Focus on bad loans; teaser rates to continue: New SBI chief
09 Apr 2011
New State Bank of India chairman Pratip Chaudhuri on Friday vowed to continue on the growth path laid down by his predecessor, O P Bhatt, for the country's largest lender. Bringing down bad loans would be a priority, he added.
Talking to the media after chairing the first board meet of the bank under his stewardship, he also said the controversial floating or 'teaser' home loans would continue – but after working out certain modifications with the Reserve Bank of India.
This was a major issue during Bhatt's tenure, with the former chairman defending the scheme strongly in the face of RBI disapproval and the disapprobation of other bankers.
''We will consolidate the gains made during the tenure of Mr Bhatt. Now that we have been catapulted to the leadership position, we would like to consolidate the operations. Deposit taking would remain important.
Technology would be a high priority and international operations will continue expansion. We would also bring down non-performing assets (NPAs) to appropriate levels,'' Chaudhuri said.
SBI's aim will be to position itself as a retail banking leader. "We need to take corrective measures to boost topline growth," he said. Bhatt had taken SBI to new heights through his moves on retail business, especially home loans.
