock remote e voting and submit a consolidated scrutinized report within two working days of conclusion of the Annual General Meeting to the Chairman or a person authorized by Hammond Reiting who shall countersign the same. Thank you. Agenda six is the announcement of the voting. And of course, the shareholders who have not joined AGM through VC or OAVM and have not cast their vote on the resolution through remote e voting may cast a vote now. The balance sheet and the profit and loss account, the report of the Centre Board on the working and activities of the bank for the period covered by the accounts and the auditors' reports on the balance sheet and accounts have been circulated to the shareholders. Our shareholders are entitled to discuss and adopt the balance sheet and the profit and loss account of the bank made up to the March 2021. The report of the central board on the working and activities of the bank for the period covered by the accounts and auditors report. I now request shareholders present here and through VC who may wish to raise questions on the balance sheet and the profit and loss account, the report of the Centre Board of Directors and the auditors report to raise their questions, I would like to state that the question should be brief and confined only to the scope indicated by me. Those shareholders who have registered themselves as a speaker till twenty second June twenty twenty one by 5PM will only be allowed to express their views, ask questions. The questions will be restricted to agenda of the meeting that is adoption of annual accounts of the bank May I now request gentlemen, the shares and wants to announce the names of the speakers' shareholders? Thank you, sir. We first will take all the questions from the speakers' shareholders. Of course, Chairman will give replies to all the questions. The first question is from Ms. Ashaleta Maheshwari. Hello? Thank you, Bharat Shah. The next question is from Mr. Bharat Shah. Sir, your line has now been unmuted. Please start your voice. Hello. Hello. Thank you, sir. The next question is from Mr. Santosh Kumar. I would request the shareholders to keep their questions brief so that we can complete the question queue. Mr. Santosh Kumar, your line has now been unmuted. You can also put on your video and so that we can see. One minute. One minute, sir. The next question is from Ms. Lekha Shah. Hello? Madam, your line has been unmuted. Please turn on your video and ask your question. Hello? Can you hear me, sir? Yes. I can hear you. Please go ahead. Thank you, sir. Respected chairman, sir, board of directors, and my fellow members. Good afternoon to all of you, my son, Deakasha, Mumbai, and Delhi. First of all, I'm very much anxious to our company secretary and his team, special Sandeep sir, for ascending very good investment services and also sending me the annual report by email when we came in such a difficult situation. So I am very grateful to our company secretary's team. Chairman, sir, thank congratulations for winning pledges about this year. Thank you, chairman sir, for explaining us well about the bank. Chairman sir, I'm happy to see all the good deeds that you have done during this difficult time. Tell me sir, I pray to God that he would shower his blessing upon you. Sir, I would like ask few questions. My first question is, is, what are the benefits achieved after marketing with subsidiary in SEI? My second question is, what are the amount and name of the year for which NPA provisions have been made. My third question is, how are we engaging our employees? So, I would like to say, I strongly propose all the resolutions for today's meeting and my best wishes always to bear bank at its prosperity. Thank you, sir. Madam, could you repeat your questions? You were not very audible. Yes, sir. Yes, sir. My first question is, what are the benefits achieved after merging its subsidiaries in SPI? My second question is, what are the amount and the name of the PSUS for which NPA provision has been made? My third question is, how we are engaging our employees? Thank you, madam. Thank you. Thank you very much. The next question is from Mr. Youssef Yunus Rangwala. Sir, you have now been unmuted. Please start your video and and ask your question. Hello. Good morning, sir. Good evening, sir. Can you hear my voice? Yes, we can hear you. Thank you. Yes, Mr. Youssef. I am very happy to hear your Chairman history, sir. Thank you, sir. The next question is from Ms. Smita Bharat Shah. Madam, you have now been unmuted. Please start your video and ask your question. Thank you. Hello? Yes. Hello? Yes, Madam. Yes, Madam. You're audible. Yes, ma'am. Go ahead, please. Yes, ma'am. Go ahead, please. Okay. Thank you, sir. Thank you, ma'am. The next question is from Mr. Gautam Tiwari. Sir, please start your video. Your line has now been unmuted. You can ask your question. Sir, Sir, Sir, business I have been traveling throughout the world because of COVID. Otherwise, And we really, right from the depth of my heart, wholeheartedly, I really compliment you. I really wish that you have done the best of the thing from all the shareholders and stakeholders and from our side also directly. Sir, Also, we are very happy. I am very sure, sir, for CSR activities, more than 100 crores. I'm very sure employees or Board of Management And I'm very sure in the days to come, Thank you very much. Thank you, Watanjit. Thank you. Thank you. We would request the shareholders to be brief in their questions so that we can address all the questions. The next question is from the line of Mr. Siddharth Guha. Sir, you have now been unmuted. Please start your review and ask your question. Thank you. Good afternoon. I am a small shareholder from Calcutta, and I personally thank the Chairman, the MDs and the SBI management including the shares and bonds department for giving me an opportunity to be able to interact with you all in on over online. I also thank the management for giving us a substantial dividend after a long period, I mean, at least after three years. Now I have small some small questions to be asked to you. So I would like this I'm just giving it this thing. What is the SBI's outlook on NBFC in view of the current situation? What is the amount of outstanding GDRs as on thirty one March twenty twenty one? What is the GRI holding in total GDRs issued as on thirty one March twenty twenty one? What are the new initiatives planned by bank for more extensive use of the social media in twenty twenty one-twenty twenty two? And how does the bank intend to promote these for extending the coverage? How has the TBU improved the relationship of bank into its targeted clientele, that is, the government departments, the corporates and the financial institutions? Sir, technological frauds are on the rise. What steps are being taken to safeguard the interest of the depositors? Sir, another question is that, this is because I was dealing with steel some times ago. So what is the view of the bank on steel sector in view of the improving steel market and which is poised to improve further? Is the bank foreseeing any change in outlook on steel sector from negative list? So these are the questions which I wanted to ask. I personally thank you, everybody, for allowing me to interact with you. Thank you. Thank you. Thank you very much. Thank you, sir. The next question is from the line of Mr. Rajeev Jha. Sir, you have now been unmuted. Please start your video and ask your question. Good afternoon to all the panelists, our Chairman and other Executive Committee Directors. There are some I have been a account holder of the bank since I was a student fifty years ago. So I have been a account holder as also one capital shareholder, small shareholder although. There are some questions of the bank's performance, there is no doubt about it. It has been a tremendous performance in the current conditions. And as my previous panelists have already said, shareholders have already said, yes, dividend is a welcome relief after the many, many years. So but again, just for a comparison, it is not a demand. But just for comparison, I'm also a shareholder of a competitive bank as VFC Bank. Only 1 rupee share, I've got a dividend of INR 6.5. So just for comparison sake. So we would like to, if possible, make plans for either a bonus issue or at least a rights issue at a discount so that shareholders can be compensated to some extent. Second is about I would like to talk about the customer service. Again, as a senior citizen, I do go to the branches on and off. In a medium sized branch, I'm not talking of very large branches, even in a medium sized branch, you tend to get lost. There is no meet and greet desk where somebody can guide you. And even if there is a desk, unfortunately, it is not mine that many times. I would like that customer service should be given a priority at the branch level or at the Zonal office level, local head office level. We could probably think of having customer consultative committees at LACO level, zonal office level, regional level, so that they could visit the branches, see what kind of service is being offered and where are we lacking. In addition to this, I mean, again, this could be more of a technical issue. Probably IT would be more concerned with it. But when I go to recently it happened. I went to withdraw cash and unfortunately I did not carry my phone with me. So immediately when I went to withdraw cash, it asked me for an OTP number. The OTP number always I mean, it creates a problem for, all of us. And maybe I was not used to it. Even for a sign in on the online platform, it is asking for an OTP number. So that means I need to have my mobile next to me. So this is something which is a practical difficulty. Probably, this could be thought of how to make it more convenient. I am one of the clients for wealth management. Now wealth management, when I go to the branch, I am lost. There is nobody recognizing or I don't know whether it is flagged as a account as a wealth management client or not. I'm not too sure. But when I enter the branch, there is nobody who recognizes me, who has to give me offer. Now every time I cannot call the relationship manager, and relationship manager is asserting a dilator, which may or may not be able to give us. My suggestion is that if we could have wealth management desktop some important branches, not just one branch, some important so that they are fine. And even if I go to buy not my home branch, but some other branch, but there is a counter or somebody who will attend to it. Again, on the ATM front, in the last COVID, we used to have mobile ATM services available. But this time, there was no mobile ATM service available. I don't know whether the bank, as a matter of policy, has decided this decided or not to offer it because we were hoping that senior citizens do not need to go out we can withdraw cash whenever the mobile service is here, but it has not been so. So this is something which probably the bank can look at it. And the last but least, I was hoping, I see many youngsters who are in startup mode right now. They need financial assistance. We could launch a I don't know whether a fund could be launched specifically for startups, say financial startup for 5 lakhs, 10 lakhs, just as a startup, only for startups. This would be something which the bank would be able to retrieve later when these companies or when these startups grow into a full fledged company, the company bank would build a goodwill and it will be helpful in the future. That's all from my side. Thank you so much, everyone, and have a good evening. Thank you very much, Mr. Rajeev Chowdh. Thank you. The next question is from Mr. Harihal Prasad Tena. Sir, you have now been unmuted. Please start your video and ask your question. Good evening, sir. Respected Chairman, sir, and gentlemen, shareholders, I am delighted to have an opportunity to interact with you in this auspicious occasion of sixty six ABM of SBI. Since the inception of the banking in India, SBI and its ancestral banking organizations like Bank of Bengal, thereafter Imperial Bank, and lastly, SBI had performed vital role in Indian economic growth Apart from this, government trusted to upgrade the weaker society through mass banking, especially agriculture sector, and SBI became pioneer. Kudos to you as well as the bank management to achieve new heights of all spheres of the Indian economy. The lessons feel that without SBI, the EBIT growth is not possible at all and the bank succeeded to satisfy every type of customers. I congratulate SBI for outstanding performance in the year of 2021 during the pandemic adverse situation. Today, today is the AGM and time of discussion for discussion on financial data, growth and future plans. I have gone through annual report and happy to note that after a gap of three years, SBI distributed dividend at a rate of four per share which is commendable and appreciable. As regard annual report, kindly refer to 01/1976 to 01/1979. I encountered with the amount figures mentioned therein. As per report under defined benefit plan under subhead implies pension plan and gratitude plan as per accrual valuation. The report reveals that current annual closing defined benefit obligation rose to 106,400 crores from 197,400 crores from previous year having net increase of about 9,000. I just want to know that the amount is meant for bank retirees and whether the bank has any plan to distribute the amount to pensioners of banks providing enhancement of their pension. Moreover, due to excellent deployment of funds here in a bond and securities, bank has surplus all the time after paying pensions to retired employees. As the second thing, I request Mr. Chairman to initiate an consultation with finance ministry to declare banking obliged as corona warrior. This has not been declared so far as I as information I have. The second is, I can appreciate the State Bank of India that during the pandemic area and in future, the bank is having no credit at all with other banks. That is commendable and very good performance, we hope, in future also. I again thank to bank to give me a chance to speak few words and for which I am delighted and grateful to the bank. Thanks. Thank you, Mr. Sundar. The next question is from the line of Mr. Pradeep Kumar Roy. Sir, you have now been unmuted. Please start your video and ask your question. Okay. Mr. Pradeep Kumar Roy, your line is unmuted. You can speak now. Hello? Yes. We can hear you. Okay. Okay. You're good. Yes, sir. Please go ahead. Hello? Yes, Mr. Rai. Please go ahead, please. Hello? Yes, we can hear you, Mr. Rai. Hello? Am I audible? Yes, sir. You are audible. Respect to Chairman, sir, State Bank of India and other dignitaries, good afternoon. I am Pradeep Kumar Roy from Kolkata. At the outset, I express my gratitude to State Bank of India management for providing me an opportunity to attend the sixty sixth Annual General Meeting of SBI through Apex. I am delighted to attend the AGM of SBI, a bank which has set an exemplary standard of banking internationally. Chairman said, as a citizen of India, I feel proud to see the fabulous growth SBI achieved under your able leadership. It is a matter of pride to see SBI achieve the never before profit under your able leadership, Chairman said. Chairman said, I take this opportunity to congratulate each member of staff of State Bank of India, who have despite the deadly pandemic COVID kept the banking system rolling. Chairman says, I have seen how the employees of bank are attending office despite non availability of conveyance and other obstacles due to lockdown, This is possible for the inspiring and human gesture of Chairman like you. Chairman, sir, I am sure in future SBI will attend further heights under your prudent and caring leadership. Sir, I am sure the way you are trying to serve this great country through its largest bank will keep a mark in the history of banking internationally. Sir, kindly allow me to put few questions. My first question is, what are the strategies planned to improve other income from treasury operations? My second question, what is the current liquidity position of the bank? And my third question is, what is the position regarding MTM provider on investment book? And my last and fourth question is, what is the yield on ten years GSEK as on quarter four twenty twenty one, sir? Thank you, sir. Thank you very much. Thank you. Thank you very much. The next question is from Mr. Jan Kishore Kapoor. Sir, you have now been unmuted. Mr. Chan Kishore Kapoor? Mr. Jankishore Kapoor, since the shareholder is not audible, we'll come back to you later and move on to the next Mr. Amitabha Ghosh, you have now been unmuted. Sir, you're on mute. Can you please unmute? You're on mute from our side. Can you please start now? We can see you, but we can't hear you. We are unable to hear you. We can see you, though. Please start again, sir. No. So we are unable to hear you. So we'll take your question later on. The next question is from Mr. Rajinder Agarwal. Sir, you have now been unmuted, Mr. Rajinder Agarwal. You can start your video and The next question is from Mr. Alois Mascarenis. Sir, you have now been unmuted. Please start your video and ask your question. Thank you, Hello. Hello? Hello? Madam, please ask you a question. Hello. Hello. Madam? Hello. Madam, there's Hello? Can I can you hear me? Yeah. Can you hear me, sir? Yes. Just one sec. Just one sec, sir. We are just trying to clear the lines. Yeah, yeah, sir. Please go ahead. Parameters required for a good corporate governance. Our results are very good as shown in facts and figures and a good dividend of rupees 4, which is really commendable, seeing to the economic scenario and the pandemic which has destroyed our economy and the world economy. In spite of that, you have declared a good dividend. Our liquidity and equity has gone up. We have gone well in all parameters. Our bank is doing well. Our NPAs have gone down which is really robbed India of crores of rupees. We have recovered them, Chokshi, Neuromodhi and Vijay Mallya. We have received INR 9,000 crores, which is credited to various banks, PSUs. How much of that amount our SBI has received? I would like to know, sir. And furthermore, we have done a good market cap, which is very good and the insurance as we have demand housing has one part but there is a deposit insurance of 5 lakh of rupees. Investors, depositors will get fixed depositors lakhs up to 5 lakhs of rupees, but shareholders zero. Similarly, most of the investors who are shareholders, there is no insurance for them. Deposit insurance cover is for depositors. Investors now are in the equity. Equity shareholders, now youngsters, people are making that career in investment in shares. Now if shares goes foot like Divan Housing and PNB Bank and all others, you don't get anything. So my request to you, sir, is why don't we have an insurance for shareholders like deposit insurance for depositors? Shareholders lose money. Its most risky job is the shares. Very risky. High profit, high returns or no returns. So So my request to you to put to the government a proposal for some insurance, 1 lakh or 2 lakhs insurance. You can recover from the shares when your IPO is there. If you can put some premium. Okay, sir? This is my humble request. And many more questions have been asked by my predecessor, shareholders. I would not like to repeat it, but I wish our company, you personally, all the Board of Directors and all the employees all the very best in the days and years to come. One small is there about the COVID, how far it has affected our bank's profitability and our employees, how many of our employees suffered because of COVID, was there any casualty recoveries and what compensation was paid to our employees who were suffered by COVID. With this, sir, I end my speech wishing you again all the employees all the very best in the days and years to come. With this, sir, thank you very much for patient hearing. Thank you very much. Thank you. The next question is from Mr. Vivek Velankar. Sir, you have now been unmuted. Please start your video and ask your question. Okay. This is regarding write ups. See, I have asked question in writing to SBI two weeks ago that please provide me names of the return of accounts in last ten years of big defaulters hundred thousand amount. This information was provided to me last year in AGN. But this year, this information was rejected. Horrible thing is, I have said in your annual reports, SPI in last four years alone have written off to a tune of 213,648 crores under write off. Out of that, recovery is only 37,188 crores. That means only seventeenth percent is recovery. Now, write off is done at the cost of profit and if you do not recover much and do not add to the other income, profit will never go up. We are here to earn dividends and not to do any suture service. Secondly, last year, your information, 100 were returned off. Out of that, bank would recover only $8.09 $6.09 crores, only 7%. This is a fraud, Mr. Chairman, and this is eating away our dividend money, our profit is reduced. So my again request to you is, before I approach Sebi and other incoming Supreme Court, please provide a list of all big defaulters as requested by me as you have provided last year Thank you. Thank you, sir. The next question is from Mr. Hiranand Kotwani. Sir, you have now been unmuted. Please start with you. Yes, sir. Hello? Okay. Namaste to all. Genesee, it is a good meeting. I can acknowledge Starting from the people, eight seven to 8% who just praise you and you are, yes, born and share department. That is not good. You invite criticism just like Velankara and other other people. If you invite that, sir, just coming to the point, our bank is doing well, done well. I hope they will do well. But what is the situation where we improve? The Excelsior will come in the branch level. There's a problem at branch level. If your branches are good, they are let us work at branch level. How do you think to the world culture, environment, facilities? Your branch should be good. Facilities. Because when customer go, he think that I am in my good branch. The next question is from Mr. Praful Chhabra. Sir, you have now been unmuted. Please start your video and ask your question. Hello? Sir, sir? Yes. Hello? Yes. We can hear you. Sir, sir, Sir, First April Due to time constraints, that was the final question. We request shareholders still in the question queue to please e mail their questions to investor dot complaintssvi dot co. In for us to respond to the same. We will now request Chairman, sir, to answer the questions raised by the shareholders. Yes, sure. Thank you very much, first of all, for the pains taken by the shareholders in asking these kind of questions. I would now take up one by one the answers for the questions which have been raised. The first one, of course, I think many of the shoulders have showed their concerns relating to the employees who have got affected by COVID and what steps are being taken for such affected employees and also in the event of unfortunate event of the death, what is being done for their deceased families. Actually, we have taken a number of proactive mitigating measures, initiatives for the SNAP benefit, such as reimbursement of expenses incurred on COVID test, treatment and also the treatment, special support to all the employees who are found COVID positive, and also we have sanctioned special leave to employees during the quarantine period to contain and reduce the spread of the virus among the staff members. In the initial phase, your bank also provided monetary compensation to employees who were in the forefront of the operations. These measures ensured that the employees remain motivated and equipped to handle the crisis very well. Unfortunately, some of our members who lost their lives while ensuring uninterrupted service to their customers. So there, the support of the family members of such deceased employees includes cash compensation and also the compassionate employment also are some of the steps which have been taken. Apart from that, the education for the dependent employees, dependents of such employees have also been taken care of. The other step, other question was relating to the NPS in the power and power telecom and port and road sector and what steps are being taken. For reduction in NPN power telecom and road sector, we have undertaken many steps including restructuring, change in management, compromise settlement, initiating NCRT processes and also ARCC, in fact, we evaluate all options and whatever is found to be the best that is being implemented. Another question was relating to management's view on the loss making and non performing branches. We have actually made an appropriate action plan for each of the loss making branch and we have got a definite timeline to turn them around in the near future. It also includes strategies like focusing on high yielding advances, improving fee based income, also having a sharper focus on the government business, customer value enhancement products. Apart from that, the reduction in overhead is something which is very consciously attempted. We are strictly monitoring the implementation of these action plans. And in extreme cases, we also resort to turning out, if at all, the branch cannot be turned into profit, we think in terms of providing CSP and the correspondent channel, which can actually serve the customers and we can reduce our loss making branches. As of now in the bank, we have got four sixteen loss making branches. The next question was relating to the gender distribution and also gender wise, age wise distribution of the staff. As of now, we are as on thirty first March, we have 245,652 employees in all More than fifty six years, we have got about 39,000 employees Incidentally, twenty five years and below we have about nine thousand, twenty six to thirty years we have got thirty four thousand, thirty one to thirty five years forty nine thousand, thirty six to forty thirty eight thousand, 40 one to 40 five years 20 one thousand, 40 six to fifty, twenty three thousand and fifty one to 55, 30 one thousand. So that's a breakup. One question was relating to write off, which has been done in the current year. We have done a write off of 34,000 taut crores in the current year. Rural branches we have opened in the financial year '21, there are 52 in number and urban branches we have opened at eight. Regarding the question relating to about 9,000 crore increase in the provision for the pensioners, one question was whether the bank has planned to distribute the entire amount. Pension is actually going by the pension fund rules. The increase in pension fund corpuses to take care of the future payment obligations, which is assessed by the actuary and based on the actuary's assessment, whatever additional poison was required to be made. So this actually amount to the same. There was a question relating to the yield on ten year GSEG for the fourth quarter ending March 31. '10 year GSEG stands at 6.18%. Another question was relating to the packages plan to increase other income from the treasury operations. We have already started investing the points into the short term state development loans where the relative yield is better than the GSEG. And we are also focusing on churning in our AFS book to get the advantage of the repricing. The specific question which was there for Mr. Velankar, of course, we will certainly have it looked into the kind of details which have been asked, how can we make it available and what all we can make it available. Be rest assured, Mr. Velankar, your concern is our concerns also. And we will ensure that I mean, there is no such intention on the part of anybody. Whatever is doable in terms of the boundary conditions laid out by the law, we'll certainly ensure that we provide all that information. Mr. Qothani also indicated that he asked questions relating to government and PAs, etcetera. And he also indicated that we need to improve the branch amenities. And also there are certain problems at the branch level. That continues to be the part of the sharper focus. But considering the fact that the network being so large, all the people in the hierarchy have been sensitized appropriate to ensure that the branches should be fully equipped to take care of their customers' amenities. But nevertheless, if at all there are any shortfall, we will certainly take care of that. About Mr. Praful Chandra's issue relating to his shares not getting transferred, we'll certainly have it looked into and see that how best we can help you out. It is our endeavor also to have as many share converted into de mat form as possible. And we'll be more than happy to help you out in that direction. And we will certainly see that what all can be done, it should be done. Let me also see if at all some of the other questions which have remained unanswered. The other question was relating to bonus. We will have to see that how things really pan out in the subsequent years and based on that we'll be taking appropriate steps. But nevertheless, let me share with you, we are very much thankful to the shareholders because they have supported us during last three, four years when we could not declare the dividend and that is one of the reasons when we could find that there is algorithm available. We ensured that we must give them dividend to the best possible situation. So Rajeev Jha also indicated about the customer service and his special focus was relating to the wealth management. How can the wealth management customers be offered the services which they deserve. We will certainly have it looked into. I really thank Mr. Jha for his suggestions. Mr. Siddharth Guha had a question relating to the outlook on NBFCs and rest of his questions have already been answered, but outlook on NBFCs of course, because NBFCs are very deeply associated with the ground level functioning of the economy. And as you are all aware that last one year from 2021, we have seen the COVID situation and of course it disrupts the cash flow, but I think all kind of pragmatic steps and I would say that all support has been extended in the year 2021 by the government in terms of providing them TRO kind of facility. And so I think though there seems to be having some challenges in collections, but nevertheless, I think the management of NBFCs are very much seized with the situation and they are trying to find whatever best way to resolve this kind of a situation. And the other question, one gentleman had asked this question relating to the liquidity. Our liquidity position is very, very comfortable. I would like to mention that in the last year also during the pandemic period, deposits have grown almost by about 14% and whereas our advances growth was just about around 6%. So that is something which is available that gets deployed into the short term papers and also the treasury instruments. So all those instruments are available for deployment for the credit. And when it comes to the liquidity coverage ratio, we have a comfortable liquidity coverage ratio. Another question was raised relating to the capital raising plans. We have, as of now, our capital adequacy stands at about 13.74, which actually is a fairly comfortable capital position. And we also feel that it will take care of the expected growth capital requirement of the bank, because we are generally expecting about 9% kind of a credit growth and we are well equipped to take care of this kind of a credit growth. The issue relating we have recently obtained an approval from our board for raising 81, and also that 81 is essentially meant for replacing our existing 81 book. Some of the directors have indicated their desire to be invited to the analyst meet. Actually, it's an exclusive club, but nevertheless, we'll explore if at all possible. We'll try and see that what all can be done. Another shareholder had asked about the senior citizens. What is being done for the senior citizens? We have got a weaker deposit, which actually offers much better interest rate. That is one. And secondly, we have started offering service at the doorstep. That is other initiative which has been taken to take care of the city citizens in these difficult times. CSR activity, of course, I have shared in my opening remarks also, but it will continue to be the focus going forward. And we are very much connected to the ground and we ascertain the situation and accordingly provide the CSR facility. One of the shareholder has indicated that the mobile ATM services were not offered. We will try and see that generally we have mobile ATM services at various location. We'll look into why we could not offer the mobile ATM in the current year. One question was relating to startup funding. Startup funding normally is through the equity route and generally the private equity is a vehicle. And we do support the private equities from the treasury book of the bank, which actually encourages them to support the startup on the ground. We keep on constantly engaging the startups to provide the requisite support also. One question was relating to the recoveries made from the chronic accounts. We are happy to share that the recovery efforts are intensified and we are quite hopeful that we should be in a position to make decent recoveries. One question was relating to the cost control also. Cost control is very much part of the sharper focus. I would like to mention that in the current year we have seen some kind of a spike in the cost and that is essentially attributed to the fact that this year we had the wage settlement, which actually takes place after five years and that is one of the reasons why we have seen the spike. But nevertheless, when it comes to our overheads, they are much within control. And so that's all it is. And when it comes to the retire benefits, that also undergoes a change if at all. There is a the yield is something which comes down. That is something which leads to much higher provisioning and that is one of the reasons why the cost seems to be little on the higher side. One question was raised relating to our presence on the social media. The social media presence, I'm happy to share with the shareholders the position relating to the social media. As far as the Facebook is concerned, we have about 1.8 crore followers and we are the most followed bank globally. When it comes to the Twitter, we have got about 42 lakh followers and we are the most followed bank globally. We are actually followed widely when it comes to video views. Also, We have got about four forty eight where we keep on uploading various YouTube features and that is also viewed very extensively. We have about 199,000,000 content viewers who are there. And so that way I think in the Facebook we have got a decent presence and we will ensure that, I mean, wherever required, we'll certainly try and see that we keep on improving it. Some of the measures which were taken relating to the special support scheme which were introduced was essentially relating to the payment of cash compensation for the employers who unfortunately lost their life during COVID period. This was a cash compensation of 20 lakh rupees, which we paid. And also We have actually revamped the compassionate appointment scheme, which I shared with you that, it actually covers the debt due to COVID-nineteen and revised scheme for payment of ex cashier amount in your compassionate appointment has also been introduced. And so these are some of the initiatives which have been taken in the previous year when it comes to the relief which we have extended to unfortunate employees who died because of COVID. Apart from that, we have got the vaccination for all our employees done And out of about 220,000 employees, almost about 150,000 employees and their family members and their ecosystem have also been covered in the vaccination drive at the bank. So of course, these are very challenging times. I think all measures can fall short, but nevertheless, we are making all out efforts to see that whatever can be done, we must do it for our employees, for all the people in the society also through our CSRs initiative. So thank you very much for giving me a chance to answer all your questions. Scrutinizers report is there. Our scrutinizers have submitted the report on e voting And if majority votes are in favor of the resolution, it will be declared to the stock exchange that the balance sheet and the profit and loss account, the report of the central board and the auditor's report have been adopted by the shareholders at the Annual General Meeting. The copy of the scrutinizes report will also be made available on the banks and the SDS and SDS official website for the shareholders' information. As indicated, we have tried to answer all the questions of the shareholders, but if at all some of the questions have remained unanswered, the shareholders are requested to kindly send their questions on the email ID, which was just shared by Mr. Mr. Singh. And now I thank all the shareholders for attending the annual general meeting through VC and actively participating with enthusiasm in the proceedings of the meeting. Thank you, sir. The vote of thanks will now be proposed by Mr. Mukul Mitra. Sir, you have been unmuted. Mr. Mulkul Mitra, can you hear us? Yes. I can hear you. Sir, you can please go ahead. Yes. Good evening. Respected chairman, directors and shareholders, I am doctor Mukul Mitra. I thank all the shareholders for coming and taking part in the proceedings of the sixty sixth Annual General Meeting of the Bank. I congratulate the Chairman on wonderful performance of the bank. I also congratulate the Share and Bonds department on convening a successful AGM. Once again, thanks to all. Thank you. Thank you very much. As we have come to the close of the agenda, I