CS Setty, chairman of India's largest lender - State Bank of India - has ambitious plans to defend the bank's leadership and stay relevant at the same time. In an exclusive conversation with Moneycontrol, chairman Setty said the mission to 'change the bank' is 'close to his heart', and a fulfilling challenge. “Every day is the best moment in SBI, there’s no dull moment at all. It is both a challenging and fulfilling assignment,” said Challa Srinivasalu Setty, or CS Setty, recalling his six-month plus tenure at the corner office as the 27th chairman of State Bank of India.
SBI accounts for a fifth of India’s loans and advances, and one-fourth of the total deposits with the banking system. Chairman Setty is very clear that at no cost, SBI will ever sacrifice its market share.
“Whatever SBI does, we have to be number one in it. We will ensure, not only defending our market share, but we will make an effort to improve the market share,” he said, adding that there will be no change this attitude of the bank. Setty was quick to add that market share is as important as positioning in the market. “Improvement in the overall banking and financial services system is what SBI has always done, whether in the AMC business or life (insurance) business. We brought value to the ecosystem. That is more important to remember”.
This might explain why Setty has latched on to the idea of bringing change at India’s largest bank, as the financial landscape evolves. Setty said internally, ‘change the bank’ is often used among employees and senior leadership. Setty says he isn’t so much worried about running the bank, given the vast talent pool and a system and people-driven work culture. SBI’s ability to manage the largest network of bank branches and ATMs network in India, often on an auto-pilot mode give him comfort, he said.
“What I have been focusing, and (will) continue to focus, which even my predecessors have focused, is change the bank. How do we keep this bank relevant for the changing times, whether it is in terms of re-skilling of the employees and increasing the engagement of the employees, continued improvement in the customer service, or digitalization,” he said, stating that the change factor is something he is closely working on. “The ‘change the bank’ part is very close to my heart. Collectively along with my team, I am working to ensure that the bank stays relevant to the changing times”.
When ask if he would want to be remembered as the change agent at SBI, CS Setty was quick to reply. “I don't think any Chairman actually tries to work towards anybody remembering us, because we are lifers in this organization,” he said, with a huge smile. “What we are trying to do is improve the organizational commitment to the society at large and customers in particular, more importantly, to ensure operational resilience of this bank”.
Setty is clear that stability is the guiding factor for the bank, which is also among India’s systemically important lenders with a 24 per cent market share and trusted by 52 crore customers.
“We have to ensure that the resilience is maintained, and that is what we are focusing on”, said the chairman.
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