Responsive

Responsible
Resilient
Transforming Banking Landscape with
Innovation, Inclusion and Sustainability

STATE BANK OF INDIA | ANNUAL REPORT 2022-23

ANNUAL REPORT 2023-24
 CONTENTS Responsive.
Company Overview Responsible. Resilient.
SBI at a Glance 2
TRANSFORMING BANKING
Products and Services 4
Financial Legacy 6
LANDSCAPE WITH INNOVATION,
Ratings 7 INCLUSION AND SUSTAINABILITY
Awards and Recognitions 8
Presence 10
We are Responsive
Chairman’s Message 12
We prioritise customer-centricity as a fundamental aspect of our operations.
Our proactive and flexible approach allows us to swiftly adapt to the changing
Responsible Approach financial demands of our customers. Leveraging cutting-edge technology
Environment/Customers 20 and innovative solutions, we strive to deliver seamless and efficient banking
People 22 experiences, constantly staying attuned to market developments. Our goal is
to exceed expectations and cultivate long-term relationships with our valued
Community 24
clients by providing responsive customer service, ensuring multi-channel
accessibility, and offering customised solutions tailored to individual needs.
Governance
Central Board of Directors 26
We are Responsible
Operating with integrity and transparency is ingrained in our corporate
Committees of the Board 28
ethos. We adhere to the highest standards of corporate governance and
Members of the Central ethics, ensuring that every decision we make upholds these principles.
Management Committee 29 Committed to responsible lending practices, we prioritise risk management
Members of Local Boards 30 and compliance with regulatory requirements. Moreover, we actively promote
Bank’s Auditors 31 environmental responsibility by sponsoring initiatives that have positive social
and environmental impacts. Our dedication to corporate social responsibility
Our Group Structure 32
extends beyond financial success to actively contribute to the well-being of
communities, fostering inclusive growth and societal progress.
Statutory Reports
Directors’ Report 36
We are Resilient
We stand resilient in the face of challenges, fortified by a robust framework
Corporate Governance Report 122
that ensures that our operations remain seamless. With a strong capital
Business Responsibility and base, diligent risk management practices, and diversified business portfolios,
Sustainability Report 159 we are well-equipped to withstand market fluctuations. Embracing digital
transformation as a strategic focus, we remain agile and adaptable to the
Financial Statements changing landscapes, enabling us to provide uninterrupted banking services
Standalone 160 and maintain financial stability for our customers.

Consolidated 248
Pillar 3 Disclosures (Consolidated) 308

Notice 344

Green Initiatives 352

Check the online Annual Report

https://bank.sbi/documents/17836/39646794/
Annual_Report_2024.pdf
 HIGHLIGHTS, FY2024

Financial
Total Assets Deposits Advances

H61,79,694 Crore H49,16,077 Crore H37,67,535 Crore

12.01% 11.13% 15.24%

Fee Income Net Interest Income (NII) Profit After Tax (PAT)

H28,126 Crore H1,59,876 Crore H61,077 Crore

7.17% 10.38% 21.59%

Non-Financial
Market Share in Debit Card YONO Registrations Current Accounts
Spends during FY2024 Opened Online

25.04% ~1.3 Crore 2.05 Lakh

Women in the SBI Average Daily Logins Debit Card Spend
Workforce on YONO Transactions Nos.

27% >1.28 Crore >65 Crore

SBI AT A GLANCE

Redefining the
Banking Experience
For over two centuries, we have solidified SBI’s standing as the nation’s premier Bank. We pioneer products
and services that reshape India’s banking landscape, cater to diverse customer segments and adapt to
the customer needs. We are diversifying our operations by embracing cutting-edge technologies and
maintaining our status as the preferred Bank of India. Progressing ahead, we strive to redefine banking
through responsible and sustainable solutions.

Vision
Be the Bank of Choice for
a Transforming India

Mission
Committed to providing Simple,
Responsive and Innovative
Financial Solutions ility
Se

ab
r vi

ain
ce

st
Su

Tr
an s
sp Values ne
s
are ite
nc y Pol
Ethics

2
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

India’s Largest Bank

50 Crore+ 7.40 Crore+
Customers and Total user base
counting of YONO

BANKING HIGHLIGHTS

82,932 5,24,504 26.81%

CSPs New-to-Digital (NTD) Market share of Mobile Banking
customers onboarded no. of transactions

2,07,000 1,05,052 17,34,597

Overseas customers Pre-Approved business loans Digital loans sanctioned
onboarded through YONO disbursed during FY2024

CSR HIGHLIGHTS

~55 Lakh 173 2,300

CSR beneficiaries CSR initiatives in Distribution of wheelchairs
80 aspirational districts to PWDs

4,600 232 355

Sewing machines distributed to Upgrading infrastructure Upgrading infrastructure
the underprivileged women of Govt. Primary Schools of Anganwadis

Annual Report 2023-24 3

PRODUCTS AND SERVICES

Adapting to
Customer Needs

PERSONAL RURAL INTERNATIONAL

BANKING BANKING BANKING GROUP

We offer integrated Personal Banking We address the needs of India’s We are at the forefront of International
services through a wide range of rural populace through financial Banking in India, consistently shaping
loan products, Savings Accounts, inclusion, microcredit, and agricultural the banking landscape through
Current Accounts, Salary Packages, business support. our Overseas Branches, Overseas
Digital Loan offerings, NRI Business, Banking Subsidiaries, Joint Ventures,
and Wealth Management services, and Associates.
amongst others.

Key Highlights Key Highlights Key Highlights

• Home Loans and Home-related • Lending under Agriculture & Allied • Sanctioned Foreign Currency
Loans disbursed: H1.97 Lakh Crore activities crossed H3 Lakh Crore loans to India-related corporates:
• Provided educational financial • Sanctioned loans to 20,054 US$8 Billion
assistance to 1,26,171 meritorious borrowers under Government • Awarded Green Deal Champion -
students Schemes and Atmanirbhar Trade Finance, (Confirming Bank)
• Personal Loans provided to 4.61 Bharat scheme by Asian Development Bank
Lakh customers amounting to H2.01 • Market share in NRLM loans among
Lakh Crore PSBs: 29%

29.46 Lakh Market Leader First

Home Loan customers In Agriculture Gold loans Indian bank with global
footprint

Market Leader Market Leader $1,750 Million

Education Loan provider Loans to SHGs Raised under MTN
in India Programme

Market Leader 152 241

Personal Loan provider Rural Self Employment Overseas Branches/Offices
in India Training Institutes (RSETIs) across 29 Countries
across the country

4
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SME CORPORATE GOVERNMENT

BANKING BANKING BUSINESS

We are leaders in SME financing, Our Corporate Accounts Group and We remain the undisputed market
offering innovative financial solutions Commercial Credit Group offer a leader in Government business,
to our SME clientele. diverse range of financial products significantly contributing to support
and services to top corporates of the e-governance initiatives of the
country including Navratna PSUs. Government of India and playing a key
role in developing e-solutions for both
Central and State Governments.

Key Highlights Key Highlights Key Highlights

• SME por t folio crossed: • Total Corporate Credit portfolio: • Turnover: H65.55 Lakh Crore
H4 Lakh Crore H11.38 Lakh Crore • New pension accounts added:
• Portfolio growth in FY2024: 20.53% • YONO Business Platform 2.43 Lakh

~20 Lakh 48 26
SME customers Large projects funded Accredited Banker to
through Project Finance Major Central Government
and Structuring SBU during Ministries and Departments
FY2024

864 Corporate Solutions 63%

SME Intensive Branches in Group Market share in Central
India Government Business
Designed to capture entire
ecosystem of corporate
customers
2,117
Dedicated SME Relationship
Managers

Annual Report 2023-24 5

FINANCIAL LEGACY

Banking Par Excellence

2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
Liabilities
Capital (H in Crore) 747 776 797 892 892 892 892 892 892 892
Reserves & Surplus (H in Crore) 1,27,692 1,43,498 1,87,489 2,18,236 2,20,021 2,31,115 2,52,983 2,79,196 3,26,716 3,76,354
Deposits (H in Crore) 15,76,793 17,30,722 20,44,751 27,06,344 29,11,386 32,41,621 36,81,277 40,51,534 44,23,778 49,16,077
Borrowings (H in Crore) 2,05,150 3,23,345 3,17,694 3,62,142 4,03,017 3,14,656 4,17,298 4,26,043 4,93,135 5,97,561
Other’s (H in Crore) 1,37,698 1,59,276 1,55,235 1,67,138 1,45,597 1,63,110 1,81,980 2,29,932 2,72,457 2,88,810
Total (J in Crore) 20,48,080 23,57,617 27,05,966 34,54,752 36,80,914 39,51,394 45,34,430 49,87,597 55,16,979 61,79,694
Assets
Investments (H in Crore) 4,81,759 5,75,652 7,65,990 10,60,987 9,67,022 10,46,954 13,51,705 14,81,445 15,70,366 16,71,340
Advances (H in Crore) 13,00,026 14,63,700 15,71,078 19,34,880 21,85,877 23,25,290 24,49,498 27,33,967 31,99,269 37,03,971
Other Assets (H in Crore) 2,66,295 3,18,265 3,68,898 4,58,885 5,28,015 5,79,150 7,33,227 7,72,185 7,47,344 8,04,383
Total (J in Crore) 20,48,080 23,57,617 27,05,966 34,54,752 36,80,914 39,51,394 45,34,430 49,87,597 55,16,979 61,79,694
Net Interest Income (H in Crore) 55,015 57,195 61,860 74,854 88,349 98,085 1,10,710 1,20,708 1,44,841 1,59,876
Provisions for NPA (H in Crore) 17,908 26,984 32,247 70,680 54,529 42,776 27,244 14,087 9,144 9,518
Operating Result (H in Crore) 39,537 43,258 50,848 59,511 55,436 68,133 71,554 75,292 83,713 93,797
Net Profit Before Taxes 19,314 13,774 14,855 -15,528 1,607 25,063 27,541 43,422 67,205 81,783
(H in Crore)
Net Profit (H in Crore) 13,102 9,951 10,484 -6,547 862 14,488 20,410 31,676 50,232 61,077
Return on Average Assets (%) 0.68 0.46 0.41 -0.19 0.02 0.38 0.48 0.67 0.96 1.04
Return on equity (%) 11.17 7.74 7.25 -3.78 0.48 7.74 9.94 13.92 19.43 20.32
Expenses to Income (%) 49.04 49.13 47.75 50.18 55.70 52.46 53.60 53.31 53.87 55.66
(operating Expenses to total
Net Income)
Profit Per employee (H in 000) 602 470 511 -243 33 578.98 828.35 1,292.72 2,122.64 2,620.46
Earnings Per Share (H)* 17.55 12.98 13.43 -7.67 0.97 16.23 22.87 35.49 56.29 68.44
Dividend Per Share (H)* 3.5 2.60 2.60 Nil Nil Nil 4.00 7.10 11.30 13.70
Share Price (on NSE) (H)* 267.05 194.25 293.40 249.90 320.75 196.85 364.30 493.55 523.75 810.80
Dividend Pay out Ratio % (H) 20.21 20.28 20.11 NA NA NA 17.49 20.00 20.08 20.02
Capital Adequacy Ratio (%)
Basel-II Total Capital 1,54,491 1,81,800 2,06,685 2,34,056 2,41,073 2,66,596 3,01,980 3,34,829
(H in Crore)
% 12.79 13.94 13.56 12.74 12.85 13.13 13.82 13.85
Tier I Capital (H in Crore) 1,22,025 1,35,757 1,56,506 1,84,146 1,94,655 2,17,477 2,44,421 2,69,708
% 10.1 10.41 10.27 10.02 10.38 10.71 11.19 11.16
Tier II Capital (H in Crore) 32,466 46,043 50,179 49,910 46,418 49,119 57,559 65,121
% 2.69 3.53 3.29 2.72 2.47 2.42 2.63 2.69
Basel-III Total Capital 1,46,519 1,75,903 2,04,731 2,38,154 2,45,225 2,74,036 3,08,893 3,42,792 4,08,579 4,60,023
(H in Crore)
% 12 13.12 13.11 12.60 12.72 13.06 13.74 13.83 14.68 14.28
Tier I Capital (H in Crore) 1,17,157 1,33,035 1,61,644 1,95,820 2,05,238 2,30,769 2,57,177 2,83,070 3,35,528 3,84,177
% 9.60 9.92 10.35 10.36 10.65 11.00 11.44 11.42 12.06 11.93
Tier II Capital (H in Crore) 29,362 42,868 43,087 42,334 39,987 43,267 51,716 59,722 73,051 75,846
% 2.40 3.20 2.76 2.24 2.07 2.06 2.30 2.41 2.62 2.35
Net NPA to Net Advances (%) 2.12 3.81 3.71 5.73 3.01 2.23 1.50 1.02 0.67 0.57
Number of Domestic 16,333 16,784 17,170 22,414 22,010 22,141 22,219 22,266 22,405 22,542
Branches
Number of Foreign Branches / 191 198 195 206 208 233 229 227 235 241
offices
*The face value of shares of the Bank was split from H10 per share to H1 per share - w.e.f. 22nd November 2014.

6
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Ratings

Rating Rating Agency

Baa3/Stable/P-3 ----------------- Moody’s

BANK RATING BBB-/Stable/A-3 ----------------- S&P
BBB-/Stable/F-3 ----------------- Fitch Ratings

AA+/Stable ----------------------- CRISIL

AA+/Stable ----------------------- ICRA
AT 1 BONDS
AA+/Stable ----------------------- CARE
AA+/Stable ----------------------- India Ratings

AAA/Stable ----------------------- CRISIL

AAA/Stable ----------------------- ICRA
TIER II BONDS
AAA/Stable ----------------------- CARE
AAA/Stable ----------------------- India Ratings

LONG TERM AAA/Stable ----------------------- ICRA

BOND AAA/Stable ----------------------- India Ratings

CERTIFICATE OF
IND A1+ --------------------------- India Ratings
DEPOSIT

AAA/Stable ----------------------- ICRA

FIXED DEPOSIT
AAA/Stable ----------------------- CRISIL

CARE: Credit Analysis & Research Limited

ICRA: ICRA Limited
CRISIL: CRISIL Limited
S&P: Standard & Poor’s

Note: Ratings as on 31.03.2024

Annual Report 2023-24 7

AWARDS AND RECOGNITIONS

A Rewarding Journey

SBI featured among the Top 25 SBI was awarded Company of the Year Award – 2023 by the ET Awards for
Strongest Brands Globally for Corporate Excellence 2023
2024 – Brand Finance Report –
Global 500 2024 Most Valuable
and Strongest Global Brands

SBI was recognised as the Best Bank in India for the year 2023 by Global Finance
Greentech HR Awards Magazine at its 30th Annual Best Banks Awards event at Marrakech, Morocco
under the following
categories:
• CHRO of the Year – 2023
• Transformative HR
Practices
• Employee Engagement
• Learning & Development
• Compensation & Benefits

Greentech CSR Award

F or Promotion of
National Heritage Art SBI awarded the Best Annual Report Award under Public Sector Bank
& Culture category for 2023 by Free Press Journal

8
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SBI Chairman Shri Dinesh Khara was SBI received the most prestigious SBI received the Iconic Banking
honoured with the Indian of the year accolade for being the Most Brand award at the 3rd edition of
award (IOTY) 2023 in the business Preferred Workplace 2023-24 by Navbharat BFSI 2023
category at CNN News18 Awards Marksmen’s Group

SBI received
the Dunn &
Bradstreet Award
in the Category –
PSU Banks over 4
Lakh Crore assets
size at the PSU
& G overnment
Summit 2023

SBI won a Bronze award State

Bank of Happiness – for Best use
SBI won 4 awards at DIGIXX 2024
of LinkedIn at the 14th India Digital
Summit & Awards for – Brand of
Summit organised by IAMAI
the Year, Best Influencer marketing
Campaign, Best use of Social
Media & PR/Online Reputation
Management on 22.03.2024, at
New Delhi

E c o no mic T im e s H um an
Capita Awards under
following categories:

• HR Leader- Large Scale Organisation

SBI awarded “Most trusted SBI received the “ICAI Awards
(Gold Category)
BFSI Brands 2023-24”, by the for Excellence in Financial
Marksmen Daily Reporting” Award • Employer Branding (Silver Category)

Annual Report 2023-24 9

PRESENCE

Reaching our
Customers
In today’s world, phygital omnipresence is the way
to go. Bearing this in mind, we are expanding our
physical presence and prioritising diversification
and expansion through digital channels.

Reaching our Customers

As the country's largest Bank, our goal is to substantially expand
our presence nationwide and reach into the untapped regions
to ensure accessibility of our services to all customers. We are
strengthening our branch network and ATM coverage across
the country, particularly in rural areas. This strategic focus is vital
for maintaining our market position and attaining sustainable
long-term growth for our business.

Our Digital Presence

We lead in digital transformation by continuously innovating with
technology to remain relevant in the digital era, driven by millennial
preferences. Our multichannel delivery model encompasses
digital, mobile, ATM, internet, social media, and branch services,
providing customers with diverse transaction options anytime,
anywhere. Our flagship mobile banking and lifestyle app, YONO,
goes beyond financial services, offering a range of investment,
insurance, and shopping solutions for our customers.

~8.83 Lakh
Daily average transactions

Truly International
We aim to enhance our presence in the international markets while
consistently supporting the Indian diaspora and Indian corporates globally.
Presently, we span all time zones with 241 overseas offices across 29
241
countries, establishing ourselves as the pioneer of International Banking Overseas Branches/Offices
among Indian banks.

29
Countries

10
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Note: Map not to scale

Branches Branches/Offices Investment

USA (3) Belgium (1) Nigeria (1)
Banking Subsidiaries Germany (1) Managed Exchange Co
California (7) UK (1) Oman (2)
Canada (6) S Africa (2) UAE (1)
Russia (1) Bahrain (2) Joint Venture
UK (12) UAE (2) Bhutan (1)
Mauritius (14) Oman (1)
Indonesia (11) Israel (1)
Nepal (120) China (1)
Representative Office S. Korea (1)
USA (1) Japan (2)
Brazil (1) India (1)
Iran (1) Maldives (4)
UAE (2) Sri Lanka (7)
Philippines (1) Bangladesh (20)
Myanmar (1)
Singapore (5)
Hong Kong (1)
Australia (2)

Annual Report 2023-24 11

CHAIRMAN’S MESSAGE

Bank of Choice
Today and Tomorrow

Dear Shareholders, Economic Overview The economy has exhibited significant

resilience in the face of ongoing geopolitical
India has registered a strong recovery post
tensions, supply side disruptions along
It gives me immense pandemic with growth averaging 8.1%
key shipping lanes and the emergence of
pleasure to place before for the 3 year period ended FY2024. The
domestic economy has continued strong El Niño–Southern Oscillation during the
you the highlights of last financial year. Major central banks in
momentum with real gross domestic
your Bank’s performance product (GDP) expanding at 7.6% in advanced economies and RBI have kept
during FY2024. Details FY2024 on the back of buoyant domestic policy rates on hold in the current financial
demand. On the supply side, gross value year to ensure moderating inflation aligned
of the achievements and
added recorded a growth of 6.9% in to the mandated inflation targets. With
initiatives taken by your IMF projecting the world economy to
FY2024, driven by manufacturing and
Bank are provided in the construction activity. Inflation moderated continue growing at 3.2% during 2024, the
Annual Report for FY2024. during the year, with average CPI inflation growth prospects of India look promising
at 5.4% as compared to 6.7% in FY2023. in FY2025.

12
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Against this backdrop, there was overall Deposit Growth The growth in advances at foreign offices
stability in the financial sector in India In deposits, your Bank grew by 11.13% is led by external commercial borrowings,
punctuated by brief episodes of volatility in to H49.16 Lakh Crore in FY2024, of which Local Credit and Trade Finance business.
the financial markets. The banking system domestic deposits grew by 11.07% to Growth in customer credit is majorly
saw healthy growth in advances at 20.2% H47.24 Lakh Crore and foreign offices contributed by the US, UK, the Middle East,
during FY2024. However, with tightening deposits grew by 12.65% to H1.92 Lakh and GIFT City branches.
of interest rates there was natural rise in Crore. Due to the rising interest rate
the rate of interest, including the deposit scenario, term deposits grew at a robust
rates. As a result, deposit growth lagged Investment
pace of 16.38% to H27.82 Lakh Crore, while
the advances growth for most of the year. CASA deposits grew at 4.25% to H19.42 Your Bank’s total investment book
Higher economic growth and supportive Lakh Crore. Your Bank’s CASA ratio is at increased by 6.0% to H16.82 Lakh Crore,
policy environment kept risks contained 41.11% as of March FY2024 which is above of which 96% are domestic investments.
with most of the banks seeing healthy the industry average of 40.08% (Dec’2023). Within the domestic investment portfolio,
profits and stable asset quality. 67.60% is in HTM category while the rest
is under AFS & HFT category. The yield
Looking ahead, real GDP growth is Advances Growth Remain on investment has increased to 7.0% in
projected by RBI at 7.0% in FY2025, with
economic activity backed by improving
Robust FY2024 from 6.5% in FY2023.
private demand, the Government’s thrust With resilient economic activity, credit
demand has remained strong during
on infrastructure spending, revival in Profitability
corporate investment, healthy bank credit FY2024. Your Bank’s advances grew by
15.24% to H37.68 Lakh Crore in FY2024. The stellar run in your Bank’s profitability
and moderating commodity prices.
Domestic loans grew by 16.26% to H32.28 continued during the last financial year.
Lakh Crore and foreign offices loans Your Bank declared a standalone net profit
Your Bank’s Performance portfolio grew by 9.47% to H5.39 Lakh of H61,077 Crore in FY2024, registering a
During FY2024, your Bank’s business grew Crore. The domestic CD ratio has improved growth of 21.59%. The operating profit of
at a faster pace than the previous year, both to 68.34% in FY2024. your Bank stood at H93,797 Crore up by
in deposits and advances. The balance 12.05% from the previous year. Excluding
sheet size of your Bank has crossed H61 The domestic retail advances growth is
the one-time provisions toward increase
Lakh Crore as on March 2024. The market driven by SME advances growth of 20.53%
in pension at uniform rate of 50% and
share of your Bank is at 22.55% in Deposits to H4.33 Lakh Crore, followed by Agri
Dearness Relief (DR) Neutralisation, the
and 19.06% in Advances. Advances, which grew by 17.92% to H3.05
total provisions of your Bank declined by
Lakh Crore. The Corporate loan portfolio
23.48% from their levels in March 2024.
has grown by 16.17% to H11.38 Lakh
The overall balance Crore. The retail personal loan portfolio
sheet of your Bank has grew by 14.68% to H13.52 Lakh Crore in The Net Interest Income
FY2024, which is 41.9% of the domestic
crossed K61 Lakh Crore advances of your Bank. Among the retail
(NII) of your Bank
as on March end 2024. personal loans, Xpress credit loans grew by registered a robust
14.62% to H3.48 Lakh Crore. Home loans
The market share of and Auto loans grew by 13.29% to H7.26 growth of 10.38% over
your Bank is at 22.55% Lakh Crore and by 19.50% to H1.17 Lakh the previous year at
Crore respectively during FY2024. As on
in Deposits and 19.06% March 2024, your Bank’s market share in K1,59,876 Crore in
in Advances. home loans and Auto loans is at 26.5% and FY2024.
19.8% respectively.

Annual Report 2023-24 13

CHAIRMAN’S MESSAGE

The Net Interest Income (NII) of your Bank book. CET 1 ratio of your Bank stood at The improvement in asset quality was
registered a robust growth of 10.38% over 10.36% in FY2024 and is the highest in seen across all segments, barring personal
the previous year at H1,59,876 Crore in the last 10 years. CET1 ratio improved by segment which saw a marginal uptick in
FY2024. The domestic NIM of the Bank 9 bps during the year. The overall Capital gross NPAs. Overall, gross NPA declined
stood at 3.43% for FY2024 down by 15 bps Adequacy Ratio (CAR) as at the end of to H84,276 Crore as of March 2024 from
while the whole Bank NIM stood at 3.28% March 2024 stands at 14.28%, well above H90,928 Crore in March 2023.
for FY2024 down by 9 bps YoY. Rise in both the minimum regulatory requirement.
Slippage, which indicates the incremental
rupee liquidity and dollar liquidity cost due
With record profits in FY2024, the capital fall in credit quality during the year,
to tight monetary policy pursued by central
position of your Bank remains comfortable increased by 10.29% to H20,317 Crore as of
banks across the globe was a major factor
to tap future growth opportunities. March 2024. Despite the rise in slippages,
affecting NIM during FY2024.
the slippage ratio declined by 3 bps to 0.62%
Your Bank continued its long-term goal of in March 2024. Furthermore, marginal rise
rationalising cost and improving income
Dividend
in slippages during FY2024 was more than
streams with control on costs. Even though I am happy to announce that the Board of
matched by good recoveries from AUCA.
the cost to income ratio increased by 179 Directors of your Bank has declared a dividend
The recovery from AUCA accounts stood
bps, due to onetime provisioning in FY2024, of H13.70 per equity share (i.e. 1370%) for the
at H6,934 Crore in FY2024. The Provision
cost to income (excl. wage revision & one- financial year ended 31st March 2024.
Coverage Ratio (PCR) for the bank stood at
time items) ratio declined by 315 bps. 75.02% without AUCA and at 91.89% with
The ROA of your Bank as of March 2024 H13.70 / equity share AUCA as of March 2024.
is 1.04% up by 8 bps YoY while ROE stood Dividend declared for FY2024
at 20.32% up by 89 bps. There has been Customer Centricity
a continuous improvement in ROA from
FY2019 onwards. Asset Quality Customer centricity is the essence of your
Bank, with all branches committed to
The sustained focus to contain risk, well customer delight at every step. The ever
The ROA of your supported by broad-based recovery in evolving customer preferences, especially
economic growth, kept the asset quality of the younger population, coupled with
Bank as of March robust in FY2024. Gross NPA of your Bank increased focus on digital initiatives, are
2024 is 1.04% up by stood at 2.24%, an improvement of 54 bps transforming the retail banking landscape.
YoY while the net NPA stood at 0.57%, an
8 bps YoY while ROE improvement of 10 bps YoY. The credit cost Our multichannel delivery model – digital,
mobile, ATM, internet, social media and
stood at 20.32% up also fell by 3 bps to 0.29%.
branches, offers customers a wide choice
by 89 bps. There has to carry out transactions, at any time
Gross NPA of your Bank and place. Your Bank has the largest
been a continuous
stood at 2.24%, an ATM network in the country, with 63,580
improvement in ROA ATMs, including 11,256 Automated Deposit
improvement of by 54
from FY2019 onwards. and Withdrawal Machines (ADWMs), as of
bps YoY while the net 31st March 2024 – with presence even in
the most challenging locations including a
NPA stood at 0.57%, Floating ATM at Dal Lake Srinagar, in the
Capital improved by 10 bps YoY. tea gardens of Assam, at Khar Dung La
The capital ratios of your Bank continued to Pass, Ladakh, in Lachen, the last village of
improve during the financial year on the back
The credit cost also fell North Sikkim, at Kedarnath, on the islands
of better planning, plough back of profit and by 3 bps to 0.29%. of Andaman & Nicobar and Lakshadweep.
efficient risk management of the banking On an average, 1.20 Crore transactions are

14
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

recorded every day at your Bank’s ATMs/ Technology & Innovation ecosystem. Your Bank is also working
ADWMs and 5.75 Lakh cash deposit towards automating many of its processes
Your Bank is constantly innovating itself
transactions at ADWMs. through real-time integration with internal
using transformative technologies like
and external systems, introducing AI/ML-
artificial intelligence and machine learning
driven processes. Your Bank is actively
On an average, 1.20 to provide the right solutions to our diverse
engaging with FinTechs/Start-ups with
clientele. We are not just developing
Crore transactions are seamless digital products but are also unique strength of focused product.
recorded every day continuously refining our processes. Your Bank’s Enterprise Integration Services
at your Bank’s ATMs/ (EIS) department has channelised multiple

ADWMs and 5.75 Your Bank aims to applications like YONO, INB, Mobile
Banking etc. by automating their processes
Lakh cash deposit become the ‘Banker through light-weighted API layer.

transactions at to every Business’ and

ADWMs. has introduced YONO 5.24 Lakh
Business, integrated NTD customers onboarded
with 66.01 Crore transactions
WhatsApp Banking is yet another
with digital offerings, routed through YONO Business
customer-centric initiatives by your Bank designed for seamless
which is available in four languages i.e.
Hindi, English, Bengali and Tamil.
customer experience and
Your Bank is serving its 38.29 Lakh NRI
convenience which, offers 2.05 Lakh
clientele through 434 Specialised NRI solutions to a whole range Current accounts opened
Branches/NRI Intensive Branches in India, through YONO Business
with your Bank’s foreign offices and 227
of banking needs.
Global Banks as Correspondent Banks.
Your Bank has its own private cloud
Your Bank also has tie-ups with 45 Your Bank aims to become the ‘Banker to
named ‘Meghdoot’, designed to meet the
Exchange Houses and 5 banks in the every Business’ and has introduced the
challenges posed by the rapid technological
Middle East to facilitate inward remittances YONO Business, integrated with digital
developments, hosting 400+ applications
to India. During FY2024, your Bank has offerings, designed for seamless customer
including UPI, Kiosk Banking, DBT,
opened the following branches/offices: two experience and convenience, which offers
Loan Management System applications,
offices in Sri Lanka, Overseas Subsidiaries solutions to a whole range of banking needs
Government Business Solutions.
(three branches opened at Lamahi, Beltar – Trade Finance, Forex, Cash Management,
and Duhabi of Nepal SBI Bank Ltd, Nepal) Internet Banking, API Banking, Pre-
and one India Visa Application Centre at Approved Business Loans (PABL), Cash Financial Inclusion
Kushtia, Bangladesh. Management and Supply-chain finance. Your Bank is committed to economic
YONO Business has 5.24 Lakh New-To- empowerment of all citizens through
Digital (NTD) customers onboarded with
38.29 Lakh
activities focusing on financial inclusion.
66.01 Crore transactions. 2.05 Lakh current
Your Bank pioneered the BC/CSP (Banking
accounts have been opened through
NRI clientele through 434 Correspondent – Customer Service Point)
YONO Business in FY2024.
Specialised NRI Branches/ model for providing Banking services, not
NRI Intensive Branches in Your Bank has also undertaken a complete restricted only to withdrawal payments. At
India overhaul of its existing Trade Finance present, 32 financial services are offered
and International Banking Businesses from these CSP outlets.

Annual Report 2023-24 15

CHAIRMAN’S MESSAGE

The Jan Dhan Yojana, market leader in PMJJBY, PMSBY and solutions for transactions, payments,
APY amongst all Public Sector Banks. collections, and other financial needs.
Aadhaar, Mobile (JAM) Focus on empowerment of women has • To tap the untapped potential and ease
trinity has been the key always been the key priority for your Bank of customers in digital loans, your Bank
and participation of females in the total
enabler in making the enrolments covered by your Bank has been
has modified the Pre-Approved Personal
Loan (PAPL) product and increased the
DBT story of our country more than 50% under the Social Security
maximum loan amount to H15 Lakh,
Schemes. Your Bank is enhancing its last-
a big success, gaining mile reach to ensure inclusion through
offered digitally through YONO & INB in
4 clicks only. To increase the auto loans
recognition globally. In 82,000 plus CSPs covering most of the
portfolio, your Bank has tied up with
country’s remote locations.
the current year, ~68 major car companies for offering instant
in-principle sanction to customers while
Crore DBT credits have Your Bank is enhancing booking cars.
been effected. its last-mile reach • Your Bank is one of the stakeholders
of the SIDBI-led PSB consortium, with
to ensure inclusion your Bank’s pathbreaking initiative,
The Jan Dhan Yojana, Aadhaar, Mobile
(JAM) trinity has played a transformational
through 82,000 plus psbloanin59minutes.com, providing
easy access to loans to SMEs. Instant in-
role in seamlessly delivering the earmarked CSPs covering most of principle approval generated for eligible
benefits through DBT (Direct Benefit
Transfer) to the targeted beneficiaries.
the country’s remote proposals based on GST returns, IT
returns and Account Statement. Using
This channel has been the key enabler in locations.
making the DBT story of our country a big the platform, your Bank is sourcing leads
success, gaining recognition globally. In the from H1 Lakh to H5 Crore. In FY2024,
current year, ~68 Crore DBT credits have 17,773 leads for H10,831 Crore have
been effected. By bringing the unbanked
Strategic New Initiatives been sanctioned.
masses to the financially included pool, the During FY2024, your Bank has continued • As a part of the Green Initiative towards
channel has effectively promoted thrift and undertaking strategic initiatives to achieve Sustainable Development Goals,
saving habits amongst customers, enabling the long-term objectives set by the Bank. financing Rooftop Solar Photovoltaic
their financial growth. More than 15 Crore Some of the important initiatives are: Systems as part of the project cost
BSBD/PMJDY accounts have been opened is included for Home Loans and is
• To mobilise deposits, your Bank has
since inception, with total deposits crossing
launched products like: (i) SBI Green being given due publicity to popularise
H58,000 Crore.
Rupee Term Deposit, which aims to the product among customers. To
mobilise deposits for financing green integrate sustainability into your Bank’s
15+ Crore initiatives; (ii) SBI We Care Deposit
scheme with higher interest rates
operations by switching to renewable
power, a product named ‘PM Surya
BSBD/PMJDY accounts have extended to senior citizens; and (iii) Ghar – Loan for Solar Roof Top’ has
been opened Sarvottam (Non-Callable Deposit) Term been designed. Further, an interest rate
Deposit scheme with higher interest concession of 25 bps is provided to the
The DBT channel is also facilitating the rates for 1 year and 2 year deposits. builders for constructing Residential
spread of Social Security cover by way • To cater to the needs of different Housing projects and implementing
of microinsurance (PMJJBY & PMSBY) customer segments, 40 Transaction water management, waste
and Pension (APY) for large population Banking Hubs (TB-Hub) were opened management and solar photovoltaic as
who are otherwise excluded from such in the top 27 district centres across the a part of the building design under the
financial products. Your Bank is the country, for providing comprehensive sustainability initiative.

16
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

• Your Bank has worked strategically to Various development activities were Subsidiaries
reduce and control the stress in Agri undertaken at pan India level covering all
Through its subsidiaries, your Bank
portfolio and as a result, NPAs have the States/UTs: (i) Upgrading Infrastructure provides a bouquet of financial products
come down during FY2024 to single- of 232 Govt. Primary Schools, 355 and services to its customers.
digit Agri GNPAs % for the first time. Anganwadis, 158 Primary Health Centres,
Your Bank’s Priority Sector Lending On a consolidated basis, SBI Capital
75 old age homes and 57 orphanages,
(PSL) to Agriculture segment as well as Markets Limited has posted a profit after
(ii) Distribution of 2,300 Wheelchairs
to sub-segments viz. Small & Marginal tax (PAT) of H1,630.52 Crore for the year
to PwDs, 4,600 Sewing Machines to
Farmers, Weaker sections and non- ended 31st March 2024 as against H725.39
underprivileged women and 2.19 Lakh
corporate farmers have increased Crore in the corresponding previous year.
Sanitary Pad kits to girl children. SBICAP Securities Limited (SSL), a wholly
substantially during the year.
owned subsidiary of SBI Capital Markets
Corporate Social As a part of Swachhata Limited and broking arm of the SBI Group
Responsibility posted a PAT of H1,191.44 Crore during
Pakhwada campaign, the year ended FY2024 as against H791.52
The primary focus of your Bank’s
Crore in FY2023.
philanthropic push has always been your Bank undertook
to make a meaningful and measurable SBI General Insurance Company Limited is
various country-wide one of the fastest-growing private General
impact on the lives of economically,
physically and the less fortunate socially activities including Insurance companies in India. Against the
challenged communities. industry growth of 12.80%, the Company
cleanliness of achieved 15.90% increase in Gross Direct
For FY2024, an amount of H502.32 Crore
has been allocated for undertaking CSR
surroundings, beach Premium amounting to H12,554 Crore
in FY2024 and Gross Written Premium
activities by your Bank of which, an cleaning, distribution of H12,731 Crore. At the end of FY2024,
amount of H301.24 Crore is allocated to SBI SBI General has improved its rankings in
Foundation for undertaking CSR activities of jute bags, organising
the industry by entering the top 10 space
in project mode. Your Bank has undertaken no-plastic campaigns, amongst general insurers of India.
173 CSR initiatives in 80 Aspirational
Districts during FY2024. construction of SBI Life Insurance Company Limited
achieved 29.2% growth in total New
toilets, etc. Business Premium (NBP) vis-à-vis the
For FY2024, an amount industry growth of 2.00%. The company
of J502.32 Crore has As a part of Swachhata Pakhwada,
generated a PAT of H1,894 Crore in
FY2024 against H1,721 Crore in FY2023.
been allocated for your Bank undertook various country-
SBI Cards and Payment Services Limited
wide activities including cleanliness of
undertaking CSR registered PAT of H2,408 Crore in FY2024
surroundings, beach cleaning, distribution
as compared to H2,258 Crore in FY2023.
activities by your Bank of jute bags, organising no-plastic
SBI Funds Management Limited is the
of which, an amount campaigns, construction of toilets, etc.
fastest-growing AMCs with an absolute
of J301.24 Crore Your Bank has also supported the Indian growth of over H1.97 Lakh Crore average
Coast Guard with 6 units of remote AUM during the quarter ended March 2024
is allocated to SBI operated self-propelled life buoy crafts, vs March 2023. The Company posted a
Foundation. to help fishermen and others who gets PAT of H2,063 Crore for FY2024 as against
trapped in the ocean currents. H1,331 Crore in FY2023.

Annual Report 2023-24 17

CHAIRMAN’S MESSAGE

SBI Global Factors Limited, a leading NBFC Awards and Recognition Indian of the Year Award (IOTY) 2023 in
providing factoring services for Domestic the business category at CNN News18
In lockstep with your Bank’s constant
and International trade, registered a turnover Awards. This was not possible without
endeavour to better the banking ecosystem
of H6,799 Crore for FY2024 as compared to your unwavering endorsement of deeds
through proactively adopting sustainable
turnover of H5,544 Crore in FY2023. of citizen SBI.
and globally best practices that foster
SBI Pension Funds Private Limited has value to discerning customer segments, We consider these recognitions as milestones
many accolades were awarded during the in our journey towards constant excellence in
earned net profit of H62.76 Crore for FY2024.
year. Some of the awards and accolades everything we do, reaffirming your faith and
The total Assets Under Management
received by your Bank during the year trust in brand SBI and thus these are more
(AUM) of the Company as on 31st March
FY2024 are: of stepping stones for us to strive for higher
2024 is H4,33,385 Crore. The Company
goals that go on to make the society and
maintains lead position among 11 PFMs • Your Bank received the Top Performing communities around us a better place.
in terms of AUM with market share of Bank award under EASE 5.0 of PSBs
36.93%. During FY2024, the Company has Reforms Agenda. Your bank featured
onboarded 76 corporates and added 6,344 among the Top 25 Strongest Brands Way Forward
NPS subscribers. globally for 2024 – basis Brand FY2024 has been a good year for the
Your Bank became the first public sector Finance Annual Report on most valuable banking sector with improved business
bank to form an exclusive JV i.e. SBI Payment and Global Brands – Global 500 2024. performance. However, FY2024 was
Services Private Limited (SBI Payments) for • Your Bank was recognised as the not without its share of events that
Best Bank in India for the year have reinforced the need to exercise
Merchant Acquiring Business and holds
2023 by Global Finance Magazine at continuous vigil. The disruption across
74% stake in the Company. SBI Payments
its 30 th Annual Best Banks Awards major shipping lanes in Gulf region have
continues to be one of the largest acquirers
implications for Indian exports and their
in the country with more than 33.10 Lakh event held at Marrakech, Morocco
competitiveness. The onset of El Niño–
Merchant Payment Acceptance Touch during the occasion of 2023 IMF/WB
Southern Oscillation in 2023 disrupted
Points as on 31st March 2024, including Annual Meetings held in October 2023.
the spatial and temporal pattern of Indian
13.67 Lakh POS machines, deployed • Your Bank was awarded the Company Monsoon with implications for agriculture
across geographies. of the Year Award – 2023 by the and allied sector. This warrants proactive
ET Awards for Corporate Excellence identification and mitigation of risk in the
2023. Your bank was adjudged the
SBI Payments continues current financial year particularly on the
Most trusted BFSI Brands 2023-24 climate front where regulatory guidance
to be one of the by the Economic Times Group. may come into force in FY2025.
largest acquirers in the • Your Bank received the Dunn &
Despite the ongoing geopolitical risks,
Bradstreet Award in the Category
country with more than – PSU Banks over 4 Lakh Crore
financial market volatility and tight monetary
policy your Bank’s risk management
33.10 Lakh Merchant assets size at the PSU & Government
strategy worked optimally to contain the
Summit 2023.
Payment Acceptance risk which clearly reflect in your Bank’s
• Your Bank also received the financial performance. The performance of
Touch Points, including ICAI Awards for Excellence in your Bank was more than satisfactory and
Financial Reporting Award.
13.67 Lakh POS in some respects surpassing expectations.
• As a testimony to the unwavering All the key parameters – profitability,
machines, deployed blessings of 50 Crore+ SBI family margins, market share, risk management,
across geographies. members, I humbly acknowledge the strategic investment and customer
honour bestowed as recipient of the centricity have improved.

18
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Your Bank has made considerable strides We stay committed to offer excellence in
in its digital offerings over the years. The customer experience, hence importance
benefits of investments in digital space are of customer centricity and long-term
now visible in operating efficiency, customer relationships cannot be overstated.
experience and 24x7 accessibility of
Climate risk which has emerged as an
banking services. Going forward, your Bank
important area of concern has gathered
is committed to making result-oriented
considerable traction among regulators since
investments in IT infrastructure and ensure
its safety and reliability. Furthermore, last year. The RBI issued the Draft Disclosure
efforts will be made to leverage analytics Framework on Climate-related Financial
to expand business, process optimisation Risks, 2024 in February. Keeping these
and risk mitigation. developments in mind your Bank launched
the Green Rupee Term deposit to mobilise
funds for climate related opportunities and
All the key parameters to fund the net-zero transition of the country
– profitability, margins, as committed in Nationally Determined
Contribution submitted to UNFCCC. A
market share, risk robust risk management framework for
management, strategic addressing climate risk is under process.
Your Bank’s combined sanctioned limit
investment and towards renewables and sustainability
customer centricity projects stands at H57,532 Crore. The Bank
expects that flow of funds towards green
have improved. sectors will rise in coming years.

To conclude, your Bank is comfortably

placed in terms of growth capital in the
Going forward, your current year. With declining credit cost,
Bank is committed opportunities for lending in sunrise sectors
such as sectors identified under the PLI
to making result- scheme, renewables as well as electric
oriented investments mobility will be explored to diversify
the portfolio. Your Bank has innovated
in IT infrastructure
well to respond to the challenges by
and ensure its grabbing the opportunities posed by the
operating environment.
safety and reliability.
I am more than hopeful that your Bank’s
Furthermore, efforts
performance in FY2024 will continue in
will be made to FY2025 too.
leverage analytics
In the words of Mahatma Gandhi,
to expand business, “In a gentle way, you can shake the world.”
process optimisation
Yours Sincerely,
and risk mitigation.
Dinesh Kumar Khara

Annual Report 2023-24 19

ENVIRONMENT/CUSTOMERS

Responsible
Banking
Preserving the natural environment is a priority for SBI. The climate-related risks
and opportunities has prompted your Bank to enhance and formalise its natural
capital management further.

Key Initiatives
• Your Bank has achieved a milestone by getting green
building ratings of IGBC for its 13 prestigious buildings
during FY2024, making it to 45
• Your Bank has installed around 20 PET Bottle crushing
machines across India for reducing plastic waste
• Your Bank has installed 795 Solar roof tops with capacity
of 20.09 MWp as on 31.03.2024 in Bank-owned Buildings
across India
• Your Bank has installed Solar roof tops for 3,534 ATMs with
a capacity of 6.73 MWp as on 31.03.2024
• Your Bank has initiated green power purchasing from the
respective DISCOMs and our 18 buildings have been shifted
on green power purchasing through which we are offsetting
around 1.74 Crore electrical units annually with green power
across India
• Your Bank has planted 18 Lakh trees in open spaces and
Branch/Office premises during FY2024
• Your Bank has installed 538 Rainwater Harvesting Systems
during FY2024

20
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Enhancing
Customer Experience
Your Bank’s position as the largest bank in the country is mainly due to the
customer-centric approach and commitment to enhance the banking experience
of its customers.

Customer Experience Financial Inclusion Town Hall Meetings

Management Your Bank is committed to people’s To connect with customers and understand
Your Bank works on Customer Experience economic empowerment through activities their expectations, your Bank had organised
Management (CXM) model, wherein the that focuses on their financial inclusion, Town Hall meetings on 05.12.2023 across
performance is gauged based on how making basic financial services easily India, with 21,187 customers and 5,154
customer perceives the organisation. accessible, transcending social and financial staff members in attendance. The theme
The process is detail oriented, requiring barriers. For this, your Bank has pioneered of the meeting was Digital Banking
strengthening of IT systems, collaborative the BC/CSP (Banking Correspondent – Transaction - Benefits & Precautionary
efforts, and new skills. Customer Service Point) model to provide Measures. Customers were explained
Banking services. Presently, 32 financial about the benefits of digital transactions
Doorstep Banking services are facilitated through these and were also informed about the common
CSP outlets. modus operandi of various cyber frauds
For customers’ convenience and ease of
and the precautionary measures to be
banking, your Bank extended its Doorstep
taken at their end to remain secure from
Banking Services for all customers at its
cyber frauds.
1,080 Banking Centres with services such
as Cash Withdrawal, Delivery of Pre-paid
instrument/Gift Card, Pick up of Cheque
Book Requisition Slip, among others.

32 1,080
Financial services provided Doorstep Banking Service
through CSP outlets Centres

Annual Report 2023-24 21

PEOPLE

An Inclusive
Workplace
Your Bank continuously works to cultivate a conducive environment, streamline processes
to boost employee productivity and satisfaction and foster a sense of pride in belonging
to the SBI family. Your Bank continuously reviews the HR policies to adapt them to the
changing scenarios. Embracing the digital shift, your Bank integrates IT across all functions
to provide employees with seamless experience, ultimately enhancing productivity.

Recruitment Gender Diversity

Being the largest public sector bank in the industry with a robust Gender sensitivity and inclusiveness have always been the
career advancement policy, attracting top talent from the market is cornerstone of your Bank’s HR policy. The representation of
not a challenge for your Bank. As a part of its recruitment process, women in the total workforce is 27% as on 31.03.2024. Women
your Bank reaches out to a broad pool of candidates using digital employees are employed across all geographies at various levels
platforms widely. Advertisements are published on job portals and of hierarchy.
in our social media handles. Making use of social and digital media
in the hiring process has enabled your Bank to reach out to a large
pool of tech-savvy aspiring candidates.

48.49 27%
Training Hours per Employee Share of Women Employees
in FY2024 in FY2024

Reservations and Equal Opportunity Representation as on 31.03.2024

Your Bank meticulously follows the GoI directives on Reservation S
Cadre Total SC ST OBC EWS PwBD*
Policy for SC/ST/OBC/EWSs/PWD. Your Bank has representation No
from SC, ST, OBCs and Persons with Benchmark Disabilities 1 Officer 1,10,116 20,505 9,617 28,461 1,040 2,762
(PwBD) among all the cadres of its workforce. Your Bank has 2 Clerical 92,514 15,542 7,624 27,483 1,896 2,548
implemented reservation to Economically Weaker Sections in 3 Sub-Staff 29,666 6,889 2,124 8,586 91 170
direct recruitment w.e.f. 1st February 2019 in terms of the GoI
Grand Total 2,32,296 42,936 19,365 64,530 3,027 5,480
guidelines. Similarly, the Reservation in Promotion for PwBDs
up to the lowest rung in Group-A i.e. up to JMGS-I has been * Persons with Benchmark Disabilities (PwBD)
implemented since 17.05.2022.

1.57 Lakh
Employees trained in FY2024

22
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SBI WIZARDS YES, I CAN BRING CHANGE

Annual Report 2023-24 23

COMMUNITY

Giving Back to
the Society
Your Bank actively participates in the initiatives centered around
education, healthcare, environmental sustainability, and community
development. Through corporate social responsibility, your Bank
reinforces its relationship with stakeholders, promotes inclusive
growth, and strives towards creating a better and more equitable
future for all.

Our Key CSR Initiatives

Environment
Your Bank has conducted plantation crafts to help fishermen and others trapped
activities in the Cauvery basin districts of in the ocean currents besides supporting
Karnataka and Tamil Nadu tying up with people affected from Biparjoy cyclone in
Isha Outreach and also planted 2 Lakh Jalore, Rajasthan, floods in Tamil Nadu and
trees in Dindigul district of Tamil Nadu Kerala, etc.
tying-up with Gramium Trust to address
the water crisis and to offer an economic
Healthcare
solution with significant ecological benefits.
Additionally, your Bank donated Plastic Your Bank has adopted 158 PHCs
Paver Block Manufacturing Machines across the country, spending an amount
to the Somnath Trust, and e-vehicles to of H11.38 Crore for procurement of
various organisations across the country to medical equipments, benches, etc. and
encourage green power usage. also provided CSR support to medical
institutions, providing free medical care
to the underprivileged people, to improve
Swachhata Pakhwada
their medical infrastructure. As a part of TB
To observe Swachhata Pakhwada Mukt Bharat Abhiyaan, 8,000 TB patients
Campaign launched by the Government
were supported with food, medicine,
of India, your Bank undertook various
diagnosis, etc.
activities country-wide which included
cleanliness of surroundings, beach
cleaning, distribution of jute bags, Protection of National
organising no-plastic campaigns, Heritage
construction of toilets, etc. To educate the masses about the history
of Indian Music, your Bank supported The
Disaster Management Indian Music Experience Museum
To provide immediate relief to the people (IME), Bengaluru with the latest AV
affected by natural calamities, your Bank equipments and technologies. Your Bank
has donated to the Disaster Management has tied up with SMP Namsankirtan for
Fund of Government of Sikkim for the documenting and preserving the heritage
people affected by the incident of a sudden of age-old Gharana Music Traditions of
cloudburst over Lhonak Lake in the North 12 Gharanas. Your Bank has supported
Sikkim, supported the Indian Coast Guard Madhav Rao Sapre Sangrahalaya, Bhopal
Visakhapatnam with 6 units of life buoy for digitising national intellectual heritage.

24
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Annual Report 2023-24 25

GOVERNANCE

Leading
with Integrity
At SBI, governance is imbibed across all levels and is actively overseen by our Board of
Directors. Your Bank possesses a strong and effective Board of Directors, who ensure that
all employees and stakeholders are aligned with your Bank’s values and goals.

Shri Dinesh Kumar Khara

Chairman

Shri Challa Sreenivasulu Setty Shri Ashwini Kumar Tewari Shri Alok Kumar Choudhary Shri Vinay M. Tonse
Managing Director Managing Director Managing Director Managing Director

Shri Ketan S. Vikamsey Shri Mrugank M. Paranjape Shri Rajesh Kumar Dubey Shri Dharmendra Singh Shekhawat
Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director

Shri Prafulla P. Chhajed Smt. Swati Gupta Dr. Vivek Joshi Shri Ajay Kumar
Non-Executive Director Non-Executive Director Non-Executive Director Non-Executive Director

26
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

CENTRAL BOARD OF DIRECTORS

Chairman
Shri Dinesh Kumar Khara

Managing Directors
Shri Challa Sreenivasulu Setty
Shri Ashwini Kumar Tewari
Shri Alok Kumar Choudhary
Shri Vinay M. Tonse

Directors Elected Under Section 19(c) of SBI Act

Shri Ketan S. Vikamsey
Shri Mrugank M. Paranjape
Shri Rajesh Kumar Dubey
Shri Dharmendra Singh Shekhawat

Directors Under Section 19(d) of SBI Act

Shri Prafulla P. Chhajed
Smt. Swati Gupta

Director Under Section 19(e) of SBI Act

Dr. Vivek Joshi

Director Under Section 19(f) of SBI Act

Shri Ajay Kumar

Annual Report 2023-24 27

GOVERNANCE

COMMITTEES OF THE BOARD

as on 31.03.2024

Executive Committee of the Central Board (ECCB) Stakeholders Relationship Committee (SRC) cum
Shri Dinesh Kumar Khara, Chairman ‑ Chairman of the Committee Customer Service Committee of the Board (CSCB)
Shri Challa Sreenivasulu Setty, MD (IB, GM & T) - Member Shri Rajesh Kumar Dubey, Independent Director - Chairman of
Shri Ashwini Kumar Tewari, MD (CB & S) - Member the Committee

Shri Alok Kumar Choudhary, MD (R, C & SARG) - Member Shri Ketan S. Vikamsey, Independent Director - Member

Shri Vinay M. Tonse, MD (RB & O) - Member Shri Prafulla P. Chhajed, Independent Director - Member

Director nominated under Section 19(f) of the SBI Act, 1955 and all or any of Smt. Swati Gupta, Independent Director - Member
the other Directors who are normally residents, or may, for the time being, Shri Dharmendra Singh Shekhawat, Independent Director - Member
be present at any place within India where the meeting is held. Shri Challa Sreenivasulu Setty, MD (IB, GM & T) - Member (Ex-Officio)
Shri Vinay M. Tonse, MD (RB & O) - Member (Ex-Officio)
Audit Committee of the Board (ACB)
Shri Ketan S. Vikamsey, Independent Director - Chairman of Nomination & Remuneration Committee of the Board
the Committee
(NRC)
Shri Mrugank M. Paranjape, Independent Director – Member
Shri Rajesh Kumar Dubey, Independent Director - Chairman of
Shri Prafulla P. Chhajed, Independent Director - Member the Committee
Shri Rajesh Kumar Dubey, Independent Director - Member Shri Ketan S. Vikamsey, Independent Director - Member
Shri Ajay Kumar, RBI Nominee Director - Member Shri Mrugank M. Paranjape, Independent Director - Member
Smt. Swati Gupta, Independent Director - Member
Risk Management Committee of the Board (RMCB)
Shri Dharmendra Singh Shekhawat, Independent Director - Member
Shri Mrugank M. Paranjape, Independent Director - Chairman of
the Committee
Board Committee to Monitor Recovery (BCMR)
Shri Ketan S. Vikamsey, Independent Director - Member
Shri Dinesh Kumar Khara, Chairman - Chairman of the Committee
Shri Prafulla P. Chhajed, Independent Director - Member
Dr. Vivek Joshi, GOI Nominee Director - Member
Shri Rajesh Kumar Dubey, Independent Director - Member
Shri Mrugank M. Paranjape, Independent Director - Member
Shri Ashwini Kumar Tewari, MD (CB & S) - Member (Ex-Officio)
Shri Prafulla P. Chhajed, Independent Director - Member
Shri Alok Kumar Choudhary, MD (R, C & SARG) - Member (Ex-Officio)
Shri Rajesh Kumar Dubey, Independent Director - Member

IT Strategy Committee of the Board (ITSC) Smt. Swati Gupta, Independent Director - Member

Shri Rajesh Kumar Dubey, Independent Director - Chairman of Shri Dharmendra Singh Shekhawat, Independent Director - Member
the Committee Shri Challa Sreenivasulu Setty, MD (IB, GM & T) - Member (Ex-Officio)
Shri Ketan S. Vikamsey, Independent Director - Member Shri Ashwini Kumar Tewari, MD (CB & S) - Member (Ex-Officio)
Shri Mrugank M. Paranjape, Independent Director - Member Shri Alok Kumar Choudhary, MD (R, C & SARG) - Member (Ex-Officio)
Shri Prafulla P. Chhajed, Independent Director - Member Shri Vinay M. Tonse, MD (RB & O) - Member (Ex-Officio)
Shri Challa Sreenivasulu Setty, MD (IB, GM & T) - Member (Ex-Officio)
Shri Alok Kumar Choudhary, MD (R, C & SARG)- Member (Ex-Officio) Corporate Social Responsibility Committee (CSRC)
Shri Challa Sreenivasulu Setty, MD (IB, GM & T) - Chairman of the
Special Committee of the Board for Monitoring of Large Committee (Ex-Officio)
Value Frauds (SCBMF) Shri Vinay M. Tonse, MD (RB & O) - Member (Ex-Officio)

Shri Prafulla P. Chhajed, Independent Director - Chairman of Shri Ketan S. Vikamsey, Independent Director - Member
the Committee Shri Mrugank M. Paranjape, Independent Director - Member
Shri Ketan S. Vikamsey, Independent Director - Member Shri Prafulla P. Chhajed, Independent Director - Member
Shri Mrugank M. Paranjape, Independent Director - Member Shri Dharmendra Singh Shekhawat, Independent Director - Member
Smt. Swati Gupta, Independent Director - Member
Shri Dharmendra Singh Shekhawat, Independent Director - Member Review Committee for Identification of Willful
Shri Alok Kumar Choudhary, MD (R, C & SARG) - Member (Ex-Officio) Defaulters/Non‑ Cooperative Borrowers (RCIWD)
Shri Vinay M. Tonse, MD (RB & O)- Member (Ex-Officio) Shri Alok Kumar Choudhary, MD (R, C & SARG) - Chairman of the
Committee (Ex-Officio)
Shri Rajesh Kumar Dubey, Independent Director - Member
Shri Ketan S. Vikamsey, Independent Director - Member
Shri Prafulla P. Chhajed, Independent Director - Member
Smt. Swati Gupta, Independent Director - Member

28
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

MEMBERS OF THE CENTRAL MANAGEMENT COMMITTEE

as on 31.03.2024

Shri Dinesh Kumar Khara Shri Nitin Chugh

Chairman Deputy Managing Director & Head
(Digital Banking & Transformation)
Shri Challa Sreenivasulu Setty
Managing Director Shri B. Sankar
(International Banking, Global Markets & Technology) Deputy Managing Director
(Stressed Assets Resolution Group)
Shri Ashwini Kumar Tewari
Managing Director Smt. Ruma Dey
(Corporate Banking & Subsidiaries) Deputy Managing Director & Group Compliance Officer

Shri Alok Kumar Choudhary Shri Amitava Chatterjee

Managing Director Deputy Managing Director (Commercial Clients Group-II)
(Risk, Compliance & SARG)
Smt. Vidya Krishnan
Shri Vinay M. Tonse Deputy Managing Director (Information Technology)
Managing Director
(Retail Business & Operations) Shri Gulshan Malik
Deputy Managing Director (Commercial Clients Group-I)
Shri S. Salee with additional charge of Deputy Managing Director
Deputy Managing Director & Chief Credit Officer and (Corporate Accounts Group)
Chief Sustainability Officer
Shri Pravin Raghavendra
Shri Rana Ashuthosh Kumar Singh Deputy Managing Director & Chief Operating Officer
Deputy Managing Director
(Retail - Personal Banking & Real Estate) Shri Surender Rana
Deputy Managing Director
Smt. Saloni Narayan (Retail - Agri, SME & Financial Inclusion)
Deputy Managing Director (Finance)
Ms. Jayati Bansal
Shri Mahesh Kumar Sharma Deputy Managing Director
Deputy Managing Director (International Banking Group)
(Transaction Banking & New Initiatives)
Shri Nand Kishore
Shri R. Viswanathan Deputy Managing Director (Global Markets)
Deputy Managing Director (Internal Audit)
Shri Binod Kumar Mishra
Shri Amara Ramamohan Rao Deputy Managing Director (HR) & Corporate
Deputy Managing Director & Chief Risk Officer Development Officer

Annual Report 2023-24 29

GOVERNANCE

MEMBERS OF LOCAL BOARDS

Other than the Managing Director (Retail Business & Operations) - Nominated by the Chairman in terms
of Section 21(1)(a) of SBI Act, 1955 as on 31.03.2024

Ahmedabad Kolkata
Shri Kshitij Mohan Shri Prem Anup Sinha
Chief General Manager (Ex-Officio) Chief General Manager (Ex-Officio)

Amaravati Lucknow
Shri Naveen Chandra Jha Shri Sharad Satyanarayan Chandak
Chief General Manager (Ex-Officio) Chief General Manager (Ex-Officio)

Bengaluru Maharashtra
Shri Krishan Sharma Shri Arvind Kumar Singh
Chief General Manager (Ex-Officio) Chief General Manager (Ex-Officio)

Bhopal Mumbai Metro

Shri Chander Shekhar Sharma Shri G S Rana
Chief General Manager (Ex-Officio) Chief General Manager (Ex-Officio)
Shri Ketan S Vikamsey
Bhubaneshwar Director *
Shri Dinesh Pruthi Shri Mrugank M Paranjape
Chief General Manager (Ex-Officio) Director *
Shri Prafulla P Chhajed
Chandigarh Director *
Shri Vinod Jaiswal Shri Rajesh Kumar Dubey
Chief General Manager (Ex-Officio) Director *

Chennai New Delhi

Shri Ravi Ranjan Shri Kalpesh Krishnakant Avasia
Chief General Manager (Ex-Officio) Chief General Manager (Ex-Officio)
Ms. Swati Gupta
Guwahati Director *
Shri Vincent Menachery Devassy
Chief General Manager (Ex-Officio) Patna
Shri Shiva Om Dikshit
Hyderabad Chief General Manager (Ex-Officio)
Shri Rajesh Kumar
Chief General Manager (Ex-Officio) Thiruvananthapuram
Ms. Bhuvaneshwari A
Jaipur Chief General Manager (Ex-Officio)
Shri Sandeep Bhatnagar
Chief General Manager (Ex-Officio)
Shri Dharmendra Singh Shekhawat
Director *

* Directors on the Central Board nominated on the Local Boards as per Section 21 (B) of SBI Act 1955

30
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

BANK’S AUDITORS
Date of Appointment of all Auditors is 03.10.2023

M/s Suri & Co. Rama K Gupta & Co.

Chartered Accountants Chartered Accountants

M/s Gokhale & Sathe M/s Talati & Talati LLP

Chartered Accountants Chartered Accountants

M/s V Singhi & Associates M/s K C Mehta & Co. LLP

Chartered Accountants Chartered Accountants

M/s R G N Price & Co. M/s Vinod Kumar & Associates

Chartered Accountants Chartered Accountants

M/s M K Aggarwal & Co. M/s Ravi Rajan & Co. LLP
Chartered Accountants Chartered Accountants

M/s JLNUS & Co. M/s M C Bhandari & Co.

Chartered Accountants Chartered Accountants

Annual Report 2023-24 31

OUR GROUP STRUCTURE

The World of SBI

NON-BANKING SUBSIDIARIES / JOINT VENTURES

SBI Capital Markets Limited

100% • SBICAP Securities Limited 68.63% SBI Cards & Payment Services Limited
• SBICAP Trustee Company Limited

SBI CDMDF Trustee Private Limited

100% SBICAP Ventures Limited 100%
(w.e.f. 25.07.2023)

SBI Mutual Fund Trustee SBI-SG Global Securities

100% 65%
Company Private Limited Services Private Limited

SBI Funds Management Limited

State Bank Operations Support
100% 62.21% SBI Funds Management (International)
Services Private Limited
Private Limited

100% SBI Global Factors Limited 55.42% SBI Life Insurance Company Limited

Oman India Joint Investment

92.44% SBI Pension Funds Private Limited 50%
Fund-Management Co. Private Limited

Oman India Joint Investment Fund-

74% SBI Payment Services Private Limited 50%
Trustee Co. Private Limited

72.17% SBI DFHI Limited 49% C-Edge Technologies Limited

SBI Macquarie Infrastructure

69.11% SBI General Insurance Company Limited 45%
Management Private Limited

32
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

OVERSEAS BANKING SUBSIDIARIES / JOINT VENTURES

100% State Bank of India (California) 99.56% PT Bank SBI Indonesia

100% SBI Canada Bank 96.60% SBI (Mauritius) Limited

Nepal SBI Bank Limited

100% State Bank of India (UK) Limited 55%
Nepal SBI Merchant Banking Limited

100% Commercial Indo Bank LLC, Moscow 20% Bank of Bhutan Limited

OVERSEAS NON-BANKING SUBSIDIARIES / JOINT VENTURES

State Bank of India Servicos Limitada, SBI Macquarie Infrastructure

100% 45%
Brazil Trustee Private Limited

Macquarie SBI Infrastructure Management

45% Pte. Limited
Macquarie SBI Infrastructure Trustee Limited

Annual Report 2023-24 33

 Statutory Reports and
Financial Statements

34
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

CONTENTS
Statutory Report
Directors’ Report
Customer Experience Enhancement Department 93
Economic Backdrop and Banking Environment 36
Risk Management 94
Financial Performance 37
Insurance 99
Core Operations 39
Official Language 99
Retail Business and Operations 39
Personal Banking 40 Marketing and Communication 99

Any Time Channels 48 Vigilance Mechanism 101

Customer Value Enhancement 49 Asset & Liability Management 102

Small & Medium Enterprises 49 Ethics and Business Conduct 102

Rural Banking 53 Corporate Social Responsibility 103

Financial Inclusion 54 SBI Foundation 105

Government Business 56 Regional Rural Banks 110

Transaction Banking – Marketing 57 Subsidiaries 111

Cash Management Products 58 Management Discussion and Analysis 120

Corporate Banking 58 Responsibility Statement 120

Corporate Accounts Group 58 Acknowledgement 120

Treasury Operations 59
International Operations 60 Corporate Governance Report 122
Secretarial Audit Report 154
Commercial Clients Group 66
Certificate of Non-disqualification of Directors 157
Project Finance and Structuring Strategic
Business Unit 67 Auditor’s Certificate on Corporate Governance 158
Stressed Assets Management 67
Redesign Studio 69 Business Responsibility and
Support and Control Operations 70 Sustainability Report 159

Human Resources and Training 70

Training and Development 72 Financial Statements
Digital Transformation and e-Commerce 76 Standalone 160
YONO 77 Consolidated 248
Information Technology 79 Pillar 3 Disclosures (Consolidated) 308
Customer Relationship Management 80
Channels and Operations 82 Notice 344
Core and Special Projects 87
Analytics 91 Green Initiative 352

Annual Report 2023- 24 35

DIRECTORS’ REPORT

Economic Backdrop and Ukraine and the conflict in Gaza and Israel, India’s external demand exhibited signs of
along with persistent tight labour markets slowdown owing to protracted geopolitical
Banking Environment could raise interest rate expectations. A tensions. Overall, merchandise exports
Global Economic Scenario divergence in disinflation speeds among declined by 3.1% during FY2024, while
major economies could cause currency merchandise imports weakened by 5.4%.
The global economy in FY2024 displayed
movements that may put financial sectors However, the current account deficit
remarkable resilience despite repeated
under pressure. narrowed sharply to 1.2% of GDP in
shocks and unprecedented monetary
tightening. Although no resolution appears FY2024 (9-month period) from 3.6% in
at sight for the ongoing geopolitical
India’s Economic Scenario
the corresponding period last fiscal with an
tensions, FY2024 also witnessed supply Amidst the global challenges, the Indian improvement in the net services trade and
disruptions in key shipping routes along economy has stayed resilient and has an increase in net transfer receipts.
the Red Sea. emerged as the fastest growing major
economy of the world in FY2024 for Headline inflation has been on a
Growth in the US and several major moderating path during FY2024 with food
the third successive year. The National
emerging market economies (EMEs) price pressures interrupting the descent
Statistical Office’s (NSO) advanced
has held up better than expected. While even as core inflation softened across its
estimates placed real Gross Domestic
the manufacturing activity has remained goods and services components. Industrial
Product (GDP) growth at 7.6% for FY2024,
subdued, services have exhibited strength.
supported by an upturn in the investment and farm input price pressures remain
The rise in the cost of liquidity in major
cycle on the back of the Government’s muted and organised sector wage growth
currencies did not result in significant
continued thrust on capital expenditure, stayed steady. Average CPI inflation stood
economic downturn as was expected.
higher capacity utilisation, underlying at 5.4% in FY2024 as compared to 6.7%
The entrenched inflation seen in most of
resilience of the services sector, double in FY2023.
the advanced economies and emerging
digit credit growth and healthier corporate
market economies has now come down
although the decline in core and services
and bank balance sheets. Banking Business
inflation is slow amidst continuing tightness FY2024 Second Advance Estimates reveal With marked improvement in economic
in labour markets. that Real Gross Value Added (GVA) in activities, ASCB’s credit growth has
agriculture and allied activities is expected remained robust in FY2024, clocking
Major central banks in advanced
to grow by 0.7% in FY2024 (4.7% growth a growth of 20.2% (H27.59 Lakh Crore)
economies have kept policy rates on hold
year ago) on account of decline in foodgrains compared to 15.0% growth (H17.83 Lakh
to ensure aligning of inflation with targets
production during the kharif season. The Crore) recorded in FY2023. Aggregate
and it is expected that Federal Reserve,
industrial sector has strengthened further deposits grew by 13.5% (H24.3 Lakh Crore)
Bank of England and European Central
and is expected to grow at 9.0% in FY2024
Bank may not change the rating stance in in FY2024, compared to 9.6% growth
as against 2.1% in FY2023 aided by strong
the near term. (H15.78 Lakh Crore) in FY2023. Excluding
activity across all sub-sectors. The services
The IMF expects the world economy to asymmetry due to HDFC merger, ASCB’s
sector has maintained its momentum
expand at 3.2 percent during 2024. Global credit grew by 16.3% (H22.28 Lakh Crore),
in FY2024 with an impetus from trade,
inflation is forecast to decline steadily, from while deposits grew by 12.9% (H23.2 Lakh
hotels, transport, communication and
6.8 percent in 2023 to 5.9 percent in 2024 Crore) in FY2024. Though RBI kept the
broadcasting and financial, real estate and
and 4.5 percent in 2025 with advanced professional services. The services sector policy repo rate unchanged in FY2024,
economies returning to their inflation is expected to grow at 7.5% on the top of the tight system liquidity, as also gradual
targets sooner than emerging markets and 10% growth a year ago. GST collections in transmission of rates, has pushed up both
developing economies. FY2024 at around H20 trillion as compared the deposit and lending rates of the banks.
Risks to the global outlook are broadly to H18 trillion in FY2023 points towards Growth in unsecured personal loans
balanced in FY2025. On the downside, new robust domestic trading activity with showed deceleration post the increase in
price spikes stemming from the geopolitical monthly collections crossing the H2 trillion risk weights on select segments by RBI in
tensions, including those from the war in mark in April 2024. November 2023.

36
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Reflecting the improvement in credit climatic conditions with probable onset of Net Interest Income
offtake, excess holdings of SLR securities La Nina after May 2024.
Net interest income increased by 10.38%
of SCBs has moderated to 7.7% of their The RBI monetary policy actions were to H1,59,875.83 Crore in FY2024 from
net demand and time liabilities (NDTL) largely anticipated and remained in a H1,44,840.50 Crore in FY2023. Total interest
in FY2024 from 8.7% at FY2023. Excess 'wait-and-watch' mode in FY2024. The income increased from H3,32,103.06
SLR holdings provide collateral buffers to steady drain of liquidity, advances growth Crore in FY2023 to H4,15,130.66 Crore in
banks for availing funds under the LAF outpacing deposit growth, resulted FY2024 registering a growth of 25%. Total
and are also a component of the liquidity in hardening of deposit interest rates interest expenses increased by 36.31%
coverage ratio (LCR). The surplus available across banks. The RBI took many notable from H1,87,262.56 Crore in FY2023 to
has enabled banks to meet credit demands measures on the regulatory front including H2,55,254.83 Crore in FY2024. Interest
from various sectors prudently. the review of LCR Framework, counter expenses on deposits increased by 36.35%
The incremental credit-deposit ratio cyclical capital buffer and formal rollout from H1,62,418.05 Crore in FY2023 to
stood at 95.9% as at end-March 2024 of the Draft Disclosure framework on H2,21,459.94 Crore in FY2024.
with incremental credit deposit ratio for Climate-related Financial Risks 2024.
H2FY2024 remaining below 100%. Against this backdrop, your Bank’s Net Interest Income
The asset quality of ASCBs improved business has adapted quite well to the (H in Crore) 10.38%
across all the major sectors during evolving situation. The healthy profit run for
FY2022 1,20,708
FY2024, with the overall gross NPA ratio your Bank continues in FY2024. This places
FY2023 1,44,841
declining to 3.0% in Dec’2023 from 4.5% your Bank in a comfortable position to keep
FY2024 1,59,876
in Dec’2022 and is expected to further augmenting growth capital through internal
improve as on March’24. The CRAR of
SCBs stood at 15.9% in Dec’2023, above
accruals. With the continued demand for
credit, banking businesses are expected to
1,59,876
the regulatory requirements. grow in double digits in FY2025.
Digital transactions grew across different
Financial Performance Other Income
payment modes in FY2024, led by Other income increased by 41.15%
retail transactions through the Unified Net Profit and Operating to H51,682.16 Crore in FY2024 from
Payments Interface (UPI), the National Profit H36,615.60 Crore in FY2023.
Electronic Funds Transfer (NEFT) and
Net profit increased by 21.59% to H61,076.62
the Bharat Bill Payment System (BBPS).
Crore in FY2024 from H50,232.45 Crore Operating Expenses
Mobile transactions in the retail segment
in FY2023. The Operating Profit of your Operating expenses (excluding exceptional
experienced consistent growth, propelled
Bank for FY2024 increased by 12.05% to item) of the Bank increased by 20.48%
by person-to-merchant (P2M) transactions
H93,797.18 Crore from H83,712.97 Crore to H1,17,760.81 Crore in FY2024 from
which accounted for 61.7% of the total
in FY2023 (excluding exceptional item H97,743.13 Crore in FY2023.
volume in FY2024.
of H7,100.00 Crore in FY2024 and Nil in
FY2023). Provisions and
Outlook
Contingencies
The domestic economy has shown Net Profit Total provision and contingency is
considerable strength against an
(H in Crore) 21.59% decreased by 23.48% from H33,480.52
otherwise volatile global economy. The
Crore in FY2023 to H25,620.56 Crore
Indian economy emerged as the fastest- FY2022 31,676
in FY2024. Major provisions made in
growing major economy of the world in FY2023 50,232
FY2024: Provision of H9,517.63 Crore
FY2024. Headline inflation has been on FY2024 61,077
for non-performing assets (as against
61,077
a moderating path during FY2024. The
H9,143.93 Crore in FY2023) and Investment
current momentum is expected to continue
depreciation write back of H593.18 Crore
in FY2025 on the back of favourable

Annual Report 2023- 24 37

DIRECTORS’ REPORT

(as against additional provision of H1,513.84 31st March 2023. Borrowings increased by Dividend
Crore in FY2023) was made during the year. 21.18% to H5,97,560.91 Crore as at the end
Your Bank has declared a dividend of
The Provisioning to Gross Non-Performing of March 2024 from H4,93,135.15 Crore as
H13.70 per share @ 1370% for the year
Assets ratio (including AUCA) of the Bank at the end of March 2023.
ended 31st March 2024.
as on 31st March 2024 is 91.89% (Previous
Year 91.91%). Deposits Progress of Implementation
(H in Crore) 11.13% of IND AS
Provision Coverage Ratio
FY2022 40,51,534 R B I vide Circular D B R . B P. B C .
(incl. AUCA) (%) 2bps FY2023 44,23,778 No.29/21.07.001/2018-19 dated 22 nd
FY2022 90.20 FY2024 49,16,077 March 2019 deferred implementation of

49,16,077
FY2023 91.91 Ind AS till further notice. However, RBI
FY2024 91.89 requires all banks to submit Proforma

91.89
Ind AS financial statements every half
year. Accordingly, your Bank is preparing
Reserves and Surplus and submitting the RBI Proforma Ind AS
An amount of H18,322.99 Crore (as financial statements every half year after
Assets and Liabilities against H15,069.74 Crore in FY2023) getting approval of the Steering Committee
Total assets of your Bank have increased was transferred to Statutory Reserves. headed by MD (R, C & SARG) formed for
by 12.01% to H61,79,693.94 Crore as at An amount of H326.21 Crore (as against monitoring of implementation of Ind AS in
the end of March 2024 from H55,16,978.53 H232.81 Crore in FY2023) was transferred your Bank.
Crore at the end of March 2023. During to Capital Reserves. Drawdown of H749.08
the period, the Net loan portfolio increased Crore in FY2024 from (as against transfer of
by 15.78% to H37,03,970.85 Crore from
H31,99,269.30 Crore. Investments increased
H4,575.43 Crore in FY2023) to Investment
Fluctuation Reserve. An amount of
1370%
Dividend on the face value
by 6.43% to H16,71,339.66 Crore from H3,142.84 Crore (as against Nil in FY2023) of `1/share
H15,70,366.23 Crore. The major portion of was transferred to the Investment Reserve.
investment in the domestic market was in
government securities.

Loan Portfolio (Net)

(H in Crore) 15.78%
FY2022 27,33,967
FY2023 31,99,269
FY2024 37,03,971

37,03,971
Your Bank’s aggregate liabilities (excluding
capital and reserves) rose by 11.81% to
H58,02,447.41 Crore as on 31st March 2024
from H51,89,370.08 Crore as on 31st March
2023. Deposits rose by 11.13% and stood
at H49,16,076.77 Crore as on 31st March
2024 against H44,23,777.78 Crore as on

38
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Core Operations the retail banking landscape. Your Bank’s

customer base is steadily increasing across
Retail Business and the country, making Retail Banking the most
Operations prolific segment in the Bank, both in terms
Retail Business and Operations (RB&O) of deposit mobilisation and also in extending
Group is the largest business group of your customised credit.
Bank with 99.48% of the total branches and Your Bank continues to be one of the largest
96.69% of the human resources of your Home Loan providers in the country and
Bank. The group comprises of the following market leader in Education Loans and Auto
business verticals: Loans. Your Bank's proactive approach
• Retail - Personal Banking and Real Estate towards SME financing i.e. loans for
• Retail - Agri, SME and Financial Inclusion business expansion, technology adoption,
• Transaction Banking and New Initiatives modernisation, export financing, etc. plays
a crucial role in fostering entrepreneurship,
The above verticals manage the delivery of
driving economic development, creating
retail banking products, which constitutes
job opportunities. Your Bank acknowledges
90.41% of the total Deposits and 55.05%
the contribution of agriculture in the overall
of the total Loans & Advances of your Bank
growth of the country and continues to
through 22,425 branches in 17 Circles
support the farmer fraternity by way of
spread all over the country. Customer
various products for Agri financing. Your
centricity is the essence of your Bank, and
Bank actively participates in the Financial
all the branches are committed to customer
Inclusion programmes and government- Key Initiatives
delight at every step. The ever-evolving
sponsored schemes aimed at creating a • Your Bank continues to be at
customer preferences, especially of the
sustainable, developing, and cohesive society, the forefront in digital banking
younger population, coupled with increased
and all these demonstrate its unflinching domain with a steady stream of
focus on enhanced customer convenience
commitment to serve the society at large. technology-driven innovations.
through digital initiatives, are transforming
It has a multi-channel delivery
model, which offers its customers
a wide range of choices to carry
out the transactions, at any time,
any place
• Your Bank has increased its
offerings across various channels
– digital, mobile, ATM, internet,
social media and branches
• YONO is the flagship banking
and lifestyle app—a one-stop-
shop offering of your bank which
provides not only all the financial
services but also a gamut of
investment, insurance and
shopping solutions
• Your Bank is committed to
creating an environment of
increased risk awareness at all
levels. It also aims at constantly
upgrading the appropriate security
measures, including cyber security
processes to ensure mitigation of
various risks

Annual Report 2023- 24 39

DIRECTORS’ REPORT

A. Personal Banking Market Share

Home Loans Accomplishments/ Your Bank has been continuously outpacing
Performance the growth curve and has garnered market
Your Bank is one of the largest home loan
The HL/HL-related portfolio of your share of almost 26.5% among ASCBs
provider in the country. The residential real
Bank has grown from nearly C1 Lakh (Mar'24). The Home Loan market share of
estate market continued to witness strong
Crore as on 31st March 2011 to C7.26 SBI in the whole industry level is 20.48%
growth in housing sales and new launches,
Lakh Crore as on 31st March 2024. as on Dec 2023.
leading to a positive trend with economic
growth. There were robust housing The share of Home Loan portfolio
demand from customers across top cities, as a percentage of domestic whole PSL Portfolio
tier-II and tier-III cities due to the launch of Bank advances stood at 22.48% and Your Bank’s PSL portfolio stands at 29.52%
government programmes such as Smart around 35.75% of NBG advances of of its total Home Loan portfolio.
Cities Mission. your Bank. As on 31st March 2024,
your Bank has disbursed close to Asset Quality
C1.97 Lakh Crore of Home loans and Your Bank’s constant proactive monitoring
Home-related loans. and follow-up, soft reach out calls to the
customers has resulted in restricting
Net NPA in Home loans to 0.76% as on
31st March 2024.

Crossed Key Initiatives

• Your Bank has always been • An additional interest rate concession
C7.26 trillion instrumental in customising and
developing sustainable, creative
of 25 bps is provided to the builders
for constructing Residential Housing
mark in RE AUM as on Mar’24, registered
YoY growth of 13.29% through strategic solutions and is continuously striving projects and for implementing water
initiatives towards making SBI the ‘No. 1 Choice management, waste management
of Customers’ for Home Loans and solar photovoltaic as a part
• As a part of Green Initiative towards of the building design under the
Journey over the Years sustainable development goals, sustainability initiative. An additional
(Home Loan Levels) financing of cost of rooftop Solar price concession of 5 bps is allowed
(Levels in Lakh Crore)
Photo Voltaic System is included as to the Home Loan borrowers for
part of project cost for Home Loans energy-efficient housing projects
Mar’2015 2.15
and is being given due publicity for • A new Home Loan product for
Mar’2016 2.58
popularising the product among Indian Army and Airforce personnel,
Mar’2017 2.99
the customers. In the mission of Shaurya Flexi Home Loan – Army
Mar’2018 3.41
integrating sustainability into our and Airforce, was launched in line
Mar’2019 4.00
operation by switching to renewable with the existing product available for
Mar’2020 4.56
power and green initiative, a Indian Navy personnel
Mar’2021 5.03
product named PM Surya Ghar • To deepen our relationship with our
Mar’2022 5.61
- Loan for Solar Roof Top has Home Loan borrowers, a new credit
Mar’2023 6.41
been also designed and is under card was designed – the Happy
Mar’2024 7.26
IT development Home Card, for existing and new
customers in collaboration with SBI
Credit Card

40
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Auto Loan
Digitisation of Loan The auto industry in India is witnessing Key Initiatives
Journey a good demand, particularly for mid and • Your Bank has tied up with major
• Your Bank has introduced Retail premium segments, with waiting period car OEMs for instant in-principle
Loan Management Solution for many such models and variants across sanction while car booking. Your
(RLMS) and Vendor Verification Original Equipment Manufacturers (OEM). Bank has the highest share in
Module (VVM) in loan processing SUVs have witnessed a huge surge in these new delivery channels: Pre-
across the country, including demand and as per market reports, SUVs Approved Car Loan is another
Non-BPR centres for uniform constitute 57% of India’s total Passenger major enabler
underwriting standards, seamless Vehicle sales. Your Bank is a top market • With a focus on sustainability and
deliver y and end-to - end player in new car loans and has taken protecting the environment, your
product digitisation to ensure new initiatives to provide best-in-class Bank is offering 'Green Car Loan'
customer delight product and customer service, ensuring for Electric PVs at concessionary
• Your Bank’s in-house developed its presence at all major dealerships by interest rates and with extended
contactless Digital platforms increasing manpower for car loan sourcing loan tenor to push this eco-
like YONO and RAAS are being across OEMs. friendly product
promoted extensively as resource • Your Bank with these new
tools for maximising the Home Performance initiatives and enablers could bring
Loan business and for boosting smiles to more than 6.29 Lakh new
Your Bank’s proactive monitoring and
the market share further customers by assisting them in
follow up has resulted in reduction in Auto
• Your Bank has rolled out a buying their dream vehicle in the
Loan NPA to 0.38% as of Mar’24 compared
Document Management current financial year
to 0.43% in Mar’23.
Solution (DMS) to digitise and
centralise the maintenance of
Home loan documents, thus
increasing customer convenience.
Additionally, as a fraud preventive
C19,020 Crore C49,648 Crore
Auto Loan disbursement
measure, Experian’s National 19.5% during FY2024
Hunter application has been
YoY growth under Auto Loan
integrated with RLMS for Home as on 31st March 2024
Loans and Home-related Loans
to detect inconsistencies in the
applicant information
• An end-to-end digital product,
Insta Home Top-up Loan is
available on our YONO platform
for pre-selected eligible Home
Loan customers

Tie-ups with Builders

Your Bank is onboarding maximum projects
under Builder Tie-Up (BTU), providing a
much-needed fillip to your Bank’s Home
Loan portfolio and for improving the
sourcing quality and TAT. Your Bank has
so far approved 10,096 residential projects
(RERA-approved) as tie-up projects.

Annual Report 2023- 24 41

DIRECTORS’ REPORT

Education Loans
Your Bank takes pride in being the largest Key Initiatives norms and concessional interest
rates, taking the total number of
Education Loan provider in the country with • Your Bank has helped 1,26,171
institutions to 263
a commanding market share of 32.37% meritorious students realise their
in the loan portfolio as of Feb’24 and dreams by providing financial − Penetration of our flagship product
38.31% in disbursement target amongst assistance amounting to C15,546 “Global Ed-vantage Education
all the ASCBs. Crore during the year. Out of this, Loans” for studies abroad has
41% of the loans were extended to improved through extension of
girl students doorstep services and tie-ups
Performance
• To broaden the scope of Education with various major Education
Your Bank has disbursed C10,860 Crore. Loans, to book quality business and consultants
Your Bank’s collateralised share stands at to enhance customer satisfaction,
50% of the loan portfolio as of Mar’24. − To ensure better tracking of loan
your Bank has initiated the
applications and faster sanctioning
following steps:
of loans, your Bank’s Retail Loan
− Shortlisted a large number of Management System (RLMS) was

1,26,171
top-rated premier and reputed integrated with Vidya Lakshmi
institutions for ex tending Portal (VLP) and Jan Samarth
Meritorious students were provided Education Loans under the Portal of the Government of India
financial assistance Scholar Loan scheme with relaxed

42
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Personal Loans Gold Loans

Your Bank is a leader in Personal Loan Your Bank offers general purpose personal Key Initiatives
segment and both secured and unsecured loan against pledge of gold ornaments. • Your Bank has also made available
Personal loans, are amongst its most personal Gold Loans for SBI’s
popular products. Your Bank is aggressively Home Loan customers by way
Performance
serving the needs of the salaried class of a product named “Realty Gold
During FY2024, the portfolio witnessed a Loan” for meeting the margin
(both government and private), pensioners
YTD growth of 13.83%, reaching a level of requirements, project cost
and self-employed/other customers.
C32,676 Crore as on 31st March 2024 with escalation and registration charges
the Gold Loan customer base at 1.4 Million. • Your Bank has made available
Performance
top-up Gold Loan for the existing
Personal loan ‘Xpress Credit’ has reached As per the data released by RBI on sectoral
borrowers wanting to avail top-
a level of C3,48,438 Crore and ‘Pension deployment of Bank Credit as on Feb’24,
up loans against their gold
Loan’ reached level of C54,288 Crore as your Bank had a Personal Gold Loan
ornaments/jewellery already
on 31st March 2024. During the current market share of 30.57%.
pledged with the Bank
FY, your Bank has provided personal loans
(Xpress Credit and Pension Loan) to more
than 4.61 Lakh customers amounting to
C2,01,279 Crore.

Key Initiatives Digital Personal Loan Offerings

• Your Bank has modified the Your Bank, with customer convenience
Pre-Approved Personal Loan at the fore, is offering products through
(PAPL) product and increased platforms such as YONO and INB, to drive
the maximum loan amount to H15 portfolio growth with ease of banking.
Lakh, offered digitally through Customers can avail these innovative
YONO & INB in 4 clicks only offerings digitally, in real-time, eliminating
• Your Bank has also implemented the need for physical branch visits.
Digital document Execution
(DDE) through YONO/RLMS Digital Loan variants:
to P-segment (Personal Loan • Real Time Xpress Credit Loans
& Auto Loan) customers, using • PAPL (Pre-Approved Personal Loan)
e-signature and e-stamping • PAXC (Pre-Approved Xpress Credit)
services of M/s. NeSL. This • PAPNL (Pre-Approved Pension Loan)
facility is operational in 24 states • PAPL Non-CSP (Pre-Approved Personal
at present. As on 31st March 2024, Loan for customers with SB Accounts)
4.99 Lakh P-segment documents • Insta Home Loan Top-up
have been executed

17,34,597 13,70,252
Digital loans sanctioned Digital loans sanctioned
during FY2024 during FY2023

C33,671 Crore C24,681 Crore

Value of digital loans sanctioned Value of digital loans sanctioned
during FY2024 during FY2023

Annual Report 2023- 24 43

DIRECTORS’ REPORT

Precious Metal
i) Sovereign Gold Bonds (SGB) Key Initiatives
• All products of your Bank are in an to increase the penetration in
Sovereign Gold Bond Scheme was
inhouse loan processing software premier institutes
introduced by the Government of India
– RLMS • Recategorised 16 NIT institutes
during FY2015-16 with the objective
• To tap the untapped potential from List C to List B which enabled
of promoting digital gold instead of
available with your bank a new Pre- us to offer unsecured loan upto C30
physical gold for investors. Your Bank,
approved Personal Loan product Lakh to the students admitted in
during FY2024, had mobilised 4,816 kg
'PAPL Non-CSP', for the customers these institutes
gold, amounting to C2,915 Crore under
maintaining their SB accounts with • Offering Guaranteed Investment
the scheme.
the Bank, has been rolled out Certificate (GIC) amounting to CAD
ii) Gold Monetisation Scheme (GMS) • 16 new institutes added under 20,635 to meet the living expenses
the approved list of Scholar loan of students travelling to Canada for
With the objective of mobilising gold, lying
higher studies
idle with households and institutions,
the Government of India introduced the
Gold Monetisation Scheme (GMS) during
FY2015-16. Your Bank, during FY2024,
has mobilised 2,562 kg gold, bringing the
cumulative mobilisation to 20,610 kg.

iii) Other Gold Business

a) Metal Gold Loan (MGL)
Your Bank also offers Metal Gold Loan to
jewellers engaged in manufacturing of gold
ornaments for both domestic and export
purposes. During FY2024, your Bank has
extended Metal Gold Loans of 14,415 kg.

b) Sale of Gold (SOG)

Your Bank is offering Sale of Gold (SOG)
Scheme to Jewellers/Bullion Traders.
During FY2024, your Bank has sold 2,616
kg gold under the scheme.

Awards and Recognitions

• SBI crossed C1 trillion Auto Loan
Book in Jun’23
• Pension Loan book has crossed
C50,000 Crore level in Oct’23

Strategic Focus
Enhancing our digital footprint in
offering products/services to change
our perception especially in the minds
of millennials/neo-millennials.

44
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Customer value creation/Customer-centric success story

• Interest Certificate and Account • Emails sent to 32 Lakh customers • Doorstep Banking creative
Statement made available to having inoperative SB Account during displayed in YONO app, which will
customers on their registered e-mail Nov’23 requesting them to activate make the customers aware about the
ids using Registered Mobile number their accounts facilities available
(as authentication) via contact centre • Branch email id(s) made available on • Logo and QR code of DICGC made
• Doorstep Banking Service centres bank statement(s) for speedy resolution available on your Bank’s website
increased from 100 to 550 of customer queries/complaints to boost customers’ trust in the
• Number of branches providing • Balance Cer tificate facilit y banking system
Doorstep Banking Ser vice modified in INB for Either or Survivor • Transfer of CIF, Joint Accounts and
increased from 4,927 to 6,022 as on mode of operations. Deposit & Loan Term Deposits facilitated through
31st January 2024 Balances separately incorporated in INB without branch intervention
the Balance Certificate to enhance
customer convenience

Liability and Investment Doorstep Banking Digital Savings Bank Account

Products To enhance customer convenience and Opening
• Your Bank has opened 2.51 Regular ease of banking, your Bank has extended We have opened 60.89% Regular Saving
Savings Bank Accounts per day per Doorstep Banking Services to all customers Bank accounts through digital channels
Branch during FY2024 as compared to at 1,080 Banking Centres. during FY2024.
2.13 accounts during FY2023 Doorstep Banking services includes:
Corporate and Institutional Tie-ups
• SBI Green Rupee Term Deposit, a
• Cash Withdrawal for Salary Package
new Term Deposit Product launched
• Life Certificate through Jeevan Pramaan Your Bank has a focused approach towards
on 11th January 2024 aimed to mobilise
• Pickup of Nomination Form, Standing sourcing of Salary Package Accounts
deposits to support SBI in financing green
Instructions and Fund Transfer Request across segments i.e. Defence, Central Govt,
initiatives and comply with regulatory
• Pick up of Cheque Book Requisition Slip State Govt and Corporate. Customised
guidelines. The product is offered for three
• Pick up of Cheques for Collection/ Salary Packages have been approved for
tenors, namely 1111, 1777 and 2222 days
Clearing, IT/Gov t/GST Challan various departments and corporates. The
• SBI We Care Deposit scheme with
with Cheque number of Salary Account customers has
enhanced interest rates of 100 bps over
• Delivery of Statement of Account, Term increased to 190.91 Lakh as on 31st March
Card rate for a tenure of 5 years and
Deposit Advice and TDS and Form 2024 with the opening of 6.31 Lakh new
above extended to senior citizens
16 Certificate accounts during FY2024.
• Sarvottam (Non-Callable Deposit)
• Delivery of Pre-paid instrument/
Term Deposit scheme with enhanced
Gift Card
interest rate of 30 bps over card rate for
one year and 40 bps for C1.01 Crore and
• Delivery of Demand Draft and Pay order
• Senior Citizens of more than 70 years
4,083
above over card rate for 2 years New Salary Package tie-ups entered with
of age and Differently Abled Persons corporates as on YTD Mar’24
are being extended Doorstep Banking

60.89% Services at all banking centres

• Doorstep Banking Facility to Divyangjans 323
Regular savings accounts opened through at free of cost up to 3 transactions per Dedicated and customised Salary Package
digital channels during FY2024 Microsites created
month at all branches

Annual Report 2023- 24 45

DIRECTORS’ REPORT

Green deposit launch

NRI Business
Your Bank is serving its 38.29 Lakh remittances. A Global NRI Centre (GNC)
NRI clientele through 434 dedicated has been set up at Ernakulam, Kerala, as Strategic Focus
Specialised NRI Branches/NRI Intensive a one-stop solution for the NRI customers Enhancing our digital footprint in
Branches in India, with your Bank’s foreign serving them since 22nd June 2017. To offering products/services to change
offices in 29 countries and 227 Global make banking easier and more convenient, our perception especially in the minds
Banks as Correspondent Banks. Your Bank your Bank will be opening a second of millennials/neo-millennials.
also has tie-ups with 45 Exchange Houses Global NRI Centre at Patiala, Punjab for all
and 5 banks in the Middle East to facilitate non-financial services for NRIs.

Key Initiatives for NRI clientele

• MOU (Memorandum of Understanding) • Quarterly NRI Newsletter emailers for abroad), at foreign locations through
signed with SBI Canada for facilitating NRI customers informing on the latest advertisements, campaigns and videos
NRI services in Canada updates on Banking and Financial on our products and services through
• An agreement with FLYWIRE for sector across the globe; a digital platforms such as Twitter, YouTube,
smooth remittance of education fees to copy of which is also placed on your Facebook, etc.
students studying in universities abroad Bank’s website • Customers connect programme with
• A guide on FEMA and NRI Taxation • NRI account opening through YONO the Indian diaspora organised at Dubai,
has been launched and placed on your mobile application Abu Dhabi, Kuwait, and Indonesia
Bank’s corporate website • Increased visibility of NRI Products
and Services at airports (India and

Key Initiatives during the year

• Features and benefits on Central • New RuPay Feature-loaded Debit
US$31.25 billion
NRI deposit base as on March 2024
G overnment , various S tate Card launched for Corporate Salary

25.19%
Governments, Police, Railway and Package customers with benefits
Corporate Salary Package has been like OTT subscriptions, movie tickets,
revamped which has made your spa and gym memberships, health Market share in FCNR(B) deposit as on
Bank's offer competitive in the market check-ups, etc. January 2024

46
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Customer value creation/Customer-centric success story

• Interest Certificate and Account • Sent to 39.60 Lakh customers for TD speedy resolution of customer
Statement made available to Customer not having Nomination and queries/complaints
customers on registered email Account Balance of more than 1 Lakh • Balance Certificate facility has been
using Registered Mobile number (as • Sent to 1.85 Lakh customers having modified in INB for Either or Survivor
authentication) via Contact Centre PPF account but not SB Account mode of operations. Also Deposit &
• Doorstep Banking Service centres with SBI Loan Balances have been separately
increased from 100 to 1080 • Sent to 2.29 Lakh customers feedback incorporated in the balance Certificate
• Number of branches providing under Power Play Campaign to enhance customer convenience
D o o r s te p B ank in g Ser vice Emails • Logo and QR code of DICGC made
increased from 4,927 to 6,390 as on available on our website to give
• Sent to 103.65 Lakh customers for
31st March 2024 a boost to customers’ trust in the
SB Customers not having Nomination
SMS banking system
• Sent to 89.42 Lakh customers for
• Transfer of CIF, Joint Accounts
• Sent to 62 Lakh SB customers not TD Customers not having Nomination
& Term Deposits has been
having Nomination and Account • Branch email id(s) has been made
facilitated through INB without
Balance of more than 1 Lakh available on bank statement(s) for
branch intervention

Wealth Management Business

Your Bank is the first Public Sector Bank to Investment and Banking needs. Doorstep SBI Wealth has shown exponential growth
offer Wealth Management Services to their banking services are also extended through in terms of Investment AUM and Investment
esteemed clients. At SBI Wealth, your Bank Customer Relationship Executives. The key Active Clients during FY2024. Investment
caters to the investment needs of affluent elements of value proposition to the clients AUM has increased to C31,157 Crore and
clients, a bouquet of investment products are flexibility in choosing multiple delivery the number of Investment Active Clients
such as MFs, Insurance, PMS, Bonds and channels, in-depth research and analysis has increased to 1,80,559. The number of
AIF are offered to Wealth Clients as per and open architectures. clients also increased to 4,36,981 and the
their risk profile. Your Bank’s Wealth Management Services AUM increased to C3,49,182 Crore for the
The Wealth team of dedicated and are offered at 105 major Centres across same period.
personalised Relationship Managers are the country through a network of 238 Your Bank has also launched Premier
in constant touch with clients for their Wealth Hubs. Banking Services to provide personalised
banking and investment-related services
to Corporate Salary Package (CSP)
customers - Platinum category.
M/s Boston Consulting Group (BCG) has
been onboarded as your Bank’s consultant
for the revamp of wealth and premier
banking as a part of “Project Wealth”.
Under Project Revamp Wealth, it has been
decided to have two customer segments
viz. Premier (30-50 Lakh TRV+CSP
Platinum) and Wealth (50 Lakh and above
TRV+CSP Rhodium).
Your Bank ’s Integrated Wealth
Management Solution (IWMS) platform
became live from 26 th December 2023
and SBI Wealth Debit Card-RuPay Select
variant with enhanced features have
been issued.

Annual Report 2023- 24 47

DIRECTORS’ REPORT

B. Any Time Channels 2. SWAYAM Barcode-based 5. Cheque Deposit Kiosk (CDK)

1. ATMs and ADWMS passbook printing kiosks The CTS-enabled self-service Cheque
Your Bank has deployed 20,135 Barcode- Deposit Kiosks (CDK) facilitate customers
Your Bank has one of the largest ATM
based Passbook Printing Kiosks to deposit their CTS cheques hassle-
networks in the country, with 63,580
(SWAYAMs) at 17,663 branches and free. 2,496 CDKs have been deployed
ATMs, including 11,256 Automated
approximately 11 Lakh transactions are at 2,470 branches and an average of
Deposit Cum Withdrawal Machines
being processed daily. On an average, the ~16 Lakh cheques are deposited every
(ADWMs), as of 31st March 2024 – with
SWAYAMs have been able to migrate ~3.4 month. A receipt with details such as date,
presence even in the most challenging
Crore passbook printing transactions every transaction ID, Beneficiary Name, cheque
locations including a Floating ATM at Dal
month from the branch counters. Reprint number and masked payee account
Lake Srinagar, in the tea gardens of Assam,
functionality for the last 90 days has also number is generated for the depositor.
in Lachen, the last village of North Sikkim,
been enabled.
on the islands of Andaman & Nicobar
and Lakshadweep. Furthermore, in our 3. Green Channel Counter (GCC)
ongoing effort to provide ATM services in
Your Bank has deployed 27,813 GCC
the remotest locations of country, we have
terminals at 21,419 retail branches for
recently installed one ADWM at Andrott
transactions through Debit cards to promote
Island, Lakshadweep.
Green Banking with facilities such as cash
Your Bank is adopting cutting-edge withdrawals, cash deposits, funds transfer
technology, regularly upgrading and within SBI accounts, Balance Enquiry, Green
replacing nearly 34,350 machines including PIN generation/PIN change for Debit Cards
buffer quota for Safe & Secure Banking. and Mini Statements. Transactions are
The new machines are installed with the enabled on EMV-compliant GCC Terminals.
latest generation of Intel processors that
are faster and more energy-efficient. 4. Green Remit Card (GRC)

Your Bank is implementing suitable The GRC is a cash deposit card through
measures to protect the stakeholders’ which funds can be deposited to a pre-
interests and strengthening the security of defined account of your Bank by GCCs and
ATM cash withdrawals against skimming, ADWMs. Cash deposit facilities through
cloning, etc. GRC are available 24x7 at ADWMs and are
helpful, especially for migrant workers. The
transaction limit for GRC is C25,000 per
transaction with a monthly cap of C1,00,000.

Key initiatives during

the year
• Option to transfer Savings account
to another branch through ATMs/
~29% ~1.20 Crore
Domestic market share in number of installed Average transactions
ADWMs ATMs and ADWMs by Banks in India are recorded daily
• Customer income/turnover details
feeding through ATMs/ADWMs

31% 5.75 Lakh

• Cus tom er s c an c ondu c t
transactions through ATMs/
ADWMs in their preferred Highest share of cash dispensation through Daily cash deposit transactions
regional language ATM network in the country at our ADWMs

48
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Customer Value Enhancement

Your Bank is dedicated to increase value for it has made onboarding simpler and has
its customers and stakeholders, by offering relied on need-based selling to strengthen
a range of financial services and products, customer loyalty. With an emphasis on
all under one roof. As a financial superstore, better customer experience and offerings
your Bank provides Mutual Funds, General tailored to customers’ needs, your Bank
Insurance, Life Insurance, Credit Cards, remains a leader in marketing of financial
National Pension System and Demat products and services with revenue
accounts through its pan-India network. As earning of C3,891 Crore in FY2024.
a part of your Bank’s digital transformation,

The revenue contribution of each product is as under:

(C in Crore)
Product FY2023 FY2024 %Change YoY
SBI LIFE 2,040 2,232 9%
SBI MF & Others 916 964 5%
SBI GENERAL 398 436 10%
SBI CARDS 264 231 -12%
NPS 18 20 11%
SSL 5 7 40%
Total 3,641 3,891 7%

Initiatives and performance highlights:

SBI Life SBI General share of 21%. Your Bank has also qualified
SBI Life Insurance is the No. 1 private Your Bank is offering Personal Accident as the top performing Point of Presence
player in Individual Rated New Business Insurance, Health Insurance, Property (PoP) under the campaign launched
(IRNB) Premium since FY2018. IRNB has Insurance and Loan Insurance. Gross during 1st March 2024 to 31st March 2024
registered 12% YoY growth as on March Written Premium (GWP) collected in by the PFRDA. It offers complete digital
2024. Persistency ratio has improved from FY2024 has improved by 8.75% YoY. registration journey through Internet
84.13% to 86.06% YoY as on 31st March Health Insurance contributes major portion Banking (INB) and YONO App. Presently,
2024. The protection plans share for SBI among general insurance products (21%). 83.95% of the total NPS accounts are
Life in Individual Rated Premium stood at opened through digital modes.
SBI Card
6% as on March 2024. Digital sourcing of Demat Accounts/SBI SSL
SBI Life Banca is 99.80%. With the increasing trend of the use of
plastic money, your Bank is meeting Your Bank has sourced over 13.27 Lakh
SBI Mutual Fund customers’ demand and making credit Demat accounts during FY2024. An end-
SBI remains the numero uno Mutual Fund cards available to them at the remotest of to-end Demat and trading account journey
Distributor, having C1.93 Lakh Crore in the locations. In FY2024, 21.33 Lakh cards is available on the YONO App and INB.
Assets Under Management (AUM) as on were issued.
31st March 2024. Further, SBIMF leads Small & Medium Enterprises
An end-to-end Credit Card issuance journey
the rank amongst AMCs and has crossed is available on the YONO App and Internet The call for ‘Atmanirbhar Bharat’ has
C9.20 Lakh Crore as on 31st March 2024 Banking (INB). Customer Card Linking emphasised the contributions of MSMEs
in AUM. Digital mobilisation of business is facility through Card Number and OTP has to the country’s economy through
easing the process for customers as well as been rolled out in YONO app in FY2024. manufacturing output, GDP, exports, and
the operating personnel. 93% of Lumpsum employment generation.
transactions and 86% of fresh SIPs are NPS Your Bank is a pioneer and market leader in
being mobilised through the digital mode. Your Bank continues to be the leading SME financing, providing a comprehensive
bank in NPS registrations with a market package of products and services to the

Annual Report 2023- 24 49

DIRECTORS’ REPORT

MSMEs to meet their requirements, such as Bank has also set SCF CPCs in 16 Circles. Digital Documents Execution (DDE) was
cash management, transactions and credit For all new proposals above C10 Crore formulated under the guidance of the
needs for both domestic/export sales. (SME & Builder Finance) shall be handled Ministry of Finance to provide an automated,
With over 20 Lakh customers, the by High Value CPCs for appraisal. As on digitised process and to ensure completion
SME portfolio of C4,33,037 Crore as on 31st March 2024, 330 proposals amounting of digital contract formation, e-stamping,
31st March 2024 accounts for nearly to C19,914 Crore have been sanctioned. e-sign or its variants, as per applicable laws
13.41% of your Bank’s total domestic through authorised government agencies,
B. Digital Offerings
advances. The portfolio registered a thereby providing for safe and accurate
Your Bank is leveraging technology in financial information recording.
growth of 20.53% (YoY) in FY2024. Your
business, designing products, streamlining
Bank’s approach to drive SME growth rests Project Digital Documents Execution
processes, improving deliver y to
on the following three pillars: a) Customer (DDE) for PABL accounts was launched
monitoring. Your Bank has taken several
Convenience, b) Risk Management, and in Uttar Pradesh on 11th August 2022.
initiatives to build an SME portfolio in a
c) Technology-based digital offerings and After the successful implementation in
risk-mitigated manner by implementing
process improvements. the state, it was extended to branches of 6
significant changes in (i) Product suite, (ii)
other states, namely, Odisha, Chhattisgarh,
A. Customer Convenience Processes, and (iii) Delivery to ensure Ease
Tripura, Kerala, Himachal Pradesh and
To provide an enhanced customer of Banking. The YONO Business combines
Meghalaya. The same has been extended
experience, your Bank has created a wide all the corporate banking needs by being
to Maharashtra State (Mumbai &
network of touchpoints for branches and a one-stop solution for the company. Your
Maharashtra Circle) on 1st February 2024.
other modes. The business delivery model Bank is increasingly deploying advanced
technologies, such as Artificial Intelligence, The extension of the DDE facility (for
of the Small and Medium Enterprises Centre
Machine Learning and Business Analytics, PABL) to the branches located in the
(SMEC) comprises Asset Management
to augment its product of ferings, state of Rajasthan (Jaipur Circle) has been
Teams (AMTs), created to maintain end-
ensuring customer delight each time executed on 1st March 2024.
to-end relationships with customers for
loans up to C2 Crore. The SMECs have without exception. The Business Rule Engine (BRE) is a single
been strengthened in terms of manpower, Pre-Approved Business Loan (PABL) is credit risk model developed for SME Loans
resulting in improved service levels. Loans an analytics-based product that identifies up to C5 Crore, making the loan sanction
above C50 Lakh continue to be handled existing Current Account customers’ process faster, innovative, and future-ready
by Relationship Managers (SME). As on eligibility for pre-approved loans based and enabling Straight Through Processing
31st March 2024, 2,117 RMs (SME) and on their transaction history with a loan (STP) for all types of loan applicants, viz.
864 dedicated SME Intensive Branches of amount up to C20 Lakh sanctioned through New to Bank (NTB), Existing to Bank (ETB),
your Bank are functioning pan-India. Your a simplified YONO and LLMS journey. New to Credit (NTC), Existing to Credit

50
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(ETC), as well as for Renewals. The BRE to create STP/Digital journeys and reduce objective inputs for the assessment of
will handle the end-to-end credit process operating expenses, except for manual credit limits to greenfield projects, viz. Cash
(loan journey) from existing application due diligence and security checks. It uses Credit, Term Loan and Non-fund-based
forms to appraisal formats - the objective digitally fetched and verifiable data (to the limits to sanction authorities.
of reducing TAT for processing of the extent possible) as model inputs and to BRE has been rolled out pan-India on
proposals and unlocking the bandwidth of leverage different data sources like Bureau 7.12.2023 for loans above C10 Lakh and up
the Processing Officials. history, GST Returns, Income Tax Returns to C50 Lakh in the first phase. 14,479 loans
The Model has been developed based (ITRs) and Bank Statements. The model amounting to C3,869.52 Crore have been
on the Logistic Regression methodology output provides Risk Grade and objective sanctioned as on 31st March 2024 through
wherein Regression will predict default decisioning of Go/No-go/Refer to Credit BRE, out of which 6,461 loans to the tune
events and Model the influence of for all new/existing applications. It assesses of C1,397.16 Crore were new connections.
different variables on the applicant’s the Model-based limit for Cash Credit Second phase for Loans above C50 Lakh
creditworthiness. The objective of BRE is facilities to brownfield units, providing and up to C5 Crore has been rolled out in
the third week of March 2024.

1. New digital product under

development in collaboration with
Fintech/AA/GST
• MSME SAHAJ Seller’s Invoice Financing
on YONO Business by providing digital
loans and financing of GST invoices
• Seller’s Invoice Financing Scheme,
under GST Sahay, is an initiative by GoI
that provides digital loans through the
marketplace GST Sahay app
• DIGI Sugam provides GST-based
Working Capital Finance, an end-to-
end digital journey offered through
YONO Business

2. Contactless Lending Platform (CLP)

Your Bank is one of the stakeholders
of the SIDBI-led PSB consortium, with
your Bank’s path-breaking initiative,
psbloanin59minutes.com, providing
easy access to loans to SMEs. Instant
in-principle approval generated for eligible
proposals based on GST returns, IT returns
and Account Statement. Using the platform,
your Bank is sourcing leads from C1 Lakh
to C5 Crore. In FY2024, 17,773 leads for
C10,831 Crore have been sanctioned.
To promote end-to-end digitisation and
to ease the credit delivery process, a new
auto-renewal process for leads received
from CLP has also been introduced by your
Bank. This will ensure the timely renewal of
good and financially satisfactory accounts
without much manual intervention, as
better customer experience will enable

Annual Report 2023- 24 51

DIRECTORS’ REPORT

Relationship Managers (SMEs) to focus various campaigns for onboarding dealers/ Biogas. Under the Satat Scheme, loans
on sales and marketing activity. vendors and broadening the Channel sanctioned up to C100 Crore are considered
Finance base. PSL. Incentives for entrepreneurs such
3. Pre-Approved Business Loans (PABL) as reduced custom duty on imported
C. Green Energy initiatives
In FY2024, your Bank has disbursed equipment, 40% depreciation on the WDV
Your Bank is committed towards its Green method, and tax holiday on net income for
1,05,052 PABL loans. The product caters
Energy initiatives to lower carbon footprint; 5 years.
largely to micro and small entrepreneurs
many products were launched during the
with a good track record, and credit D. Export Credit
reporting year to achieve these objectives.
availability is made on liberal terms.
With the GoI’s focus on increasing exports,
During Feb'24, Partnership firms have been
1. Surya Shakti Solar Finance MSMEs have a pivotal role in achieving
included under the PABL ambit. Your Bank
This special product has been launched for this objective. Export Credit for SMEBU
has recorded a YoY growth of H2,794 Crore
financing ‘Term Loans for Solar Projects’ to increased by 21.94% as of 31st March 2024
(70.80%) as of Mar'24.
business enterprises (for captive use) with despite several global and macroeconomic
a maximum loan amount of C10 Crore. The challenges in the international trade,
4. Supply Chain Finance
product has a comfortable repayment of 10 reaching levels of C19,060 Crore. Your
By leveraging state-of-the-art technology Bank is keen on seizing the available
years. To capture the tremendous potential
and branch network, your Bank continues opportunities in the sector and has put in
available under the segment, a dedicated
to be a major player in Supply Chain place strategies for maximising business
Surya Shakti Cell has been created for
Finance, strengthening its relationship potential in export finance. Various digital
centralised loan processing, and individual
with the Corporate world across various initiatives are in the pipeline to improve
powers have been delegated to the Cell
sectors. Your Bank has extended supply customer experiences.
officials to ensure reduced TAT. MoUs have
chain finance to 35,254 dealers with total
been entered with reputed companies like Several customer digital journeys, viz.
sanctioned limits of over C49,261 Crore
Tata Power Solar Systems Ltd., Waaree Inland LC, Import LC, Exports, Inland, A1
(e-DFS) and C28,092 Crore (e-VFS). In
Energies Ltd., Mahindra Solarize Pvt Ltd., & A2 remittances and Advance Payments
FY2024, 15 new e-DFS and 41 new e-VFS
Havells India Ltd. and Redington India to have been made available in YONO
tie-ups were entered.
finance the units having the requirement Business. The end-to-end digital BG
New e-DFS limits of C4,696 Crore to of installing Solar PV systems. product, ‘e-BG’, has been rolled out in 25
662 new dealers and C6,335 Crore to States/UTs across India.
new e-VFS vendors were sanctioned 2. Finance to Biofuel Projects
during FY2024. Your Bank has already E. Co-lending with NBFCs
To promote the GoI initiative of Biofuels
implemented the Contactless Lending To extend a helping hand to MSMEs that
projects, a new product was launched
Platform (CLP) for e-DFS and e‑VFS have little or no access to formal credit,
to extend credit to all forms of Biofuels
through psbloansin59minutes.com, which your Bank has entered into a co-lending
mentioned in National Policy of Biofuels
provides easy access for loans to dealers agreement with 9 NBFCs. Under the
2018 viz. Ethanol, Biodiesel, Advanced
registered on the GST platform and for Co-lending scheme, your Bank has
biofuels, Bio-CNG, etc.
filing Income Tax returns. sanctioned 1,042 accounts amounting to
Biomass suppliers/aggregators supplying C469 Crore, as on 31st March 2024.
Your Bank has also simplified e-VFS
pellets/briquettes to Thermal Power Plants
processes and built a front-end digital F. Trade Receivables Discounting
for substitution of coal are also financed
interface on CLP for better customer System (TReDS)
under this product. The product has a long
experience by eliminating redundant
door-to-door repayment tenor of up to 15 Your Bank is the first among all PSBs
documents and implementing simplified
years, and a Term Loan/regular working to register as a financier on the TReDS
appraisal formats. Your Bank has introduced
capital facility is also provided. platform, set up to provide finance to
Supply Chain Finance Centralised
MSMEs and has presence in all the three
Processing Centres to reduce TAT during
3. Compressed Biogas under TReDS platforms in the country, i.e. RXIL, M1
proposal processing. To ring-fence the
Satat Scheme exchange and Invoicemart. In FY2024, your
supply chain portfolio, your Bank has put
Under this product, finance is made Bank has crossed level of C10,000 Crore as
in place suitable risk mitigation measures
available to the units that aim to set up on 31st March 2024, registering a YoY growth
and risk-based pricing for the Supply Chain
manufacturing facilities for Compressed of 282.44% and a market share of 23%.
Portfolio. Your Bank is also launching

52
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Rural Banking
Your Bank has achieved 1st position Micro Credit
Agriculture Advances
amongst all banks in the Banks • Your Bank has supported more
Your Bank’s lending under Agriculture & Heralding Accelerated Rural & than 50 Lakh additional households
Allied activities has crossed C3,00,000 Agriculture Transformation (BHARAT) during FY2024, which includes
Crore during this financial year, the highest Campaign & Rural & Agricultural households of SHGs (19 Lakh+),
for any Bank in India. Your Bank caters Progress through Infrastructure PMMY beneficiaries (18 Lakh+)
to the credit needs of more than 1.50 Development (RAPID) campaign for PMSVANidhi beneficiaries (14
Crore farmers. Agri Infra Fund run by Ministry of Lakh+), Stand Up India & PMEGP
Your Bank has grown substantially in Agri Agriculture and Farmers welfare. beneficiaries (2 Lakh+) and Agri
Gold loans, SHG loans and Investment Infra Fund & PM-FME beneficiaries
Credit portfolios, most of which are either (1 Lakh+)
Further, your Bank has built a portfolio
risk mitigated or possess low risk. Your • Your Bank is the market leader in
of more than C2,600 Crore during the
Bank continues to be the market leader in SHG loans. Your Bank’s portfolio
year in two newly launched products -
Agriculture Gold loans; during the year, the under SHG loans has crossed
Agri Enterprise Loan (AEL) and Kisan
portfolio crossed C99,000 Crore. C50,000 Crore as on 31st March
Samriddhi Rin (KSR) for serving the credit
In the past few years, the Government of needs of Agri-based Enterprises and 2024 covering more than 1 Crore
India has been providing policy support production credit requirements of large women members. Your Bank’s
for growth in the Agriculture & Allied farmers/Corporates/FPOs/Co-operatives market share of loans under National
sectors and improvement in Farmgate of Farmers based on realistic cost of end- Rural Livelihood Mission is the
infrastructure. Your Bank is aligned with to-end farming, respectively. highest among PSBs at 29% as on
the Government’s policies under various 31st March 2024
Your Bank has worked strategically to reduce
Aatmanirbhar Bharat schemes. Your Bank • Since inception of Deendayal
and control the stress in Agri portfolio and
has sanctioned loans to 20,504 borrowers, Antyoday Yojana – National Rural
as a result, NPAs have come down during
amounting to C5,127 Crore during the Livelihood Mission (DAY -NRLM)
FY2024, as compared to the previous year,
current financial year under these schemes. on 1st April 2013, your Bank has
with single-digit Agri GNPAs % for the first
time. Your Bank’s Priority Sector Lending undertaken Tie-ups with State
(PSL) achievement in Agriculture segment Livelihood Agencies and financed

29% as well as sub-segments viz. Small &

Marginal Farmers, Weaker sections and
49.34 Lakh SHGs under Bank-SHG
Linkage and disbursed C1,31,903
Market share in NRLM loans among PSBs Crore up to 31st March 2024
is the highest as on 31st March 2024 Non-corporate farmers have increased
substantially during the year. • Your Bank has signed Memorandum
of Understanding (MoU) with the
Ministry of Rural Development
(MoRD) for financing SHG-led
women Enterprises under ‘Svyam
Siddha Initiative’ of the Bank as
an enabling step to align with the
Govt of India. initiative of Lakhpati
Didi programme
• Your Bank has disbursed more
than C49,000 Crore in Mudra Loans
during FY2024. Further, your Bank
has sanctioned more than 21,000
proposals under Stand-Up India
scheme during the year
• In FY2024, your Bank has disbursed
14.27 Lakh loans, amounting to
C1,548 Crore to Street Vendors
under PMSVANidhi Scheme

Annual Report 2023- 24 53

DIRECTORS’ REPORT

Digitalisation and Collaborations

• Your Bank is in the process of Under this model, your Bank has • The Outsourcing Services Subsidiary,
onboarding a revamped Agri Tech sanctioned loans to more than 2.79 State Bank Operation Support
Stack for processing of loans to Lakh borrowers amounting to C2,030 Services (SBOSS), has stabilised its
Agriculture & Allied activities. This will Crore. Of which, more than 2.70 Lakh operation in Rural/Semi Urban areas.
significantly reduce Turn Around Time accounts have been sanctioned in a The Subsidiary works on a “High
(TAT) for delivery of credit. Your Bank complete digitised mode for loans up Tech, High Touch and Low Cost”
has also embarked upon digitising the to C3 Lakh mode and has helped your Bank in
journey in Agriculture • Your Bank is actively looking to finance sourcing more than 6,70,000 new
• To enhance our reach to the unserved Farmer Producer Organisations KCC Loans amounting to more than
and under-served populace, we (FPOs) and has conducted multiple C13,500 Crore
have signed MoUs with 23 NBFCs/ FPO Connect Programmes during
HFCs under Co-lending model. the year

Financial Inclusion a transformational role in delivering This channel is also leading the spread
the earmarked benefits through DBT of Social Security coverage by way of
Your Bank is committed to people’s
(Direct Benefit Transfer) to the targeted micro-insurance (PMJJBY & PMSBY) and
economic empowerment through activities
beneficiaries without any leakage. This Pension (APY), for large populations who
focusing on financial inclusion, from
channel has been the key enabler in are otherwise excluded from such financial
opening accounts for the unserved, under-
making the DBT story of our country a big products. Your Bank is the market leader in
served, and underprivileged population to
success, gaining recognition globally. In the PMJJBY, PMSBY and APY amongst all Public
making basic financial services accessible
current year, ~68 Crore DBT credits have Sector Banks. Focus on empowerment of
and available.
been transferred. By bringing the unbanked women has always been the key priority for
Your Bank pioneered the BC/CSP (Banking masses to the financially included pool, your Bank and participation of females in
Correspondent – Customer Service Point) the channel has effectively promoted thrift the total enrolments covered by your Bank
model for providing Banking services, not and saving habits amongst customers, has been more than 50% under the Social
restricted only to withdrawal payments. At enabling their financial growth. More than Security Schemes.
present, 32 financial services are facilitated 15 Crore BSBD/PMJDY accounts have
at these CSP outlets. The Jan Dhan Yojana, Your Bank is enhancing its last-mile reach
been opened, with total deposits crossing
Aadhaar, Mobile (JAM) trinity has played to ensure inclusivity through more than
C58,000 Crore.
82,000 CSPs covering most of the country’s
remote locations.

Initiatives
• TAB Banking: A handheld
device (TAB) has been launched
to extend banking services with
mobility. Through this TAB, our
CSP operators are now delivering
door-step banking to the masses,
benefitting senior citizens and
underserved population
• Payment through IRIS Scanner:
AePS payment through IRIS
authentication has been enabled at
CSP outlets - useful for customers
whose fingerprints are deformed
due to old age or hard labour

54
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Imparting Financial Literacy Rural Self Employment Training these, 74% candidates have been settled
Your Bank has set up 341 Financial Literacy Institutes (RSETIs) through self-employment. Credit facility
Centres (FLCs) across the country to impart Your Bank has set up 152 RSETIs across have been extended to more than 4 Lakh
free financial literacy, credit counselling 29 States/UTs. RSETIs act as social trained candidates.
and the propagation of electronic payment change agents, empowering rural youth Lead Bank Scheme
systems. FLCs have conducted more than towards sustainable livelihood through skill
Your Bank has actively participated in Viksit
37,000 Camps during the current year in development and training, helping them
Bharat Sankalp Yatra (VBSY), a nationwide
which over 15 Lakh people participated. establish their own micro-enterprises, and
outreach programme launched by Govt. of
Furthermore, as a part of the RBI initiative thereby creating rural employment. These
India and have covered more than 47,000
to spread awareness about financial RSETIs evolved as a specialised institution
Gram Panchayats (GPs) and Urban Local
products among the rural masses, your transforming rural youth from job seekers
Bodies (ULBs) across the country, sourcing
Bank has also sponsored 595 Centre for to self-employed entrepreneurs.
~3.25 Lakh PMJDY, ~7 Lakh PMJJBY,
Financial Literacy (CFL) at the block level SBI RSETIs have trained ~11.54 Lakh ~11.90 Lakh PMSBY and ~1.60 Lakh APY
which are also instrumental in exploring candidates through ~43,000 training applications during the programme.
innovative and participatory approaches programmes since inception. Out of
towards attaining financial literacy.

Annual Report 2023- 24 55

DIRECTORS’ REPORT

Government Business
Your Bank is at the forefront in conducting Government Turnover and Your Bank is one of the major Bankers to the
Govt. Business and is an accredited Commission Government of India and is continuously
(C in Crore)
Banker to 26 major Central Government engaged in developing customised
Particulars FY2023 FY2024
Ministries and Departments. Your Bank is technology solutions, to keep pace with the
Turnover 60,35,342 65,55,330
the market leader in Government Business Government’s digital initiatives facilitating
with market share of over 63% in Central Commission 3,953 3,919 transition to the online mode, providing
Government Turnover. greater efficiency and transparency,
resulting in ease of doing business and
ease of living for the citizens.

Key Initiatives
1. PM Kisan Samman Nidhi Yojana • IRCTC Rail Connect Mobile App 8. Members of Parliament Local
• As accredited Bank to the Ministry of • Your Bank has successfully integrated Area Development Scheme
Agriculture & Farmers’ Welfare, your SBI e-Pay Lite with the IRCTC Rail (MPLADS)
Bank has facilitated the distribution of Connect Mobile App for seamless • Customised solution for
C50,689 Crore (up to 31st March 2024) collection of passenger ticket fare for implementation of Members of
under the scheme as a Sponsor Bank online booking of tickets Parliament Local Area Development
2. Direct Benefit Transfer (DBT) 5. CBDT Scheme (MPLADs), under CSS: CNA
• Your Bank has completed integration (Central Sector Scheme: Central
• All the major schemes of Direct Benefit
of new Direct Tax Payment System Nodal Account) mechanism of
Transfer (DBT) of the Government of
(TIN 2.0) for tax collection. Now, all Ministry of Statistics and Programme
India and State Governments are being
branches of your Bank are enabled to Implementation (MoSPI) has been
implemented through your Bank on
collect taxes vis-à-vis 4,000 branches made live and 3.23 Lakh transactions
pan-India level. Your Bank is the sole
authorised earlier have taken place till 31st March 2024
Banker for processing Direct Benefit
• Your Bank continues to be the sole • The MPLADs Mobile App has been
Transfer of LPG subsidy (DBTL)
refund banker for Income Tax Refund successfully launched by the Hon’ble
3. Ministry of Defence (MoD) Minister of State, MoSPI Shri. Rao
Orders (ITRO). An MoU has been
• Life Certificate submission for signed for the next three years i.e. up Inderjeet Singh on 15th January 2024
SPARSH migrated pensioners to 2026 9. Centrally Sponsored Schemes
• Utility of Life Certificate has been (CSS) under Single Nodal Account
6. CBIC
made live through API for MoD for (SNA) mechanism and Central
SPARSH migrated pensioners. This • Your Bank has completed integration
Sector Schemes (CSS) under
utility is enabled at all the branches of at ICEGATE Portal for customs duty
Central Nodal Account (CNA)
your Bank payment with an API-based Solution
Mechanism
• Stand-alone utility for MoD offices being successfully rolled out
• Your Bank has enabled the Aadhar-
• Your Bank has onboarded 103 offices 7. Department of Post
based payment for SNA mechanism
of the MoD on standalone utility for • Your Bank has entered into an on DigiGov platform
providing real time MIS on expenditure MoU with the Directorate of Postal • Virtual Account validation and
position facilitating the status of Life Insurance (Deptt. Of Post) for payments has been successfully
utilisation of the allocated budget collection of premiums in Postal enabled/made live in SNA/CNA
4. Ministry of Railways Life Insurance (PLI) through SBI. Model 3
• Handheld Terminals (HHTs) for TTEs This service will provide easy auto • Under the State Specific Scheme, a
of Railways deduction premium payment facility Customised Solution (without PFMS,
• Your Bank has rolled out HHTs to for PLI/RPLI users namely Model 5) has been developed
TTEs under QR code mechanism for and implemented by your Bank. The
penalty collection State Government schemes of four

56
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

States/UTs viz. Uttarakhand, Tamil for submission of Digital Life 2023 at 2,658 Branches and 5,478
Nadu, Bhopal, Maharashtra and Certificate (DLC) 2.0 at 51 locations grievances of pensioners were
Puducherry, have been onboarded in 251 branches during the month of resolved by the Branches
on this Solution November 2023 across the country 11. Small Savings Schemes
10. Pension Payments which were identified by Ministry of
• Your Bank services more than 91.34
Personnel, Public Grievances and
• Your Bank has been administering Lakh PPF, 28.85 Lakh Sukanya
Pensions, Department of Pension
pension payment to 39.83 Lakh Samriddhi Yojana (SSA) accounts
& Pensioners’ Welfare (DoPPW),
pensioners. New pension accounts and 15.12 Lakh Senior Citizen
New Delhi. Face Authentication
of 2.43 Lakh pensioners have been Savings Schemes (SCSS) accounts
Technology for submission of DLC
added in FY2024 and 1.83 Lakh Mahila Samman
was widely promoted
• Your Bank has organised a Bankers Savings Certificate (MSSC) accounts
• Your Bank participated in the Special
Awareness Programme at Srinagar, making it the highest among all the
Campaign 3.0, launched by the
graced by Hon’ble Minister Dr. Jitendra authorised Banks. During FY2023-24,
Department of Financial Services,
Singh, for various initiatives taken 4.82 Lakh PPF accounts, 3.19 Lakh
Ministry of Finance. During the
by the Government of India for SSA accounts and 4.58 Lakh SCSS
campaign, ‘Pension Grievances
Pensioners on 10th and 11th July 2023 accounts and 1.83 Lakh accounts
Redressal Week’ was held from
• Your Bank has successfully were added
16 th October 2023 to 21st October
conducted a nationwide campaign

Transaction Banking (TB) - Marketing

Current Accounts
Current Account deposits are a crucial determinant of your Bank’s profitability as these contributes to reducing the cost of Deposits and
improving Net Interest Margin (NIM). To cater to the needs of different customer segments, your Bank offers a bouquet of CA products
and solutions to meet the specific requirements of business customers.

Key Initiatives
• 40 Transaction Banking Hubs • Digital initiatives − CA Opening Form has been simplified
(TB-Hub) were opened in the top 27 − The YONO reimagined journey is made further and made user-friendly for all
district centres across the country, available for online Current Account entities
serving customer requirements by opening for all entities, providing − Leveraging artificial intelligence (AI)
providing comprehensive solutions an omnichannel experience for the and machine learning (ML) in all
for transactions, payments, collections customers. An end-to-end digital business and technology aspects for
and other financial needs. Each journey for opening of CAs for sole generating quality Current Accounts
hub is equipped with well-trained proprietors has been rolled out recently leads for the operating functionaries
Relationship Managers offering a
bouquet of products for customers. − All variants of CA are realigned with a − Business Debit Card on RuPay
The customer-centric processes are bouquet of offerings and value-added Platform is being offered for premium
finetuned to tap into market potential, services. To tap into market potential, CA Variants
deepen customer engagement and your Bank has introduced two new
premium variants of CA, namely, Silver − Partnering with FinTechs to provide
increase market share at these centres.
and Rhodium as well as a separate industry/sector-specific solutions and
variant for Government Departments/ automate respective financial operations
Autonomous bodies/Defence and
Paramilitary establishments

Annual Report 2023- 24 57

DIRECTORS’ REPORT

Cash Management Products

Cash Management Products (CMP)
are technology-driven products/solutions
that help business clients, including
Corporates, Institutions, and Autonomous
bodies, among others, to optimise funds
management through automated solutions.
Your Bank is a pioneer in offering clients a
wide range of cash management products.
Your Bank’s TB solutions seek to capitalise
on new technologies and meet clients’
bulk transaction needs, in addition to
customised MIS, ERP integration and a
dedicated Client Support Cell. The study
and analysis of transaction patterns allow
your Bank to devise unconventional ways
of meeting clients’ varied banking needs,
such as Credit, Fund Management, Cross
Selling and other services. Your Bank has
a dedicated marketing team to onboard
clients on CMP and Digital products and
extend them post-sale support. New CMP
solutions such as Aadhaar Based Mandate
Registration, IMPS in e-payment, UPI-based
VAN collection, NACH settlement on a T+0
basis, VAN facility in multiple accounts and services offered by SBI’s associates
requirements of Financial Institutions like
under a single Corporate ID and CRM for and subsidiaries are listed below:
Mutual Funds, Insurance Companies,
grievance redressal have been introduced
Banks (Private and Foreign), FDI and
for the convenience of our clients. • For Capital Market Requirements –
FPI entities.
SBI Capital Markets Limited (SBICAPS)
Corporate Banking The business model of CAG BU is based • For Treasury and Investments – SBI
on the relationship management concept, Gilts Ltd and SBICAP Securities Limited
A. Corporate Accounts Group
and each corporate/business group is • For Investments – SBI Mutual
Corporate Accounts Group (CAG) is a mapped to a relationship manager who Fund Limited
dedicated Business Unit (BU) of your spearheads a cross-functional client • For General and Life Insurance – SBI
Bank. It handles SBI’s ‘high-value corporate service team consisting of highly skilled General Insurance Company Limited
relationships’ as a specialised and efficient credit and operations functionaries. The and SBI Life Insurance Company Limited
delivery platform. The CAG BU has five relationship strategy is anchored on • For Receivables factoring – SBI
specialised Branches located in India’s top delivering integrated and comprehensive Global Factors Limited
three commercial centres, namely Mumbai, solutions to the clients, including structured • For Custodial Services Banking to
New Delhi, and Chennai. products within a specified time frame. The Foreign (FII, FPI, FVCI) & Domestic
Four branches of CAG BU at Mumbai prime objective of the plan is to make SBI Institutional Clients – SBI Societe
(2), New Delhi (1) and Chennai (1) are the first choice of top corporates. A regular Generale Global Securities Services Pvt.
headed by General Managers and provide review of each corporate relationship by Limited (SBI-SG)
a comprehensive range of financial senior management sets the benchmark
To align with the changing banking
products and services exclusively to top- for relationship management in CAG BU.
landscape, a specialised unit viz. Corporate
rated corporates, including their foreign Apart from offering various core credit Solutions Group (CSG) has been created
associates and subsidiaries. The fifth products, Client Service Teams at CAG within CAG BU to cover the entire banking
branch viz. Financial Institutions Branch at Branches aid customers in the selection ecosystem of corporate customers in
Mumbai is headed by the Deputy General and delivery of a wide variety of products significant sectors namely FMCG, Auto,
Manager and caters to banking and related

58
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Agri, Pharma, and IT, with a focused have had to lower their expectations of 2. Equity Markets
thrust on existing as well as new-to- aggressive rate cuts in 2024, due to the Driven by country’s robust economic outlook
bank customers. continuing strength of the economy, which in FY2024, the Indian markets outperformed
Major Corporates, Financial Institutions has kept bond yields high. Bank of Japan other global emerging markets despite
and Navratna PSUs of the country are (BoJ) finally exited its negative interest rate global headwinds. Your Bank actively
esteemed customers of the CAG BU. policy in March indicating confidence in participated in the rally in the equity markets,
the latest economic and price recovery calibrating the investment book as per
The total loan portfolio of CAG BU as of
which has allowed the NIKKEI to scale its market dynamics. The year saw robust IPO
31st March 2024 was C7.44 Lakh Crore
1989 highs. Geopolitical tensions erupted activity, with substantial listing gains for the
(fund based – C5.38 Lakh Crore and non-
in the Middle East this year, adding to issuances. Your Bank actively participated in
fund based - C2.06 Lakh Crore) compared
the ongoing conflict in Ukraine, and have the primary market generating high returns.
to a total loan portfolio of C6.53 Lakh Crore
renewed fears of supply chain disruptions
(fund based - C4.60 Lakh Crore and non- Your Bank remains focused on building
in the critical Red Sea region. India remains
fund based – C1.93 Lakh Crore) as on 31st a long-term investment portfolio, as
the fastest-growing major economy in
March 2023. Demand for credit picked up well as on generating positive alpha
the world with the FY2024 GDP growth
in the second half of FY2024, resulting in through short term tactical positions. Your
estimates surprising to the upside.
growth of C0.78 Lakh Crore in fund-based Bank continues to deepen its research
advances at CAG BU. capabilities through expansion of the
Rupee Markets
research team and ongoing trainings and
B. Treasury Operations 1. Interest Rate Markets: SLR And other skill development initiatives.
The Global Markets Unit (GMU) carries Non-SLR Portfolio
out domestic treasury operations of your 3. Private Equity/Venture Capital Fund
The Monetary Policy Committee (MPC)
Bank and is responsible for management has held policy rates unchanged for 7 Your Bank has been an active participant
of funds to achieve desired risk-adjusted consecutive monetary policy meetings. in the Alternative Investment space during
returns. Your Bank’s Global Market portfolio Given the strong economic momentum, FY2024 and has made investments in Startup
comprises investments in SLR (Statutory it has continued to focus on bringing focused funds and sustainability-oriented
Liquidity Ratio) Securities, Non-SLR inflation down. CPI inflation was at 5.09% investments via direct equity participation.
Securities, Listed Equities, Mutual Funds, in February 2024, well above the targeted Forex Markets
Venture Capital Funds, Private Equity, and 4% level. Even though it has been on a
Strategic Investments. It also offers multiple The GMU handles the foreign exchange
downward trajectory after peaking in July
products and services that cater to the business of your Bank, providing solutions
2023. The 10-year benchmark yield has
foreign exchange and risk management to the customers for managing their
trended lower during the year, falling from
requirements of its customers. currency flows and hedging risks through
7.31% on end March 2023, to 7.06% at end
options, swaps, and forwards, in addition
During the year, global economy exhibited March 2024, touching a low of 6.94% and
to providing liquidity to markets. Your
higher than expected resilience led by a high of 7.40% in between. Your Bank
Bank is a leading player in USD-Rupee
the US and several emerging market made prudent investment decisions that
Spot and USD-Rupee Forward markets
economies. China’s latest data also shows boosted the portfolio yield and interest
and has a high market share in merchant
improvement in economic activity. Goods income. Your Bank managed its liquidity
foreign exchange flows. Your Bank is the
inflation fell faster than expected, but tight position effectively despite tight banking
leader in providing liquidity in CCIL Fx
labour markets in advanced economies system liquidity and continues to maintain
Clear platform. Your Bank is also actively
have kept services inflation sticky. Many a comfortable liquidity position.
onboarding customers on Fx-Retail
central banks in Europe, the Middle East, Your Bank participated in India’s first platform rolled out by CCIL. Your Bank
Africa and Latin America have lowered online tri-party repo platform for Corporate has made further enhancements to its
their interest rates this year while central bonds during the year, and in line with its 1
e-Forex platform provided to customers to
banks in a few large economies, like the commitment to ESG, also participated meet their foreign exchange requirements
US Fed, have indicated interest rate cuts to in the Government of India’s green bond 2
and is providing quotes to Fx-AII , which
begin later in 2024. Nonetheless, markets auctions during the year. is a multibank Fx platform. Your Bank is

1
e-Forex is SBI’s internet-based platform for customers to book foreign exchange transactions online.
2
FX-All is an electronic foreign exchange trading platform and aggregator.

Annual Report 2023- 24 59

DIRECTORS’ REPORT

also a major player and a market maker in Derivatives and currency derivatives, along Post liberalisation of derivative guidelines
offshore USD-Rupee NDF market or Non- with exchange-traded currency derivatives by RBI, your Bank has started offering a
deliverable Derivative Contracts (NDDCs). and Interest Rate Futures. Your Bank has larger bouquet of hedging solutions to its
Your Bank has Treasury Marketing Units participated in interest rate derivatives customers, including barrier options, and
in 10 major cities and 8 satellite centres like Rupee Interest Rate Swaps (OIS), has also started trading in Swaptions.
spread across the country to help Rupee Interest Rate Futures (IRF), Foreign Your Bank’s “Market Risk Limit Policy”
customers with their requirements. They Currency Interest Rate Swaps (IRS), prescribes market risk parameters (Greek
conduct meets, conferences, etc. with Foreign Currency to Rupee Interest Rate limits, Loss limits, cut-loss triggers,
exporters, trade industry bodies and large Swaps (Modified MIFOR), Forward Rate open position limits, Duration, Modified
corporate customers to understand their Agreements (FRA), Caps, Floors, Collars Duration, PV01, CS01 amongst others)
needs and explain about foreign exchange and Swaptions. Currency derivatives dealt as well as customer eligibility criteria
markets and the various products of your by your Bank are Cross Currency Swaps (Credit Rating, sanctioned limits, and CAS
Bank. Your Bank also has a specialised (CCS), USD/INR options and Cross rating as per Customer Appropriateness
desk to take care of the requirements of Currency Options and Credit Derivatives and Suitability policy) for entering into
institutional non-resident customers. like Credit Default Swaps (CDS). These derivatives transactions. Risk on interbank
products and their customised versions counterparties is monitored through limits
Derivatives are offered to your Bank’s customers to set for the purpose. These counterparties
Your Bank currently deals in Over The hedge their interest rate, credit and foreign have also executed ISDA and Credit
Counter (OTC) interest rate, Credit exchange exposures. Support Agreement (CSA) with your Bank.

Customer value creation/Customer-centric success story

• Your Bank has launched a fully digital • Leveraging the YONO platform, • To enhance customer service, an
and online payment experience for e-Trade and e-Forex applications inward remittance email intimation
students to pay tuition fees to global are now synced up to offer a more service to the beneficiary branch
universities via global FinTech partners seamless experience to the user, thus has been developed through the
• To uphold the commitment to be agile reducing the need to frequently switch CSIG (Centralised SWIFT Interface
to customers’ evolving banking needs, between the apps for booking forex Gateway) application
your Bank has introduced new features trades against trade contracts • Branches are now enabled to provide
in the eForex platform to enhance the • Your Bank is continuously engaging an automated e-FIRC (e-Foreign
customer experience and ease of use with NPCI to offer cross-border fund Inward Remittance Certificate) for
transfers across currencies inward remittance for any period

C. International Operations
Foreign Banking Subsidiaries/Joint Ventures Share Holding (%)
Subsidiaries
State Bank of India (California) 100.00
SBI Canada Bank 100.00
State Bank of India (UK) Limited 100.00
Commercial Indo Bank LLC, Moscow 100.00
SBI (Mauritius) Limited 96.60
Bank SBI Indonesia 99.56
Nepal SBI Bank Limited 55.00
Foreign Non-Banking Subsidiary
SBI Servicos Limitada, Brazil 99.99#
Associate
Bank of Bhutan Limited 20.00
# SBI Standalone Holding

60
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Keeping in line with its reputation as the diaspora, the International Banking Group and GIFT City, Gandhinagar, Gujarat.
largest global Bank from India, your Bank has established an NRI Coordination Cell The overseas operations of your Bank are
has been increasing its penetration in to enhance synergies between domestic managed by a separate Business Unit –
overseas local markets while continuing and international operations for serving the International Banking Group (IBG) headed
to cater to Indian diaspora and global banking needs of expat Indians. Your Bank by the Deputy Managing Director (IBG)
Indian Corporates spread across various is also planning to venture into premium and overseen by MD (IB, GM &T).
geographies. To further the quality and banking services overseas by creating
convenience of banking services to Indian a ‘Wealth Hub’ serving the Middle East

Listing ceremony of State Bank of India $750 million Bonds on India INX at Gift City

Global Presence
Your Bank’s first global footprint was with in the West, economic downturn in
the branch of Bank of Madras in Colombo, neighbouring countries, etc. and remained IBG Vision
Sri Lanka in July 1864 (first amongst Indian on a healthy growth trajectory while • To strengthen your Bank’s position
banks). With footprint across all time zones balancing the risk-return dynamics. Your as a Global Bank.
through its 241 points of presence in 29 Bank’s international operations have • To emerge as the Banker of First
countries, your Bank, the State Bank of maintained their profitability despite these Choice for all India related business
India, has gradually spread its wings headwinds through efficient asset liability across the globe.
across the globe to become a pioneer of management, cost efficiencies in liability • To constantly improve its share in
International Banking among the Indian management & overheads, exploring new business and profits of the Bank.
PSBs. The overseas operations of your income streams, enhancing digitisation, • To contribute for maximising overall
Bank are being managed by IBG. and leveraging relationships for new business of the Bank through Cross-
The IBG has continuously adapted business. On the basis of its continuous vertical synergies.
to the multitude of heterogenous drive to enhance value for your Bank and
challenges including ongoing geopolitical its stakeholders, the vision derived for IBG
turbulences, conflicts, bank failures is as under:

Annual Report 2023- 24 61

DIRECTORS’ REPORT

The details of offices opened/closed are furnished in the table below:

Overseas Offices As on Opened during Closed during As on
March 2023 the year the year March 2024
Branches/Sub-Offices/Other Offices 56 3 0 59
Subsidiaries (8) 0 0 (8)
Offices of Subsidiaries 169 4 1 171
Representative Offices 5 0 0 5
JV/Associates/Managed Exchange Cos/Investments 5 0 0 5
Total 235 7 1 241

b) Lending to overseas corporates in local The Global Trade Department (GTD) of

During FY2024, your Bank markets bilaterally by partnering with IBG supports our Foreign Offices (FOs)
has opened the following Local/Global banks for an orderly growth of Trade Finance
portfolio, formulates policies, and innovates
branches/offices
new products for FOs as per the market
• Two offices in Sri Lanka, one at Your Bank sanctioned Foreign demands and changing regulatory norms.
Trincomalee (Branch) and the Currency loans to the tune of US$10.3
GTD also facilitates Trade Credits to Indian
other at Jaffna (Sub-Office). billion to India related corporates and
Corporates for their imports by playing
• Overseas Subsidiaries: US$16.2 billion to overseas entities
an important role in synergising business
Three branches opened at during FY2023-24.
flows between domestic and foreign offices
Lamahi, Beltar, and Duhabi and
for maximising returns. It also organises
Dulegaunda of Nepal SBI Bank
Trade-related workshops/conferences,
Ltd, Nepal IBG Credit Strategy
by partnering with Trade bodies viz. BAFT
• One India Visa Application Centre • Tapping growth potential at GIFT City, (Bankers Association for Finance and Trade),
at Khustia, Bangladesh Gandhinagar Branch which is growing GTR (Global Trade Review), etc. Workshops
as a global financial services hub are also organised by partnering with ICC,
• Establishing footprints in newer FIEO, etc. to provide a platform for networking
geographies which are demonstrating
Awards and Recognitions strong economic performance globally
with Exporters/Regulators/Industry majors.
Your Bank has been awarded as • Endeavouring to increase the share of 3. Overseas Treasury Management
“Green Deal Champion - Trade non-India linked business by tapping The Treasury Management Group at your
Finance, (Confirming Bank)” by Asian local corporates of our foreign offices Bank’s International Banking Group (TMG-
Development Bank during ADB’s 9th • Leveraging upon cross-ver tical IBG) undertakes following functions for
Trade and Supply Chain Finance synergies and on our relationship with Foreign Offices:
Program (TSCFP) Awards, 2023 held domestic corporates to finance their
in Singapore on 5th September 2023. a. Liquidity Management
overseas operations
• Positioning as a relationship bank with b. Dealing Room Operations

The specialised departments of IBG increased participation in syndicated c. Investments

have played a vital role in sustaining the deals as Underwriter/MLAB/Arranger The TMG-IBG manages the overall asset
momentum by contributing on various • Enhancing engagement with local banks liability portfolio of IBG and also monitors
fronts, such as: • Increased emphasis in participating the liquidity requirements and Asset
in Green Loans, Social Loans and Liability Management ratios.
1. Credit Contribution: Business Driver Sustainability Linked Loans
During the current financial year, your Bank
Your Bank is a proactive partner of Indian 2. Trade Finances has raised more than US$2 billion long-
corporates in their global growth strategy
Your Bank is supporting Indian importers term resources through different channels.
and arranges debt in Foreign Currency by
and exporters by offering them a bouquet Your Bank has done a syndication deal
way of:
of Trade Finance products and services of US$1,000 Million (US$500 Million for
a) 
E CBs through syndicated deals in through an extensive, well-equipped 3 years and US$500 Million for 5 years).
conjunction with other Indian and branch network that operates in all the time Your Bank has also raised a total of
Foreign banks zones in India and abroad. US$1,750 Million under the MTN Program.

62
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Currently, there are five major dealing and SWIFT-based Remittances from
rooms at London, New York, Hong Kong, Overseas locations to India, Foreign Highlights
Bahrain and GIFT City, Gandhinagar, which Currency Cheque collection, Opening & • During the year, GP&S has
work on a ‘hub and spoke model’ to help Maintenance of Rupee Vostro Accounts implemented Bharat Bill Payment
smaller Foreign Offices in their operations. (RVA)/Special Rupee Vostro Accounts System (BBPS) under Rupee
In order to leverage opportunities at our (SRVA) and Asian Clearing Union (ACU) Drawing Arrangement for
GIFT City, Gandhinagar Branch, several Transactions. Your Bank has tie-ups with facilitating Cross Border Inbound
new initiatives like SOFR and US treasury more than 50 remittance partners for Bill Payments to India
linked deposit products, Bullion Trading channelising inward rupee remittances • As per the provisions of RBI
Membership as Trading-cum-Clearing from overseas to India. for settlement of trades in INR
Member were initiated in this financial year. through Special Rupee Vostro

~50
4. Global Payments and Services Accounts, GP&S has opened four
SRV accounts during the year with
Global Payments & Services (GP&S)
Remittance partners for rupee remittances the approval of RBI
facilitates Online Inward Remittances

Annual Report 2023- 24 63

DIRECTORS’ REPORT

5. Retail Strategy
Your Bank has been a “Window to India” and foreign offices. Your Bank has more • International Banking-Domestic (IBD)
for NRIs residing in different parts of than 4,200 RMA’s with 860+ Banks in 118 serves as a single point of contact
the world through its specialised retail countries as on 31st March 2024. between the Domestic Offices and
and remittances products. The notable Foreign Offices in areas related to Trade
7. International Banking – Domestic
achievements for the year are: Finance and International Banking. IBD
Your Bank is well-equipped to provide aims at improving synergies and trade
• YONO SBI, one of the most ambitious a wide range of products and services flows between Domestic Offices and
and secure digital offering of the Bank to exporters and importers through an Foreign Offices/Correspondent Banks
has now been extended to customers at extensive branch network that operates and trading community, by acting as a
our various overseas offices in the form domestically and internationally. robust link between them
of YONO Global. It has been successfully
launched in the US, UK, Canada,
Mauritius, Nepal, Maldives, Bangladesh,
South Africa, Sri Lanka, and Bahrain.
More than 2,07,000 overseas customers
have been onboarded through YONO
• Fully Digital non-face-to-face Online
account opening journeys deployed at
SBIUK and at SBI Canada Bank
• Namaste UK: The product enables
Indian citizens (having long term UK
visa) opening account with SBIUK
before arriving in UK through YONO
Global SBI UK app
• GIC account: The product enables
students travelling to Canada (for
studying) to open GIC account with our
SBI Canada Bank through YONO Global
Canada app
• “One View” feature of YONO Global
allows our customers abroad to view
their domestic SBI Accounts through
YONO Global App
6. Financial Institutions Group (FIG)
– Correspondent Relations
FIG facilitates linkages of the Bank with
international stakeholders viz. Financial
Institutions (FIs), Foreign Government
Agencies and Developmental Financial
Institutions (DFIs), etc. and works for
synergy between IBG and other business
verticals such as Corporate Accounts
Group, Commercial Clients Group, Retail
Banking Group and Global Market.
We are having 222 Correspondent Banks
spread across countries. It also maintains
RMAs (Relationship Management
Application) established by both domestic

64
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

• IBD facilitates growth of Export Credit by Artificial Intelligence & Machine Learning) with a simultaneous upgrade of the
actively involving branches, trade bodies in various areas of operations vis-à-vis Web based portal, which is similar to the
and other stakeholders customer acquisition, process automation Mobile Banking App – both in terms of
• In a bid to facilitate the trade community, and AML-CFT/OFAC controls. Some of functionalities as well as User Interface/
Forex Service charges are being the highlights of initiatives undertaken at User Experience. The enhancements
rationalised and aligned with the market overseas offices include: during the year include introduction of
every year by IBD. IBD also facilitates YONO Cash, ATM Card management,
• Roll out of automated IT system for
IT system-related enhancements and Online Account Opening and integration
Retail Loan Management, capturing
updates in EXIM Enterprise/SWIFT with local payment systems at multiple
the entire loan lifecycle from application,
• IBD is also actively involved in geographies, thus providing customers
processing, sanctioning, disbursement
re-building skills of IB officials by a seamless experience of You Only Need
and post sanction monitoring. The
partnering with ICC, FIEO, FICCI, One – YONO
automation of retail loan journey will act
CII, etc. and organising Trade related • A significant rise in digital frauds poses a
as a business multiplier, by standardising
workshops/seminars which provide substantial risk – both to the customers,
the processes and ensuring seamless/
good platform for networking with as well as your Bank. Your Bank is fully
uniform experience to customers.
E xpor ters/Regulators/Industr y committed to ensure complete safety
This will also help to bring down the
majors in addition to coordinating and and soundness of the IT systems that
Turn Around Time (TAT), and at the
liaising with Trade bodies and ICC are being used/offered to the customers.
same time, ensuring strict adherence
subgroups for developing relations and In addition to the industry standards
to compliance standard and risk
strengthening ties of IT Security/Cyber Security that are
management. The process of roll out
• IBD has also launched the e-BG project, being followed, we have also initiated
at all the foreign geographies with your
which is an end-to-end digital journey the process of putting in place, a robust
Bank’s retail presence has been initiated
for Bank Guarantees. It has been rolled Fraud Monitoring Solution – specifically
and this will be subsequently completed
out in all States and Union Territories for electronic channels that are being
at all the geographies during FY2024
where NeSL is facilitating e-BG used by the customers
• YONO has continued to be the
8. Technology Initiatives at digital pivot for servicing existing
Overseas Offices retail customers, as well as acquiring
Your Bank has continued the journey to new customers. The omni-channel
leverage technology solutions (including experience has now been widened

Annual Report 2023- 24 65

DIRECTORS’ REPORT

Commercial Clients Group (CCG)

Your Bank’s CCG vertical services the Key Initiatives
credit needs of mid and large-sized • Export Credit Growth: External • TRRACS Software: Your Bank has
corporates, including specialised branches benchmark (T-Bill Rate)-linked implemented the Trade Regulatory
like the Diamond branch. The CCG vertical interest rates have been extended Reporting and Compliance Solution
is headed by MD and supported by two to Working Capital Loan (WCL) and (TRRACS) Software, leading to a
DMDs, five CGMs, ten CCG Regional LC Bill Discounting, encouraging significant reduction in the EDPMS
Offices (CCGROs) and three Direct top-rated borrowers in increasing (Export Data Processing and
branches headed by GMs. The CCG vertical the utilisation of their available limits. Monitoring System)/IRMs (Inwards
is present in 29 cities, with 50 branches Staying competitive and to book Remit tance Message)/E xpor t
boasting a team of credit specialists to significant export-related businesses, advances entries’ backlog
support large credit proposals and cater the T-Bill rate-linked interest rates • DIPAK Pricing: The Digital Interface
to the corporate ecosystem, promoting have also been extended to Rupee on Pricing and Knowledge (DIPAK),
green finance and new-age business Export Packing Credit facilities a pricing tool has been made
financing, managing associated risks and • Exporter’s Meet: Your Bank is also available by your Bank to operating
sustaining growth. conducting various exporter meets functionaries and sanctioning
across the country to increase the committees for enabling data-driven
Within the CCG vertical, the CGMs are
awareness on exporter-related pricing of Corporate Loans
assigned as Group Relationship Owners
banking solutions of fered by
to improve coverage quality and enable
your Bank
integrated views on exposure and earnings
across the Group.

CCG Performance
(C in Crore)
Level March 2021 March 2022 March 2023 March 2024
Non-food Advances 4,08,110 4,20,276 4,87,989 5,72,668
CASA Deposit (%) 23.56% 24.91% 26.43% 27.76%
Avg. Business per Employee 168.96 185.42 226.76 241
Other Income (excluding income from AUCA recovery) 3,163 3,819 3,900 4,112
Pre–TPM Operating Profit 32,623 29,113 32,916 41,268
New Credit Customers added
(i) No. of customers 128 304 232 267
(ii) Limits Sanctioned during financial year 59,965 75,552 49,101 84,008

Opening of Diamond Branch in Surat Diamond Bourse (SDB)

The Surat Diamond Bourse (SDB), located and manufacturers. Your Bank has recently and jewellery manufacturers and traders
in DREAM City, Surat, exclusively promotes opened a Specialised Diamond Branch in with their offices in SDB, the Branch is
the diamond, gems and jewellery industry. SDB and is authorised as Forex Category also authorised as a Designated Branch
It is the world’s largest diamond trading ‘B’ Branch for handling forex business. As for Metal Gold Loan and Sale of Gold
hub with 4,500 offices of diamond traders a one-stop solution for diamond, gems (Wholesale).

Others
• Project Kuber has been launched Corporate banking business (CCG contributors from sectors like Infra,
in your Bank with a special focus on and CAG), and to empower RMs with NBFC, Mining, Services, CRE, Power,
marketing the current account deposit digitised and streamlined processes Chemical, and Engineering
and transaction banking products to improve TAT • Special focus is being given to
within CCG vertical • As on 31st March 2024, the gross new-age industries such as Smart
• Project Xceed is being undertaken to advances level of CCG increased by Meters manufacturing, Data centres,
transform and modernise your Bank’s 18.42% on a YoY basis with major Power Storage & Battery, etc.

66
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Project Finance and Structuring Strategic Business Unit

Your Bank ’s Project Finance and Concession Agreements and broader projects, particularly in sectors such as
Structuring Strategic Business Unit (PF&S infrastructure finance issues faced by renewables, roads, city gas distribution, etc.
SBU) deals with the appraisal, structuring various stakeholders. There is a requirement for funds to
and syndication of funds for large projects, The growth projections for the Indian finance various projects planned by the
with a certain threshold on minimum economy are the highest for any large government, such as the construction of
project cost: economy; it is expected to be one of the 2 Lakh km national highway network by
1. Infrastructure sectors, such as power, top three economic powers in the world 2025, increasing the number of Airports to
roads, ports, railways, airports, etc. over the next few years. Infrastructure is 220 by 2025 and the development of 35
2. Non-infrastructure projects in at the forefront of economic development Multi-Modal Logistic Parks, among others.
industries such as refinery, metals, in India. The government has further By leveraging the vast resources and
fertilisers, cement, oil & gas, and hiked the budgetary allocation towards expertise available within the SBI Group,
glass, amongst others capital expenditure from C10 Lakh Crore PF&S SBU can offer the entire gamut of
in FY2024 to C11.11 Lakh Crore. project financing-related services – funding
The PF&S SBU also supports other
The Government of India has introduced as well as off-Balance Sheet items – for any
verticals by vetting large ticket term
various initiatives to strengthen project size across sectors.
loan proposals. To strengthen the policy
and regulatory framework for financing the economy, such as the National Your Bank is well-positioned to garner a
infrastructure, it provides inputs from Infrastructure Pipeline (NIP) with targeted bigger pie of business opportunities and
lenders’ perspective to various ministries investments of US$1.4 Trillion, the National maintain its leadership position in the
of Central/State Governments and RBI. Monetisation Pipeline (NMP), and project lending space based on effective
It gives inputs/suggestions on draft Performance Linked Schemes (PLI). The connect with clients, industry, Government
agreements and contracts like Model need to ramp up infrastructure on a large Ministries, and Authorities supported by
and sustainable scale has resulted in new specialised marketing endeavours.

Stressed Assets Management

Stressed Assets Resolution Group (SARG) • Cash recovery in NPA and Technically • Unlocking the lendable funds for
ranks among the most significant verticals written-off accounts (AUCA) credit growth
of your Bank. Resolution of Stressed Assets • Reduction in Loan Loss Provisions
by SARG presents the following latent • Contribution to your Bank’s bottom line
income generating avenues for your Bank:

The movement of NPAs in your Bank and recovery in written-off accounts during the last six financial years:
Particulars FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
Gross NPA 1,72,750 1,49,092 1,26,389 1,12,023 90,928 84,276
Gross NPA% 7.53% 6.15% 4.98% 3.97% 2.78% 2.24%
Net NPA 65,895 51,871 36,810 27,966 21,467 21,051
Net NPA% 3.01% 2.23% 1.50% 1.02% 0.67% 0.57%
Fresh Slippages + Increase 39,740 54,510 29,332 26,776 19,223 20,982
in O/s
Cash Recoveries / 31,512 25,781 17,632 21,437 16,258 11,472
Upgradations
Write-Offs 58,905 52,387 34,403 19,705 24,061 16,161
Recoveries in AUCA 8,345 9,250 10,297 7,782 7,097 6,934
PCR 78.73% 83.62% 87.75% 90.20% 91.91% 91.89%

Annual Report 2023- 24 67

DIRECTORS’ REPORT

Consistent recovery efforts have led to a significant decrease in the current level of NPA
over the years:
• Insolvency and Bankruptcy Code (IBC) • Compromise Settlement is also • A team has been set up to look
2016 for resolution of stressed assets offered to all eligible cases to recover after the sale of assets to Asset
has provided Bank with a time-bound, sticky loans. Your Bank's Board- Reconstruction Companies (ARCs)
transparent and effective mechanism approved One Time Settlement (OTS) on a Cash and/or Security Receipts
to tackle Stressed Assets. Resolution Scheme, which is non-discretionary (SR) basis
has been achieved in some of the and non-discriminatory, is also offered • In non-NCLT cases, recovery is
high-value NPA accounts referred to from time to time to eligible borrowers explored through action under the
the National Company Law Tribunal for recovery/resolution SARFAESI Act and suit filing in DRTs
(NCLT) under the Code. The cases • Prudential Framework for Resolution and Courts. The sale of mortgaged
referred to NCLT are also monitored of high-value Stressed Assets by RBI properties is explored through a
by specialised teams at SARG. A total has provided an avenue for time- common e-Auction platform https://
of 1,156 cases (Whole Bank) were bound resolution of these accounts ibapi.in (‘e-B H«¶ ’ - Indian Banks
referred to the NCLT as on 31st March (outside the NCLT process). Your Auction Properties Information) under
2024 out of which 951 cases have Bank is exploring this option in all the the aegis of IBA
been admitted and 245 cases have eligible cases
been resolved

Sector-specific Targeted Industry-wise Distribution of the Recovery (I in Crore) made

Approach NPA Portfolio (as on 31.03.2024): through Various Modes
1 2 (NPA+AUCA) and percentage
• SARG focuses on prioritising share in Total Recovery
3
the resolution of NPAs through (31.03.2024)
a Sector-specific approach. 4
7
Presently, SARG is headed by 1
Deputy Managing Director, 5 6
supported by Chief General
Managers overseeing the Sector- 6
7 2
12
wise portfolio, NPA portfolio 9
8

across SARG branches and for 11

10

accounts under liquidation 3

• With constitution of Four (4) SAM 1 Power 2%
Regional Offices (SAMROs) at 2 Telecom 3%
5 4
Hyderabad, Kolkata, Mumbai 3 Trading 8%
and New Delhi on 1st August 4 Roads & Ports 8% 1 Compromise 34%
2022, SARG covers the entire 5 Infrastructure (Others) 7% 2 SARFAESI 9%
geographical area of the 6 Engineering 2% 3 DRT 2%
country. 16 Stressed Assets 7 Iron & Steel 1% 4 Sale to ARC 10%
Management Branches (SAMBs) 8 Textiles 2% 5 NCLT 14%
and 48 Stressed Assets Recovery 9 CRE/Real Estate 2% 6 Normal Recovery 28%
Branches (SARBs) across the 10 Automobiles/Transport 1% 7 Misc Recovery 3%
country are handling 48.67% of 11 Metals & Mines 1%
your Bank’s NPAs and 86.38% of 12 Others 63%
AUC Accounts of your Bank

68
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Industry-wise Distribution of the 2. IFRDS 2.0 (Interest and Forex • Doorstep Banking services with three
NPA Portfolio (31st March 2024) Rate Display System) free transactions in a month as an
Major NPA accounts are from sectors like • The IFRDS portal was developed in- additional measure for Divyangjans
Power, Telecom, Trading, Roads & Ports, house as a utility portal for display • Availability of wheelchairs at branches
Infrastructure (Others), etc. Apart from the of interest rates at all branches in where Div yangjan cus tomers
above, remaining portion of gross NPA 2020. The system is controlled and are registered
is from AGRI/PER/MSMEs. The GNPAs monitored centrally by BRNWM, CC 5. Facelifting of Premium and
from Agri Segment & Personal Segment ensuring uniformity Reputed Educational Institutions
(35% & 11% of Total GNPAs respectively) • Interest and forex rates are displayed during FY2024
also form part of Others in the pie chart on television screens/PC Monitors • Facelift of premier and reputed
shown above. connected through intranet at educational institutions like IITs,
all branches IIMs, AIIMs, etc. undertaken with a focus
Innovation for Resolution of
• Rates are now also displayed in on providing digital offerings
Stressed Assets
regional languages in addition to Hindi • 307 branches at reputed institutions
Resolution under IBC is a market-oriented and English across the country like IITs, IIMs, AIIMS,
mechanism where competing bidders for
3. Colour Coding Concept IIITs, NITs, medical institutions, ISB, XLRI,
a particular Stressed Corporate Debtor
(Leveraging High Potential Branches) etc. are identified with account opening
strive to bring better valuation and
Dashboard inaugurated by the Tabs and INB kiosk being provided
higher recovery.
Chairman on 26th October 2023 6. First Time Right (FTR) Approach
The transfer of eligible assets to NARCL
• To differentiate branches based on • In the account opening process,
is also being monitored by SARG and the
performance under various parameters, your Bank has adopted “First Time
requisite enablers are in place to ensure
such as business, efficiency, compliance, Right” approach for early activation
smooth migration of identified assets.
customer service, etc. by segregating of accounts. It has ensured optimum
Robust IT initiatives have been rolled under distinct cohorts utilisation of the resources by avoiding
out, including LITMAS (Litigation • Branches are categorised as Diamond, recurring rectifications and follow ups
Management System), to monitor legal Emerald and Pearl based on continued • With regular monitoring, the rejections
recourse undertaken in the Stressed achievement of business targets, long have come down to less than 2% in case
Accounts for expediting resolution. It will standing high value relationships, audit of individual accounts and to less than
further strengthen the transparency and ratings, high market share. The branches 5% in case of non-individual accounts.
efficiency of the process. Wilful Defaulter will then be colour-coded based on the Resultantly, average TAT of customers
Management System (WDMS) Application ability to leverage business potential account activation has come down to
has also been developed for digitalisation • To provide a level playing field to various less than 1 day for both individual and
of Wilful Default examination process types of branches, cohort-based ranking non-individual accounts
for better monitoring and achieving and segregation is done. Branches more
operational excellence. 7. Process Rationalisation and
than five years old are considered for
Automation
categorisation, making this an effective
Redesign Studio tool for drawing up business strategies, • Existing processes at Liability
1. Opening of Branches and RACPC increasing market potential and proper Centralised Processing Cells (LCPCs)
during FY2024 resource allocation have been revamped to remove the
bottlenecks, provide technology-based
• A total of 137 Brick & Mortar Branches 4. Accessibility for Divyangjans
enablers, improve productivity, reduce
have been opened during FY2024
• 91.64% of your Bank’s branches have effective TAT and ensure compliance
• Total 32 branches opened in Unbanked
been made accessible for Divyangjans with the regulatory guidelines. Your
Rural Centre during the current
as of March 2024 Bank has taken the following important
financial year
• 87.78% are accessible through ramp, initiatives during FY2024 to finetune the
• Number of RACPCs/RACCs opened with 3.86% of the branches made procedures at LCPCs
during FY2024 are 73 accessible through alternate solutions
− Upfront validations in CK YC
such as portable ramp, provision of
Metro Urban Semi- Rural Total application to avoid technical failure/
urban
services on the ground floor as well as
rejections
space at ATM
18 27 33 59 137

Annual Report 2023- 24 69

DIRECTORS’ REPORT

− Upfront CKYC search facility to The summarised HR profile of your Job Families concept. This enables deep
check CKYC number availability of Bank as on 31st March 2024 is as specialisation in the banking domain and
the customers under: ensures that employees with sufficient
Category 31.03.2023 31.03.2024 exposure to these skills offer best-in-class
− Automation of CKYC return handling.
services to our esteemed customers.
Approximately 85 Lakh records Officers 1,09,259 1,10,116
have been returned by CERSAI as Associates 94,977 92,514 Your Bank has aligned the job families to
suggestions/probable matches, out succession planning to ensure sufficient
Subordinate 31,622 29,666
of which approximately 68 Lakh Staff & Others talent in pipeline for succession to critical
records were auto updated Total 2,35,858 2,32,296
positions in the senior leadership. The
key outcome of the process is to identify,
8. Digi Vault Application develop and train talent so that any
Productivity Enhancement Initiatives
• Digi Vault envisages digitisation succession risk could be better managed
of customer loan documents and Your Bank has conducted an Employee for business continuity.
integration of various applications Engagement Survey “Abhyuday”. This
Your Bank adopts a Branch Manpower
storing customer documents to provide initiative was a step towards achieving
Model for manpower planning and ensures
view/access to the internal auditors the vision of your Bank to “Be the Bank
optimal utilisation of Human Resources.
and other intended users. Your Bank of Choice for a Transforming India”. The
The model is based on the productivity
has completed all the three phases survey drew overwhelming response from
parameters at the branches like identified
of the application i.e. facility to upload more than 95% of eligible employees
work-drivers of operations, transaction
the loan documents, integration of wherein more than 1.89 Lakh employees
load factors, number of advance accounts,
Account Opening Forms (AOF), voiced their opinion. The survey results
feedback from the operating units and
housing loan documents and loan have provided us with comprehensive
organisational structure, etc.
processing documents insights into our employees’ perspectives
on the performance, culture, relationships, Your Bank has streamlined its promotion
• The application helps in reduction of
processes and policies of your Bank. and transfer process, and these are now
cost to your Bank by facilitating off-site
completed in the first quarter of a Financial
audit by providing remote document Your Bank has launched a new generation
Year. This gives the required assurance and
access to the auditors and also helps in and future-ready cloud-based Human
stability to the branches and other units to
speeding up the audit process Resource Management System (HRMS)
actively focus on business activities, during
HRMS SaaS solution to meet the diverse
major part of the year.
Support and Control need of Human Capital and to provide
Operations the HR services to the employees and Performance Management System
pensioners in a seamless digital mode Your Bank has a robust Career Development
Human Resources and Training through web and mobile application. The System (CDS) for transparent, objective,
Your Bank believes that investing in new HRMS solution is equipped with and credible data-backed performance
employees will ultimately result in a latest technology, AI, ML and internal evaluation of employees’ performance.
stronger, effective and more valuable social network and will enable your The system ensures objectivity, business
workforce. The committed and motivated Bank to increase operational efficiency orientation, performance visibility and
human capital is the core strength to ensure of HRMS processes by automation greater alignment between individual and
that your Bank continues to maintain its of various processes with enhanced organisational goals. The outcome of the
legacy of achieving higher business goals security framework. performance evaluation is used in all the
year after year. For a Bank with a large footprint and key processes, like promotion, incentives,
Your Bank always aspires to improve diversified set of roles operating in different posting and exposures to ensure
Employee Value Proposition and recognises geographical regions, specialised skills performance improvement.
the importance of aligning its strategies are particularly important to meet the Your Bank reviews the policy and process
with the ever-changing aspirations of aspirations of the customers. To ensure related to Career Development System
the workforce to increase efficiency, deep domain knowledge and to foster at annual interval to ensure that our HR
transparency and promote participative expertise, your Bank has defined career practices stays in sync with the best
work culture in the organisation. paths for its officers in Scale-II to V through industry practices. In this direction, your

70
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Bank has introduced the concept of candidates using digital platforms widely. terms of the GoI guidelines. Similarly,
Performance Improvement Plan for helping Advertisements are published on job the Reservation in Promotion for PwBDs
employees to elevate performance in Team portals and in our social media handles. up to the lowest rung in Group-A i.e. up
Performance Key Result Area (KRA) to Making use of social and digital media in to JMGS-I has been implemented since
foster team spirit and collaboration. KRA the hiring process has enabled your Bank 17th May 2022.
Grouping Concepts for aligning individual to reach out to a larger pool of tech-savvy Reservation Cells have been established
KRAs with organisational goals and Net aspiring candidates. under HR Department at Corporate Centre
Promoter Score-based KRAs have also Your Bank has recruited Probationary as well as at all 17 Local Head Offices of your
been introduced. Officers, Circle Based Officers, and Junior Bank. At Corporate Centre, two high ranking
Your Bank continues to strive to increase the Associates for entry-level positions. Your officials of the rank of General Manager are
share of objective data-driven assessment Bank is also actively recruiting specialised designated as Chief Liaison Officer for SC
in overall performance evaluation. At talent on a lateral and contractual basis in /ST/PwBD and OBC. All 17 Circles have
present, 89% of total employees covered Information Technology (IT), Information a recognised State Bank of India SC/ST
under Career Development System Security, Risk, Credit, and Marketing Employees Welfare Associations (SEWA)
are being evaluated based on data among others to meet the demands of the for conducting Quarterly Structured/Core
driven objective KRAs. The objective fast-changing business landscape and also Committee Meetings.
KRAs are mapped to all the category of the regulatory requirement. Your Bank is conducting Workshop on
employees up to the apex level i.e. Deputy Implementation of Reservation Policy of
Gender Diversity
Managing Directors. GOI for its Chief Liaison Officer (CLOs),
Gender sensitivity and inclusiveness have
Recruitment Liaison Officers (LO) and HR Officials
always been the cornerstone of your Bank’s
annually. Your Bank has also created a
The recruitment strategy of your Bank HR policy. Out of the total work force, the
Portal for lodging grievances of SC/ST/
is tailored to suit the evolving landscape representation of women is 27% as on
OBC/PwBD employees for quick redressal
in banking. It typically involves a mix of 31st March 2024. Women employees
and better oversight.
traditional methods like job posting and are employed across all geographies and
modern techniques like social media levels of hierarchy. Pre-recruitment Trainings were conducted
recruitment and leveraging job portals with for SC/ST/OBC candidates during FY2024
Reservations and Equal Opportunity as under.
a view to attract talent with the right skill
sets and aligned with your Bank’s vision, Your Bank meticulously follows the GoI Pre-Recruitment Training Numbers

mission and values. directives on Reservation Policy for SC/

ST/OBC/EWSs/PWD. Your Bank has Officer 1,87,712
Being the largest public sector bank in the
representation of SC, ST, OBCs and Persons Clerk 2,69,238
industry with a robust career advancement
with Benchmark Disabilities (PwBD)
policy, attracting the top talent from the
among all the cadres of its workforce.
market is not a challenge for your Bank. Industrial Relations and Staff Welfare
Your Bank has implemented reservation
As part of its recruitment process, your Your Bank places significant emphasis on
to Economically Weaker Sections in direct
Bank reaches out to a broader pool of maintaining healthy industrial relations by
recruitment w.e.f. 1st February 2019 in
fostering open communication channels
between management and employee
representatives through periodical
coordination meetings with staff and
officers’ federations. By encouraging
transparency and inclusivity, your
Bank cultivates a culture of trust and
collaboration, essential for fostering
harmonious industrial relations.
Your Bank has prioritised compliance
with labour laws and regulations as a
cornerstone of its industrial relations
strategy. By adhering meticulously to
legal frameworks governing employment
practices, your Bank mitigates the risk

Annual Report 2023- 24 71

DIRECTORS’ REPORT

of legal disputes and penalties. This A learning culture is not merely a series of and First Time Branch Managers were
commitment to compliance not only training programmes but a holistic approach institutionalised to be conducted every year.
safeguards your Bank’s reputation but towards knowledge enhancement that b. First Time Service Managers:
also promotes trust and stability among permeates every facet of the Bank. Considered as the key resource person for
stakeholders, leading to enhanced The training initiatives undertaken by the not just mobilising business and maintaining
productivity and organisational resilience. robust channel of our 6 Apex Training good housekeeping at the branch but also
Care and Assistance for Retired Institutes (ATIs) and 51 State Bank developing strong customer relations, a
Employees Institutes of Learning & Development comprehensive programme was rolled out
(SBILDs) during the year to ingrain a for Service Managers to empower them
Your Bank recognises the contribution of
learning culture in our employees are with requisite knowledge and skill sets
its ex-employees whose dedicated lifelong
detailed as follows: which would enable them to emerge as
services brought your Bank to its present
game changers.
height. Your Bank has implemented Shaping the competencies and skillsets
‘Project SBI Cares’ for automation and to develop an agile workforce c. Programme for CMs (HR) and
streamlining of various pre-retirement and Managers (HR) of Circles: A 3-day
Your Bank was able to touch around
post-retirement benefits and processes programme was introduced for your
1.57 Lakh employees through different
through its HRMS portal. Bank’s Circle HR functionaries operating
learning modes like classroom training
at grassroot level to develop the expertise
Your Bank’s e-pharmacy scheme for and webinars. Your Bank undertook the
required in discharging their duties in an
eligible retirees provides doorstep delivery following training programmes to ensure
efficient manner and attain the necessary
of medicine at a very attractive price upskilling of the workforce to meet the
conceptual clarity of various functional
without any delivery charges. Starting with changing customer expectations and
aspects related to their role.
Policy year 2024-25, the retirees can select emerging business challenges:
their preferred e-pharmacy vendor from a Institutionalisation of Mid-Career
Building new recruits’ capabilities:
list of empanelled vendors. Certification: Introduced in FY2023,
In addition to our regular onboarding this CVC-mandated programme was
Retirees of SBI now have an option to training for new recruits, the Management institutionalised in FY2024 by making
subscribe to Mediclaim policies of your Development Program (MDP) for POs/ enhancements in the existing programme
Bank in online mode through the HRMS TOs was extended up to two weeks. It structure and preparing a roadmap till
portal, thereby avoiding the hassle of helped them to learn and provide real FY2027 to cover all SMGS – V & IV officials.
visiting the branch, queuing up for premium life insights into the challenging life of In FY2024, 2,300+ SMGS-V officials
payment, etc. a Banker and enhance their resilience completed Mid-Career Training.
The retirees also have an option of and endurance, learn about teamwork,
Orientation Programme for JIBOs and
downloading their Pensioner ID Card task delegation, stress management and
IBOs: A two-week orientation programme
from the HRMS portal. The format of the maintaining a positive mindset. In FY2023-
for junior and middle management
Pensioners ID card is now uniform across 24, total 14,199 (including Probationary
officers proposed to be posted abroad
all the circles and comes with a QR code Officers, Trainee Officers, Circle-Based
was conducted to acquaint them with the
containing details of the retiree. Officers, and Junior Associates were
processes/regulations overseas and to
Your Bank has also provided an covered under onboarding training, and
groom them in becoming your Bank's brand
option under the ‘Project SBI Cares’ to 6,487 employees were administered
ambassadors at the overseas locations.
retirees of your Bank for opting in for assessment examinations.
Emerging Leadership Development
Organ Donations. Precision trainings: Initiated in FY2023,
Programme: A five-day classroom
the specialised trainings for first time and
programme on ‘Emerging Leadership
Training and Development critical role holders under precision trainings
Development ’ was arranged at IIM
Developing an Organisation-wide continued in FY2024, covering around
Indore to suitably upskill the newly
Learning Culture 7,500+ officials in various roles. Some of
promoted DGMs (204 DGMs) to tackle
these trainings are highlighted below:
The prevailing banking environment is the diverse challenges faced by them
marked by technological advancements a. Institutionalisation of Samanvay & due to the transformation in the financial
and evolving market dynamics, which First Time Branch Managers: Due to high services sector.
has made it imperative for the Bank to user acceptability and compelling training
Digital Leadership Program: For
transcend traditional models and embrace feedback, two training programmes viz.
CGMs, GMs and DGMs (total 412
a culture that values and prioritises learning. Samanvay – First Time Regional Managers

72
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

officials) was conducted at ISB Mohali ESG (Environmental, Social, and Imbibing the Global Best Practices
& Hyderabad campuses to keep up with Governance) trainings: Exclusive to gain the First Mover Advantage
the ever-changing regulatory compliance webinars were curated and conducted for External Training Abroad
requirements, navigate the disruptive employees to discuss the importance of
Top Management Officials in the rank
impact of technology, and tackle the ESG, the basic terminologies associated
of DMD and above were deputed for
growing complexities, specialisation, and with ESG and its implementation in day-to-
external training programmes at top-notch
diversification within the banking sector. day banking. Furthermore, ESG aspects like
institutes/business schools like London
Director Development Program: The Renewable Energy Financing (Ethanol, CBG,
Business School, Harvard Business School,
Financial Services Institutions Bureau Solar, Wind, etc.), reducing carbon footprint
Wharton Executive Education and Centre
(FSIB), in collaboration with IBA and other are being covered in Risk Management
for Creative Leadership, USA to enable
stakeholders, had designed and launched programmes for the employees.
them to understand global trends in various
a Directors Development Program (DDP) E-learning modules on trending topics: domains and hone their leadership skills.
2023. M/s Egon Zehnder delivered the Comprehensive MOOC e-lessons were
Leveraging Digital
program in partnership with Harvard designed on New-Age Skills covering
Business Publishing (a wholly owned Artificial Intelligence/Machine Learning, Virtual channels of learning have become
subsidiary of Harvard Business School). Anti-Bribery Anti-Corruption policy, a necessity for the next normal. To facilitate
It was designed as a nine-month journey Code of Ethics and CRISIL modules on-the-go learning among employees and
(Module I for 15 hrs, Module II for 4-5 days, on Credit, Risk & Wealth Management for ensure their uninterrupted skilling, your
and Module III for 4-5 days) through both the employees to impart knowledge on Bank has curated a host of digital learning
online and offline delivery modes. The emerging industry practices. tools such as bite-sized learning modes
programme was attended by one of your which are published at regular intervals in
Program on Start-up ecosystem was
Bank's Non-Executive Directors. the form of audio/video podcasts, one-
conducted for 50+ Branch Heads of
pager knowledge snippets on banking,
Contemporary learnings Start-up branches and RMSMEs of select
economics and risk, short educational
Your Bank initiated the following learning branches. The programme covered the
videos on cyber awareness, various
interventions to equip the workforce with aspect of understanding startups with
agri products and operational risk.
the latest industry trends: respect to sustainable business model.

The cumulative number of these micro learning initiatives as on 31st March 2024 are summarised as under:
Micro learning type Names Cumulative releases up to March 2024

Podcasts (Audio & Video) Gurukul Vani, SBSC-on-Air, Gyan Chetna, Agri Podcasts, etc. 364

Short Videos Cyber Awareness, Understanding Risk, Agri Products, etc. 69

Knowledge Snippets Do You Know!, Gurukul Musings, Insight Awaits, etc. 432

Apart from these micro capsules, Case during the year for employees. Apart from Learner’s Helpline for Real-time
Study Discussion Board (having 1.21 the completion of role aligned certification, Resolution
Lakh unique visitors) for virtual community employees were prescribed to complete 6 Gyan Setu: A dedicated Call Centre for
discussions on banking topics, Quiz mandatory e-lessons. As on 31st March resolving non-technology-related queries
platforms like My Quest Today (1.12 2024, a total of 1,78,614 eligible employees from staff members within your Bank has
Lakh participants in FY2023-24) on latest (96.03%) had completed their mandatory been dedicated to all the staff members.
banking & financial developments and e-learning, with 98.89% of eligible Officers The strategic vision behind Gyan Setu
askSBI, the internal search engine of the and 94.47% of eligible Award Staff is to offer authentic, real-time support to
Bank are also available for the employees completing the Certification. Furthermore, our staff, particularly those in operations
to enable self-paced learning. 99.47% of eligible Officers and 97.71% to significantly enhance the overall
of eligible Award staff had completed all customer experience.
Role Based Learning
their specified e-lessons. In addition to
With the perspective of skilling the Azadi Agyanta Se: A HR helpline was also
the mandatory e-lessons, your Bank has a
employees as per their role, under the rolled out for the Bank’s HR functionaries
repository of 700+ in-house e-lessons for
Mandatory Learning guidelines, Role operating at Circles to provide guidance &
knowledge enrichment of employees.
Based Certification (e-RBC) was rolled out resolution on critical HR matters.

Annual Report 2023- 24 73

DIRECTORS’ REPORT

Knowledge Exchange Programme for Women Managers: Achieving Service Excellence

To further deepen the learner driven To nurture the female workforce, your Your Bank took the following learning
culture, your Bank rolled-out the Bank re-introduced the programme for initiatives to facilitate a superlative customer
following initiatives: Women Business Leaders such as Branch experience delivery by the employees:
Managers, Regional Managers, CPC
Dissemination to ground force: The top Soft Skills & Customer Centricity:
Heads and DGMs (B&O), to enable them to
management officials i.e. DMDs hosted a While soft skills session on customer
discharge their role in this volatile banking
knowledge sharing session for employees centric behaviour is a part of all the
environment, with renewed energy and
to share their experience and learnings major training programmes, exclusive
enthusiasm while maintaining a healthy
from the external trainings attended by webinars were conducted on your Bank’s
work-life balance.
them abroad. grievance redressal mechanism and
Gender Sensitivity Webinars: Apart compensation policy to spread its
Leading from the top: Interactive
from the re-introduction of an exclusive awareness among the employees
sessions were taken by the top executive
in-classroom training programme for
officials in the grade of CGMs & above Grooming the missed opportunity
Women Managers, exclusive webinars on
in various in-classroom/virtual training segment: To unlock the true potential of the
POSH/Garima Policy were conducted for
programmes to share the corporate goals, mediocre, under-achievers, a transformative
all the employees to spread widespread
concerns, initiatives, and expectations from performance improvement plan titled
awareness on gender parity.
operating functionaries. Sankalp was rolled out with a focus on skill
‘Samya’: To embed gender sensitivity enhancement, motivation, and fostering a
Faculty visits at internal institutes: To
in our organisational DNA, the diversity growth mindset. The programme aimed
get a third eye-view on the training delivery
and inclusion initiatives by State Bank to sensitise them on their roles and
techniques and gain insights on the
Staff College under ‘Samya’ were responsibilities and ignite a renewed sense
nuances of training delivery, programme
institutionalised during the year. The of purpose among them to achieve their
development and overall infrastructure
initiatives include ‘Samya 2.0 – A Time to professional as well as personal goals.
management, ATIs faculty visits to SBILDs
Ponder’: Fortnightly caselets, ‘Samya –
and vice versa was rolled out during Employee Engagement
Leave No One Behind’: Monthly webinars
the year.
and Samya – Annual Magazine. Yes, I Can Bring Change: The
Diversity Equity Inclusion (DEI) Transition to Retirement (T TR) annual success stories campaign was
Interventions Programme is a flagship programme of implemented in FY2023 to gather the
Specialised training programmes for the Bank for all officials due for retirement most creative, inspiring and implementable
VI/HI employees were conducted in along with their spouse, with the objective stories of transformation from our
collaboration with SBI Foundation. The to help them manage the paradigm shift in employees, irrespective of their grades.
training sessions covered a range of topics their life after retirement. The TTR for AGM During FY2024, the originators of the top
that were geared towards improving the and below rank officials was carried out at 5 success stories were invited to SBI’s
skills and knowledge of the employees and our SBILDs and the officials in grade of Corporate Office at Mumbai and bestowed
aimed to provide them with the necessary TEGS-VI and above at SBIL. The contents Certificates of Excellence by the Chairman
tools to excel in their roles. of the programme have been altered in and Top Management. The other success
line with contemporary requirements to stories originators were also felicitated at
incorporate the themes of Post-Retirement Circle/Local Head Office levels.
Career Prospects, Cyber Security Prerak: This generation-aligned two-
Awareness, Spiritual Well-being, etc. day programme was conducted for the
Pre-promotion trainings: Being an seasoned employees of your Bank in the
equal opportunity employer, your Bank age bracket of 41 years and above. Around
conducts pre-promotion trainings for SC/ 31,800+ employees were sensitised on
ST/OBC category employees to bridge their crucial role in acting as a bridge
their knowledge gaps before they appear to ensure seamless knowledge sharing
for their promotional exams. Total 24,062 with the new generation, create a base
staff were imparted training which included for effective changeover and understand
9,551 Award Staff, 5,609 Scale I and 8,902 the emerging challenges in the banking
Scale II officials. industry. The programme also recognised
VI/HI Training in progress at SBILD Panaji the stellar contributions made by the

74
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

group in maintaining your Bank its leading for Home Loan Counsellors (HLCs) and Vijayaraghavan, Chairman, Sath Guru
position over the years. SBI Cap Securities Ltd (SSL) executives Management Consultants Pvt. Ltd.,
SBI Wizards 2023-24: Positivity is a on a regular basis. Dr. V. M. Choudhary, Group Director, ISRO,
potent tool for improving staff members’ Dr. Padmaja, Principal Scientist, ICRISAT,
Expanding Footprints
resilience and coping skills. This attribute Hyderabad, etc.
Customised training programme for Local
benefits both the organisation and the Sustainability at Core
Based Officers (LBOs) of Nepal SBI Bank
employees equally. With this perspective,
Ltd. was curated and conducted during Your Bank has incorporated sustainable
your Bank has been organising a family quiz
the year. The programme was a perfect practices in various facets of banking
‘SBI Wizards’ since 2020-21. Top 6 teams
blend of core functional and behavioural including the training infrastructure. All 6
participated in the grand finale for FY2024
inputs. The programme was well received ATIs have obtained IGBC certifications
at Corporate Centre, Mumbai in presence
by the participants as they had an enriched with 4 institutes being Platinum rated and
of Chairman and other Top dignitaries. The
learning experience. The training added 2 being Gold rated. Amongst SBILDs, we
event generated great enthusiasm among
value in terms of their job knowledge and have 4 institutes with Platinum rating and
the employees and garnered appreciation
honing appropriate skillset for improved 1 each with Gold and Silver rating. Under
from all employee grades.
efficiency at their workplace. Sustainable Development Goals, our
Coaching Interventions training institutes are equipped with Solar
Industry Connect
Samunnati & Quality Circle: To Power Plants, Rainwater Harvesting
DFS “Chintan Shivir”: State Bank Plants, Sewage Treatment Plants, Food
augment the competency of our
Academy, Gurugram organised the event Waste Composting Plants, Organic
workforce, these par ticipative one-
of Department of Financial Services (DFS) Waste Converter (OWC) Machine,
to-one coaching interventions were
titled “Chintan Shivir”. The event brought Vermicomposting & Energy Saving
rolled out during the year in 259 critical
together key stakeholders from the financial Buildings. Many training institutes are
branches. Under the initiative, our
industry, government officials, and experts ‘Plastic Free Zones’ and outdoor activities
faculty hand holds these branches with
in the field. The workshop featured insightful such as walkathons, cleanliness drive,
an aim to align the training to business
panel discussions, engaging presentations, tree plantations, etc. are carried out
and make them self-reliant in problem
and interactive sessions. at the institutes to spread awareness
solving/service improvement.
Integrated Workshop on renewable on sustainable environment among
Sarthak: With an idea of the safety,
sector: Two-day integrated workshop on the participants.
reputational integrity & investor confidence
renewable energy industry was conducted Milestones
in the Bank, it is essential that the process
at State Bank Academy, Gurugram. A total
of “Audit & Compliance” is not merely a tick- ET HR Future Skills Awards: Your Bank
number of 36 officials from different BUs
box exercise but results in transformational was bestowed two prestigious L&D awards
(SMEBU, CCG, PFSBU, CFU, CRD)
changes in our work culture. This coaching in FY2024 under ‘The Economic Times
attended the program. The sessions in the
intervention was rolled out during the HR World Future Skills Awards’ - in Gold
program were taken by industry experts
year to improve the rating, generate risk Category for ‘Best L&D Leaders and in
such as Mr. Gagan Sidhu, Director, CEEW
awareness, and inculcate the habit of Bronze Category for ‘Diversity & Inclusion
(Council on Energy, Environment and
“doing things right the first time - every Learning Initiatives’.
Water), Mr. Vivek Sen, Director, Climate
time” at the grassroots. Pre-recruitment glimpse of an SBIan:
policy initiative and Mr. Vikrant Sharma,
Training to Value Chain Partners Deputy Director, National Institute of Solar Your Bank launched a video to attract
Energy (NSE). potential talents to the Bank and increase
Your Bank conducted trainings for Business
visibility of the Bank. The video showcases
Correspondents, CSP Operators on Interaction with Agri Industry Leaders:
employment in SBI as a way of life and
various FI & Digital products with special To equip the participants with latest
highlights the Bank’s culture and offerings.
emphasis on Social Security Schemes. developments in the field of Agriculture
The video has been made available in
Furthermore, orientation programmes and other related areas, interactions with
various social media platforms and is also
were also conducted for 5,562 Feet-on- various industry leaders were arranged
displayed during new recruits’ interviews
Street (attached to SBOSS). Exclusive at State Bank Institute of Rural Banking
and other relevant events.
training programmes are also conducted (SBIRB), Hyderabad like Shri Vijay K.

Annual Report 2023- 24 75

DIRECTORS’ REPORT

Learning Snapshots for FY2024

The average training hours per employee during FY2024 were 48.49. The grade-wise and gender-wise bifurcation of training hours is
as follows:
Head Male Female Total
Average Employee Training Hours 48.51 48.45 48.49
Associates 50.49 43.73 47.93
Junior & Middle Management 61.05 60.61 60.94
Senior Management 52.22 54.12 52.50
Top Management 83.47 93.57 84.50

Digital Transformation and Trade Finance, Forex, Cash Management,

Corporate Internet Banking, API Banking, Few other metrics indicating
e-Commerce customer acceptance of our
Pre-Approved Business Loans (PABL),
Over the years, your Bank has been Cash Management and Supply-chain digital platforms:
deploying wide spectrum of technological finance for corporate customers across
capabilities enabling digital transformation
1.28 Crore+
categories, from emerging start-ups to
by revamping the back-end and enhancing the biggest conglomerates. Many more
the front end experience for customers. customer journeys are being designed Average daily logins to YONO app
Your Bank's vast network of branches which includes VKYC Based Current
coupled with digital banking platforms have

~91 Lakh
Account opening for Sole Proprietors,
kept your Bank in the leadership position Trade Lifecycle, UPI Quick transfer, Forex
and enabled the Bank to introduce more rate booking, Revamped App, WhatsApp Digital Savings accounts opened in
customer centric, intuitive & seamless banking etc. FY2023- 24 with daily average opening
products and services. rate of ~25,000 accounts
To support the Trade customers, your
In this fast-changing digital era, your Bank has undertaken complete overhaul
Bank is constantly innovating itself using
transformative technologies to provide the
of existing Trade Finance and International
Banking Businesses ecosystem by setting
~8.83 Lakh
right solutions to our diverse clientele, to up 2 Global Trade Finance Centres
Daily average transactions
provide great customer experience and at Kolkata & Hyderabad to achieve

1.13 Lakh
in improving efficiency of staff. As part of operational excellence, by making best
digital initiatives of the Bank, your Bank is use of digital offerings and improve market
not only creating seamless digital products share. Your Bank is also working towards Average daily cardless cash withdrawal
across assets and liability segments with automation of many processes through
innovative features, but also redesigning
the back-end processes through end-to-
real time integration with internal as well
as external systems, introduction of AI/
~2.12 Crore
end digitisation initiatives. ML driven processes, re-imagined UI/
Cumulative number of bill payment
transactions through YONO + RINB
Aiming at becoming “Banker to every UX architecture to improve customer
Business”, your Bank's YONO Business satisfaction by improving response
(yonoB) platform (available on both
desktop and mobile app) has integrated
times and provide more personalised
experiences. Your Bank has also integrated
2
Global Trade Finance Centres at Kolkata
digital offerings that are designed for with all the three TReDS exchanges in and Hyderabad
enhanced customer experience and the country - RXIL, M1 Exchange and
convenience to do transaction banking Invoicemart to have real-time data access,
for our business customers (Proprietors enhanced risk management, better
to Large Corporates). YONO Business monitoring and effective supervision on
offers a whole range of banking needs – the TReDS business.

76
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

YONO To keep pace with the evolving digital

banking ecosystem, your Bank is YONO Business
Your Bank's digital platform YONO,
developing the next generation technology
launched in 2017, has celebrated its 6 th
anniversary and is very well accepted by
our customers. The testimony of the same
platform 'Only YONO - The New Digital
Bank' (YONO 2.0) with certain key 2.05 Lakh
capabilities such as consistent Omni- Online Current Accounts opened
is our 7.4 Crore+ registered user base since in FY2024
channel experience across all digital
the app launch.
channels, hyper-personalised customer

5,24,504
YONO encompasses Banking, Investment, experience, AI-based models for business,
Insurance and Shopping needs of Preventive Risk Management, etc.
customers as well as enables to complete New-To-Digital (NTD) customers
Your Bank is actively engaging with
banking transactions with simple, minimum onboarded in FY2024
FinTechs/Start-ups with unique strength
click journeys like Opening a Savings
of focused product, solution and segment
Bank Account, Transfer of funds, Apply
for Personal loan, Car loan, etc. digitally
with the convenience of operating from
depth in niche areas to build key customer
journeys, build digital capabilities, and C66.01 Crore
Payments Transactions
to offer best digital journeys with faster
anywhere, 24/7.
time-to-market. To stay closer to the
Apart from the above, your Bank has FinTech community, your Bank is also
launched several digital customer journeys
on YONO for enhancing the convenience
regularly participating in various Fintech C2,23,50,557
of our customers on a continuous basis
conferences such as the Global Fintech
Fest (GFF) 2023 (jointly organised by
Crore
such as Issuance of Virtual Debit Card, NPCI, Payments Council of India (PCI),
Payments Transactions value
end-to-end instant Credit Card issuance, and Fintech Convergence Council (FCC))

1,05,052
YONO for Every Indian – making available at the Jio Convention Centre, BKC, Mumbai
UPI functionalities to all Indian citizens, from 5th-7th September 2023. Your Bank
enhanced Whatsapp banking services etc. Pre-Approved Business Loans disbursed
along with its JVs has showcased several
products and services at the GFF pavilion
attracting many FinTechs/Start-ups.
C7,238 Crore
Pre-Approved Business Loans (PABL) value

13,691
Digital Import LCs

C1,03,112 Crore
Digital Imports LCs value
(with 72% Digital penetration)

25,120
Digital Inland LCs

C40,062 Crore
Digital Inland LCs value
(with 76% Digital penetration)

Annual Report 2023- 24 77

DIRECTORS’ REPORT

In recognition of its Customer value creation/Customer-centric success

efforts, your Bank has won story
various awards like Issuance of Virtual Credit Card: Your This milestone upgrade further expands
• Your Bank has been conferred the Bank has taken initiative for end-to-end SBI’s commitment to providing inclusive
“Operational Excellence Award” Credit Card issuance through YONO and customer-centric digital banking
by ETBFSI app. YONO users are now able to apply services to every Indian citizen, thereby
• ET CIO Award 2024 for Enterprise and get their SBI Credit Card through a encouraging them to become a part of
IT Excellence under Data Driven seamless and paperless process without the ever-growing SBI family
Customer Transformation visiting to a Branch/SBI Cards office. NPS Contribution: Using this journey
category for YONO Pre-approved The digital card can be used instantly customers are able to contribute one
Personal Loan for online purchases. This functionality time/periodically through standing
provides ease and hassle-free credit card instruction (SI) in their own/other NPS
issuance experience saving their valuable account by linking in YONO. This self-
time. It is to serve the esteemed young assisted journey enables our customers
Key performance highlights generation customers to have an omni-channel experience for
of Digital (Retail) Analytics-based Sankarma data and NPS investments
• Through YONO (Retail & Agri) Multi-surrogate details are also shared YONO App MF K YC Journey:
platform, during FY2024, 15.91 with SBI Cards team on real-time basis Enhanced customer experience for KYC
Lakh Pre-Approved Personal for assessing suitability of the customer onboarding digital journey for Mutual
Loans (PAPLs) of H30,344 Crore, for cards application. Since launch Fund KYC non-compliant customers
0.39 Lakh Real-Time Xpress Credit (Nov’23) 13,903 virtual cards have on the SBI YONO app. Customer can
(RTXC) Loans of H1,535 Crore, 1.01 been issued using this journey and easily check their KYC status and
Lakh Insta Home Loan Top-up of we are receiving very good feedback non-compliant users can instantly
H1,771 Crore were sanctioned from customers complete their KYC and quickly become
• In addition, a total of 5.35 Lakh
 irtual Debit Card through YONO:
V investment ready. Within few days of
Agri Gold Loans applications
Virtual Card is a green initiative of Bank launch (Dec’23), more than 30,000
(aggregating H9,270 Crore) were
for a paperless/plastic-less product customers have tried the digital facility
sourced through YONO
which will offer service to millions of for real time KYC onboarding
• 61.61 Lakh Personal Accident
customers. A cost saving initiative  nline NRI A/c Opening: An end-to-
O
Insurance (PAI) policies, 2.83 Lakh
to your Bank in the era of global chip end digitised journey for opening of NRI/
Sampoorna Arogya policies, 7.79
shortage with reduced operational NRO account. It is a self-assist journey
Lakh SBI Life Sampoorn Suraksha
costs and risk which may arise due to for NRI new-to-bank customers, and
policies and Mutual Fund Sales of
the non-delivery and safe keeping of they need not visit branch for opening
H1,910.55 Crore were achieved
physical cards of Saving/Current account
through the YONO platform
YONO For Every Indian (YFEI): The PPF A/c Opening: An end-to-end
upgraded version of the YONO app was digitised PPF account opening journey.
launched on 1st July 2023. With ‘YONO It is a self-assist journey for YONO
15.91 Lakh for Every Indian’, now any Bank customer
will have access to UPI features like
users, and they need not visit branch
for opening of Saving/Current account.
Pre-Approved Personal Loans (PAPLs)
Scan and Pay, Pay by contacts, Request Facility of setting SI mandate for
money, Bill Payment, SBI products periodical credit in PPF account is also
among others on YONO’s new avatar. available while opening the account

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Information Technology
Enterprise Integration Services need to avail third party services on ad hoc Meghdoot is designed to meet the
Your Bank’s Enterprise Integration Services basis. It enhances the flexibility to reach out challenges posed by the rapid technology
(EIS) department has channelised multiple to the niche group of banking clientele with requirements and substantial data
heterogeneous applications like YONO, latest banking offerings and provides better processing loads through a combination
INB, Mobile Banking etc. by automating customer service with greater interactivity. of innovative strategies and cutting-edge
their processes through light-weighted API Your Bank has done Distributed Ledger technology. Meghdoot has been a runaway
layer. EIS’s robust integration architecture Technology (DLT) registration for SMS success, with just 5% footprint in the data
and highly secured APIs (complying templates used for communication which is centre space, and hosting around 50%
Industry Standards), has reduced third required to regulate the fraudulent activities of the workloads thus minimising carbon
party application development time by and bring transparency. emissions and contributing to a greener
utilising generic APIs integrating multiple and more eco-friendly operations.
Meghdoot – SBI Private Cloud
channels. EIS has automated processes Our initiative supports hybrid cloud
Your Bank has its own private cloud named
for Account Opening, Pre-Approved architecture by providing seamless
“Meghdoot”, which hosts 400+ applications
Personal Loan (PAPL), Real Time Xpress connectivity to public cloud services. This
including mission critical business services
Credit (RTXC), YONO CASH by internally flexibility allows your Bank to leverage the
like UPI (Unified Payments Interface), Kiosk
orchestrating CBS transactions. EIS is a advantages of both private and public
Banking, DBT (Direct Benefit Transfer),
single-point integration layer for external cloud environments as needed to fulfil our
Loan Management System applications,
entities like NSDL, UIDAI, NESL etc. with commitment of providing efficient services
Government Business Solutions, etc.
SBI. EIS has provided APIs for DigiLocker and solutions to customers.
which is a flagship initiative of Ministry of
Electronics and Information Technology
providing a document wallet to citizens to
access authentic documents/certificates
in digital format from the source of
truth thereby promoting the vision of
paperless governance.

Network Infrastructure Improvement

Your Bank has relentlessly worked to
improve the network experience and
minimise branch isolations and completed
99.68% of fiberisation. All feasible branches
are migrated to Fiber Channel to ensure on
demand higher throughput and bandwidth.
The fiber connectivity is better and reliable
due to immune for weather, lightening, rust,
moisture, temperature and attenuation
issues. Your Bank is constantly in process to
provide enhanced bandwidth and network
capacity augmentation for all branches
across India. Software Defined Wide Area
Network (SDWAN) is being implemented
pan-India to enhance network availability.

Enterprise Short Messaging

Service (SMS)
Your Bank has put in place a Centralised
SMS gateway solution for the entire Bank
for sending bulk SMS there by removing

Annual Report 2023- 24 79

DIRECTORS’ REPORT

Customer Relationship Management

Technological Initiative/s Your Bank’s CRM Solution helps to build and Solution (OCAS), YONO, Loan Origination
for Safe and Secure maintain strong and loyal relationships with System (LOS), Loan Life-cycle Management
Customer Service the existing and prospective customers. It System (LLMS), Retail Loan Management
Your Bank has enabled a robust has been implemented and continuously System (RLMS), Retail Assets Acquisition
and secure email platform with getting enhanced as an employee facing Solution (RAAS), Bank’s website, Contact
100% uptime. The platform enables business interface to meaningfully engage Centre, etc. It also has a sophisticated and
enhanced employee productivity with customers throughout the lifecycle of advanced Complaint Module, i.e. CRM-CMS
with additional security features for sales, service, and marketing. wherein the customer’s entire trail of previous
communication within and external CRM Solution has customised Lead modules complaints and other details are captured
stakeholders seamlessly. We have for all Business Units and other critical in the application giving ease to users and
also implemented BIMI (Brand departments, integrated with other sources customer for complaint lodgement, tracking
Indicator for Message Identification) such as Online Customer Acquisition and resolution.
brand identification logo of your Bank
to help recognise emails sent by Bank,
Contact Centre
build trust, and make identification of
spams easier. Your Bank committed Your Bank’s Contact Centre (CC) has been actively providing services to customers 24X7.
to provide safe and secure customer Your Bank has undertaken a major revamp of the Contact Centre to improve the customer
service experience at our branches experience in this process, by introducing ‘Your Contact Centre Special’.
through end-point security solution.

Projects team had undertaken the following initiatives

during this FY
Customer-centric Implementation of Hybrid Contact an option to close these accounts within
projects initiated Centre (HCC), involving CC agents and the cooling period has been introduced
• Integration with Auto-major Bank employees at the CC locations through IVR self-service
Mahindra & Mahindra for Auto Enablement of Super Premium Agents Your Bank’s new Exclusive Outbound
Loan Leads (SPA) with enhanced skills and tools for Contact Centre with On-prem state-
• Roll out of CRM Mobile Application first time resolution of complex queries of-the-art Tech Stack implemented
• Roll out of CRM Application in Implementation of Special Helpline for for strengthening the customer
Foreign Office Canada Senior Citizens and Differently-abled engagement strategy for sales,
• NPS (Net Promoter Score): Customers for providing dedicated collection, and marketing of various
Capturing customer feedback on customer service banking products
Complaint Closure Introduction of Virtual Relationship
Introduction of first e2e loan facility
• New Lead modules for CC Agents Managers (VRM) channel to provide
through Contact Centre, enabling loan
for PMJJBY & PMSBY a virtual, personalised servicing
account opening, disbursement and
• Attachment of documents related experience to our valued customers
sharing of loan documents via email
to complaints in CRM-CMS with enhanced relationship and
through CC agent over the call for Pre-
• Lead Generation Services through engagement activity
Approval Personal Loans (PAPL). Also,
Kiosk Application (CSP Outlet)

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Software Factory
Your Bank has been at the forefront of launching various innovative solutions to become the leader in the technology front.

Your Bank has taken the following in-house initiatives during this FY
OLMS Application and deliver services as per contractual Bureau (CEIB), with the details of
• Your Bank has developed the obligations and enforce penalties Entity/Borrower which has sought
“Outsourcing Lifecycle Management based on SLA breaches or incentives for loan, for antecedent verification of
System (OLMS)” application based on SLA performance prospective borrowers for sanctioning
that captures all the details of • Reporting, reviewing and Audit of loans of C50 Crore and above or for
outsourcing activities within the bank, Module in OLMS provides regulatory NPA accounts
encompassing both IT and non- compliance. It will also add to cost • Your Bank has collaborated with
IT aspects. The OLMS application efficiency and ensure transparency CEIB Officials to create a new Search
captures all the pertinent information and add to overall efficiency of Automation Portal to streamline the
concerning onboarding agencies, Vendor management process and to automate the search
Service Level Agreements (SLAs), Sub- Locker Allocation Management Project and report generation process. The
Contract Agreements, and instances of portal was launched on 20 th Feb
• LAMP facilitates all branches, to
SLA breaches. Additionally, it facilitates 2024. After using the new portal, CEIB
maintain locker information through
the recording and maintenance of acknowledged that the time taken to
graphic representation of Cabinets and
complaints, audits, and risk ratings generate antecedent verification have
lockers and handles all requirements
associated with the agencies reduced drastically
like documentation, rent recovery
• Through the application, your Bank including operations Kisan Credit Card – Interest
has improved internal governance of Subvention Scheme Middleware
Benefits to Customers and Bank
your Bank’s vendor engagements, and Portal
it allows us to have a comprehensive • On-screen representation of cabinets
• The Ministry of Agriculture & Farmers’
view of risks associated with vendor and lockers with different colors for
Welfare have asked all banks to
contracts/agreements each status readily available
provide Kisan Credit Card account
• All financial transactions being
Benefits details to their newly developed portal
handled on single platform through
• It Captures the entire lifecycle of https://fasalrin.gov.in/
Application Programming Interface
Agency/Vendor within SBI and • Accordingly, your Bank has developed
(APIs)
removes duplication of Agency Data a portal that provides data to the
• Branch Staff immensely relieved from
(Agency Details/address/contact/ Government in Fully Automated mode
manual registers as all documents
PAN/BO, etc.) at various levels within through Application Programming
generated and maintained online
Bank. OLMS is acting as a single Interface (APIs) and your Bank is
• Audit trail for all transactions,
Source of truth related to Agency and able to claim subvention based on
operations and changes available at
thereby reducing risks associated with the data shared with the Government
real time ensuring no income leakage
Agency Activities portal (https://fasalrin.gov.in). This
Central Economic Intelligence data is used by the GoI for Interest
• It provides centralised monitoring and
Bureau (CEIB) Subvention Scheme (ISS)
enforcement of SLA and Subcontracts
that ensures service providers meet • Various Banks send request to
agreed-upon performance standards Central Economic Intelligence

Annual Report 2023- 24 81

DIRECTORS’ REPORT

Channels and Operations

Payment System (PS) and outward transaction amount to C8.01 New facilities rolled out
Lakh Crore with a market share of 9.74%. • Customers will be able to select
Your Bank holds a significant share in
Your Bank uses the SWIFT messaging ‘Regional language’ of their choice
NEFT remittances. SBI has processed
system for cross-border financial message from the identified 11 languages
204.39 Crore transactions, constituting
transmission. SBI has processed 41.33 on your Bank’s ATMs/ADWMs
over 14.07% of the market share. SBI is
Lakh financial messages. SBI has fully • Your Bank has launched Nation
a significant player in RTGS remittances
complied with all the 24 mandatory First Metro cards for RuPay
and has processed more than 6.80 Crore
controls and 8 advisory controls prescribed platform for the Metros/Buses/
transactions involving more than C405.51
by the SWIFT for Customer Security Parking, etc.
Lakh Crore.
Compliance Framework. • Prepaid card management system
Your Bank holds a significant share in is successfully integrated with
CTS Clearing with 7.89 Crore inward ATM ePay by your Bank so now non-
transactions with 10.18% market share Bank customers can top up online
Your Bank’s ATM department is PCIDSS
and 5.62 Crore outward transactions with for their SBI-issued prepaid card
Compliant, a benchmark security standard
7.24% market share. Value-wise inward • Now other Banks’ customers can
for the payment card industry. It stands tall,
clearing transactions amount to C10.14 choose language option in SBI’s
serving 22.87 Crore active Debit card users
Lakh Crore with a market share of 12.33% ATMs as like SBI customers
as on 31st March 2024.
• Your Bank has revamped the
Green PIN generation process
like the ‘PIN generation’ option has
Metro and Transit Projects: Your Bank Your Bank has issued 9.1 Lakh prepaid been changed to ‘Set PIN’ with a
has participated in various metro and cards in these projects. more simplified process
transit projects to digitise micropayments Proactive Risk Management (PRM): • Your Bank has also launched
rapidly. Your Bank has been awarded Your Bank has deployed fraud monitoring different Debit/Transit cards with
Nagpur Metro, Noida Metro, Chennai solution i.e. PRM, for monitoring of more features and offerings for
Metro, Kanpur Metro, MMRDA Line 2A suspicious and fraudulent transactions, customer delight
& 7, Agra Metro, MMRC Line-3 Metro, committed on various digital channels. • Transfer of SB a/c to another
MBMC City Bus and Himachal Road Presently, PRM is integrated with ATM branch has been enabled by
Transport Corporation (HRTC) State Bus Cash, PoS, E-COM, Retail INB, Corporate your Bank at ATM/ADWM using
Transport projects to implement qSPARC INB, Merchant INB, YONO, YONO-Lite, one’s Debit card without visiting
technology on the RuPay platform. UPI, Kiosk Banking and FASTag. account holder’s home branch
• A separate ‘Rhodium’ Debit Card
CMP & SCFU
has been launched by your Bank
Major benefits Your Bank’s Cash Management Product for Business customers having
• Time to Market will reduce (CMP) is serving the big-ticket Corporates current account and ‘RuPay
significantly for launching any and Government clients for their payables Select’ cards for your Bank’s
new products/services owning and receivables through modules like wealth customers
to advance technological Payments, Collections, Mandate, etc.
features and architecture of new generating both Fee & Float Income for
tech platform your Bank. The current application is in
• Customers’ delight as new portal
will integrate with its Enterprise
operation since 2015-16 and handling an
annual turnover of C120 Lakh Crore. Your
22.87 Crore
Active Debit Card users as on 31st March 2024
Resource Planning (ERP) Bank has taken the revamp exercise, which
• Enabling Third Party Partnerships: is likely to be operationalised by Sept’24,
Platform offers Open APIs which with an objective to bring off-the-shelf tool
will enable business team to enter
partnerships with third party
with regular product innovation and will
be consolidated suite/single transaction 9.1 Lakh
FinTech/ERP providers, etc. banking platform for all modules. Metro and Transit prepaid cards issued

82
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Supply Chain Finance HRMS Internet Banking

Supply Chain Finance application caters Your Bank acknowledges the fact that Your Bank’s Internet Banking provides a
to invoice financing of Major Industry human capital is at the core of any seamless online experience, offering secure
customers of your Bank. Electronic organisation’s growth engine. To meet and diverse banking services to 12.46 Crore
dealer Finance (e-DFS) and Electronic the diverse need of Human Capital Retail Users. It handles various critical
Vendor Finance Scheme (e-VFS) are Management, your Bank is in the process customer-facing mobile applications/
flagship Supply chain Finance products of implementing current generation and services like YONO Lite SBI, SBI Quick,
contributing significantly to the SME future-ready cloud-based HRMS with new- SBI WhatsApp and SBI Secure OTP. These
business of your Bank. With technological age technologies like AI/ML to provide the apps enjoy excellent reputation among
advancements, spread of digital HR services in a seamless digital mode to customers and are known for their ease of
technologies and emergence of FinTechs, the employees and pensioners. use and outstanding user experience.
SCFU finance landscape has changed.
The tech platform architecture has been
upgraded by your Bank using microservice- Salient features Your Bank has taken
based architecture with enhanced user • Complete Hire to Rehire the following initiatives
experience to support the business need. HCM platform to further enhance user
SCF Revamp application is leveraging • High availability experience
Tanzu Kubernetes platform hosted on • Enhanced user experience of
• Your Bank has migrated to its own
Banks internal cloud Meghdoot, for auto Employee Journey/Pensioner
domain “.(dot)sbi” as an enhanced
scaling, self-healing cluster orchestration. Journey through Web and Mobile
security measure
Application integrated with your Bank’s App (Android/iOS)
• Transactions (financial and non-
centralised DevOps CI/CD platform for • Increased productivity through
financial) are integrated with PRM
automated deployments and has real time automation of HR processes
(Proactive Risk Management) for
application monitoring facility.
Real Time monitoring and security
to our customers
SBIePay Lite (formerly SBMOPS - • Your Bank has implemented
New features/revamped State Bank Multi-options Payment digital documents execution for
platform during FY2024 System) Locker agreements
• Integrated portal for Industry Your Bank has rolled out SBIePay Lite to • Your Bank has enabled restriction
Majors, Vendors and Branch Users facilitate collection through various modes of user activity once User is
• Enhanced user experience with using the site-to-site integration with deactivated through PRM
revamped UI/UX e-commerce and other merchant entities. (Proactive Risk Management)/
• Improved user management with As of now, total active direct Merchants CRM (Customer Relation
role-based access control integrated through SBIePay Lite are 701. Management)/IVR (Interactive
• Allowing future dated transactions Voice Response)
• Customised reversal timing • Your Bank has initiated facility
• Integrated with Vay an a Your Bank has implemented of overdraft against multiple Fix
Tech platform the following significant Deposit, Closure of TDR and STDR
• Straight-through processing
changes through INB for senior citizens
through API • Your Bank has also enabled
• Aadhaar Based Mandate
creation of customer profile
Registration
status PI E CHART for
• Integration with Flywire: Your
personalised experience
Bank has entered tie-up with
• Your Bank has launched SB
Flywire as Authorised Dealer
account opening using V-KYC for
(AD) Bank partner in India for
ease of account opening
processing remittances under LRS
for payment of fee to educational
institutions abroad

Annual Report 2023- 24 83

DIRECTORS’ REPORT

SB Collect WhatsApp Banking

Your Bank offers a Unique Payment Whatsapp Banking is one of the
Solution to its Corporate Customers for customer-centric initiatives by your Bank
collection of funds online from receivers of Performance highlights for future banking, and has enabled the
their goods & services. following functionalities:
• YoY Merchant onboarding growth
State Bank Collect has been specially 26.11%. Customer can choose their preferred
designed and developed for the benefit of • Commission income increased language in Whatsapp banking. Currently
Schools, Colleges, Educational Institutes, from H14.24 Crore as of Mar.23 to Whatsapp Banking is available in 4
Government Depar tments, PSUs, H27.23 Crore as of Mar.24. languages – English, Hindi, Bengali
Corporates, Hospitals, Clubs, Trusts, etc. and Tamil
A total of 80+ services across 21 journeys
are launched. Some of the major journeys
SBI Uni Pay (BBPS: A one-stop that are available are:
solution for all bill payments) Few achievements of • Mini Statement​
Your Bank has developed a SBI Uni Pay your Bank’s application • Branch ATM Locator ​
application for Bill payments through as follows • Pension slip ​
BBPS services hosted by NPCI, which has • E-Statement
• Total number of billers onboarded
gone live in July 2021. In the SBI Uni Pay • Interest Certificate ​
in current Financial Year till Feb’24
platform, your Bank provides BBPS and • Language Selection
is 1,265 which includes 17 online
non-BBPS bill payment facilities.
billers and 1,248 offline billers
SBI Uni Pay has onboarded GMEC (Global YONO Lite
• 13 RRBs have been onboarded
Money Exchange Company) as agent as Agent Institutions and their YONO Lite, having a total user base of
Institution and has exposed the Agent 191 CSPs/Branches have been 2.49 Crore, is one of the widely accepted
Institution APIs which were consumed by onboarded as Agents extending applications among customers of your Bank
GMEC to enable cross-border inbound BBPS solution to RRBs facilitating their day-to-day banking needs.
payments in Bharat Bill Payment System
(BBPS) for select categories. GMEC has Performance highlights
also rolled out BBPS bill payment facility
Your Bank has launched
• Total number of BBPS bill
for their customers through their branches. payments through the Bank’s the following in YONO
Agent Institution portal and Agent Customer operating Unit reached Lite mobile banking app
portal were developed enabling MIS 31.55 Lakh amounting to • Facility of Online application for
access, Complaint management and H 2,834.53 Crore and the number of FTC at YONO Lite
MIS dashboard functionality for Agent transactions through Bank’s Biller • Intimation in advance on Expiry of
Institutions, which are available along with Operating unit reached 233.25 INB Login and Profile Password
Bill payment transaction module for Agents Lakh amounting to H11,960.92 • Prepaid card link facility
in Agent Portal. Crore during FY2024 • Virtual debit card issuance

CENTRAL BANK DIGITAL CURRENCY (CBDC)

Your Bank is one of the 15 pilot banks accessible. With half a million users and in both Retail and Wholesale CBDC.
identified by RBI to roll out CBDC Pan around 35,000 merchants, your Bank has With use cases like UPI Interoperability,
India. CBDC offers three elements i.e. achieved a million transactions on a single Programmable CBDC, Offline CBDC and
Currency in Electronic format, issued day. Your Bank is spearheading innovations UPI Intent, CBDC ensures quick real time
by the Central Bank and is universally in this disruptive technology and active transfer of money.

84
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

YONO Business & CINB UPI (Unified Payments Interface)

Your Bank’s YONO Business digitally serves Major developments The Unified Payments Interface (UPI)
various Banking interface requirements of • Implementation of Hybrid stands as a flagship application of your
all types of non-individual entities, right Cloud-based new Payment Bank, integrating multiple bank accounts
from a small proprietorship/MSME to large Gateway Solution into a single mobile platform with
multinational corporates to Central and • Automation of processing of interoperability. It merges various Banking
State Governments. It has approximately settlement files features, facilitating seamless fund routing
32.65 Lakh registered Corporate User base. • Implementation of Alt ID solution and merchant payments through UPI. In
• Selection of Service Provider for FY2024, your Bank achieved a remarkable
ACS services through RFP milestone by successfully processing a
Many new services were • Migration of Merchants and their peak volume of approximately 17 Crore
rolled out for Corporate sub-merchants in new PG solution UPI financial and 9 Crore non-financial
customers in Corporate transactions daily. The role of your Bank in
Internet Banking and UPI eco-system is crucial as it contributes
YONO Business. Some of SBIePay 26-30% of the total volume in overall
them are as follows Your Bank’s Payment Aggregator eco-system wherein SBI is supporting
Solution is PCIDSS and ISO27001:2013 more than 52 Crore customers with UPI
• PABL (Pre-Approved Business
certified. During FY2024, SBIePay added features which includes both SBI and non-
Loan), Business Rule Engine
617 new merchants including prestigious SBI users.
(BRE) loan facility extended to
merchants such as UPPRB, NIT Trichy,
partnership customers
CIDCO, West Bengal GRIPS 2.0,
• UPI quick transfer payment facility
Odisha IFMS 2.0, etc. As on 31st March Your Bank has
for Saral and Corporate customers
• Facility in CINB for HUF/Trust 2024, 2,597 merchants are integrated introduced the following
customers for investing in GB with SBIePay. essential facilities
(Sovereign Gold Bond) this year to enhance
• Re-imagined payment facility (YONO customer convenience
Pay) in YONO Business Mobile
Major developments and
• Enablement of Foreign P2M
• E-FDR Facility for stockbrokers for new payment channels transactions: Customers can
availing online trading facility with NSE Major developments rolled out now directly pay merchants in Sri
through Financial Institution Branch during the year Lanka and Mauritius by debiting
• API Banking facility for Business their SBI account using your BHIM
• Digital Loan Collection Journey
Customers through direct integration SBI PAY app
via SBIePay
or through third parties • UPI Credit: Your Bank has
• Customised Integration for Delhi
• V-KYC Digital Current Account enabled UPI transactions
High Court
opening for Sole Proprietors through pre-sanctioned credit
• Odisha IFMS 2.0 Integration
• Two-user CINB product introduced for loan accounts
• GRIPS 2.0 Integration
partnership and start-up customers • Aadhaar OTP-based
• Enhanced e-forex facility in YBBI New payment channels integrated
onboarding of customers on
for new eForex user creation and with SBIePay during the year
UPI: Your Bank has enabled UPI
limit change • AU Small Finance Bank facility for customers without debit
(Corporate) card, but their Aadhaar linked to
• Punjab and Sind Bank (Corporate) their SBI account
SBIPG
• ESAF Small Finance Bank (Retail) • Your Bank now suppor ts
Your Bank’s SBIPG is a PCIDSS-certified • Capital Small Finance Bank CBDC Interoperability
application, which processes card-based (Retail)
e-Commerce transactions acquired • Your Bank has launched SB
through integrated Payment Aggregators/ account opening using V-KYC for
Merchants. During FY2024, SBIPG added ease of account opening
4,360 sub-merchants. As on 31st March
2024, 87,630 sub-merchants and
17 aggregators are integrated with SBIPG.

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DIRECTORS’ REPORT

Foreign Office Executive Support System

Your Bank has taken various initiatives at agnostic omni channel platform-Corporate
its foreign offices, as under: INB solution-to meet the needs of the Awards received by your Bank
YONO Global - Your Bank has consistently emerging Global Corporates. during 2023-24
leveraged YONO Global platform to provide FO-Retail Loan Management System
Your Bank has been adjudged
retail banking services to customers in Implementation - The FO-RLMS project
winner of the following awards
different overseas offices. More than two was developed in-house by your Bank on
under IBA Banking Technology
Lakh customers have already onboarded an infra-lite, cloud native architecture and
Awards for FY2023:
the App in 11 FOs. To expand the reach deployed on your Bank’s Meghdoot Tanzu
of YONO Global App further, your Bank platform (Kubernetes implementation), • The Best Financial Inclusion
has planned to implement it in Singapore with pilot implementation in Singapore. – Winner
and Oman. • The Best IT Risk Management
Your Bank has integrated with MauCAS
– Winner
Revamping of the FO Corporate Internet switch (in Mauritius) which enabled ‘RuPay
• The Best Fintech and DPI Adoption
Banking (INB) Platform - A project has card’ to be accepted at Mauritius ATM/
– Winner
been initiated by your Bank to implement POS machines.
• The Best Digital Engagement –
a content-rich, contemporary and device
Runner-up
• The Best AI and ML Bank of the
Year – Special Mention

Data Governance
Data Governance in your Bank is evolving reliability, and consistency of data across multiple products. Your Bank is actively
at par with global trends, transcending all operations. This approach, in addition integrating internal data with external
regulatory and compliance obligations to improving the operational efficiency, insights to drive innovation, identify new
and fostering a culture of data-driven also strengthens customer trust through business opportunities, and enhance
decision-making. The focus on Data secure data handling and compliance customer service. Prioritising critical
Culture across your Bank emphasises adherence. Further, your Bank is in the data areas and implementing proactive
the importance of staff awareness and process of enhancing its existing Data measures establishes a streamlined, agile,
engagement in understanding the value Quality Index (DQI), a yardstick to measure and resilient ecosystem for effective data
of data. By adopting Data Quality by the quality of data in absolute terms, to management within your Bank.
design, your Bank ensures accuracy, cover various domains spanning across

Launch of Nation First Transit Card

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Core and Special Projects

Agri Tech Frictionless Credit to Farmers are some Key initiatives by
Your Bank’s Agri Tech Department has of the key initiatives of your Bank’s Agri your Bank’s Agri Tech
aligned itself with the transformations in Tech Department. It is also in the process department as follows
Agri Landscape. Launching of various of replacing loan processing technology LOS Agri – integration with
e-2-e Digital Journeys, FinTech Integrations, platform with a new-age modular tech JanSamarth
making Cloud Ready in Agri Tech area, stack – the NEW AGRI LMS, which will
• Your Bank has launched a digital
Integrations with GoI - JanSamarth/ enhance customer experience of availing
KCC Straight Through Process
RBIH and other agencies, and Enabling farm credit.
platform and processed loans
up to H1.6 Lakh to farmers in
Karnataka using JanSamarth
Customer-centric projects initiated Portal. The portal uses digitised
• Your Bank is in the process of sanctioned in a digitised mode for land records of the Karnataka
onboarding a revamped Agri Tech loans up to C1 Lakh State Government (FRUITS portal)
Stack for processing loans to • Your Bank is actively looking for providing complete automation
Agriculture & Allied activities that forward to finance Farmer Producer of e-2-e process with Enhanced
will significantly reduce Turn Around Organisations (FPOs) and has User Experience
Time (TAT) for credit delivery. Your conducted multiple FPO Connect NBFC Co-Lending Platform
Bank has also embarked on digitising Programmes during the year
• Your Bank has launched an
the journeys in Agriculture • The Outsourcing Services Subsidiary,
end-to-end digital platform for
• To enhance our reach to the unserved State Bank Operation Support
credit underwriting, sanction,
and under-served populace, we Services (SBOSS), has stabilised its
disbursement and collections
have signed MoUs with twenty-one operation in rural/semi-urban areas.
for NBFC Co-Lending through
NBFCs/HFCs under the Co-lending The Subsidiary works on a “High
NBFC Alliances Dept. for Direct
model. Under this model, your Bank Tech, High Touch and Low Cost”
Assignment Model (Rule Engine
has sanctioned loans to more than mode and has helped your Bank
built where Bank can exercise its
2.48 Lakh borrowers, amounting to to source more than 4,00,000 new
discretion to take or reject its share
C1,254 Crore, of which more than KCC loans amounting to more than
of loans originated and sanctioned
2.41 Lakh accounts have been C8,500 Crore
by NBFC subject to Bank’s due
diligence)
• The project is your Bank’s first
business application on the public
cloud (Amazon Web Services)
and integrated using generically
designed APIs. Partnered with
a UNICORN FinTech viz. YUBI
(erstwhile CREDAVENUE), this
is a paradigm shift in lending
landscape brought in by your Bank
by strong collaborations between
two diverse organisations (a Large
Bank and an Agile Fintech)

Annual Report 2023- 24 87

DIRECTORS’ REPORT

Similarly, your Bank is integrating with the

RBIH Public Tech Platform for Frictionless Key initiatives
Credit (PTPFC) for KCC end-to-end digital Implementation of BGL less volume transactions and the capacity
STP journey. The PTPFC will be of national approach for UPI transaction is getting enhanced up to 1,000
importance and will play a key role in the pages of transactions
• Your Bank has launched a process
digitalisation of lending processes and
transformation initiative. The UPI Seamless continuity of Limits
standardisation of data exchange formats
transactions have moved to a BGL • Auto Renewal of OD against Bank
to a great extent.
less approach and this is being Deposit: Your Bank has developed
Core Banking implemented in other such high- a functionality for auto renewal of
Your Bank ’s CBS customer base volume transactions. This has led to a OD against Bank Deposit accounts
has recently crossed the 500 Million reduction in Technical Declines (TDs) ensuring seamless continuity of limits
benchmark, as CBS continues to launch in UPI to ~0.19% which is much lower • Enhancing Security in AePS
various customer service initiatives/ than the industry benchmark of 1%. transactions: Your Bank has
developments during the year. Microservices Architecture enhanced security measure in AePS
• Your Bank has developed a transactions, wherein customers
Revamped Statement functionality in will have to expressly register to get
CBS, a new statement platform has the AePS transactions enabled in
been rolled out using microservices their account with an option in their
architecture which can handle high hands to define risk limits for on us/
off us transactions

IT-Retail Loans
Your Bank’s Retail Loan Management
System (RLMS), an in-house developed Major new offerings under LLMS
application, is an end-to-end journey for
processing retail loans with STP journey. Business Rule Engine (BRE) Journey PM Vishwakarma Scheme
Minimum manual input with most of the • Your Bank has rolled out BRE journey through e-GSS portal
data fetched from the source system for exposures between C1 Million to • Your B ank has launche d
CBS helps to improve data quality and 50 Million for all branches. BRE giving Simplified Journey for providing
faster delivery. It is integrated with Go/No Go to applicants immediately loans to artisans/crafts people
numerous services for credit score, fraud on applying loan through CLP portal under the newly introduced PM
detection, digital documentation, lead and this journey is developed for both Vishwakarma Scheme
management, etc. new and existing customers of Bank

IT-Corporate and SME Loans Integration of LLMS with Finacle

Your Bank’s entire journey of Corporate and • Your Bank has integrated Loan
SME Loans is captured through an in-house Lifecycle Management System
developed Loan Life Cycle Management (LLMS) with Finacle for updating
System (LLMS) Portal, with the entire life of CRA/ECRA/account opening/
cycle of the credit process automated, collateral creation after sanction of
leading to standardisation of the credit credit proposal
process, enhanced risk management and
improved user experience and TAT.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Financial Inclusion and Government Schemes (FI&GS) IT-Special Projects

Your Bank has been adjudged as the “Winner” for the fifth year in succession in Best Your Bank has been conferred with the
Digital Financial Inclusion category among Large Banks in the IBA Annual Banking Finnoviti Award 2023 for DigiGov Fund
Technology Awards for FY2023. Management Solution Application.
SBI Loyalty Rewards was adjudged
the Best Loyalty Program in Financial
Key initiatives Sector Banking under the Customer FEST
DBT withdrawal, Fund transfer, Balance Award 2023.
• DBTL Application architecture was enquiry, and Mini statement) on the Your Bank has rolled out the following
revamped by your Bank to cater to TAB. These basic banking services initiatives/developments during the year:
the growing volumes and upscale are made available at CSPs since 3rd
October 2023 DigiGov
the subsidy processing capacity.
In the current financial year, your Provision of IRIS Scanner at Kiosk Your Bank has integrated the Fund
Bank has processed 335.7 Crore Management Solution (FMS) with NPCI
• IRIS authentication is difficult to for processing transactions through
transactions with daily average of 92 spoof and hence prevents fraudulent
Lakh transactions through 1.73 Crore Aadhaar Payments Bridge System (APBS)
transaction. Your Bank has enabled and NACH Platforms for Aadhaar-based
payment instructions from various the facility for customers to use IRIS
Government agencies and Account-based, respectively. The
authentication mechanism of UIDAI in application is handling 1,004 State Nodal
Aadhaar-enabled Payment addition to fingerprint authentication Agency accounts with a balance of H34,674
System (AePS) Transactions at your Bank’s CSP outlet. This will Crore (39% market share) and 201 Central
• Your Bank has maintained the Up also improve customer convenience, Nodal Agency accounts with a balance of
Time for AePS product (Onus, particularly in case of senior citizens H2,092 Crore (39% market share).
Acquirer, and Issuer Transactions) at whose fingerprints fade with age and
99.8%, which is best in the industry. do not match
Within 0.01%, the AePS Issuer Lead generation facility for Important schemes
transactions Technical Declines various loans at CSP outlet a) 
Rajya Shiksha Kendra,
stands at 1.37% during FY2024 • Your Bank has enabled leads Government of Madhya Pradesh
vis-à-vis 6.00% during FY2023 generated by CSPs for five services through NACH Platform
Launch of Android Based (Motor Insurance, Health Insurance, b) BoCW, Government of Jharkhand
Handheld Device for CSPs Life Insurance, Mutual Fund, through APBS
• Your Bank’s initiative of handheld and Demat). These leads will be
c) 
TUFIDCO, Government of
device offers flexibility to CSP agents available at linked branches for
Tamil Nadu
to move around and provide services further processing
d) Blood Transfusion, Government of
at customers doorsteps especially AePS Off Us Cash Deposit Issuer
West Bengal
senior citizens and Divyangjans. • Your Bank has enabled for customers
In Phase 1, your Bank has made e) DAT Puducherry
to deposit cash through AePS
five AePS and CIF-based services authentication at other Banks’ f) 
Maharashtra State Livelihood
available (Cash deposit, Cash CSP outlets Rural Mission

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DIRECTORS’ REPORT

Member of Parliament Local Area Startup Webpage on SBI’s Website creatives over social media and installed
Development Scheme (MPLADS) This functionality has been made available hoardings on various highways near
Your Bank has rolled out DigiGov - under by your Bank to tap the vast business toll plazas.
CSS: CNA (Central Sector Scheme: potential and avenues accompanying the Automation of CRC (Customer Risk
Central Nodal Account) mechanism start-up ecosystem. Categorisation) Write-back
under Member of Parliament Local Area
GST As a part of regulatory requirements,
Development Scheme (MPLADS) of
• Improvement in Matching Logics: Customer Risk is required to be calculated
the Ministry of Statistics and Program
Your Bank has enabled an increase in for all newly opened/modified accounts/
Implementation (MoSPI). The web
the PRDC matching percentage up to customers, based on a score-based
portal was made live from 1st April 2023
~90% in order to claim ITC (Input Tax model and written to CBS. Currently, the
and subsequent changes as desired
Credit) AMLOCK-generated risk is written back to
by the Ministry have been rolled out
• Automation of GSTR 6: Your Bank has CBS on a weekly basis using a file-based
during the year to the following website
an automated generation form based system. Your Bank has deployed an API-
https://mplads.sbi.
on the details provided by the suppliers based functionality which writes back the
Your Bank has made live a mobile application AMLOCK-generated customer risk into
of an Input Service Distributor in their
(MPLADS-eSakshi) comprising major CBS on a near real-time basis. The new
GSTR 1
functionalities of this scheme on both approach creates better efficiency than the
Android and iOS platforms. SBI Loyalty: Points on WhatsApp
file-based write back process.
Your Bank has also set up a Training To encourage your Bank’s presence on
social media platforms, 50 reward points Enabling Bharat Bill Payment
Region under DigiGov for MPLAD Solution
are credited to customers for successful System (BBPS) to process Cross
through internet, which is a first-of-its-kind
registration on WhatsApp. To boost float Border Inbound Bill
for any of your Bank’s applications, enabling
various outreach programmes at regional fund, your Bank has decided to credit 30 Onboarding of INB for BBPS cross-border
and State level for Hon’ble MPs and other to 1000 reward points to Current Account inbound payments for screening as per
government functionaries. All Hon’ble MPs holders under Proprietorship, depending predefined rules has been enabled by
from Lok Sabha and Rajya Sabha have upon their Monthly Average Balance your Bank.
been onboarded under this scheme. (MAB). Furthermore, 200 reward points
Sanction Screening Tool in Exim Bills
are credited for activation of dormant/
Government Business Software inoperative current accounts. Your Bank has implemented sanction
Solution (GBSS): Roll out of TIN 2.0 screening tool for screening of cross
SBI FASTag border trade finance transactions (dual
Your Bank’s GBSS application has handled
receipt transactions worth over C4.77 Lakh In the dynamic landscape of digital used goods, entity, port of discharge and
Crore and payment transactions worth transactions, SBI FASTag emerged as a destination, vessel, and beneficial owners)
over C1.35 Lakh Crore during FY2024, from game changer in the fiscal year 2023-24. in domestic branches to comply with FATF
1st April 2023 to 31st March 2024. This innovative solution revolutionised the recommendation of incorporating OFAC
way people experience travel, streamlining check for all remittances.
Under the directives of CBDT for Income
toll payments and enhancing overall
Tax, your Bank has implemented the FATF Readiness
convenience on the roads.
Tax Information System (TIN) 2.0 as a Keeping in view the FATF Assessment of
replacement to Online Tax Accounting Your Bank has issued more than 27.50
Bank, and as a preparatory measure, your
System (OLTAS) to digitise and streamline Lakh FASTag during FY2024 and more
Bank has delivered functionalities across
Income Tax processes with effect from than 50 Lakh FASTag have been issued
the regulatory parameters that have
1st April 2023. This functionality has been since inception. Market share in monthly
been instrumental in successful FATF
made available to all SBI branches. issuance has substantially increased to
Assessment of your Bank.
18% in March 2024. Online issuance
Revamping of Microsite for Corporates for SBI FASTag has been rolled out and The developments included (a) Complete
In order to attract and tap the business multiple recharge options have been Revamp of Reverse Name Screening
potential of corporates, your Bank has provided to customer including Google Process (b) Auto Segregation of Key
carried out uniformity in microsite design/s, Pay, PhonePe, Amazon Pay, BBPS and UPI Sanction Lists to capture the accurate
content changes, alignment, removal of for convenience of customer. To popularise matches at any instance, (c) Provision of
faulty links, updated contact details to the product and spread awareness among comprehensive Audit Log facility in line
increase customer acceptance. public, your Bank has published various with RBI/MHA recommendations.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

IWMS Application KYC Update Non-Individual CIFs Image-based

Your Bank has launched a New Integrated Your Bank has introduced KYC Update Processing – NTB (New to Bank)
Wealth Management Solution (IWMS) on 2.0 journey in the CKYC Branch portal. As Your Bank has initiated facility of Image-
26th December 2023. The IWMS provides part of this journey KYC details are updated based Processing of Non-Individual
a one stop solution to manage the entire for the customer in a front end provided CIFs using CKYC Branch Portal. Guided
life cycle of investment portfolios of Wealth to the branches. Customer documents document upload based on the Entity
Clients starting from tentative lead to for POI and POA are also uploaded along Type System will populate the type of
Wealth Client conversion, transactions, with customer details and will enable bank documents that are to be uploaded based
portfolio dashboard view, reports, etc. It to comply with the regulatory guidelines. on the type of entity. Rejection Reason will
has digitally transformed the Mutual fund Apart from meeting regulatory requirement be displayed according to the type of entity.
processing with complete automation. of facilitating CKYC of all KYC updations, Exact reason for rejection will be known
the application is intended to bring out the to the branches for quick rectification.
KYC updation process from CBS making Previously, rejection reason was generic in
as per the ‘Hollowing the Core’ initiative. nature and common for all types of entities.

Analytics
Your Bank’s in-house Analytics Function decision making in your Bank’s day-to- by cutting-edge technologies, industry
has 45+ laterally recruited Data Scientists day operations through tools like Early recruitment of specialists, etc. As per EASE
and 90+ models live in production, which Warning Signals and Analytical product 6.0 assessment by the DFS, your Bank has
have generated significant business worth recommendations in CRM. scored full marks in Analytics Maturity and
more than C1.37 Lakh Crore in FY2024, a Your Bank already has significant capabilities. All of these accomplishments
YoY growth of ~32% over C1 Lakh Crore capabilities in AI/ML, which is backed were achieved using in-house resources.
in FY2023 and has embedded data-driven

Highlights
• Your Bank has state-of-the-art committees at every level of the Bank, comprehensive, Board-approved
Analytics Capabilities, recently etc. The Data Warehouse is integrated policy on ‘Responsible AI and Model
augmented by its next-gen Data with 80+ source systems, besides Governance Framework’ as well as
Warehouse and data lake its Data Lake and Data Archival an ethics charter in the form of a
• Centralised Silo-less Data: A System. These sources include both ‘Fairness, Ethics, Accountability and
Centralised Data Management Office Core Banking and external data like Transparency’ document. The former
that drafts and enforces data policies, news/stock market-based alerts identifies risks involved in AI/ML and
monitors data quality levels, etc. on borrowers specifies controls while the latter
The Bank has formulated measures • Based on the robust data stack acts as ethical guidance for individual
of accountability for data quality, describe above, a holistic Analytics data scientists
including linkage of data quality to function was set up with open
Career Development, specialised source tech including Python, a

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DIRECTORS’ REPORT

Significant advancements
• Your Bank has launched AI- developed by your Bank that identifies through sponsored skill-oriented
underwritten digital loans that can persistent weakness in controls academic programmes, which is
be availed in just 4 clicks, optimise its and specific instances of risky or intended to develop a well-trained
branch monitoring and enable both suspicious behaviour cadre of Data Scientists who are
digital transformation and profitability • Your Bank uses AI/ML to drive also familiar with the challenges,
through targeted leads, alerts and subsidiary business as well, including opportunities, and research in the
portfolio analyses SBI Cards BFSI sector
• In the credit risk arena, AI/ML is used • Your Bank has also tied up with IIT • Your Bank is researching generative
to drive your Bank’s Early Warning Bombay to launch the ‘SBIF Hub for AI in the form of large language and
Signal models for P segment as well Data Science and Analytics’, which foundational models to empower
as SME/CCG/CAG. Your Bank has involved deployment of resources to both staff and customers as well as
recently adopted similar models for jointly research AI, ML and emerging to optimise resource wastage
Agri-lending as well technologies in the BFSI domain. As
• In the compliance and operational a part of this engagement, AI skillset
risk areas, several models have been development is also being provided

Advances in FY2024
This financial year saw the release of
several significant models, including:

• M odels to detect risky Home Loan

and Xpress Credit Accounts
• Product specific Early
Warning Signal
• Account Aggregator monitoring
dashboard
• CA 360 Dashboard for engaging,
retaining and nurturing the
business customer segment

This has led to significant value creation,

including end-to-end Digital Asset
Business worth C40,471 Crore in FY2024
(~30% of total advances business from
Analytical Leads).

Advances Business generated

through Analytical Leads
(H in Crore)

32%
FY2023 1,04,139
FY2024 1,37,357

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Customer Experience Enhancement Department

i) Performance
Your Bank achieved 1st Rank in promotion of Doorstep Banking Services for the under noted Campaigns promoted by PSB Alliance
Private Limited:

Campaign Rank Campaign Rank

DSB Drive 1st Rank DSB Dastak 1st Rank

NPS/CSAT/CES performance of SBI for FY2024:

Customer Feedback Scores

Customer Satisfaction Score (CSAT) 3.47/4

Captures customer experience, post completion of customer induced transaction on the following scale – Poor, Average, Good
and Outstanding
Net Promoter Score (NPS) 90.40%
Customer loyalty and satisfaction measurement tool and helps the Bank to gauge how likely a customer is to recommend the
organisation’s products or services to others on a scale of 0 to 10
Customer Effect Score (CES) 6.79/7
Measures the effort customers put into a certain interaction with the Bank to achieve a goal on a scale of 1 to 7

ii) Initiatives 2. BC/CSP Channel – Customers who across India, with 21,187 customers and
Your Bank works on the Customer avail the services of BC/CSP channel for 5,154 staff members in attendance. The
Experience Management (CXM) model, certain select transactions and services theme of the meeting was Digital Banking
wherein the performance is gauged are also being given the option to submit Transaction - Benefits & Precautionary
based on how customer perceives the their feedback Measures. Customers were explained
organisation. The process is detail oriented, the benefit of digital transactions and
requiring strengthening of IT systems, Town Hall Meetings were informed about the common modus
collaborative efforts, and new skills. To connect with customers and understand operandi of various cyber frauds and the
their expectations, your Bank organised precautionary measures to be taken at their
Few initiatives undertaken by your Bank to
Town Hall meetings on 5th December 2023 end to remain secure from cyber frauds.
connect with the dissatisfied customers are:
1. Complaints Closure Feedback - On
closure of each complaint, the customer/
complainant is given the option to provide
his/her rating and feedback on the
complaint handling process
2. Showing Gratitude - A ‘Thanksgiving
Letters’ drive was launched during the year
to express gratitude and acknowledge the
customers for their continued patronage
with Bank

iii) Achievements
Your Bank has implemented CSAT,
NPS and CES metrics for various other
channels used by our customers for
feedback submission:
1. Digital Channels – ATM, Retail Internet
Banking, YONO Lite mobile app, UPI,
YONO and YONO Business

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DIRECTORS’ REPORT

Risk Management
A. Risk Management Overview Rating threshold is based on outlook and being adjusted. The RAROC framework is
The Risk Management process at your probability of default for industry and applicable for commercial advances having
Bank includes risk identification, risk growth appetite for 38 identified industries existing/proposed exposures of C5 Crore
assessment, risk measurement and and sectors, constituting close to 67% of and above. The pricing of loan products
risk mitigation with its main objective your Bank’s total advances (excluding retail is in sync with its related risk along with
being minimising negative impact/s on and agriculture) as on 31st March 2024. risk/s associated with different types of
profitability and capital. Events, such as government policies and/ borrowers. Each product and customer
or regulatory guidelines changes, power type has a unique Credit Risk Premium
Your Bank is exposed to diverse risks
shortages and supply chain issues in associated with it, the same forming a part
that form an inherent part of any banking
the identified industries are continuously of the final pricing.
business with major risks being credit risk,
market risk, liquidity risk, and operational monitored; special studies pertaining to Your Bank conducts Stress Tests every
risk, including IT risk. implications are conducted and shared half-year on its Credit portfolio. The Stress
with business groups to enable them Scenarios are regularly updated in line with
Your Bank is committed to create an
to make informed credit decisions. RBI guidelines, industry best practices and
environment of increased risk awareness
Knowledge-sharing sessions and industry changes in the macroeconomic values.
at all levels and aims to constantly upgrade
workshops are conducted to benefit the Your Bank conducts specific analytical
controls and security measures, including
operating staff at various levels, in addition studies to identify trends in the movement of
cyber security measures, to ensure
to providing business units with quarterly NPAs, a quarterly review of loan sanctions,
avoidance or mitigation of risk. Your Bank
dashboards covering the top 18 industries etc. to keep track of the asset quality.
also has policies and procedures in place
detailing latest information/developments
to measure, assess, monitor and manage RBI has allowed your Bank to participate
in the critical industries and sectors to keep
the various risks in a systematic manner in the parallel run process for Foundation
them updated.
across portfolios. Internal Ratings Based (FIRB) under the
Your Bank uses internal Credit Risk Advanced Approaches for Credit Risk.
An independent Risk Governance
Assessment Models and scorecards to The data under parallel run of FIRB is being
Structure, in line with international best
assess borrower-wise credit risk. The Models submitted to RBI.
practices, has been put in place by your
for internal credit ratings of the borrowers are
Bank for separating duties and ensuring The Bank carries out risk-return analysis
developed in-house, reviewed through cycles
independence of Risk Measurement, of its various corporate and MSME
of comprehensive validation and back-testing
Monitoring and Control functions. The portfolios at periodical intervals, to assess
frameworks including external validation/
framework visualises empowerment of the adequacy of return vis-à-vis the risk
review. Taking ESG risk into consideration,
various Business Units at the operating associated with the exposures. The bank
your Bank has also put in place an
level, with technology as the key driver that has also conducted studies to analyse the
Environment, Social, and Governance (ESG)
enables identification and management of impact of physical risks relating to climate
Rating Model that rates large borrowers on
risk/s at place of origination itself. The risks change on its various portfolios (Home
various objective ESG criteria.
across your Bank and the SBI Group are Loans, Agri & MSME).
monitored and reviewed by Executive Level Your Bank has a ‘Dynamic Review of
Committees and the Risk Management Internal Rating’ framework that facilitates 2. Market Risk Mitigation Measures
Committee of the Board (RMCB) that meet early stress identification, triggering
Your Bank’s Market Risk Management
regularly. Dedicated Risk Management appropriate mitigation mechanisms.
consists of identification and measurement
Committees at the Operational Unit level Your Bank has also adopted an IT platform of risks, control measures, monitoring and
and Business Unit level are in place as well. for credit appraisal processes through a reporting systems. Market Risk is managed
Retail Loans Management System/Loan through a well-defined Board approved
1. Credit Risk Mitigation Measures Origination Software/Loan Lifecycle Investment Policy, Trading Policy, Market
Your Bank has a robust credit appraisal and Management System (RLMS/LOS/LLMS). Risk Management Policy, Market Risk
risk management frameworks to identify, The Models developed by your Bank are Limit Policy and Hedging Policy for Bank
measure, monitor and control risks in credit hosted on the platforms, interfaced with that together governs risk in different
exposures. The industrial environment CIBIL/CIC and RBI defaulters’ lists. trading desks or various securities through
is scanned, researched, and analysed Your Bank has a framework for Risk- trading risk limits/triggers for effective
by a dedicated team, in a structured Adjusted Return on Capital (RAROC), with and judicious management of investment
manner, to decide its outlook. The Credit the customer-level RAROC calculation funds. These risk measures include

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

position limits, gap limits, tenor restrictions, As a part of your Bank’s vision to transform guidepost in supporting its journey towards
sensitivity limits, namely PV01, Modified the role of risk into a strategic function, a low carbon and climate-resilient future.
Duration, Convexity, Value-at-Risk (VaR) a Board-approved Enterprise Risk The policy aims to integrate climate-related
Limit, Stop Loss Trigger Level, NOOP, Management (ERM) Policy is in place. risk (and opportunity) considerations within
Forex Daylight Limit, LMAT, UMAT, Credit The Risk Appetite Framework incorporates day-to-day operations, lending portfolios
Spread 01 (CS01) and Options Greeks and limits for significant risks with monitoring and overall decision-making.
are monitored on a daily basis. Further, the parameters. To promote a strong risk culture Your Bank has set up a Climate Change
risk limits are reviewed periodically based in your Bank, a Risk Culture Assessment Risk Management Committee at the apex
on the risk appetite of your Bank. Framework has been operationalised. level with primary objective of enhancing
Value at Risk (VaR) complements As part of the Material Risk Assessment your Bank’s resilience in the face of climate-
stress testing by providing an additional Framework, periodic analysis of risk- related risks. The committee will provide
quantitative measure of potential losses in based parameters for Credit Risk, Market strategic guidance and oversight to ensure
your Bank’s trading positions. Enterprise Risk, Operational Risk and Liquidity that climate considerations are integrated
level VaR of your Bank is calculated and Risk, amongst others, is presented to the into our risk management framework.
back tested daily. The Stressed VaR for Enterprise and Group Risk Management
Market Risk is also computed daily. This Committee (EGRMC)/Executive Committee 4. Operational Risk Mitigation
is supplemented by a Board-approved of the Central Board (ECCB). Measures
Stress Testing Policy and Framework that Your Bank has a wide range of models to Operational Risk is the risk of loss resulting
simulates various Market Risk scenarios assess and mitigate various risks. Model risk from inadequate or failed internal processes,
to measure stress losses and initiate emanating from the use of these models is people and systems or from external events.
remedial measures. mitigated through best industry practices Key elements of your Bank’s Operational
The Market Risk Capital Charge of your in place at every stage of Model Lifecycle Risk Management, among others, include
Bank is computed using the Standardised i.e. a) Governance, Policies and Controls, b) timely Incident reporting and ongoing
Measurement Method (SMM) by applying Development, Implementation and use, c) review of Systems and Controls, measuring
the prescribed regulatory factors. Validation (both Internal and External). Further, of residual risk and putting in place controls
Bank under takes Risk adjusted as part of Model Governance, for effective through Risk & Control Self-Assessment
performance analysis of its domestic and process efficiency and resource utilisation, the (RCSA), Theme-based RCSA, monitoring
overseas portfolios. It also analyses the Models are classified based on Materiality into of Key Risk Indicators (KRIs) and aligning
credit rating migration of non-SLR bonds High, Medium and Low risk tiers. Risk Management activities with Business
as a tool for decision making. Monthly Your Bank conducts a comprehensive Strategy. Your Bank proactively undertakes
forward-looking analysis based on future Internal Capital Adequacy Assessment Root Cause Analysis (RCA) of the probable
outlook of Interest Rate Risk scenarios and Process (ICAAP) exercise on a yearly basis vulnerabilities and based on its findings,
its probable impact on your Bank’s trading with respect to adequacy of Capital under the gaps found, if any, are being plugged
portfolio is carried out on a monthly basis normal and stressed conditions at solo and on an ongoing basis. The intention of the
as a prudent risk practice. Group-level. entire exercise is to strengthen the controls,
mitigate risks and minimise the losses.
Your Bank has Model Validation Manual In the ICAAP, besides the Pillar 1 risks, such
for models relating to market risk which as Credit Risk, Market Risk and Operational Your Bank has a detailed Business
enables your Bank to assess, measure, Risk, Pillar 2 Risks, such as Liquidity Risk, Continuity and Operational Resilience
monitor and mitigate Model Risk. Interest Rate Risk in Banking Book (IRRBB), (BC&OR) Plan in place for ensuring
Concentration Risk and others are also continuity of operations at the Branches and
3. Enterprise Risk Management assessed, and capital is provided where Offices during disruptions. BC&OR enables
Measures required. New and emerging risks are your Bank to ensure minimum business
identified and discussed in the ICAAP. disruption during natural disasters. Also,
Enterprise Risk Management aims to put
your Bank ensures availability of ATMs
a comprehensive framework to manage Your Bank is committed to reduce the
round the clock and smooth functioning of
and align risk with strategy at the whole carbon footprint of its operations by
Net Banking, YONO, Mobile Banking, etc.
Bank level. It encompasses global addressing climate change concerns by
best practices such as establishing a identifying and managing climate-related All these components minimise your Bank’s
Risk Appetite Framework, Risk Culture risks and opportunities. Accordingly, your Operational Risk in various products and
Assessment Framework, and Material Risk Bank has developed a Climate Change Risk processes besides ensuring compliance
Assessment Framework. Management Policy, which will serve as a with Regulatory requirements.

Annual Report 2023- 24 95

DIRECTORS’ REPORT

Your Bank has allocated capital for maintaining the required level of Capital Sector Banks issued by Ministry of Finance
Operational Risk as per Basic Indicator Conservation Buffer (CCB). Your Bank is (Department of Financial Services).
Approach (BIA). identified as D-SIB by the Regulator and Keeping pace with rapid digitalisation in
Your Bank observes Risk Awareness Day is accordingly required to keep additional your Bank, the IA function has initiated
annually on 1st September to improve risk Common Equity Tier 1 (CET1) of 0.60% technological interventions to provide
culture in your Bank. As a part of sensitisation, of RWAs from 1st April 2019, which is now enhanced efficiency and effectiveness.
Risk Awareness Day pledge is being increased to 0.80% of RWAs with effect
A few key initiatives include the following:
administered, and an online Quiz is also from 1st April 2025.
being conducted for the Bank’s employees • Risk Focused Internal Audit (RFIA) for
to spread Risk Awareness. Further, your B. Internal Control assessing compliance with controls at
Bank is fully aware of the need for building Internal Audit (IA) in your Bank is an a granular level
the risk culture and creating awareness, independent activity and has sufficient • Remote evaluation of data for continuous
which is being embedded by conducting standing and authority within your Bank. assessment of controls through RADAR
workshops, issuing monthly magazine and The IA Department (IAD), headed by a (Remote application for Dynamic
through the training system at all levels. Deputy Managing Director, works under Assessment of Risk)
the guidance and supervision of the Audit • System-driven off-site monitoring
Your Bank also has put in place Risk Culture
Committee of the Board. Your Bank’s IA of transactions
Assessment Framework to assess the Risk
function works in close coordination with • Concurrent Audit of business units
culture prevalent in your Bank.
the Risk Management and Compliance to ensure contemporaneous scrutiny
Departments to evaluate the effectiveness of compliances
5. Group Risk Mitigation Measures
of controls, assess compliance with controls • Early Review of Sanctions to assess
Group Risk Management aims to establish critical risks of all eligible sanctioned
and adherence to internal processes
standardised risk management processes credit proposals
and procedures.
in your Bank’s group entities. Policies • Coverage of Audit through hybrid mode
relating to Group Risk Management, Group The IA function of your Bank endeavours
of Audit with the guiding principle “more
Risk Appetite framework, Group ICAAP, to comply with the International Standards
of offsite and less of onsite”
Group Liquidity and Contingency Funding for the Professional Practice of Internal
• As part of Risk Focused Internal Audit,
Plan (CFP), maintaining arm’s length Auditing prescribed by the Institute of
IAD conducts various audits, viz. RFIA
requirements for intra group transactions Internal Auditors. IAD has received rating
of domestic branches (offsite and
and exposures are in place. Regular of ‘generally conforms’ with the ‘Standards’
onsite), Risk Focused Credit Audit
monitoring of the consolidated prudential the highest rating as per the external
(offsite and onsite), Legal Audit, Early
exposures and group risk components is assessment conducted by M/s Deloitte
Review of Sanctions, Information
being done. Touche Tohmatsu India LLP. The IA function
Systems Audit, Cyber Security Audit,
undertakes a comprehensive risk-based
Home Office Audit (of Foreign Offices),
6. Basel Implementation audit of the operating units of your Bank,
Concurrent Audit, FEMA Audit, Audit
in line with regulatory guidelines relating to
The RBI Guidelines on Basel III Capital of Outsourced Activities (IT & Non-IT),
Risk Based Supervision, guidelines of Basel
Regulations have been implemented Expenditure Voucher Audit, Compliance
Committee on Banking Supervision (BCBS)
and your Bank is adequately capitalised Audit, Management Audit and Audit of
and guidelines on Audit Systems in Public
as per current requirements, including Corporate Centre Departments.

Key Initiatives
• Your Bank has developed trigger- 9001:2015 certification for Quality Management Review Meetings
based models in Risk Focused Management System benchmarking (MRM), Customer Satisfaction Score
Internal Audit and in Concurrent Audit with global best practices. To ensure (CSAT), Employee Satisfaction Score
System to identify suspected frauds to sustainability of Quality Management (ESAT), etc. on an ongoing basis. The
mitigate the risk and to minimise the System, your Bank’s Internal Audit Surveillance Audit carried out by the
potential losses Department (IAD) is conducting a host Certifying body during Feb-Mar’24
• Your Bank’s Internal Audit Department of activities like Training, Surveillance has confirmed continuation of the
(IAD) has been awarded ISO Audit, Internal Quality Audit (IQA), ISO Certification

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Branch Audit above C1 Crore and International Banking (PSS) Act 2007, Cyber Security & Cyber
The domestic branches are broadly Group exposure of US$1 Million and above Resilience Audit of Global Markets
segregated into four groups (Group I are reviewed under ERS. ERS facilitates Unit - Kolkata, Annual Registration
Special, Group I, Group II and Group III) in improving the quality of sourcing, pre- Authority Audit of Payment Systems,
based on business profile and advances sanction, and sanction processes. The Dual Standard Audit of Foreign Offices,
exposures. Your Bank has initiated a ERS activity is centralised, with sanctioned Annual Information Security Assessment
system-driven process for identification proposals reviewed by in-house internal of IT Applications utilising Authentication
of branches for audit, whereby analytical audit officials. The entire ERS process is services of UIDAI, etc.
algorithms are deployed to identify system-driven and carried out through
units displaying significantly divergent the Loan Lifecycle Management Foreign Office Audit
behavioural patterns. This enables your System (LLMS). Foreign Offices are subjected to Home
Bank to step in with a prioritised audit to Office Audit (HOA) in addition to Internal
identify the causative factors at the outlier FEMA Audit Audit conducted locally by reputed
branches and flag the underlying problem The branches that are authorised to deal International Audit Firms, Local Based
areas for early intervention. in Foreign Currency transactions, including Officers and Officers from IAD, under the
During FY2024, the IA Department has Trade Finance Centralised Processing oversight of Internal Audit Department.
completed RFIA of 12,196 Domestic Cells (TFCPCs) are subjected to FEMA Home Office Audit at 11 jurisdictions (20
Branches & Central Processing audit. All ‘A’ & ‘B’ category branches are Foreign Offices) and Management Audit
Centres (CPCs). audited once in a year. In addition, branches of one Subsidiary and one Regional Head
linked to TFCPCs are also covered to the Office were carried out during FY2024, as
Risk Focused Credit Audit extent of 50% in a year. For FY2024, total per schedule.
491 branches/units of your Bank have
Risk Focused Credit Audit is an integral
been audited. Concurrent Audit System (CAS)
part of ‘Risk Focused Internal Audit’
system. It is aimed at identifying risks Concurrent Audit System in your Bank
Information Systems Audit, covers risk sensitive areas, as prescribed
inherent to the businesses of the
Cyber Security Audit, Information by the Regulatory Authority. Branches
counterparty and measuring effectiveness
Systems Concurrent Audit and are categorised as Extremely High Risk/
of the control systems for monitoring
Audit of IT Outsourced Activities Very High Risk/High Risk/Medium Risk/
inherent risks. The Audit also suggests
remedial measures for controlling credit Your Bank is subjected to Information Low Risk based on the Risk Categorisation
risks for high value loan portfolios. Credit Systems Audit (IS Audit) to assess the model developed by your Bank as per
Audit Division (CAD) provides assurance Information Security and Cyber Security RBI guidelines. All Extremely High Risk,
to the ‘Management’ and to the ‘Board’ on related risks. IS Audit of Centralised Very High Risk and High-Risk branches
the quality of your Bank’s credit portfolio. IT applications and Corporate Centre are covered under Concurrent Audit.
The Audit recommends corrective establishments is carried out by the Concurrent Auditors are also placed
actions for improving credit quality, credit internal team of qualified IS Auditors. For at all Centralised Processing Centres
administration of large advances with FY2024, Information Systems (IS) Audit of to ensure monitoring of transactions
total credit exposures (FB and NFB limits) 451 applications has been completed, as contemporaneous with their occurrence.
above C20 Crore (for domestic branches)/ planned. IT Outsourced Activities Audit of Concurrent Auditors also cover Currency
US$2 Million (for foreign branches) or its 551 activities has also been completed, as Chest Branches, Treasury Operations,
equivalent and above. All eligible accounts per the schedule. Further, 88 IT applications and other Special Outfits. Your Bank has
are subjected to Risk Focused Credit of Global IT Centre (GITC) are subjected to covered 3,340 branches/Units under
Audit, annually. monthly IS Concurrent Audit (ISCA). Concurrent Audit during FY2024.
Cyber Security Audit of Public facing
Early Review of Sanction (ERS) applications is conducted annually. Offsite Transaction Monitoring
For FY2024, Cyber Security Audit was System (OTMS)
ERS captures the critical risks in sanctioned
proposals at an early stage to sensitise the conducted for 68 applications. Offsite Transaction Monitoring System
Business Units about critical risks for early Apart from above, your Bank conducts (OTMS) was introduced in your Bank
mitigation thereof. All eligible sanctioned regulatory audits like System Audit of in 2013 as a measure of strengthening
proposals (new, takeovers, enhancements, the Payment Systems operated under transaction audit and to meet the regulatory
and renewals) with total domestic exposure the Payment and Settlements Systems requirement of off-site surveillance of

Annual Report 2023- 24 97

DIRECTORS’ REPORT

transactions passing through Bank’s oversight of its aggregate risk assessment Additionally, a dedicated team of
Core Banking System. Enhancements in processes at macro level. compliance officials with independent
the system are being carried out on an In addition, various other audits are reporting structures has also been
ongoing basis keeping in view the evolving undertaken viz. Thematic Audits, Validation established at the Regional Business Office
risk dynamics. By deployment of analytics, Audits and verification of compliances of level – conducting regular visits to branches,
the logics have been refined to rationalise the RBI Directions and other Regulatory offering guidance and ensuring adherence
alerts by removing false positives during guidelines/RAR/RMP points, at the request to internal and regulatory standards.
the year. of other BUs/Departments in Corporate Your Bank is steadfast on instilling
Centre or independently or upon directions and fortifying a ‘Compliance Culture’
Legal Audit from the Central Board/Audit Committee throughout the organisation and is
Legal Audit in your Bank covers scrutiny of of the Board/ECCB/CENMAC/ACE, etc. committed for preventing the misuse of its
the loans and security related documents The Corporate Centre Audit wing is also banking channels for money laundering
of having credit exposure of C5 Crore engaged in the validation of RBI-Tranche- and terror financing activities.
and above. The Legal Audit is a control III-DCTs. Your Bank ’s Governance Function
function, carried out through a panel of ensures that the Central Board and
advocates and such reports are examined Management Audit Top Management are informed of any
by the internal auditors, to ensure that there regulatory events that might impact your
The core function of Management Audit is
are no shortcomings in the documents or Bank. A Compliance Risk Management
to assess the adequacy and effectiveness of
creation of security in favour of your Bank. Committee, comprising senior executives
Corporate Governance, Risk Management
Legal Audit Process is automated in Loan from various business verticals and
and Internal Control Process at apex level
Lifecycle Management System (LLMS) and support functions, provides oversight on
in accomplishing the overall corporate
19,774 accounts form the Legal Auditable all compliance matters.
objectives. Management Audit of your Bank
accounts universe, as on 31st March 2024.
covers Local Head Offices in the Circles,
sponsored Regional Rural Banks, and KYC/AML-CFT Measures
Audit of Outsourced Activities (Non-IT)
identified Corporate Centre Departments. Your Bank has a Board-approved
Your Bank recognises the need of service policy on Know Your Customer (KYC)
In its continuous endeavour to enhance
providers engaged to be compliant with Standards, Anti-Money Laundering (AML)
the effectiveness of Management Audit
the legal and regulatory requirements and Combating Financing of Terrorism
during FY2024, IAD has revisited the
as your Bank itself. Therefore, the Audit (CFT) Measures.
scope and revamped the Management
of Outsourced activities (Non-IT) is also
Audit Rating Model by suitable regrouping Your Bank has also launched a Video
conducted at regular intervals to ensure
of the assessment modules and bringing in KYC facility for contactless customer
that adequate systems and procedures
more parameters. onboarding wherein new customers can
are in place to mitigate legal, financial, and
open fully functional accounts without
reputational risks arising from outsourced C. Compliance Risk Management
the need to visit any branch. The option to
activities (Non-IT). Your Bank is committed to cultivating update KYC through INB, YONO and ATM
During FY2024, your Bank has completed and upholding a robust compliance has been introduced for customers having
audit of 37,321 Customer Service Points culture, ensuring strict adherence and CKYC numbers, enabling them to update
(CSPs) as per the audit plan. Audit of priority to meeting Regulatory and KYC easily and without physically visiting
902 vendors in respect of other Non-IT Statutory requirements. a Branch.
outsourced activities (other than CSPs) Comprehensive compliance training A customer profile chart is now available
and IS Audit of 25 National Business sessions are conducted regularly for for INB customers, with features to update
Correspondents (BCs) has also been staff at all operational levels, including their profile details, such as PAN card,
completed, as planned. new hires, to emphasise the importance mobile, e-mail, occupation, income, and
of complying with your Bank’s internal educational qualification, through INB.
RFIA of Corporate Centre Departments systems, procedures, and K YC/AML/
Your Bank has also adopted a focused
The Corporate Centre Audit wing of IAD CFT guidelines. Mandatory courses are
approach to sharing KYC information
carries out Risk Focused Internal Audit provided for all employees, including top
with the Central KYC Records Registry,
(RFIA) of Corporate Centre Departments executives, requiring them to complete
implementing functionality for individual
of your Bank to strengthen the overall audit e-lessons on KYC-AML/Compliance.

98
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

and legal entity accounts. Since its rollout, diversity, committed to communicate Your Bank regularly organises various
your Bank has consistently uploaded KYC and reach banking to customers in their programmes for the dissemination and
data for newly onboarded customers. own languages. Customers and their promotion of regional languages through
expectations are paramount for your Bank. events like Hindi Day, World Hindi Day,
Insurance Our frontline staff are trained and proficient Marathi Day, Kannada Day. Further,
Your Bank is procuring insurance policies in the local language. All information in our discussions, seminars, etc. are organised
that cover your Bank’s assets and other branches is displayed in local language, on the contributions of great litterateurs.
risks. Insurance coverage for your Bank Hindi and English. All forms, slips, Your Bank organised a grand programme
includes cash and valuables, properties of booklets, etc. are being made available to in Mumbai on the occasion of Premchand
your Bank, fraudulent transactions carried the customers in Hindi, English as well as Jayanti. The celebration of World Hindi
out under Debit Card/Electronic banking in the local language. We have published Day in more than 200 global offices is
and Cyber Risk, amongst others. ‘Lets Learn Regional Language’ booklets an innovative effort to spread the glow of
in 10 languages: Gujarati, Tamil, Telugu, Indian culture abroad.
Premises
Malayalam, Punjabi, Marathi, Assamese, Your Bank has also published print and
Your Bank has always incorporated Bengali, Kannada and Oriya for Hindi- digital editions of the quarterly in-house
environmental management practices speaking officers posted in different states. magazine ‘Prayas’.
in its functioning. With an intent and In line with the spirit of Digital India, our call
commitment for a greener world much centres using the latest technology speak to Marketing and Communication
in alignment with national priorities, your customers in the language of their choice. Your Bank’s Marketing & Communication
Bank has initiated varied initiatives. Various facilities of Core Banking Solution (M&C) Department works to synergise
• Your Bank has achieved a milestone by (CBS) are available in these languages. the Brand/Product messaging and design
getting green building ratings of IGBC Our customers can print passbooks in aesthetics to build positive predisposition
for our 13 prestigious buildings during Hindi, Oriya, Gujarati, Kannada, Tamil, among different stakeholders. Various
FY2024, making it to 45 Assamese, Punjabi, Bengali, Maithili, channels of communication are used,
• Your Bank has initiated green power Marathi, Malayalam, Telugu and English. both internally and externally, to ensure
purchasing from the respective YONO Krishi App is a multilingual platform streamlining and standardisation across
DISCOMs and our 18 buildings have (currently available in 12 languages) for all platforms.
been shifted on green power purchasing agricultural centric offerings to farmers, The key components of your Bank’s
through which we are offsetting around traders and consumers. Customers are Brand equity are Brand awareness, Brand
1.74 Crore of electrical units annually taking advantage of all the facilities like association, perceived quality, Brand loyalty
with green power across India YONO Lite (in 13 languages), Online SBI and overall Brand equity. The marketing
• Your Bank has installed around 795 (in 15 languages) and SBI Quick (in 15 efforts of your Bank are effective in reaping
New Rooftop Solar Plant with capacity languages) in the language of their choice. a positive image for the Bank amongst all
of 20.09 MWp in Bank owned Buildings Digital reporting of Official Language the stakeholders.
across India as on 31.03.2024 implementation in the Bank has been
• Your Bank has installed around 20 PET extended to include Regional Business Branding statistics
Bottle crushing machine across India for Offices and branches. • Brand Value 2024 – US$6.9 Billion
reducing plastic waste
We are an active participant in the • Brand Strength Score of 88 with a
Official Language Town Official Language Implementation AAA rating
Committees (TOLIC) constituted by the • 330th Global Ranking in 2024 of Top
Your Bank through its various Banking
Ministry of Home Affairs, Government Global 500 Companies
channels is spreading Indian languages in
of India. The Bank also supports various • 48th Global Ranking in 2024 of Top
accordance with the spirit of Article 351
of the Constitution of India and is taking offices of the Government of India through Banking 500 Companies
banking to the masses by imbibing the this platform. The TOLIC’s of Bhubaneswar • 6 th Ranking in June 2023 in Top
multilingual culture of India. All the projects and Jabalpur under your Bank’s leadership Indian 100 Companies
of your Bank reflect the spirit of unity in have been awarded by the Government
of India. Source: https://thefinancialbrand.com/power-100/

Annual Report 2023- 24 99

DIRECTORS’ REPORT

Key Branding initiatives undertaken during FY2024

Sr. Particulars Key points Tenure
No.
1 Onboarded ‘Brand Ambassador’ Mr. M.S. Dhoni Two Years
2 Onboarded ‘First Female Brand Ambassador’ Ms. Smriti Mandhana One Year
3 ‘Mega Banks’ coverage by Warner Discovery Legacy & National Contributions February 2024
4 Partnering with ‘Indian Idol’ Brand Advertising Season of 2024
5 ‘Unique Branches’ coverage pan-India – toughest locations Providing Banking Services at every October 2023
corner of the Nation
6 Partnering with ‘Kaun Banega Crorepati’ Brand Advertising Season of 2023
7 Partnering with Sony Sports for ‘Asian Games’ Brand Advertising Season of 2023
8 Partnering with ‘National Games – Goa’ Brand Advertising Season of 2023
9 Partnering with Doordarshan, Star Sports & Disney Hotstar for Brand Advertising Season of 2023
‘ICICI Cricket World Cup’

For the FY2024, your Bank’s Marketing are Brand Building, Public Relations, With the deep-rooted legacy of 218 years,
Department aims at a segmental allocation Event Management, Creative Designing, your Bank, The State Bank of India is a
in pan-India Circles and distinguished Marketing Budget Planning, Audio Visual pioneer of Banking in India, introducing
Business Units and Departments at your generation, Sponsorships, Research the idea in the form of “Innovative
Bank’s Corporate Centre for schematic Activities, pan-India coordination with Banking” since 1973. Your Bank has turned
execution of the marketing plans during Circles, etc. millennial with:
the year. The focused areas of operations

1,83,69,831 48,22,421 26,22,370

followers followers followers
Most followed Bank globally Most followed Bank globally Most followed Bank globally

Facebook X (formerly Twitter) Instagram

29,19,447 39,485 258 Million+

followers followers content views since inception
Second most followed Bank globally Highest number of answer views amongst Highest number of answer views amongst
banks globally banks globally

LinkedIn Quora Quora

10,479 9,95,029 1,093 Million+

followers subscribers video views since inception
Most followed Bank in India Highest number of video views amongst Highest number of video views amongst
banks globally banks globally

Pinterest YouTube YouTube

100
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Your Bank’s Marketing and Communication Punitive and Participative. Based on campaign period. Your Bank had invited
department undertook various brand- past experiences/incidences, system/ Central Vigilance Commissioner Sh. P.K.
building initiatives through various process improvements are being Srivastava, Vigilance Commissioner Sh.
videos like “Solid Bank ki Solid Banking”, undertaken continuously by leveraging Arvinda Kumar and Secretary CVC Sh. P.
“Hum Saath Hain”, “The Banker to technology and guidelines of the Bank Daniel to our Staff College Hyderabad for
Every Indian”, “Desh Ka Fan” along with are being streamlined as a preventive inaugurating one such capacity building
campaigns such as #ScamProofAsana, vigilance measure. program on 19 th October 2023. Seven
#SBIIsYourBFF, #LetThemDream, c) During the year, Vigilance Awareness staff members, who had been identified
#BankingMadeEasy on various social Week was observed from 30th October as Vigilant Stars for their vigilant actions
media platforms for creating customer 2023 to 5th November 2023, with the in branch were also felicitated during
awareness about our products and theme “Say no to Corruption; commit the event by the CVC and Chairman.
services. The primary focus of your Bank’s to the Nation; ^«ï´>mMma H$m {damoY H$a|; amï´> The capacity-building programme was
economic and growth push is always to Ho$ à{V g‘{n©V ah|. All channels of your further escalated to your Bank’s BCs and
make a meaningful and measurable impact Bank such as SBI Times, ATMs, CDMs, CSPs. During the campaign period, your
on the lives of Individuals, Corporates, Internet Banking, Facebook, Twitter, Bank has imparted training to 21,000+
Startups, Industries, and the socially and Instagram, LinkedIn were used officers and 56,000+ CSPs.
economically challenged communities. extensively to create awareness among f) To bring about the structural efficiencies
employees and public on the theme of and processes consistencies, your
Vigilance Mechanism Vigilance Awareness Week (VAW) and Bank initiated digitisation of the entire
a) Your Bank’s Vigilance Department is also about PIDPI. disciplinary process, in a single platform.
headed by a Chief Vigilance Officer d) Apart from your Bank’s employees, mass The entire disciplinary proceeding,
of MD rank who is appointed by the awareness programmes were conducted from the stage of occurrence of the
Government of India in consultation in various schools, colleges and general incident till imposition of penalty and
with CVC and reports to the Chairman. public. People from rural areas were also subsequent Appeal and Review stage,
CVO assist the top management in covered during VAW by organising gram is getting processed through the Portal.
the formulation, implementation and sabhas in their villages across India. The portal has been named as DPMS
review of your Bank’s policy on all (Disciplinary Proceedings Management
e) In a move towards inculcating the true
vigilance matters. To assist CVO, in his System Portal). The DPMS captures the
spirit of participative vigilance, CVC
task of supervision of Vigilance matters data related to disciplinary proceedings
also ran a three-month campaign as a
in Circles/ Ver ticals/Subsidiaries, on a near real time basis and is an
precursor to Vigilance Awareness Week.
Government of India has appointed six effective tool for monitoring and disposal
One of the focus areas of this campaign
(6) Additional Chief Vigilance Officers of disciplinary cases in timely and
was Capacity Building. In coordination
(Addl.CVOs) on deputation basis in SBI swift manner.
with STU department and Staff College
at various locations. g) Vigilance Department has conducted
Hyderabad, your Bank has conducted
b) 
There are three aspects to the extensive training programs during the 1,570 preventive vigilance programs, 63
vigilance function - Preventive, training sessions for EO/PO/IO training,
having total 32,775 officers. In addition
to conducting suo moto investigations
in complaint prone branches and
branches where serious irregularities
were observed by the RFIA Auditor, suo
moto investigations in High-Risk and
Very High-Risk branches identified by
your Bank’s AI/ML engine, to ensure
and improve the preventive vigilance
measures. Suo-moto investigations were
conducted in 1,475 branches.
h) The number of cases referred to your
Bank’s Vigilance Department has
Vigilance Awareness Week celebration come down slightly to 2,990 from the

Annual Report 2023- 24 101

DIRECTORS’ REPORT

level of 3,331 cases referred during on its Balance Sheet (On/Off) exposures In a pioneering move within the Indian
the corresponding period of last FY. from both short-term and long-term banking sector, your Bank conducted
Out of 2,990 cases referred, 716 were perspectives. For this purpose, the impact an internal “Ethical Audit” to assess
converted to Vigilance cases as against of change in the interest rates on Earnings employee awareness of the Bank’s ethics-
956 during the last FY. at Risk (EaR) and Market Value of Equity related policies, their perception of the
(MVE) is assessed with pre-defined organisational culture, and their alignment
Asset & Liability Management tolerance limits, enabling the management with the Bank’s vision, mission, and values.
Effective Assets and Liabilities Management to initiate appropriate preventive steps in a To enhance structural efficiencies and
(ALM) is essential for a bank’s sustainable likely scenario of erosion in NII/Net Worth. process improvements, a project was
and qualitative growth. Your Bank’s ALM Your Bank has started the regulatory initiated to digitise staff accountability and
strives to strengthen the Balance Sheet by reporting under the new IRRBB guidelines disciplinary processes, culminating in the
reviewing the market dynamics, picking of RBI, measuring current or prospective risk launch of the first-of-its-kind Disciplinary
up signals emanating therefrom, and to Bank’s capital and earnings arising from Proceedings Management System (DPMS)
maintaining regulatory requirements while adverse movements in interest rates that Portal across the Bank on 1st July 2023.
creating value. affect the Bank’s Banking Book positions. This portal serves as a central database
As a part of commitment for sound To encourage branches to garner stable and repository for all disciplinary cases,
Risk Management practices, your Bank funds and assess their profitability based on significantly enhancing transparency and
regularly reviews its Internal Policies on the cost of funds, a matched maturity-based strengthening the discipline management
‘Interest rate on Deposits’, ‘Asset and Funds Transfer Pricing was adopted by your system within your Bank. Your Bank also
Liability Management’, ‘Stress Test on Bank. Your Bank constantly strives to ensure regularly conducts capacity-building
Liquidity and Interest Rate Risks’ to adapt adequate monetary policy transmission workshops for various stakeholders in
to changes in market conditions. Your through its benchmark lending rates. discipline management, fostering a culture
Bank further undertakes Stress Tests and of compliance and standardisation in staff
Your Bank’s Asset Liability Management
Reverse Stress Tests to address any risks accountability practices.
Commit tee (ALCO) monitors and
that may arise as a worst-case scenario. manages Liquidity and Interest Rate risks Your Bank has meticulously crafted a
Studies are carried out at regular intervals by modulating the asset-liability mix in the comprehensive framework of policies,
to assess customer behaviour to impart Balance Sheet and recalibrating the pricing including the Code of Ethics, Anti-Bribery
proper treatment of non-contractual assets of liabilities and assets from time to time. & Anti-Corruption Policy, Conflict of
and liabilities while evaluating liquidity The ALCO, inter alia, regularly reviews the Interest Policy, Staff Accountability Policy,
position. Behavioural studies are conducted interest rate scenarios, the growth pattern of Gift Policy – all aimed at aligning employee
at half-yearly intervals to ensure the proper liability products, credit growth, competitive conduct with the organisation’s values.
placement of outflows/inflows in liquidity advantages, evolving liquidity conditions, Regular reviews ensure the relevance of
and interest rate sensitivity statements, adherence to regulatory prescriptions, etc. these policies amidst evolving business
which may result from Off-Balance Sheet and socio-economic landscapes.
With automation of Regulatory Reports/
(OBS) exposures or probable loan losses. Returns pertaining to ALM, your Bank Your Bank has an unwavering commitment
The assumptions relating to non-contractual is well-positioned in monitoring and towards fostering an inclusive, secure, and
assets and liabilities are periodically compliance regarding Liquidity and Interest empowering environment for its women
reviewed, back-tested and revised as per Rate Risk Management. employees, exemplified by the dedicated
the outcomes of the latest studies. ‘Garima’ Policy for implementation of
The stock of High-Quality Liquid Assets Ethics and Business Conduct the Sexual Harassment of Women at
(HQLA) and cash outflows are monitored Workplace (Prevention, Prohibition, and
Your Bank, distinguished by its commitment
daily under a dynamic market environment Redressal) Act, 2013. Garima (PoSH)
to steadfast ethical standards, believes that
to ensure the maintenance of LCR as covers the entire process on matters
ethics is a continuous process of infusing
prescribed by the Regulator and Bank’s relating to gender sensitivity and sexual
excellence in its operational fabric and
internal Policy benchmarks. Your Bank has harassment. During the year, the policy
endeavours to shape the moral sensibilities
implemented the NSFR guidelines of RBI, was reviewed, and additional operational
of rank and file within the organisation.
measuring the long-term resilience of your guidelines were included to streamline the
Throughout FY2024, your Bank embarked
Bank in terms of liquidity. process at functional levels.
on a series of initiatives to fortify its
Your Bank identifies the inherent risks business principles as outlined in its ‘Code Your Bank regularly conducts webinars
associated with changing interest rates of Ethics’. on ‘Overview of Ethics & Garima (PoSH)’

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

aimed at ingraining ethical conduct at economically, physically, and socially time, the SBI Foundation was established.
every level of the organisation. challenged communities. SBI Foundation has been envisioned to
As a testament to its commitment to The focus areas of your Bank’s CSR activities undertake socially oriented programmes
transparency, accountability, and social for FY2024 include Healthcare, Education, directly through strategic alliances and in
responsibility, your Bank stands as a Livelihood, Rural & Slum Area Development, collaboration with third parties.
trusted partner, consistently exceeding Skill Development, Environment, Protection The Corporate Social Responsibility
the expectations of stakeholders and of National Heritage, Empowerment Committee (CSRC) of the Board ensures
embodying the pinnacle of ethical rectitude of Women and Senior Citizens, Animal a transparent monitoring mechanism
in the banking sector. Welfare, Sports, among others, carried out for implementation of CSR projects/
through 17 circles of your Bank covering all programmes/activities undertaken by
Corporate Social Responsibility States and UTs. your Bank. The CSRC of the Board sets the
The primary focus of your Bank’s In order to smoothly carry out large CSR direction for the activities of your Bank, as
philanthropic push is to make a meaningful projects/programmes which require per the laid down CSR policy and reviews
and measurable impact on the lives of substantial funding and investment of the progress at quarterly intervals.

Activities during FY2024

Swacchhata Pakhwada Healthcare − Seva Sadan Eye Hospital Trust,
• As a part of Swacchhata Pakhwada • To improve the infrastructure of Bhopal
campaign, launched by the Primary Health Centres, your Bank has − Basavatarakam Indo American
Government of India, your Bank adopted 158 PHCs across the country, Cancer Hospital, Hyderabad
undertook various country-wide spending an amount of C11.38 Crore for − Rotary Eye Hospital, Midnapore,
initiatives during September-October procurement of medical equipments, West Bengal
2023 and January 2024 benches, etc. With this initiative 1.90 − Jagadguru Sri Shivarathreeshwara
• The Swacchhata activities included Lakh poor and underprivileged people Hospital, Mysuru
cleanliness of surroundings, beach have benefitted − Jaya Bharat Hospital, Nellore,
cleaning, distribution of jute bags, • As a part of TB Mukt Bharat Abhiyaan, Andhra Pradesh
organising no-plastic campaigns, your Bank has supported ~8,000 TB Education
construction of toilets, etc. patients by arranging for their food and • To help rural children with their
• 10,000 PPE kits were provided to immediate needs in Kerala and Haryana education, laptops were distributed
sanitation workers in 14 districts • TB diagnostics medical equipments in Karnataka and Tamil Nadu
of Kerala, with C75 Lakh spent on were procured and used in various • For facilitating digital education in
the initiative districts of West Bengal for TB detection schools, your Bank has upgraded
Rural Self Employment Training and diagnosis classrooms to Smart classrooms in
Institute (RSETIs) • Your Bank is continuously striving for 232 schools country-wide. An amount
improvement of medical infrastructure of C10.62 Crore was spent on this
• Constructing new RSETIs buildings at
and has provided CSR support for project with an estimated 1.26 Lakh
19 locations
procuring medical equipments for children being benefitted
• Constructing additional areas of
institutes, that provide free medical care • Tying up with Masoom Emgee Greens
RSETIs as per SOP issued by MoRD
to the underprivileged people. Few of Trust, your Bank improved infrastructure
at 7 locations
such institutions include: for Night School Transformation
• Constructing compound walls of
RSETIs and other civil works at − Sri Satya Sai Sarla Memorial Program (NSTP) and Evening Learning
14 locations Hospital, Chikkaballapura, Karnataka Centres (ELC) at Pune, Maharashtra
• Repair and maintenance at 23 locations − Eye Hospital managed by Sadvichar • Through Akshaya Patra Foundation,
• Procuring training equipments and Parivar, Ahmedabad your Bank supported meals for 500
logistics at 152 RSETIs managed by − Umeed Health & Medicare Hospital, children for one year to the students
your Bank Indore hailing from poor backgrounds
• An amount of H57.16 Crore was spent − Sankara Netralaya Eye Hospital, to promote and encourage
on RSETIs Chennai school enrolment

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DIRECTORS’ REPORT

• As part of Azadi Ka Amrit Mahotsav • As part Green Environment initiatives, • In an attempt to document the age-old
(AKAM) celebrations, fans were Plastic Paver Block Manufacturing Gharana Music Traditions, your Bank
provided to schools in various districts Machines were donated to Shri has tied up with SMP Namsankirtan for
of Gujarat, with an amount of C31 Lakh Somnath Trust, Prabhas Patan, Gir preserving the heritage of 12 Gharanas.
• Vehicles such as school buses, Somnath District, Gujarat. The proposed A CSR fund of C50 Lakh has been
vans, etc. were provided to various project aims to utilise plastic waste as a allocated for this project
educational institutions enabling resource to manufacture paver blocks, • Your Bank has supported Madhav
children to effortlessly travel to school thus addressing two major concerns Rao Sapre Sangrahalaya, Bhopal
from their homes simultaneously, reducing plastic pollution with a CSR fund of C45.83 Lakh for
Empowerment of Women and and creating sustainable construction digitising national intellectual heritage,
Senior Citizens materials. An amount of C70.50 Lakh and installing Solar Power Panels.
was spent for this project The Institute collects and preserves
• As part of livelihood initiatives, ~4,600
• To encourage green power usage, our national heritage in the form of
sewing machines were provided to
e-vehicles were procured and Newspapers, Periodicals, Reference
underprivileged women helping them
donated to various institutions across books, Manuscripts and other
in setting up their own tailoring shops.
the country Heritage documents
An amount of C3.16 Crore was spent
by your Bank on this initiative Disaster Management CSR in Aspirational Districts
• 355 Anganwadis were upgraded by • Natural calamity in the form of a • Your Bank has undertaken various
setting up new infrastructure with “sudden cloudburst” hit over Lhonak pan-India CSR activities in Aspirational
an amount of C3.44 Crore, which Lake in the North Sikkim during the Districts across the country. An
benefitted around 1 Lakh women night of 3rd October 2023, causing fast- amount of C6.08 Crore was spent in
• 75 old age homes were upgraded moving torrents of water surging down 80 Aspirational Districts. A total of
with an amount of C1.42 Crore, the Teesta River in Sikkim’s Lachen 173 CSR activities were undertaken
which benefitted around 1 Lakh Valley. To provide immediate relief for to benefit underprivileged people from
underprivileged senior citizens the people affected from the natural backward areas
Environment calamity, your Bank donated a CSR fund SBI Children's Welfare Fund
of C2 Crore to the Disaster Management (SBI CWF)
• Your Bank has tied-up with Isha
Fund of Government of Sikkim.
Outreach for plantation of 9 Lakh • SBI CWF is a voluntary fund set up
• Your Bank has supported the Indian
trees across the Cauvery basin in by the contribution of your Bank’s
Coast Guard Visakhapatnam with
Karnataka and Tamil Nadu. The employees. Out of the interest
6 units of remote operated self-
plantation activity was conducted earned from the corpus of the fund
propelled life buoy crafts, to help
during June-November 2023. The that is maintained, grants are given
fishermen and others who get trapped
project was intended to address the to various organisations for children
in the ocean currents
farmer and water crisis in the Cauvery welfare related activities, subject to
• Your Bank has supported people
basin districts of Karnataka and Tamil a ceiling of C10.00 Lakh per grant.
affected by natural calamities such as
Nadu. It offers an economic solution During FY2023-24, C32.46 Lakh was
Biporjoy cyclone in Jalore, Rajasthan,
with significant ecological benefits. A granted to four organisations across
floods in Tamil Nadu and Kerala, etc.
CSR fund of C3.78 Crore was spent on the country benefitting children from
the project by your Bank Protection of National Heritage marginalised and underprivileged
• As a part of Green Tamil Nadu • Your Bank has supported The sections of the society
campaign, your Bank has tied-up Indian Music Experience Museum Awards Won
with Gramium Trust for plantation of 2 (IME), Bengaluru with the latest
• Your Bank has won the 10th Greentech
Lakh trees in Dindigul District of Tamil AV equipment and technologies,
CSR India Award 2023 in the category
Nadu, with a CSR spent of C2 Crore empowering them to create immersive
“Protection of National Heritage &
• 200 Solar street lights were installed in installations to educate the masses
Culture”
Lakshadweep to encourage usage of on the history of Indian Music. A
solar power systems for street lighting CSR fund of C98 Lakh was spent on
the project

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SBI Foundation
SBI Foundation was established by the and more, SBI Foundation works across 28 villages through Digitalisation, Education,
State Bank of India as a Section VIII states and 7 Union Territories of India. Health, WaSH (Water, Sanitation &
Company under the Companies Act (2013) Hygiene), Skill & Livelihood Development,
Gram Seva: Rural Development
to undertake the CSR Activities of State Women Empowerment, Infrastructure,
Bank Group in a planned and focused State Bank of India has always strived and Environment. During FY2024, the
manner. Focusing on areas such as rural to contribute towards building a strong programme was expanded to another 30
development, healthcare, empowerment and developed rural India. In this villages in Aspirational Districts/Backward
of PwDs, education, sustainability & direction, SBI Foundation started ‘SBI areas etc. taking the total to 180 villages
environment, livelihood & skill development, Gram Seva’, a flagship programme in across 27 states covering 17 Circles of your
youth empowerment, promotion of sports, 2017 for the holistic development of Bank, impacting over 2 Lakh lives.

Gram Saksham native villages of 4 National Heroes ‘Direct Seeded Rice’ for Sustainable
• SBI Foundation has initiated ‘Gram (Bharat Ratna Vinoba Bhave, The Rice Production. The project aims
Saksham’ to create sustainable Mountain Man Shri Dashrath Manji, to support farmers with a package
livelihood opportunities in rural areas Lance Naik Bhairon Singh Rathore of practices and capacity building,
and also provide supplementary and Shaheed Veer Narayan Singh) with an estimated outreach of
options for income augmentation. who hailed from humble backgrounds, 15,000 farmers in Telangana for next
The project activities mainly focus exhibited bravery and valour, and two years
on natural resource management, contributed to their country and • ‘Shalihotra Express’, a Mobile
live s to ck deve lopment and its people Veterinary Services Unit flagged off
improvement in farmer incomes, SBI Saptarshi in Visakhapatnam District, Andhra
with a special focus on women, Pradesh, to provide veterinary
• During the year, special CSR activities
youth, farmers, and tribal and services at farmers’ doorsteps by way
were initiated in 100 SC/ST intensive
marginalised communities of a dedicated vehicle and a veterinary
villages identified by ABU & GSS
• During FY2024, the Gram Saksham team. The initiative is expected
Department of your Bank under
Project was expanded to another 145 to reach around 2,000 breedable
‘SBI Saptarshi’ programme. The
villages, taking the total to 270 villages livestock population, benefitting
project was self-implemented in
across 12 States and impacting over an estimated 1,200 farmers in the
coordination with the M, C & CSR
1.5 Lakh lives next year
Departments of all 17 Circles of your
• ‘Raita Bandhu’ and ‘Bhagirath’
SBI SAMMAAN - Hom(e)age to the Bank. The interventions focused on
watershed development initiatives
National Heroes improving basic infrastructure in
were flagged off in Gadag District,
• SBI Foundation initiated a new the villages, viz. Smart Classrooms,
Karnataka and Vidisha District,
programme named ‘SBI SAMMAAN Computer Labs, Girls Common Room,
Madhya Pradesh, to bring prosperity in
- Hom(e)age to the National Heroes’, Water Filters, Solar Street lights and
the lives of the farmers by supporting
which aims to identify and develop the other interventions
them in watershed development for
villages of the freedom fighters, war Other new initiatives agricultural activities. The initiatives
veterans and public heroes • SBI Foundation joined hands with are expected to reach over 2,000
• During FY2024, SBI Foundation ICAR - Indian Institute of Rice farmers over the next two years
piloted need-based projects in the Research, Hyderabad, to promote

Annual Report 2023- 24 105

DIRECTORS’ REPORT

SBI Youth for India Fellowship Centre of Excellence (CoE) for Persons With Disabilities (PwDs)
SBI Youth for India is a 13-month rural Centre of Excellence for Persons with Bank, Indian Bank, Indian Overseas Bank,
development Fellowship programme that Disabilities (CoE), launched in 2017, is a Central Bank of India, Panjab and Sind
provides a framework for bright young centralised support centre for Persons Bank. Centre of Excellence for PwD also
minds from urban areas to join hands with with Disabilities. CoE conducted 31 offline won the ATF award in November 2023
rural communities in their struggles and training programs for 681 PwD employees for its contributions towards empowering
aspirations. Our 13 grassroots partner NGOs from SBI, RBI, Bank of Baroda, Canara Persons with disabilities.
facilitate this journey of rural immersion and
in the selection of meaningful projects to
tackle and solve rural issues. Projects for Promoting Inclusion and Empowerment
• SBIF CoE Child Assistance, • SBIF CoE SWAVALAMBAN - This
Relief, and Empowerment vertical deals with the upscaling
• The Youth for India Conclave (CARE): It addresses the critical and employability of Persons with
was held at Vishwa Yuvak Kendra, healthcare needs of Persons with Disabilities (PwDs). Under this
Delhi, on 8-9 th April 2023. It is a Disabilities (PWDs). In line with vertical, the Centre of Excellence
platform for multiple Youth for SDG 3 - Good Health and Well- for PwDs recently started working
India Fellowship stakeholders, being for all, including persons with with organisations such as Anudip
including alums, and partner disabilities, CARE aims to create a Foundation for Social Welfare,
NGO to interact, network and paradigm shift in how disabilities TRRAIN Trust, and J.M. Institute
share ideas are identified, treated and managed. of Speech and Hearing to provide
• New Batch: Nearly 44,000 In FY2024, CoE started working livelihood opportunities to PwDs
re gis trations and 12 ,0 0 0 with organisations such as Drishti • SBIF Sensitisation and Awareness
applications were received for Samajik Sansthan, Society for Action programme in c lu d e s SBI
the 11th batch of the Fellowship. in Community Health, etc. Foundation’s set up, Dialogue in the
64 Fellows have been selected • SBIF CoE SAMAGRA SHIKSHA Dark Centres, offering a distinctive
for the 2023-24 batch, whose provides education and assistance and immersive experience, guiding
orientation programme was to children with disabilities and visitors through complete darkness
organised in collaboration with the intensive interventional support. It led by visually impaired Guides, thus
DHAN Foundation at The DHAN promotes SDGs for good health, enhancing awareness and empathy
Academy in Madurai, Tamil Nadu well-being, and quality education for the Persons with Disabilities
• Valediction: The valediction for children with disabilities. SBIF (PwDs) community, and promoting
programme for the 2022-23 Batch recently partnered with several inclusivity. Centre of Excellence
of Fellows was organised at the organisations, such as ADAPT, for PwDs also started a project
State Bank Institution for Learning Samarthanam, Shroff’s Charity Eye to improve the lives of Persons
& Development (SBILD), Jakkur, Hospital, etc. to promote inclusive with Disabilities (PWDs) in Goa
Bengaluru, on 2nd November 2023. and accessible education by addressing mobility challenges
67 Fellows were awarded the • SBIF CoE SAMARTHYA - The and deploying 30 Wheelchair
Fellowship Completion Certificate Samarthya vertical is wholly Accessible e-Rickshaws in Goa and
• The Pitch Fest: Four alumni dedicated to promoting and providing Persons with Disabilities
ventures were awarded grants developing assistive technology convenient access to healthcare
worth C24 Lakh. Four alumni and aids for the empowerment of services, educational support, and
ventures were awarded C6 Lakh Persons with Disabilities. Some employment opportunities, thus
• YFI SAHYOG: 25 Fellows of the projects sanctioned this year under ensuring inclusive everyday mobility
2022-23 batch across ten partner the vertical are in partnership with
NGOs were awarded grants worth organisations such as Saksham
C15,16,410 as part of the Youth Trust, Calcutta Centre Mahavir Seva
for India Sahyog, an initiative to Sadan, etc.
provide handholding support to
innovative and promising pilots
and ventures, run by the alumni
and Fellows

106
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Jivanam
Jivanam, the Foundation’s healthcare vertical, curates projects spanning access to primary healthcare, cancer care, palliative care,
eye care, infrastructural support, mental health care, organ donation advocacy, and fostering healthcare technology and innovation.

Projects sanctioned in FY2024

SBIF Jivanam - TB Care: The projects SBIF Maatrichhaya: It aims to supply camps, surgeries, medicinal support,
focus on providing screening and testing necessary equipment and infrastructure consultations, counselling, and follow-up
for TB at the doorsteps of villagers related to maternal and neonatal health to care. A total of 3 projects amounting to
through Mobile Medical Units (MMUs) selected Primary Health Centres (PHCs), C3 Crore were sanctioned
and advanced technological support Community Health Centres (CHCs), and SBI Sanjeevani: The project SBI
to ensure access and affordability. Charitable Hospitals. A total of 2 projects Sanjeevani has played an instrumental
Additionally, they will be provided with with a financial overlay of C2.37 Crore role in improving healthcare access in
nutritional and medicinal facilities for were sanctioned in rural areas of Odisha India’s rural areas by reducing financial
six months. A total of 2 projects were and Jharkhand difficulties and bringing situational
sanctioned in Chhattisgarh and Madhya SBIF Eye Care: The project aims to change at the community level in the
Pradesh, with a financial outlay of provide quality eye care facilities to villages. In FY2024, a total of 49 projects
C5 Crore marginalised and vulnerable populations were sanctioned, amounting to C46.56
in West Bengal, Andhra Pradesh, Crore across 11 states
and Rajasthan through screening

6.6 Lakh 66 114.71 Crore

Lives impacted through Jivanam Newly sanctioned projects Budget sanctioned

Sashakti
The projects under this vertical aim to raise awareness of women’s rights, gender equality, and women’s roles in governance, as well
as help underprivileged women in leadership and skill development.

Projects sanctioned in FY2024

• The ‘SBIF - She Leads’ project and child abuse prevention in Haryana’s • The ‘SBIF Sashakti: Financial
aims to conduct financial, legal, and Jind and Kaithal districts. Focused on Empowerment of Tribal Women’
digital literacy sessions for 3,000 school students, this initiative enables aims to provide livelihood opportunities
Women Self Help Groups (WSHG) early intervention, empowering them to tribal women in the target areas
members in Kalahandi and Nuapada with crucial life skills and knowledge through skill development and training
districts of Odisha. The project aims to to safeguard themselves and promote in different domains, striving for their
address gaps in knowledge through healthier lifestyles economic independence, increased
a comprehensive approach, offering • The ‘SBIF Garima’ project aims participation in decision-making and
education in digital, financial, and to support a shelter home for 40 financial empowerment
legal aspectss elderly women in Krishna District,
• The ‘Saarthi’ project is designed to Andhra Pradesh
offer sessions on menstrual hygiene

29,000 5 5 Crore
Lives impacted through Sashakti Newly sanctioned projects Budget sanctioned

Annual Report 2023- 24 107

DIRECTORS’ REPORT

Integrated Learning Mission (ILM) Livelihood and Entrepreneurship Accelerator Program (LEAP)
ILM is an education vertical of the SBI LEAP, the Foundation’s flagship programme, strives to develop, foster, and sustain robust
Foundation, making education accessible and inclusive livelihood models entrepreneurial and startup ecosystems, with strategic
for all children. It stands on the pillars of collaborations to uplift incomes and empower marginalised communities to bridge
creating a quality curriculum, building the the development gap and break the poverty cycle in the country. These initiatives are
capacity of stakeholders, strengthening implemented to accelerate India’s contribution towards achieving SDG 1, No Poverty.
infrastructure in government schools, and
ensuring access to quality and inclusive
education, including higher education. Projects sanctioned in FY2024
SBIF LEAP: Setting up Community SBIF LEAP: Skilling in BFSI sector:
Institutions: Two new projects for Four new projects for skilling in the BFSI
Key Programmes
developing community institutions sector have been sanctioned in 9 cities
New Initiatives have been sanctioned in 6 districts across Madhya Pradesh, Uttar Pradesh,
• Five new projects were sanctioned across Assam, Meghalaya, Tripura, and West Bengal, Maharashtra, Delhi NCR,
for improving educational Maharashtra, with a financial outlay of and Karnataka, with a financial outlay of
infrastructure in government C8.89 Crore C2.55 Crore
schools , including digital SBIF LEAP: Integrated Livestock The project to set up 250 Common
classrooms, safe drinking water Development: A new project for Service Centres (CSP Outlets) in
and sanitation, playground and integrated livestock development has Army Cantonment Areas across the
library development, at a total been sanctioned with a financial outlay country was sanctioned at an outlay of
financial outlay of C9.43 Crore of C4.90 Crore C4.73 Crore. The project aims to create
• Three new projects were livelihood opportunities for 250 army
sanctioned to improve literacy, SBIF LEAP: Promotion of Micro-
Entrepreneurship: Two new projects veterans/widows by setting up 250
numeracy and STEM learning Common Service Centres.
outcomes, at a total financial for promoting micro-entrepreneurship
outlay of C6.18 Crore have been sanctioned with a financial
• Two new projects were sanctioned outlay of C8.98 Crore
to provide students with access
to quality education in remote
and conflict-prone regions and
residential academic facilities for
underprivileged students at a total
financial outlay of C3.65 Crore
• Five workshops were conducted
for the Prevention of Cyber Crime
for police officials of Maharashtra
State at Mumbai, Navi Mumbai
and Pune
SBIF Asha Scholarship
• Scholarships worth C3.91 Crore
were distributed in F Y2024
to 3,198 students, including
students from Grades 6th to 12th,
undergraduate students, IITs and
IIMs, and PhD students
Inauguration of SBIF Hub for Data Science and Analytics by the Chairman

108
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Conservation through Sustainable SBIF ACE

Engagement, Restoration, and ACE is the Foundation’s flagship programme Key Events Participated
Wildlife Protection (CONSERW) in the domain of sports. It comprises key • Asian Para Games Hangzhou
CONSERW, the Foundation’s flagship interventions in building state-of-the- • Paris World Para
programme, aims to ensure environmentally art sports infrastructure creating and Athletics Championships
conscious production and consumption, nurturing strategic partnerships with the • Eli te & Legend Wo r l d
clean energy adoption, restoration of flag bearers of sporting excellence in India, Championships, Dubai, UAE
ecosystems and natural resources, and such as ex-Olympians and sportspersons • ITF FUTURES M15 Tournament
conservation of wildlife to contribute to of international repute. The programme held in Ethiopia
CONSERWING for a better and sustainable provides holistic support to young and • Osijek 2023 World Shooting Para
future for our planet. underserved sportspersons, Olympic Sport World Cup
medal prospects, and para-athletes to
create an environment that supports
Key Highlights
413 medals
budding sportspersons in ACE their
• MoU with the Textile Committee respective sport. The programme also
of India: An MoU has been signed strives to support and contribute to the FIT Won by ACE beneficiaries in FY2024
with the Textile Committee of India, INDIA movement.
Government of India, to pilot a
project for recycling post-consumer
textile waste in Navi Mumbai, in
Miscellaneous
partnership with the Navi Mumbai
Municipal Corporation SBI Foundation Hub for Data & Analytics for India
• Waste No More: Two new projects An initiative in partnership with the Indian Institute for Technology, Bombay (IITB), to
for sustainable waste management establish the SBI Foundation Hub for Data & Analytics for India.
in Panna City of Madhya Pradesh,
as well as in 10 Gram Panchayats
• The Himachal Flood Relief initiative provided essential relief materials to people
of Dakshin Kannada district in
affected by the recent floods and landslides in the Kullu, Shimla and Chamba
Karnataka, have been sanctioned
Districts of Himachal Pradesh
with a financial outlay of C 7.54 Crore
• The International Purple Fest 2024, held in Goa, was a six-day inclusive festival
• ARANYA: Four new projects for
organised by the Government of Goa and supported by the Ministry of Social
ecosystem restoration through tree
Justice and Empowerment, Govt of India. SBI Foundation’s participation was
plantation have been sanctioned
highly appreciated
with a financial outlay of C13.88
Crore. 17,82,960 trees will be
planted across 15 districts in
Punjab, Tamil Nadu, Maharashtra,
CSR Awards
and Madhya Pradesh
• Disaster Relief: Two projects have Award Programme Category
been sanctioned to provide post-
disaster relief support in the areas CSR Health Impact Awards SBIF Jivanam Health & Environment
(IHW)
of Tamil Nadu affected by Cyclone
Michuang, which has a financial ATF Award 2023 SBIF Centre of Excellence Best Assistive Technology
outlay of C50 Lakh for PwDs CSR Initiative
• Wildlife Conservation: Two
projects for mitigating human and The CSR Journal SBIF Gram Seva Agriculture & Rural
wildlife conflict in Tadoba Tiger Excellence Awards 2023 Development
Reserve and conducting the first
The CSR Journal SBIF Women Empowerment Special Category -
large-scale genetic study of tigers Excellence Awards 2023 “EmpowerHer” award
in 7 protected areas of the northeast
have been sanctioned, with a SABERA Awards 2023 SBI Foundation Non-profit of the Year
financial outlay of C4.94 Crore

Annual Report 2023- 24 109

DIRECTORS’ REPORT

Regional Rural Banks (RRBs)

With two-thirds of our country’s population living in rural areas, it presents a vast yet under-tapped opportunity for the Indian Banking
sector. Your Bank’s extensive network of sponsored Regional Rural Banks (RRBs) has a distinct competitive advantage due to the large
account base and decades-old tradition of trust-earning services.
Your Bank has sponsored 14 Regional Rural Banks operating at regional levels in 13 States and 1 UT. These RRBs boast combined
branch strength of 4,761 spread across 242 districts and are on the CBS platform, offering banking services at par with any other
commercial banks in the country.

Business highlights of FY2024

• The aggregate deposits and advances and advances by 16.51% YoY. RRBs fee income streams, and maintaining
of the 14 RRBs sponsored by your expanded their Housing and Gold control on operating costs.
Bank as on 31st March 2024 stood at loan exposure by 22.47% and 36.70% • The combined Gross Non-
C1,35,922 Crore and C99,171 Crore, (YoY), respectively, as a part of their performing Assets ratio of the RRBs
respectively, as against C1,23,907 strategy to diversify the portfolio. has decreased to 3.53% as on
Crore and C85,117 Crore as on • The RRBs posted a Net-Profit of 31st March 2024 as against 4.21%
31st March 2023. C2,916.41 Crore as on 31st March as on 31st March 2023. The Net NPA
• During the year under review, 2024 as against a Net-Profit of stands at 0.40% as against 0.82% as
despite the persistently challenging C2,301.91 Crore as on 31st March on 31st March 2023. Business per
macroeconomic environment, the 2023. The RRBs continue to focus on employee during the year improved to
RRBs improved their business, improving earnings from their core C12.98 Crore as against C11.68 Crore
with deposits growing by 9.70% Banking business, strengthening the as on 31st March 2023.

Significant developments in FY2024

• The Viability Plan was rolled out on Processing system for Loans & their customers for ease of transaction
2nd October 2022 by the Dept of Advances, for an efficient underwriting and convenience.
Financial Services (DFS) in all RRBs. process at all RRBs. • Launch of mobile app by 10 RRBs
Your Bank’s four sponsored RRBs • Recent development in IT area of RRBs for digital account opening with
i.e. Telangana Grameena Bank in are LOS (Loan Origination System), video K YC facility. Apart from
Southern Region, Chhattisgarh Rajya CIF-based NPA classification, system- Branch Channel, services of digital
Gramin Bank in Central Region, driven Customer Risk categorisation account opening with Video KYC
Saurashtra Gramin Bank in Western and onboarding of RRBs on Account facility have been extended to the
Region and Mizoram Rural Bank Aggregator platform. Apart from the Customer Service Points/Business
in North-Eastern Region out of six above, Immediate Payment Service Correspondent channel.
RRBs were selected by NABARD (IMPS) and Bharat Bill Payment • To improve treasury yields/returns, the
as best performing RRBs, based system (BBPS) have been made live services of SBI Fund Management
on their overall performance under at Customer Service Points (CSPs) of Limited for non-discretionary Portfolio
the Viability Plan Framework during RRBs. Internet Banking (INB) facility Management Services have been
the FY2023. is also made available in 5 RRBs. 12 engaged at all the 14 RRBs.
• Introduction of Asset Management out of 14 SBI-sponsored RRBs are
Hubs (AMHs) - A Centralised Credit extending Internet Banking facility to

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Associates
Sr. Name of the Associate (RRB) Country of Group’s Stake (%)
No. Incorporation Current Previous
Year (2023-24) Year (2022-23)
1 Andhra Pradesh Grameena Vikas Bank India 35.00 35.00
2 Arunachal Pradesh Rural Bank India 35.00 35.00
3 Chhattisgarh Rajya Gramin Bank India 35.00 35.00
4 Ellaquai Dehati Bank India 35.00 35.00
5 Jharkhand Rajya Gramin Bank India 35.00 35.00
6 Madhyanchal Gramin Bank India 35.00 35.00
7 Meghalaya Rural Bank India 35.00 35.00
8 Mizoram Rural Bank India 35.00 35.00
9 Nagaland Rural Bank India 35.00 35.00
10 Rajasthan Marudhara Gramin Bank India 35.00 35.00
11 Saurashtra Gramin Bank India 35.00 35.00
12 Telangana Grameena Bank India 35.00 35.00
13 Utkal Grameen Bank India 35.00 35.00
14 Uttarakhand Gramin Bank India 35.00 35.00

Subsidiaries
SBI CAPITAL MARKETS LIMITED (SBICAPS)
(Amount in H Crore)
• Assistance for debt of greenfield Ganga
Name of the subsidiary company Ownership % of ownership Net Profit
(SBI Interest) (losses) FY2024 Expressway project
SBI Capital Markets Ltd. 58.03 100 1336.31 • IPO offering of Nexus Select Trust (Issue
SBICAP Securities Limited (SSL) 100% Subsidiary of 452.08
size–3,200 Crore), JSW Infrastructure
SBI Capital Markets Ltd (H2,800 Crore), IREDA (H2,150 Crore)
SBICAP Trustee Co. Limited (STCL) 29.95
and Medi Assist Healthcare Services
SBI Capital Markets Limited (SBICAPS) Securities Limited and SBICAP Trustee (Issue size– 1,172 Crore).
incorporated in 1986, is one of India’s Company Limited. • QIP of Bank of India (Issue size
leading domestic Investment Banks and H4,500 Crore), KPI Green Energy (Issue
SBICAPS is ranked No. 1 with Market share
is registered with SEBI as a category I size H300 Crore), Brookfield India
of 53.56% as Merchant Lead Arranger for
Merchant Banker and a Research Analyst. (H2,305 Crore), and Indian Bank (H4,000
India Borrowers Loans in INR during the
SBICAPS offers the entire bouquet of Crore)
calendar year 2023.
investment banking and corporate advisory • Acted as an Arranger for bond issuance
During the year, the Company has sold aggregating to H38,101 Crore by State
services to its clients. These services
its entire stake in SBI Pension Funds and Bank of India, one of the largest bond
include Project Advisory, Loan Syndication,
SBICAP Ventures Limited (wholly owned issuance by any bank.
Structured Debt Placement, Mergers and
subsidiary) resulting in exceptional gain. • NCD issuance for NMDC Data Center
Acquisitions, Private Equity, Restructuring
Advisory, Stressed Assets Resolution, During the period, the Company has been Pvt. Ltd (H800 Crore Size).
IPO, FPO, Rights Issues, Debt and Hybrid involved in several marquee transactions, • Completed three Municipal Bonds
Capital raising. SBICAPS is also involved in few of which are listed below: during the year.
fund raising through new products such as • Buy Side M&A advisory services to
Real Estate Investment Trusts (REIT) and IndusInd International Holding Limited Reward & Recognition
Infrastructure Investment Trusts (InvIT) in (IIHL) for acquisition of Reliance The Company has won IJGlobal
line with Government’s Asset Monetisation Capital Ltd. Awards 2023 in:
Plan. Headquartered in Mumbai, SBICAPS • Debt syndication for HPCL Rajasthan
has 6 Regional Offices across India • Social Infrastructure Deal of the
Refinery Limited
(Ahmedabad, Chennai, Hyderabad, Year – APAC - Telangana Super-
• Advisory for refinancing transaction of
Kolkata, New Delhi and Bangalore), one Specialty Hospitals
Adani Power Ltd.
office in Abu Dhabhi Global Market and • Oil & Gas – Deal of the Year –
• Advisory for financing capex of Jindal
2 Wholly Owned Subsidiaries - SBICAP Downstream – APAC - HPCL
Steel Odisha Ltd (JSOL)
Rajasthan Refinery

Annual Report 2023- 24 111

DIRECTORS’ REPORT

SBICAP SECURITIES LIMITED (SSL) milestone of H1 Trillion+ disbursement National Pension System (NPS): Launch
SSL, a wholly owned subsidiary of SBI in Home Loan vertical and Auto Loan of NPS towards fulfilling your financial
Capital Markets Ltd., started operations vertical. The company has its geographical empowerment journey.
in 2006 to provide primary and secondary footprints with more than 360 locations for Mutual Fund 24x7 Orders: Enabled
capital market access to retail customers Home Loan and more than 560 locations Mutual Fund investment transaction 24x7
and became the broking arm of the State for Auto Loan at pan India level to cater its facility for customers to diversify their
Bank of India Group. SSL is specialised in customers with SBI Home loan and Auto investment, as well as create a revenue
providing comprehensive equity broking Loan products respectively. stream of SSL.
services to clients in the Cash and Futures SSL has enhanced its Mobile App Pre-IPO Offering: Enabled Pre-IPO
& Options segments. application with various features viz., Edit offering which helps customers to apply
SSL serves over 48.34 Lakh customers profile section where customer can easily IPO before the issues opens which help
through state-of-the-art trading platforms manage and update their account details, customer in easy decision making for
on mobile apps, websites, and dealer facility of in-app banners, and notifications investment in IPO.
terminals and offers its customers a for account updates, market insights,
SSL has achieved gross income of
variety of products and services to choose feedback and surveys, addition of new
H1,805.88 Crore for the year ended
from- such as Equity, derivatives, Currency reports like Capital gain Report, MTF and
31st March 2024 as against income of
trading, Mutual Funds, Tax Free Bonds, Non-MTF ledger and Interest Rate Report.
H1,203.14 Crore in previous year. SSL
distribution of home loans and auto loans The company has introduced several digital reported expenses of H1,191.44 Crore for
to meet their financial needs. products viz., Buyback of shares, Equity SIP the year ended 31st March 2024 as against
In Retail Trading, the market share has (ESIP) to enable customers creating their H791.52 Crore in the previous year.
increased to 1.71% in FY2024 as compared own Equity basket of stocks and invest
to 1.57% in previous year. In Margin in equated instalment, allowing E-margin
Reward & Recognition
Funding product, the book size has grown positions till 365 days with interest charge
after 23 trading days. • Awarded with “BFSI Best Brands
to 4.83% in FY2024 as against 3.11% in
Award” by ET Edge Awards for
the corresponding previous year. During
Pioneering in Digital Customer
FY2024, the company has acquired 14.15 Enhancement in Third Party
Experience, Fortifying Cyber
Lakh accounts as against 11.12 Lakh Product Offerings
Security and Driving Innovation.
reported previous year. Investment via native journey for • Recognised in Top 50 Companies
In Retail Assets, SSL being captive sourcing Corporate Fixed Deposit: Integrating with by Great Place to Work for Best
arm of State Bank of India, has played corporates through native journey providing Workplace in Health and Wellness.
a significant role in the Bank's overall seamless investment opportunities in
Home Loan and Auto Loan business. corporate FDs that align with customer’s
The company has achieved a remarkable interests and financial goals.

Open Demat & Trading A/c

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SBICAP TRUSTEE CO. LIMITED (STCL)

STCL, a Wholly Owned Subsidiary of SBI Performance Highlights
Capital Markets Limited started operation • STCL posted PAT of H29.95 Crore for mandates amounting to fee income
of Security Trustee business with effect the year ended 31st March 2024 as of H0.10 Crore
from 1st August 2008. against PAT of H28.73 Crore in the • As Virtual Data Room (VDR) Service
The Company acts as a Security Trustee previous year provider, the company has completed
to the Lenders for Corporate and Project • Gross Income has increased to 23 mandates amounting to income
Finance Loans. It performs the role of a H60.79 Crore as on 31st March generation of H0.38 Crore
Debenture Trustee for the Debentures/ 2024 as against H58.66 Crore in the • During the year, the company has
Bonds issued by Corporates, Banks, PSUs corresponding previous year completed 26 mandates amounting
& Municipal Corporations. It is registered • As Security Trustee and Debenture to fee income of H0.25 Crore for
with SEBI as a Debenture Trustee. STCL Trustee service provider, STCL have providing Ancillary Services which
also provides other related services like completed 681 new mandates with includes KYC due diligence, obtaining
Share Pledge Trustee, Escrow Trustee, AIF income generation of H16.75 Crore title search reports, valuation
Trustee, ESOP Trustee, etc. As Trustees, during FY2024 reports, legal opinions, ROC search
STCL currently handles 4,044 assignments • As an Escrow Trustee, STCL reports, obtention of timely financial
and holds securities for loans of value H49 acts as a neutral party to provide information, Revival Letters etc. to
Lakh Crore (approx.) as on 31st March services as envisaged under the lenders for corporate lending under
2024 on behalf of Lenders and Debenture/ Tripartite Agreement. During the Consortium/Multiple Banking and
Bond holders. year, the company has completed 8 Sole lending

SBI CARDS & PAYMENTS SERVICES LIMITED (SBICPSL)

(Amount in H Crore) Performance Highlights
Name of the subsidiary company Ownership % of ownership Net Profit
(SBI Interest) (losses) FY2024 • Growing Portfolio: Cards-in-
SBI Cards and Payment Services 652.63 68.63 2,408.00 Force of 1.89 Crore at 13% YoY,
Limited Spends H3,29,589 Crore at 26%
YoY, Receivables H50,846 Crore at
SBI Cards and Payment Services Limited travel & fuel and banking partnerships 25% YoY
(SBICPSL) is a subsidiary of State Bank of cards along with corporate cards covering • Market share: #2 in both Spends
India wherein Bank holds 68.63% stake. all major cardholders’ segments in terms of and Cards for FY2024; Cards in
SBI Cards and Payment Services Limited income profile and lifestyle. It has diversified force @18.6% (FY2023 19.7%),
is a non-banking financial company that customer acquisition channels that enables Spends @17.8% (FY2023 18.2%),
offers extensive credit card portfolio to to engage prospective customers across a Transactions @17% (FY2023 18.2%)
individual cardholders and corporate wide spectrum. • Profitable operations: PAT
clients which includes lifestyle, rewards, H2,408 Crore, at 7% YoY, ROAA at
4.7%, ROAE at 21.7%
• Asset quality: GNPA @2.76%,
NNPA @0.99%, GCL @7.20% v/s
5.9% as on March 2023
• Liquidity: Diversified borrowings
mix, adequate banking limits
available. CAR @20.5%, T-1
@16.5%. LCR @105% vs statutory
requirement of 85%
The company reported Profit after
Tax (PAT) of H2,408 Crore for the year
ended 31st March 2024 as compared
to H2,258 Crore in the previous year.

Annual Report 2023- 24 113

DIRECTORS’ REPORT

Awards and Recognition • SBI Card clinched another global • Awarded with LearnX Award (Gold
recognition with Bradon Hall Awards category) for the Best Learning &
• Awarded Best CSR Excellence
(Bronze category) for the Best Advance Talent Tech - Best Mobile App
Award in Healthcare 2nd Edition of
in Mobile Learning Technology in the
Healthcare Summit and Awards by Launch of New Products during
L&D Category
(ASSOCHAM).
• Recognised as Superbrand for the FY2024
• Won Silver Award in CSR Waste
year 2023 in the Credit Card category.
Management Project and Bronze • Reliance SBI card
• Won 'Golden Peacock Award' for
Award in CSR Clean Energy Project. • Titan SBI Card
Corporate Social Responsibility in the
• SBI Cards has been bestowed with the • SimplySAVE Merchant SBI Card
financial services category for FY2023
‘Best Business Eco-Friendly Award’ at
the Global Summit on Sustainability.

SBICAP VENTURES LIMITED (SVL)

(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit
identified downstream funds aggregating
(SBI Interest) (losses) FY2024 to H220 Crore and invested H66.00 Crore till
SBICAP Ventures Ltd. 603.78 100 43.17 31st March 2024. The Fund would identify
2-3 daughter funds every year and deploy
SVL is a leading alternative asset NEEV II (SVL-SME) is SEBI registered its corpus across the daughter funds.
management company with assets under Category I AIF which had its first close in
SRI Fund has been set up in Oct 2021
management of around H32,500 Crore. The March 2024. The Fund corpus is ~H1,004
by National Small Industries Corporation
company manages funds that are diverse Crore. The Fund has made commitment of
(NSIC) on behalf of the Ministry of MSME
in nature, cutting across various sectors. H826 Crore in seven investments against
with corpus of H10,000 Crore upto March
SVL was a Wholly Owned Subsidiary of the actual investments aggregating to H507
2022. Final approval has been accorded
SBI Capital Markets Ltd. SVL has become Crore till March 2024.
for 55 investments in daughter funds
a Wholly Owned Subsidiary of SBI since SWAMIH, a SEBI registered Category - II amounting to H6,560 Crore. The Fund has
7th February 2024. SVL manages NEEV AIF had its final close on 6 th December also provided preliminary recommendation
Fund I (Neev), NEEV II (SVL-SME) Fund 2022, at H15,531 Crore with Government (subjected to diligence and final approval)
& SWAMIH Investment Fund I (SWAMIH). of India and public sectors banks and other to another 3 investments aggregating
The company is also the investment institutions as investors in the Fund. It has about H230 Crore till March 2024.
manager for three Funds of Funds: Self mandate to provide last mile funding to TDC Fund is a SEBI registered Category
Reliant India (SRI) Fund and UK India stalled housing projects in the affordable II AIF with a corpus of H700 Crore and a
Development Cooperation Fund (UKIDCF) housing/ mid income category. The fund green shoe option of H300 Crore. The
and Trilateral Development Co-operative has disbursed H6,769.90 Crore in 117 Fund has completed its first close in March
Fund (TDCF). projects where the committed amount 2024 at H199.09 Crore. The Contribution
Neev I is SEBI registered Category I AIF is H11,314 Crore. The Fund has returned Agreement for TDC was signed with MEA
with a mandate to invest in infrastructure H2,373.90 Crore back to investors through and SVL on 27th February 2024.
development of eight low-income states. 20 full exits and partial exits in 37 projects
SVL is a General Partner in the Fund till 31st March 2024. SVL has earned a gross revenue of
with net investment of H25.50 Crore till H127.13 Crore and net profit of H43.17
UKIDCF Fund, a SEBI registered Category Crore for the year ended 31st March
March 2024. The fund has fully invested its - II AIF with a corpus of H5,000 Crore had
investible corpus of H450.10 Crore across 2024 as against gross revenue of H141.71
its first close in June 2021 at H253 Crore. Crore and net profit of H61.82 Crore in the
10 portfolio companies of which three have The Fund has given commitments in three
been fully exited till March 2024. previous year.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SBI DFHI LIMITED (SBI DFHI)

SBI DFHI Limited is one of the largest
standalone Primary Dealers (PD) with a
pan-India presence. As a Primary Dealer
(PD), the company is mandated to support
the book building process in primary
auctions and provide depth and liquidity
to secondary markets in G-Sec. Besides
Government securities, it also deals in
money market instruments, non-G-Sec
debt instruments, amongst others. As a PD,
its business activities are regulated by RBI.
The SBI Group holds 72.17% (SBI-
69.04%, SBICAP-3.13%) share in the
Company. The Company posted a net
profit of H180.42 Crore for the year ended
31st March 2024 as against H16.55 Crore
in the corresponding previous year. Total
balance sheet size is H21,427 Crore as on
31st March 2024 as against H16,789 Crore
as on 31st March 2023.
(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit
(SBI Interest) (losses) FY2024
SBI DFHI Limited 131.52 69.04 180.42

SBI GLOBAL FACTORS LIMITED

(SBIGFL) Performance highlights
SBIGFL is a leading NBFC providing • Profit After Tax (PAT) of H44.47 Crore compared to turnover of H5,544 Crore
factoring services for Domestic and for the year ended 31st March 2024 in the previous year.
International trade. It is a wholly owned as against Profit After Tax (PAT) of • Net Fund in use (FIU) as on
subsidiary of State Bank of India and is H31.17 Crore for the corresponding 31st March 2024 is H1,833 Crore as
regulated by Reserve Bank of India. period last year. compared to H1,227 Crore as on
The Company’s services are especially
• AUCA recovery of H16.71 Crore 31st March 2023.
(Including Interest H0.74 Crore) during • Turnover in TReDS during FY2024 is
suitable for MSME sector clients for freeing
FY2024 as against H10.76 Crore H2,180 Crore, as against H1,655 Crore
up resources locked in book debts and
(Including Interest H1.22 Crore) for in previous year.
provide required liquidity. By virtue of its
the corresponding period last year. • Turnover in Gold Pool for the period
membership of Factors Chain International
(FCI), the SBIGFL is able to alleviate credit
• Turnover for the period ended ended 31st March 2024 is H562 Crore,
31st March 2024 is H6,799 Crore as as against H287 Crore in previous year.
risk from export receivables under the
2-factor model.
(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit
(SBI Interest) (losses) FY2024
SBI Global Factors Ltd 159.89 100 44.47

Annual Report 2023- 24 115

DIRECTORS’ REPORT

SBI GENERAL INSURANCE COMPANY LIMITED (SBI GENERAL)

(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit
as-you drive in motor and commercial lines
(SBI Interest) (losses) FY2024 product like surety bonds and jeweller’s
SBI General Insurance Company Ltd. 154 69.11 240.00 block. SBI General is leading player in
crop insurance business ranking 4th in
SBI General is one of the leading fastest- 30,000+ agents, and over 560 Brokers to the private General Insurance and 1st in
growing private General Insurance make insurance easily available even in the personal accident segment in private place.
company, with the strong parentage of remote areas of India. The company has
The Company has generated a net profit of
SBI. The Company is committed to carry 22 OEM tie-ups to serve motor insurance.
H240 Crore for the year ended 31st March
forward the legacy of trust and security; and SBI General has also entered into strategic
2024 as against H184.00 Crore in the
has a vision to become the most trusted partnerships with NBFCs, leading Banks,
previous year.
General Insurer for a transforming India. Cooperative societies, web aggregators
Against the industr y grow th of and Digital partners with an endeavour to
Awards and Recognitions
approximately 12.80%, the company create long-term sustainable value.
Recognised as the Domestic
achieved 15.90% increase in Gross The Company has consistently reviewed
General Insurer of the Year - India
Direct Premium (GDP) amounting to and upgraded its processes with digital
at the Insurance Asia Awards 2023
H12,554 Crore in FY-24 and Gross Written interventions like launching its CRM platform,
Singapore
Premium of H12,731 Crore at the end of all in one distribution app (SIMBA) and
FY2024, SBI General has notched up in Renewal Management System. The company • Recognised as Great Place
its rankings in the overall industry entering has more than 17487 network hospitals to Work.
the top 10 space amongst general insurers and an in-house claim processing in health • Recognised as one of the Best
of India, positioning at 10 th. Amongst the which has optimised claims cost and superior BFSI Brands 2023 at the ET Now
private general insurers, the Company has claims experience for our health customers. Best BFSI Brands Conclave 2024.
maintained its position at 6 th. • Best large General Insurer at The
The Company has many new-age and
Mint BFSI Summit & Awards
The Company has expanded its presence market-fit products in every line of business
• One of the Best Brands 2023 at
to over 143 branches pan-India. SBI with flagship health offering in Super health,
the ET Edge Best Brands 2023
General’s distribution family includes over Cyber vault edge covering cyber risks, pay-

SBI PENSION FUNDS PRIVATE LIMITED (SBIPFPL)

(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit
(SBI Interest) (losses) FY2024
SBI Pension Funds Private Limited.* 24 80 62.76

*SBI Funds Management Limited is holding 20% equity in the Company.

SBIPFPL has been appointed as the The Company is one out of 2 PFMs allowed The total Assets Under Management
Pension Fund Manager (PFM) to manage for Corporate CG Schemes for NPS (AUM) of the Company as on 31st March
the pension corpus under National contribution of all PSU bank staff. Other 2024 is H4,33,384.33 Crore. The Company
Pension System (NPS). SBIPFPL is one than this, SBIPFPL is actively managing 10 maintains lead position among 11 PFMs
of the three PFMs appointed by the other NPS Schemes under Private Sector. in terms of AUM with market share of
Pension Fund Regulatory & Development The Company has obtained license to 36.93%. During FY2024, the Company has
Authority (PFRDA) for management of operate as POP (Point of Presence) in the onboarded 76 corporates and added 6,344
Pension Funds under the NPS for Central year 2019 for marketing and on boarding of NPS subscribers.
Government (except Armed Forces) and NPS subscribers. The Company has earned net profit of
State Government employees. H62.76 Crore for the year ended 31st March
2024 as against H53.51 Crore in the
previous year.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SBI LIFE INSURANCE COMPANY LIMITED (SBILIFE)

(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit
The Company continues to maintain
(SBI Interest) (losses) FY2024 the leadership position amongst private
SBI Life Insurance Company Ltd. 555 55.42 1,894.00 players in number of policies issued, which
reflects mass coverage and strong market
SBI Life has a multi-channel distribution proven its market leadership in the period acceptance across geographies amongst
network comprising an expansive ended 31st March 2024, with numero- life insurers. During the period ended 31st
bancassurance channel, including State uno position in Individual New Business March 2024, more than 22.61 lacs new
Bank, the largest bancassurance partner Premium, Individual Rated Premium, Total individual policies were issued.
in India, a large and productive individual Rated Premium and Total New Business
AUM of the Company stands at H3.9
agent network comprising 246,078 agents Premium among private insurers.
trillion mark and recorded a growth of
as of 31st March 2024, as well as other The Company achieved 29.2% growth 27% at H3,88,923 Crore as on 31st March
distribution channels including direct in Total New Business Premium (NBP) 2024 as compared to H3,07,339 Crore as
sales and sales through corporate agents, vis-à-vis the industry growth of 2.00%. on 31st March 2023. For FY2024, Indian
brokers, insurance marketing firms and The market share of SBI Life in Total Embedded Value (IEV) of the Company
other intermediaries. New Business Premium (NBP) among all stands at H58,259 Crore with a growth of
During the period ended 31st March 2024, private players as on 31st March 2024 is 27% and Value of New Business (VoNB) is
the Company operated in sound and stable 24.6%, gain of 326 bps over corresponding at H5,548 Crore with growth of 9%. VoNB
manner, with its sole objective of increasing period. Total New Business Premium of the margin stood at 28.1%.
insurance penetration and concentrating Company for the period ended 31st March The Company’s net worth increased by 15%
on individual regular business and 2024 stands at H38,238 Crore Individual from H13,016 Crore as on 31st March 2023
protection business through an active and New Business stands at H23,832 Crore
to H14,906 Crore as on 31st March 2024. SBI
prudent strategy. The sales team have and Group New Business Premium stands
Life generated PAT of H1,894 Crore for the
ensured qualitative growth and established at H14,406 Crore, for the period ended
year ended 31st March 2024 as compared
a firmer market position. The Company has 31st March 2024.
to 1,721 Crore in the previous year.

Awards and Recognitions

• SBI Life won a ‘Silver’ at the • Awarded for the campaign ‘The Most • Recognised as ‘Best Insurance
Adgully DIGIXX Awards 2023 under Ignored Rider’ in the category Best Company’ (2nd Runner) by the Indian
the category Programmatic & CSR Initiative/Public Awareness at Chambers of Commerce (ICC)
Performance marketing e4m Health & Wellness Marketing • Awarded under the ‘Highest Growth’
• Awarded as ‘Insurer of the Year-Life Awards 2023 category at the ASSOCHAM’s
category’ at FICCI Insurance Industry • Awarded with the Global Performance 15th Global Insurance Summit &
Awards 2023 Excellence Award (GPEA) 2023 under Awards 2023
• Bagged the Guinness World Record the 'World Class' category • Awarded with ‘Amiable Insurer-Large
title for Most Pledges received for • Won Special Award for ‘Best Category’ at the ET Now Insurance
passion campaign in 24 hours Insurance Spreading- Private Sector Summit & Awards 2023
• Awarded for the campaign ‘The Company – India by Indian Chambers • Winner of ‘Golden Peacock Innovative
Most Ignored Rider’ in the category of Commerce (ICC) Product/Service Award’ for the year
Best use of Celebrity/Influencer at • R e c o gnis e d as ‘ B e s t Risk 2024 by Golden Peacock Awards
e4m Health & Wellness Marketing Management Strategy of the Year’ (Hello SBI Life Project)
Awards 2023 (2nd Runner) by the Indian Chambers • Recognised as #35 Most Valuable
of Commerce (ICC) Indian Brand by Kantar Brandz 2023

Annual Report 2023- 24 117

DIRECTORS’ REPORT

SBI FUNDS MANAGEMENT LIMITED (SBIFML)

SBI Funds Management Limited, the Asset 1st rank position for fourth year. SBIFML Off-shore Fund. SBIFML also provides
Management Company of SBI Mutual has maintained its top leadership position Portfolio Management Services (PMS) and
Fund, is one of the fastest growing AMCs as the ETF manager in the country with manages Alternative Investment Funds
with an absolute growth of over H1.97 Lakh 43.03% market share. SBIFML has one of (AIF).
Crore Average AUM during the quarter the largest investor base with over 145.85 In the last three years, SBIFML has
March 2024 vs March 2023. The average lacs LIVE investor folio’s with about 40.06 achieved a CAGR of 21.9% against the
“Assets Under Management” (AUM) of the lacs new investor folio’s added during industry average of around 19.0% in terms
Company during the quarter ended March this financial year. The Fund House has of quarterly Average AUM growth (March
2024 was H9,14,365 Crore with a market 35.34 Lakh direct live investors and over 24 vs March 21).
share of 16.89% as against the average 2.93 Lakh institutional investors.
SBIFML posted a PAT of H2,063 Crore
assets under management of H7,17,161 The Company has a fully owned foreign during the year ended 31st March 2024 as
Crore with a market share of 17.70% during subsidiary viz. SBI Funds Management against H1,331.20 Crore earned during the
the quarter ended March 2023. In FY2024, (International) Private Limited, which year ended 31st March 2023.
the Fund House has consolidated the is based in Mauritius and manages

(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit
(SBI Interest) (losses) FY2024
SBI Funds Management Ltd. 18.90 62.21 2063.00
SBI Mutual Fund Trustee Company Pvt. Ltd. 0.10 100.00 5.00
SBI CDMDF Trustee Private Limited 0.10 100.00 0.12
SBI Funds Management (International) Pvt. Ltd. 100% Subsidiary of SBI Funds 5.00
Management Ltd.

SBI PAYMENT SERVICES PRIVATE LIMITED (SBI PAYMENTS)

(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit Key initiatives
(SBI Interest) (losses) FY2024
• Acceptance of e-HUPI prepaid
SBI Payments Services Private 4.50 74 144.36 vouchers through the YONO SBI
Limited
Merchant application (Soft PoS)
SBI became the first public sector bank Acceptance Touch Points as on 31st March • Launch of EMI facility on SBI
to form an exclusive JV i.e. SBI Payment 2024, including 13.67 Lakh POS machines, Payments PoS Terminals
Services Pvt. Ltd. (SBI Payments) for deployed across geographies (Tier 1 to Tier • Offering customised solutions to
Merchant Acquiring Business and holds 6). To further encourage government’s various merchant categories for
74% stake in the company. The objective vision of a less cash economy and promote digital payment collection for ticket
of the company is to build a cutting-edge digital payments, SBI Payments launched purchase in transit systems
acceptance ecosystem in nationwide and Soundbox offering mainly targeting small • Onboarded various electricity
enable the merchants, accept payments and medium merchants. distribution companies, Municipal
digitally across various form factors. Corporations to facilitate utility bill
The Company has earned net profit
payment and provided integrated
SBI Payments continues to be one of of H144.36 Crore for the year ended
PoS solutions to AIIMS Delhi
the largest acquirers in the country with 31st March 2024 as against H159.34 Crore
more than 33.10 Lakh Merchant Payment in the previous year.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SBI-SG GLOBAL SECURITIES SERVICES PRIVATE LIMITED (SBI- SG)

SBI-SG Global Securities Services Pvt. of H18,79,307 Crore and Assets Under Award and Recognition
Ltd. is a joint venture between State Bank Administration (AUA) of H14,15,000 Crore. • Rated as “Global Outperformer”
of India and Société Générale, Paris with During the FY2024, the Company has and “Category Outperformer
65% equity holding by SBI. The company onboarded three Mutual Fund Houses. in the Agent Banks Emerging
commenced commercial operations in SBI-SG plays a crucial role in overall start- Markets Survey - 2023” by Global
2010 and provides custodial services up strategy of SBI group by providing Custodian, London, a renowned
with end-to-end support on clearing & Custodial and Fund Accounting Services magazine that tracks International
settlement, Cash & Forex solutions, Asset to the Alternative Investment Funds. SBI- Securities Services
Servicing, Derivatives Clearing, Gold SG maintains high quality standards as • SBI-SG also received an award
Custody for Gold ETFs to Domestic (MFs, evidenced from various certifications “Best local Custodian in India” at
AIF, PMS, Banks, Corporates, and others) like ISAE 3402, ISO 27001:2013 and ISO the Best of Best Awards event
and Foreign Investors (FPI, FDI, FVCI). The 9001:2015. of Asia Asset Management,
Company also provides Fund Accounting Hong Kong
The Company registered Net Profit
Services to Domestic as well as Foreign
of H111.67 Crore for the year ended
Institutional Investors.
31st March 2024 as against H87.55 Crore
As on 31st March 2024, the company is in the previous year.
managing Assets Under Custody (AUC)
(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit
(SBI Interest) (losses) FY2024
SBI SG Global Securities Services Pvt. Ltd. 52 65 111.67

STATE BANK OPERATIONS SUPPORT SERVICES PVT. LTD. (SBOSS)

State Bank Operations Support Services doorstep services to customers at a multidimensional support to operations in
Pvt. Ltd. (SBOSS) is a wholly owned competitive cost. It is providing support to Agri & SME segments.
subsidiary of SBI set up in July 2022 for more than 9,500 RUSU Branches across 17 SBOSS is also envisaged to extend its
providing operations support services Circles in the Bank. This facilitates greater operation support to the Bank in other
to RUSU branches of SBI. SBOSS has Financial Inclusion through provision of segments and geographies for providing
its Registered Office at New Delhi. The appropriate credit linkages as part of our further impetus in business growth and
subsidiary is providing support services to national development goals. value creation in areas like customer
SBI in Agri/MSME/Micro loans. The Company has developed a robust service, ATM and vendor management
SBOSS deploys Feet-On-Street (FOS) pan-India “High Tech”, “High Touch” support, etc. as per mandate received from
at RUSU Branches of the Bank with and “Low Cost” model for providing the Bank from time to time.
appropriate technology support for
(Amount in H Crore)
Name of the subsidiary company Ownership % of ownership Net Profit
(SBI Interest) (losses) FY2024
State Bank Operations Support Services Pvt. Ltd. 10 100 17.31

Annual Report 2023- 24 119

DIRECTORS’ REPORT

Management Discussion and Analysis Report (MDA)

In compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, separate Section of
this Annual Report includes details on the state of affairs of the Bank.
The following ratio have changed by more than 25% or more as compared to the immediately previous financial year:
(in %) Mar 23 Mar 24 Variation (bps) % Change
Debt* – Equity Ratio 0.66 0.87 21 31.82

*Debt represents borrowings (including Repo Borrowings) with residual maturity of more than one year.

Responsibility Acknowledgement Shri Ashwini Kumar Tewari, Managing

Director was also extended by the Central
Statement During the year, Smt. Swati Gupta was
Government for a period of two years,
The Board of Directors hereby states: nominated as Director on the Board by
beyond 27th January 2024, or until further
the Central Government u/s 19 (d) of SBI
i. That in the preparation of the annual orders, whichever is earlier.
Act, 1955, w.e.f. 8th May 2023 for a period
accounts, the applicable accounting The Directors place on record their
of three years or until further orders,
standards have been followed along appreciation for the contributions made
whichever is earlier. The term of Shri
with proper explanation relating to by Shri Swaminathan Janakiraman, Shri
Swaminathan J, Managing Director, ended
material departures; B. Venugopal, Shri Ganesh Natarajan, and
on 26 th June 2023 consequent upon his
ii. 
That they have selected such appointment by the Central Government Shri Anil Kumar Sharma to the deliberations
accounting policies and applied them to the post of Deputy Governor, RBI. of the Board. The Directors welcome Smt.
consistently and made judgements Swati Gupta, Shri Rajesh Kumar Dubey, Shri
Shri B. Venugopal and Dr. Ganesh
and estimates as are reasonable and Dharmendra Singh Shekhawat, Shri Ajay
Natarajan, elected by the Shareholders
prudent, so as to give a true and fair Kumar and Shri Vinay M. Tonse, as new
as Directors on the Board u/s 19 (c) of the
view of the state of affairs of your Directors on the Central Board of the Bank.
SBI Act, 1955, retired from the Board on
Bank as on the 31st March 2024, and The Directors also express their gratitude
25th June 2023 upon completion of their
of the profit and loss of Your Bank for for the guidance and co-operation received
respective term. Shri Ketan S. Vikamsey
the year ended on that date; from the Government of India, RBI, SEBI,
and Shri Mrugank M. Paranjape were re-
iii. That they have taken proper and elected, whereas Shri Rajesh Kumar Dubey IRDA and other government and regulatory
sufficient care for the maintenance and Shri Dharmendra Singh Shekhawat agencies. The Directors also thank all the
of adequate accounting records in were elected by the Shareholders as valued clients, shareholders, banks and
accordance with the provisions of Directors on the Board u/s 19 (c) of the SBI financial institutions, stock exchanges,
the Banking Regulation Act, 1949 Act, 1955, w.e.f. 26th June 2023 for a period rating agencies and other stakeholders for
and State Bank of India Act, 1955 for of three years. their patronage and support and take this
safeguarding the assets of your Bank opportunity to express their appreciation
Shri Ajay Kumar was nominated as Director
and preventing and detecting frauds for the dedicated and committed team of
on the Board by the Central Government
and other irregularities; employees of your Bank.
u/s 19 (f) of SBI Act, 1955, w.e.f. 14th July
iv. That they have prepared the annual 2023 till further orders, vice Shri Anil
accounts on a going concern basis; For and on behalf of the
Kumar Sharma.
Central Board of Directors
v. That the internal financial controls The term of Shri Dinesh Kumar Khara,
had been laid down, to be followed Chairman was extended by the Central - Chairman
by your Bank and that such internal Government beyond 6 th October 2023 Date: 9th May 2024
financial controls are adequate and till he attains the age of 63 years, or until
were operating effectively; further orders, whichever is earlier. Shri
vi. That proper system had been devised Vinay M. Tonse was appointed as Managing
to ensure compliance with the Director on the Board by the Central
provisions of all applicable laws and Government w.e.f. 21st November 2023 till
that such systems were adequate and 30th November 2025 or until further orders,
operating effectively. whichever is earlier. Further, the term of

120
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Corporate Governance
Report

Annual Report 2023- 24 121

CORPORATE GOVERNANCE REPORT

THE BANK’S resources as are necessary to enable it • Ma ximising the intere s ts of

to carry out its role effectively. its stakeholders.
PHILOSOPHY ON CODE • Ensuring that the Chairman has the
OF GOVERNANCE responsibility for all aspects of executive
The Central Board is headed by the
Chairman, appointed under Section 19(a)
State Bank of India is committed to the management and is accountable to the
of SBI Act. Four Managing Directors are
best practices in the area of Corporate Board for the ultimate performance of
appointed as members of the Board under
Governance, in letter and in spirit. The Bank the Bank and implementation of the
Section 19(b) of SBI Act. The Chairman
believes that good Corporate Governance policies laid down by the Board. The
and Managing Directors are Whole Time
is much more than complying with legal and role of the Chairman and the Board of
Directors. As on 31st March 2024, there
regulatory requirements. Good governance Directors are also guided by the SBI Act,
were eight Non-Executive Directors on
facilitates effective management and 1955 with all relevant amendments.
the Board who are eminent professionals
control of business, enables the Bank to • Ensuring that a senior executive is made
representing Technology, Accountancy,
maintain a high level of business ethics and responsible in respect of compliance
Finance, Economics, Administration and
to optimise the value for all its stakeholders. issues with all applicable statutes,
Academics. The composition of the Central
The objectives can be summarised as: regulations and other procedures,
Board, as on 31st March 2024, is as under:
policies as laid down by the GOI/RBI
• To protect and enhance
and other regulators and the Board, and • Chairman appointed by the Central
shareholder value.
reports deviations, if any. Government in consultation with the
• To protect the interest of all other
The Bank has complied with the provisions of RBI under Section 19(a)
stakeholders such as customers,
Corporate Governance as per SEBI (Listing • four Managing Directors, appointed by
employees and society at large.
Obligations & Disclosure Requirements) the Central Government in consultation
• To ensure transparency and integrity in
Regulations, 2015 (as amended from time with the RBI under Section 19(b)
communication and to make available
to time) except where the provisions of • four directors, elected by the
full, accurate and clear information to
these regulations are not in conformity Shareholders under Section 19(c),
all concerned.
with SBI Act and SBI General Regulations, • two directors, nominated by the Central
• To ensure accountability for performance
1955 and the directives issued by RBI/GOI. Government under Section 19(d),
and customer service and to achieve
A report on the implementation of these • one director, nominated by the Central
excellence at all levels.
provisions of Corporate Governance in the Government under Section 19(e), and
• To provide corporate leadership of
Bank is furnished below: • one director, nominated by the Central
highest standard for others to emulate.
Government on the recommendations
The Bank is Committed to: Central Board: Role and of the RBI under Section 19(f).
• Ensuring that the Bank’s Board of Composition The composition of the Board complies with
Directors meets regularly, provides State Bank of India was formed in 1955 provisions laid down in Regulation 17(1)
effective leadership and insights in by an Act of the Parliament, i.e., The of SEBI (Listing Obligations & Disclosure
business and functional matters and State Bank of India Act, 1955 (SBI Act). A Requirements) Regulations, 2015 to the
monitors Bank’s performance. Central Board of Directors was constituted extent that they don’t violate the provisions
• Establishing a framework of strategic according to the Act. provided u/s 19 of SBI Act, 1955. There is
control and continuously reviewing no inter-se relationship between Directors.
The Bank’s Central Board draws its powers
its efficacy. A brief resume of each of the Non-Executive
from and carries out its functions in
• Establishing clearly documented and Directors is given in Annexure-I. Particulars
compliance with the provisions of SBI Act
transparent management processes for of the directorships/ committee’s
& Regulations, 1955. Its major roles include,
policy development, implementation and memberships held by all the Directors in
among others,
review, decision-making, monitoring, various Boards/ Committees are given
control and reporting. • Overseeing the risk profile of the Bank; in Annexure-II and the details of their
• Providing the Board free access to • Monitoring the integrity of its business Shareholding in the Bank are mentioned
all relevant information, advices and and control mechanisms; in Annexure-III.
• Ensuring expert management, and

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Meetings of the Central Board

The Bank’s Central Board is required to meet at least six times in each year and at least once in quarter. During the year 2023-24, fifteen
Central Board Meetings were held. The dates of the meetings and attendance of the directors are as under:

Dates & Attendance of Directors at Board Meetings During 2023-24

No. of Meetings held: 15
Dates of the Meetings: 19.04.2023, 18.05.2023, 09.06.2023, 21.06.2023, 26.07.2023, 04.08.2023, 27.09.2023, 18.10.2023, 04.11.2023,
06.12.2023, 26.12.2023, 03.01.2024, 03.02.2024, 28.02.2024, 27.03.2024
Name of the Director No. of Meetings held after No. of Meetings attended
nomination/ election/ during
incumbency

Shri Dinesh Kumar Khara, Chairman 15 15

Shri Challa Sreenivasulu Setty, MD 15 14
Shri Swaminathan J., MD (upto 26th June 2023) 4 3
Shri Ashwini Kumar Tewari, MD 15 14
Shri Alok Kumar Choudhary, MD 15 14
Shri Vinay M. Tonse, MD (w.e.f. 21st November 2023) 6 5
th
Shri B. Venugopal (upto 25 June 2023) 4 4
Dr. Ganesh Natarajan (upto 25th June 2023) 4 3
Shri Ketan S. Vikamsey 15 13
Shri Mrugank M. Paranjape 15 15
Shri Rajesh Kumar Dubey (w.e.f. 26th June 2023) 11 5
th
Shri Dharmendra Singh Shekhawat (w.e.f. 26 June 2023) 11 11
Shri Prafulla P. Chhajed 15 15
th
Smt. Swati Gupta (w.e.f. 8 May 2023) 14 14
Dr. Vivek Joshi 15 9
Shri Anil Kumar Sharma (upto 14th July 2023) 4 4
Shri Ajay Kumar (w.e.f. 14th July 2023) 11 7

Executive Committee of the Central competence of the Central Board. In terms 2021 on ‘Corporate Governance in Banks –
Board (ECCB) of SBI Act, ECCB consists of the Chairman, Appointment of Directors and Constitution
The Executive Committee of the Central the Managing Directors, the Director of Committees of the Board’, the Chair of
Board (ECCB) is constituted in terms of nominated under Section 19(f) of the SBI the ACB is not a part of the ECCB. The
Section 30 of the SBI Act, 1955. The State Act, and all or any of the other Directors ECCB meetings are held weekly as per
Bank of India General Regulations (46 & who are normally residents, or may, for the the SBI Act. During the year 2023-24, fifty
47) provide that, subject to the general or time being, be present at any place within two meetings of the ECCB were held. The
special directions of the Central Board, India where the meeting is held. Further, details of attendance of ECCB Meetings
ECCB may deal with any matter within the in terms of RBI Guidelines dated 26th April during the year 2023-24 are as under:

Annual Report 2023- 24 123

CORPORATE GOVERNANCE REPORT

Attendance of Directors at ECCB Meetings During 2023-24

No. of Meetings held: 52
Directors No. of Meetings held after No. of Meetings attended
nomination/ election/ during
incumbency
Shri Dinesh Kumar Khara, Chairman 52 52
Shri Challa Sreenivasulu Setty, MD 52 47
th
Shri Swaminathan J., MD (upto 26 June 2023) 12 11
Shri Ashwini Kumar Tewari, MD 52 50
Shri Alok Kumar Choudhary, MD 52 44
Shri Vinay M. Tonse, MD (w.e.f. 21st November 2023) 19 18
Shri B. Venugopal (upto 25th June 2023) 12 11
Shri Mrugank M. Paranjape 52 41
Shri Rajesh Kumar Dubey (w.e.f. 26th June 2023) 40 33
Shri Prafulla P. Chhajed 52 44
Shri Anil Kumar Sharma (upto 14th July 2023) 15 15
Shri Ajay Kumar (w.e.f. 14th July 2023) 37 24
Directors who are normally not residents of the place of meetings but were present on the day at the place where the meeting was
held/ participated through Video Conferencing:
Dr. Ganesh Natarajan (upto 25th June 2023) - 8
Shri Dharmendra Singh Shekhawat (w.e.f. 26th June 2023) - 1
Smt. Swati Gupta (w.e.f. 8th May 2023) - 1

Other Board Level Committees: Corporate Social Responsibilities, held at the meetings of the Committees are
In terms of the provisions of SBI Act and Oversight on Recovery of Loans and placed before the Central Board.
General Regulations, 1955 and Govt./ Advances, Review of identification of Willful
Audit Committee of the Board (ACB)
RBI/SEBI guidelines, the Central Board Defaulters/ Non Co-operative Borrowers
and arrive at the ‘fit and proper’ status of The Audit Committee of the Board (ACB)
has constituted nine other Board Level
candidates filing nominations for election was first constituted in the Bank on 27th
Committees viz. Audit Committee of the
of Directors. While the Nomination & July 1994. The ACB functions as per RBI
Board, Risk Management Committee
Remuneration Committee (NRC) meets guidelines and complies with the provisions
of the Board, Stakeholders Relationship
at least once a year, the other Committees of SEBI (Listing Obligations & Disclosure
Committee cum Customer Service
meet periodically, once in a quarter Requirements) Regulations, 2015, as
Committee of the Board, Special
generally, to deliberate on policy issues amended from time to time to the extent
Committee of the Board for Monitoring of
and/ or review domain performance, as that they do not violate the directives/
large value Frauds, IT Strategy Committee,
per the calendar of reviews approved by guidelines issued by RBI.
Corporate Social Responsibility Committee,
Nomination & Remuneration Committee the Central Board. The Committees also Functions of ACB
of the Board, Board Committee to Monitor call external specialists, besides drawing
• ACB provides direction and also oversees
Recovery and Review Committee for upon the services of top executives from
the operation of the total audit function
Identification of Willful Defaulters/ Non Co- the Bank, as and when needed.
in the Bank. Total audit function implies
operative Borrowers. These Committees The other Board Level Committees are the organisation, operationalisation
provide effective professional support in reconstituted periodically, as and when and quality control of internal audit and
Board Oversight in key areas like Audit & necessitated. Last such reconstitution inspection within the Bank and follow-
Accounts, Risk Management, resolution of during the year has been approved by up on the statutory/ external audit,
Shareholders’/ Investors’ grievances, Fraud the Central Board in its meeting held on compliance of RBI inspection. It also
Review and Control, Review of customer 21st June 2023 and is effective from 26th appoints Statutory Auditors of the Bank
service and redressal of customer June 2023. The minutes and proceedings and reviews their performance from time
grievances, Technology Management, containing brief reports on the discussions to time.

124
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

• ACB reviews the Bank’s financial, Risk Regulations, 2018 which were was approved by the Central Board in its
Management, IS Audit Policies and effective from 1st April 2019. meeting held on 27th April 2022.
Accounting Policies/ Systems of the
• It obtains and reviews reports from the Composition & Attendance During
Bank to ensure greater transparency.
Compliance Department in the Bank. 2023-24
• ACB reviews the internal inspection/
audit plan and functions in the Bank – ACB follows up on all the issues raised The ACB was last reconstituted w.e.f.
the system, its quality and effectiveness in RBI’s Risk Based Supervision under 26th June 2023. It has five Non-Executive
in terms of follow-up. It also, especially, Section 35 of Banking Regulation Act, Directors as members as on 31st March
focuses on the follow up of: 1949 and Long Form Audit Reports of 2024. The Committee has a regular
the Statutory Auditors and other Internal chairperson and is chaired by a Non-
− KYC-AML guidelines;
Audit Reports. It interacts with the external Executive Independent Director. The
− Major areas of housekeeping; auditors before the finalisation of the constitution and quorum requirements,
annual/ quarterly financial accounts and as per RBI/ SEBI guidelines, are complied
− Compliance of SEBI (Listing
reports. A formal ‘Audit Charter’ or ‘Terms with. During the year, twelve meetings
Obligations & Disclosure
of Reference’ of the Audit Committee has of ACB were held to review the various
Requirements) Regulations, 2015.
been approved by the Central Board and matters connected with the internal
The terms of reference and role of
Calendar of Reviews to be submitted to the control, systems and procedures and
the Audit Committee was reviewed
Audit Committee is also in place, which is other aspects as required in terms of RBI/
by the Central Board at its meeting
updated periodically and last such revision SEBI guidelines.
held on 6th March 2019 in line with
the SEBI (LODR) Amendments

Dates of Meetings of ACB Held & Attendance of Directors During 2023-24

No. of Meetings held: 12
Dates of the Meetings: 12.04.2023, 17.05.2023, 14.06.2023, 12.07.2023, 03.08.2023, 20.09.2023, 11.10.2023, 03.11.2023, 15.12.2023,
17.01.2024, 02.02.2024, 13.03.2024

Directors No. of Meetings held after No. of Meetings attended

nomination/ election/ during
incumbency
Shri Ketan S. Vikamsey (Chairman of the Committee) 12 12
th
Shri B. Venugopal (Member upto 25 June 2023) 3 3
Dr. Ganesh Natarajan (Member upto 25th June 2023) 3 1
Shri Mrugank M. Paranjape 12 9
Shri Rajesh Kumar Dubey (Member w.e.f. 26th June 2023) 9 6
Shri Prafulla P. Chhajed (Member w.e.f. 26th June 2023) 9 7
th
Shri Anil Kumar Sharma (Member upto 14 July 2023) 4 4
Shri Ajay Kumar (Member w.e.f. 14th July 2023) 8 7

Risk Management Committee of the risk and operational risk. The Committee quarter. During 2023-24, eight meetings
Board (RMCB) was last reconstituted w.e.f. 26th June 2023. of the RMCB were held. The terms of
The Risk Management Committee of the It has six members as on 31st March 2024. reference and role of RMCB was reviewed
Board (RMCB) was first constituted in The Committee has a regular chairperson by the Central Board on 6th March 2019
the Bank on 23rd March 2004, to oversee and is chaired by a Non-Executive in line with the SEBI (LODR) Amendments
the policy and strategy for integrated risk Independent Director. RMCB meets at Regulations, 2018 which were effective
management relating to credit risk, market least four times a year and once in each from 1st April 2019.

Annual Report 2023- 24 125

CORPORATE GOVERNANCE REPORT

Dates of Meetings of RMCB Held & Attendance of Directors During 2023-24

No. of Meetings held: 08
Dates of the Meetings: 12.05.2023, 14.06.2023, 04.07.2023, 08.09.2023, 27.10.2023, 14.12.2023, 21.02.2024, 21.03.2024

Name of the Director No. of Meetings held after No. of Meetings attended
nomination/ election/
during incumbency
Shri Mrugank M. Paranjape (Chairman of the Committee) 8 8
th
Shri B. Venugopal (Member upto 25 June 2023) 2 2
Dr. Ganesh Natarajan (Member upto 25th June 2023) 2 2
Shri Ketan S. Vikamsey 8 5
Shri Rajesh Kumar Dubey (Member w.e.f. 26th June 2023) 6 5
Shri Prafulla P. Chhajed 8 5
th
Shri Swaminathan J., MD (Member upto 26 June 2023) 2 1
Shri Ashwini Kumar Tewari, MD 8 7
Shri Challa Sreenivasulu Setty, MD (As Alternate Member) - 4
Shri Alok Kumar Choudhary, MD (As Alternate Member) - 2
Shri Alok Kumar Choudhary, MD (Member w.e.f. 21st November 2023) 3 2

Stakeholders Relationship non-receipt of annual report, non-receipt (CSCB) was approved by the Central Board
Committee (SRC) Cum Customer of interest on bonds/ declared dividends, in its meeting dated 25th June 2020 and
Service Committee of the Board etc. The Customer Service Committee of the merged Committee was named as
(CSCB) the Board (CSCB) was constituted on the Stakeholders Relationship Committee cum
In pursuance of Regulation 20 of SEBI 26th August 2004, to bring about ongoing Customer Service Committee of the Board
(Listing Obligations & Disclosure improvements on a continuous basis in the and became effective from 26th June 2020.
Requirements) Regulations, 2015, quality of customer service provided by the The composition of the Committee and its
Stakeholders Relationship Committee Bank. In line with the view expressed in the role complies with the SEBI Regulations.
(SRC) [earlier known as Shareholders’/ RBI’s Discussion Paper on “Governance in The Committee was last reconstituted w.e.f.
Investors’ Grievance Committee of the Commercial Banks in India” published on its 26th June 2023. It has seven members as
Board (SIGCB), formed on 30 th January website on 11th June 2020, and with a view on 31st March 2024. The Committee has
2001] was formed to look into the to rationalise the number of Board Level a regular chairperson and is chaired by a
redressal of Shareholders’ and Investors’ Committees, the merger of Stakeholders Non-Executive Independent Director. The
complaints regarding transfer of shares, Relationship Committee (SRC) and Committee met five times during 2023-24.
Customer Service Committee of the Board

Dates of Meetings of SRC cum CSCB Held & Attendance of Directors during 2023-24
No. of Meetings held: 05
Dates of the Meetings: 06.06.2023, 29.08.2023, 12.09.2023, 15.11.2023, 27.02.2024

Name of the Director No. of Meetings held after No. of Meetings attended
nomination/ election/ during
incumbency
Shri B. Venugopal (Chairman and Member of the Committee upto 25th June 2023) 1 1
Shri Rajesh Kumar Dubey (Chairman and Member of the Committee w.e.f. 26th June 2023) 4 4
Dr. Ganesh Natarajan (Member upto 25th June 2023) 1 1
Shri Ketan S. Vikamsey 5 3
th
Shri Dharmendra Singh Shekhawat (Member w.e.f. 26 June 2023) 4 4
Shri Prafulla P. Chhajed 5 4

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Name of the Director No. of Meetings held after No. of Meetings attended
nomination/ election/ during
incumbency
Smt. Swati Gupta (Member w.e.f. 26th June 2023) 4 4
Shri Challa Sreenivasulu Setty, MD 5 4
Shri Alok Kumar Choudhary, MD (Member upto 21st November 2023) 4 4
Shri Vinay M. Tonse, MD (Member w.e.f. 21st November 2023) 1 1
Shri Ashwini Kumar Tewari, MD (As Alternate Member) - 3

Details of Shareholders Complaints during the Year 2023-24

Number of Shareholders’ complaints received during the year: 349
Number not solved to the satisfaction of shareholders: Nil
Number of Pending Complaints (Complaints which are sub-judice): Nil
Name and designation of Compliance officer: Aruna Nitin Dak (AGM Compliance & Company Secretary)

IT Strategy Committee of the • approving IT strategy and policy and overseeing the aggregate funding
Board (ITSC) documents, ensuring that the of IT at the Bank level; and
With a view to tracking the progress of management has put an effective • reviewing IT performance measurement
the Bank’s IT initiatives, a Technology strategic planning process in place; and contribution of IT to businesses (i.e.
Committee of the Board was first • ensuring that the IT Organisational delivering the promised value).
constituted in the Bank on 26 th August structure complements the business The Committee was last reconstituted on
2004. The Technology Committee has model and its directions; the 26th June 2023. It has six members as
been renamed as IT Strategy Committee • ensuring IT investments represent a on 31st March 2024. The Committee has
of the Board w.e.f. 24th October 2011. The balance of risks and benefits and that a regular chairperson and is chaired by a
Committee has played a strategic role budgets are acceptable; Non-Executive Independent Director. The
in the Bank’s technology domain. The • evaluating ef fectiveness of Committee met ten times during 2023-24.
Committee is entrusted with the following management’s monitoring of IT risks
roles and responsibilities:

Dates of Meetings of ITSC Held & Attendance of Directors during 2023-24

No. of Meetings held: 10
Dates of the Meetings: 23.05.2023, 21.06.2023, 18.07.2023, 09.08.2023, 22.08.2023, 04.09.2023, 13.09.2023, 21.11.2023, 05.02.2024,
20.03.2024

Name of the Director No. of Meetings held after No. of Meetings attended
nomination/ election/ during
incumbency
Dr. Ganesh Natarajan (Chairman and Member of the Committee upto 25th June 2023) 2 2
Shri Rajesh Kumar Dubey (Chairman and Member of the Committee w.e.f. 26th June 2023) 8 7
th
Shri B. Venugopal (Member upto 25 June 2023) 2 2
Shri Ketan S. Vikamsey 10 10
Shri Mrugank M. Paranjape (Member w.e.f. 26th June 2023) 8 8
Shri Prafulla P. Chhajed 10 9
Shri Challa Sreenivasulu Setty, MD 10 10
st
Shri Ashwini Kumar Tewari, MD (Member upto 21 November 2023) 8 8
Shri Alok Kumar Choudhary, MD (Member w.e.f. 21st November2023) 2 2

Annual Report 2023- 24 127

CORPORATE GOVERNANCE REPORT

Special Committee of the Board for and review all large value frauds with a prevent recurrence of frauds and putting
Monitoring of Large Value Frauds view to identifying systemic lacunae, if in place suitable preventive measures. The
(SCBMF) any, reasons for delay in detection and Committee was last reconstituted w.e.f.
The Special Committee of the Board reporting, if any, monitoring progress 26th June 2023. It has seven members as
for monitoring of Large Value Frauds of CBI/ Police investigation, recovery on 31st March 2024. The Committee has
(SCBMF) was first constituted in the position, ensuring that staff accountability a regular chairperson and is chaired by a
Bank on the 29th March 2004. The major exercise is completed quickly, reviewing Non-Executive Independent Director. The
functions of the Committee are to monitor the efficacy of remedial action taken to Committee met four times during 2023-24.

Dates of Meetings of SCBMF Held & Attendance of Directors during 2023-24

No. of Meetings held: 04
Dates of the Meetings: 30.05.2023, 12.09.2023, 19.12.2023, 12.03.2024

Name of the Director No. of Meetings held after No. of Meetings attended
nomination/ election/ during
incumbency
Shri Prafulla P. Chhajed (Chairman of the Committee) 4 4
th
Dr. Ganesh Natarajan (Member upto 25 June 2023) 1 1
Shri Ketan S. Vikamsey 4 2
Shri Mrugank M. Paranjape 4 2
Shri Dharmendra Singh Shekhawat (Member w.e.f. 26th June 2023) 3 3
Smt. Swati Gupta (Member w.e.f. 26th June 2023) 3 3
Shri Challa Sreenivasulu Setty, MD (As Alternate Member) - 1
Shri Ashwini Kumar Tewari, MD (Member upto 21st November 2023) 2 1
Shri Alok Kumar Choudhary, MD 4 4
Shri Vinay M. Tonse, MD (Member w.e.f. 21st November 2023) 2 2

Corporate Social Responsibility of good corporate governance to review 31st March 2024. The Senior Managing
Committee (CSRC) the activities undertaken by Bank under Director, who is member of the Committee,
The Corporate Social Responsibility Corporate Social Responsibility Policy. chairs the meeting. During the year 2023-
Committee (CSRC) was first constituted The Committee was last reconstituted w.e.f. 24, four meetings of the Committee
on 24th September 2014 as a measure 26th June 2023. It has six members as on were held.

Dates of Meetings of CSRC Held & Attendance of Directors during 2023-24

No. of Meetings held: 04
Dates of the Meetings: 25.04.2023, 25.07.2023, 23.10.2023, 20.03.2024
Name of the Director No. of Meetings held after No. of Meetings attended
nomination/ election/ during
incumbency
Shri Challa Sreenivasulu Setty, MD (Chairman of the Committee) 4 4
Shri Ashwini Kumar Tewari, MD (As Alternate Member) - 1
Shri Alok Kumar Choudhary, MD (Member upto 21st November 2023) 0 2
Shri Vinay M. Tonse, MD (Member w.e.f. 21st November 2023) 1 0
Shri B. Venugopal (Member upto 25th June 2023) 1 1
Dr. Ganesh Natarajan (Member upto 25th June 2023) 1 0
Shri Ketan S. Vikamsey (Member w.e.f. 26th June 2023) 3 2
Shri Mrugank M. Paranjape 4 3
Shri Prafulla P. Chhajed 4 3
Shri Dharmendra Singh Shekhawat (Member w.e.f. 26th June 2023) 3 3

128
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Nomination and Remuneration accordingly a single NRC was constituted The terms of reference/ mandate of the
Committee of the Board (NRC) w.e.f. 25th October 2019. NRC were reviewed and approved by the
RBI vide its Master Direction DBR. Appt. The Committee carries out necessary due Central Board in its meeting held on 27th
No: 9/29.67.001/2019-20 dated 02.08 diligence and arrives at the ‘fit and proper’ September 2023. The Committee was last
2019, and Government of India vide its status of candidates filing nominations reconstituted w.e.f. 26th June 2023. It has
Letter No. F. No. 16/19/2019-BO.I dated for election for the post of Shareholder five Non-Executive Directors as members
30th August 2019 have directed the Bank Director. In addition, NRC also, inter alia, as on 31st March 2024. The Committee
to constitute a single Nomination and formulates the criteria/ framework for has a regular chairperson and is chaired
Remuneration Committee (NRC) and evaluation of performance of the Board, by a Non-Executive Independent Director.
Board Level Committees, and the Directors. The Committee meets at least once a year.
During the year 2023-24, NRC met thrice.

Dates of Meetings of NRC Held & Attendance of Directors during 2023-24

No. of Meetings held: 03
Date of the Meeting: 29.05.2023
A meeting of NRC was held on 29th May approved the constitution of an NRC with diligence to determine the ‘Fit and Proper’
2023. to determine and declare the “Fit 3 Non-Executive Independent Directors status of the candidates submitting the
and Proper” status of the candidates, as member, namely Shri B. Venugopal nomination forms for the said election. All
whose nominations were received for the (Chairman of the Committee), Shri Prafulla three Directors attended the NRC meeting
election of Directors to fill the impending P. Chhajed and Smt. Swati Gupta in its held on 29th May 2023.
vacancies under Section 19(c) of the meeting dated 18th May 2023, with a tenure
SBI Act, 1955. The Central Board had restricted to carry out the process of due
Dates of the Meetings: 14.12.2023, 18.03.2024

Name of the Director No. of Meetings held after No. of Meetings attended
nomination/ election/ during
incumbency

Shri Rajesh Kumar Dubey (Chairman of the Committee w.e.f. 26th June 2023) 2 2
Shri Ketan S. Vikamsey 2 2
Shri Mrugank M. Paranjape 2 2
Smt. Swati Gupta (Member w.e.f. 26th June 2023) 2 2
Shri Dharmendra Singh Shekhawat (Member w.e.f. 26th June 2023) 2 2

Board Committee to Monitor Review Committee for Identification Defaulter/ Non Co-operative Borrower).
Recovery (BCMR) of Willful Defaulters/ Non The Order becomes final only after it is
In terms of Govt. of India advice, a Board Co-operative Borrowers (RCIWD) confirmed by the RCIWD.
Committee to Monitor Recovery was The Committee was first constituted by the The Committee met six times during the
first constituted by the Central Board Central Board in its meeting held on 17th year 2023-24.
at its meeting held on 20 th December May 2016 in terms of RBI instructions. The
Local Boards
2012 for overseeing Recovery of Loans Managing Director – Risk, Compliance &
and Advances. The Committee was last SARG is the Chairman of the Committee, and In terms of the provisions of SBI Act and
reconstituted w.e.f. 26 th June 2023. It has four Non-Executive Directors are members. General Regulations 1955, at every centre
eleven members consisting of Chairman, where the Bank has a Local Head Office
The role of this Committee is to review the
four Managing Directors and six Non- (LHO), Local Boards/ Committees of
Order of the “Committee for Identification
Executive Directors including the Govt. of Local Boards are functional. The Local
of Willful Defaulters/ Non Co-operative
India Nominee Director. The Committee Boards exercise such powers and perform
Borrowers” (a committee comprising Dy.
met four times during the year and reviewed such other functions and duties delegated
Managing Director and Senior Executives
large NPA accounts of the Bank and the to them by the Central Board. As on 31st
of the Bank to examine the facts and record
overall NPA management. March 2024, Local Boards at three LHOs
the fact of the Borrower being a Willful
and Committees of the Local Boards at the

Annual Report 2023- 24 129

CORPORATE GOVERNANCE REPORT

remaining fourteen LHOs were functional. Digital and Transaction Banking. Performance evaluation of Chairman,
The Minutes and Proceedings of the In addition, number of awareness Managing Directors, Non-Executive
meetings of Local Boards/ Committees programmes for the Board of Directors including Independent
of Local Boards are placed before the Directors were arranged during the Directors, Board Level Committees
Central Board. year. This included emerging issues and Central Board as a whole,
of financial sectors like NBFCs, ESG, and facilitated the performance
Sitting Fees
Credit delivery to specific sectors, evaluation process. The Nomination
The remuneration of the Whole Time Investments, Information Security, and Remuneration Committee of the
Directors is prescribed by GOI from time to Business Groups, etc. The Board Board had approved the framework/
time. Non-Executive Non-Official Directors Members were also briefed on the criteria for the said performance
of the Bank are paid Sitting Fee for attending strategies being implemented by evaluation. The parameters for
the meetings of the Board/ Committees of the business groups and the Bank’s evaluation and the overall process
the Board. No remuneration, other than the Subsidiaries on IT Developments, IT & were aligned to the provisions of the
Sitting Fee for attending meetings of Board Cyber Security, HR & Training, Digital SEBI (LODR) Regulations, 2015 and
and/ or its committees, is paid to Non- Banking, Retail Banking, Corporate new SEBI Guidance Note on Board
Executive Directors. The amount of Sitting Banking, Customer Service, Corporate Evaluation, 2017. The performance
Fees is guided by GoI guidelines and is Governance, Assurance function, etc. evaluation exercise for FY2023-24
approved by the Central Board of the Bank. Several relevant presentations were was carried out during the year. The
With effect from 25th October 2019, Sitting made to the Board during the year to performance evaluation exercise
Fees of C 70,000/- is paid for attending keep the Board members updated in has validated the confidence of
the Meetings of the Central Board and alignment with the latest trend and Board of Directors in the governance
C 30,000/- for attending the meetings of happening in the financial sector. values of the Bank, the synergy and
Other Board level Committees. Details of collaboration amongst the Board of
The Directors also attended various
Sitting fees paid during the year 2023-24 Directors and the Top Management.
seminars/ meetings/ programmes
are placed in Annexure-IV.
convened by Government of India 3. 
Keeping in mind the Bank ’s
Compliance with Bank’s Code of and Professional Bodies like IDRBT/ endeavour to stay ahead of the
Conduct CAFRAL (sponsored by RBI) during curve in the dynamic financial sector
The Directors on the Bank’s Central Board the year. Such programmes include environment and to implement the
and Senior Management have affirmed inter alia Certification Programme global best practices in Corporate
compliance with the Bank’s Code of on IT and Cyber Security for Board Governance, a Strategy Workshop
Conduct for the financial year 2023-24. Members conducted by IDRBT, ‘Vision 2027’was organised on 8th and
Declaration to this effect signed by the Conference on Central Digital 9 th January 2024 to keep the Board
Chairman is placed in Annexure-V. The Currency organised by CAFRAL, members and the Top Management
draft of code of conduct is also posted on Programme for Board Members of of the Bank in alignment with the
the Bank’s website. commercial banks on IRRBB and latest trend in the financial sector
Liquidity Risk Management organised and to decide on the way forward.
Developments During the Year by CAB Pune, Global Professional The main purpose of the workshop
1. On-Boarding programmes for newly Accountants Convention organised was to brainstorm and ideate on
elected/ nominated Directors were by ICAI, etc. the Bank’s strategy on ongoing five-
arranged during the year. It included, 2. Performance Evaluation of year period with emphasis on the
inter alia, the organisation structures, the Board: With an objective to emerging economic landscape, global
Overview of various business groups continuously improve corporate headwinds, disruptive technologies,
and Associates & Subsidiaries of governance, a reputed external and emerging challenges faced from
the Bank which included inter alia consulting firm assisted the Bank new-age players to enable the Bank
Corporate Banking, New Initiatives, in laying down parameters for

130
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

in consolidating its position as the Business, MSME Business, Retail and workshop, laid down appropriate
premier Bank. Wealth Business, IT & Analytics, Value strategies and set goals for Business
4. Accordingly, presentations on various Creation by Subsidiaries, Stressed Growth and Key financial parameters.
topics related to Digital Banking, Assets, Customer E xperience 5. 
During the Strategy workshop, a
Transaction Banking, Corporate Enhancement, Human Resources, renowned speaker on financial sector
Credit, Climate Finance, Treasury Assurance Functions etc. were made also addressed the participants
Book & Balance Sheet, International by Senior functionaries to the Board on “Generative AI”, benefitting
Banking, Agriculture and Allied of Directors. The Board, during the the participants.

Salary and Allowances Paid to the Chairman & Managing Directors in FY2024 (J)
Name Basic DA Other Total Period
Dinesh Kumar Khara 27,00,000 12,42,000 - 39,42,000 1st April 2023 to 31st March 2024
Challa Sreenivasulu Setty 26,92,800 12,38,688 - 39,31,488 1st April 2023 to 31st March 2024
Ashwini Kumar Tewari 26,92,800 12,38,688 - 39,31,488 1st April 2023 to 31st March 2024
Alok Kumar Choudhary 26,34,300 12,11,778 - 38,46,078 1st April 2023 to 31st March 2024
Swaminathan Janakiraman 6,73,200 2,55,816 7,53,535 16,82,551 1st April 2023 to 25th June 2023
Vinay M. Tonse 9,44,233 4,34,347 - 13,78,581 21st November 2023 to 31st March 2024

Attendance at the Annual (ii) AGM for the year 2021-22 was held RBI as disclosed in the Secretarial
General Meeting on 22nd June 2022, at Mumbai by VC / Audit Report.
OAVM at 3.00 PM and e-voting facility 3. Whistle Blower Policy was introduced
The Annual General Meeting (AGM) of
was provided to the shareholders as in your Bank vide GoI circular dated
the Bank is generally held in Mumbai
per the relaxation provided by MCA 4 th November 2011 on Public
at the Corporate Centre of the Bank. As
and SEBI due to Covid 19 pandemic. Interest Disclosure & Protection of
per SBI Act, 1955 only one agenda i.e., to
discuss and adopt the Balance Sheet and (iii) AGM for the year 2020 - 21 was Informer (PIDPI). The said policy
Profit and Loss Account of the Bank made held on 25th June 2021, at Mumbai is reviewed from time to time. SEBI
up to the previous 31st day of March, the by VC / OAVM at 03.00 PM and (LODR) Regulations, 2015 mandates
Director’s Report and Auditor’s Report e-voting facility was provided to the establishment of a mechanism
thereon is placed before the shareholders shareholders as per the relaxation. called “Whistle Blower Policy” to
in the AGM. SBI Act, 1955 and SBI General report to the Management on fraud
Regulations, 1955 does not provide for the Disclosure or violation of the Bank’s Code of
postal ballot facility. 1. The Bank has not entered into any Conduct or ethic policy. The policy is
materially significant related party made available on the website of the
The details of the last three Annual General
transactions with its Promoters, Bank on www.sbi.co.in. No personnel
Meetings (AGMs) of the Bank are as under:
Directors or Management, their were denied access to the Audit
(i) AGM for the year 2022-23 was held Committee of the Board in terms of
subsidiaries or relatives, etc., that
on 27th June 2023 at Mumbai by VC / Whistle Blower Policy.
may have potential conflict with the
OAVM at 3.00 PM and e-voting facility interest of the Bank at large. 4. 
Policy on materiality of related
was provided to the shareholders.
2. 
The Bank has complied with party transactions and policy for
The following Directors attended the
applicable mandatory requirements as determining ‘material’ subsidiaries are
meeting: (i) Shri Dinesh Kumar Khara
provided in SEBI (Listing Obligations available on the bank’s website www.
(ii) Shri Challa Sreenivasulu Setty (iii)
& Disclosure Requirements) sbi.co.in and https://bank.sbi under
Shri Ashwini Kumar Tewari (iv) Shri
Regulations, 2015. The extent of “Codes & Policies” section of the
Alok Kumar Choudhary (v) Shri Anil
implementation of non-mandatory webpage link: https://sbi.co.in/web/
K. Sharma (vi) Shri Ketan S. Vikamsey
requirements is also given in this investor-relations/disclosure-under-
(vii) Shri Mrugank M. Paranjape (viii)
report. No penalties or strictures regulation-46 and https://bank.sbi/
Shri Prafulla P. Chhajed (xiii) Ms. Swati
have been imposed by them on web/investor-relations/disclosure-
Gupta (ix) Shri Rajesh Kumar Dubey
the Bank except penalty levied by under-regulation-46
and (x) Shri Dharmendra S Shekhawat.

Annual Report 2023- 24 131

CORPORATE GOVERNANCE REPORT

5. 
In terms of Regulation 25(9) of year ended 31st March 2024 with complete information on its activities,
SEBI (LODR) Regulations, 2015 the unmodified opinion. (iv) The Bank has performance and product initiatives.
Central Board at its meeting held on separate Internal Audit Department Annual, half-yearly and quarterly results
19 th April 2023 has taken on record which periodically submits its report of the Bank for the year 2023-24 were
the Declaration and Confirmation directly to the Audit Committee of published in the leading newspapers of the
re c eive d f rom Indep endent the Bank. country having wide circulation in India .
Directors under Regulation 25(8) 7. The Bank has complied with the The results were also displayed on the
of SEBI (LODR) Regulations, 2015 Corporate Governance requirements Bank’s website www.sbi.co.in or https://
and Independent Directors fulfill specified in Regulation 17 to 27 and bank.sbi. Soft copies of full Annual Report
the conditions specified under clauses (b) to (i) of Regulation 46(2) is sent to all those shareholders who have
Regulation 16(1)(b) of SEBI (LODR) and para C, D and E of Schedule V to registered their e-mail address(es) either
Regulations and are independent of the extent that the requirements of the with the Bank or with depositories and
the management. Clause do not violate the provisions of physical copy of Annual Report is being
6. 
Discretionary Requirements as State Bank of India Act 1955, the rules sent to other shareholders who specifically
specified in Part E of Schedule II of and regulations made there under request for the same. The Bank’s website
SEBI (LODR), Regulations are as and guidelines or directives issued by displays, interalia, official news releases of
follows: (i) The Bank has an Executive the Reserve Bank of India. the Bank, the Bank’s Annual Reports, Half-
Chairman, appointed under Section yearly and quarterly results and details
8. The securities of the Bank were not
19(a) of the SBI Act, 1955 by the of various product offerings. Every year,
suspended from trading during the
Central Government in consultation after the annual / half-yearly / quarterly
Financial Year 2023 – 24.
with the Reserve Bank of India (ii) results are declared, a Press- meet is held
9. The Bank’s Non-Executive Directors on the same day, in which the Chairman
The Bank prepares presentation on
do not have any pecuniary relationship addresses and answers the queries of
financial performance on quarterly
or transaction with the Bank except to the media. This is followed by another
basis for its investors/ analysts and
the extent of transactions done in the meeting where analysts / Investors are
submits the copy of the same, to BSE
normal course of banking business invited. Details of the Bank’s performance
and NSE for investor’s information
and the sitting fees paid to them by are discussed with the analysts / Investors
and is also made available on Bank’s
the Bank for their attendance in the in the meeting. After declaring quarterly
official website (iii) The Bank has
Board and Committee meetings of results, press notifications are issued and
submitted a declaration with the stock
the Board of the Bank.. copy of the same is submitted to the stock
exchanges that the Statutory Auditors
of the Bank have issued Audit Means of Communication exchanges along with the copy of the
Report on Audited Financial Results presentation made on Bank’s performance
The Bank strongly believes that all
(Standalone and Consolidated) for for Investors/ Analysts.
stakeholders should have access to

General Information to Shareholders

The Annual General Meeting: Date: 19th June 2024, Time 03.00 PM Venue: State Bank Auditorium, State Bank Bhavan, Madame of
the Shareholders Cama Road, Mumbai 400 021, through VC/OAVM.
Financial Calendar : 1st April 2023 to 31st March 2024
Dividend Payment Date : 5th June 2024
Listing of securities on : BSE Limited, Mumbai and National Stock Exchange of India Limited, Mumbai. GDRs are listed in London Stock
Stock Exchanges Exchange (LSE), Dollar denominated bonds are listed in Singapore Exchange Limited. Listing fees have been paid
upto date to all the Stock Exchanges, including LSE. Stock Code 500112 (BSE), SBIN (NSE), CUSIP US8565522039
(LSE)
Stock Code/CUSIP : As per SEBI (LODR) Regulations, 2015, transfer of securities shall be effected only in demat form with effect
Share Transfer System from 1st April 2019. Further, in lieu of transmission of shares, a letter of confirmation carrying all details of shares
transmitted will be issued by the RTA as per SEBI guidelines. Quarterly share transfer audit and reconciliation of
share capital audit are carried out by an independent firm of Company Secretaries.
Registrar and Transfer : M/s Alankit Assignments Ltd.
Agent (Existing)
Unit Address : 205-208, Anarkali Complex, E/7, Jhandelwalan Extension, New Delhi - 110055

132
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Phone Numbers : 011 42541234, 7290071335

E-mail address : [email protected]
Address for Correspondence : SBI, Shares & Bonds Department, Corporate Centre, 14th Floor, State Bank Bhavan, Madame Cama Road, Nariman
Point, Mumbai 400 021.
Telephone Numbers : (022) 22740841 to 22740848
Fax : (022) 2285 5348
E-mail Address : [email protected] / [email protected]
Name of the debenture : IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai-400 001
trustees with full contact Contact No. 91-22-4080 7006 Fax Number: 91-22-6631 1776
details (Capital Instruments Axis Trusteeship Services Ltd., Axis House, Bombay Dying Mills Compound, Pandurang Marg, Worli, Mumbai – 400 025
issued in INR) Contact No. 91-22-6230 0451 Fax: +91-22-6230 0700

e-Initiative: In accordance with latest SEBI redressed expeditiously and monitored Outstanding Global
guidelines the requirements of Regulations at the Top Management level. Bank has Depository Receipts (GDR)
36 (1)(b), and (c) and Regulation 58 (1) (b) decided to conduct AGM through VC/
At the time of issue of GDRs in 1996, two
& (c) of the LODR are dispensed with and OAVM and provide e voting facility to all
way fungibility was not permitted by the
hence Annual Report will be forwarded to the shareholders.
Government/RBI, i.e., if the holder of GDR
the shareholders at their registered mail In terms of Regulation 44 (6) of SEBI (LODR) desired to obtain the underlying equity
address through electronic mode only. Regulations, 2015 the Bank provides one shares of the Indian Company, then such
Further Annual Report can be downloaded way live webcast of the proceedings of the GDR was to be converted into shares of
from the Bank’s website https://bank.sbi/ AGM. The webcast facility will be available the Indian Company, but not vice versa.
web/investor-relations/annual-report. from 02:30 PM onwards on 19.06.2024 Later, two-way fungibility of ADRs/ GDRs
and the shareholders can have access at was permitted by the Government of India/
Investors’ Care https://www.evoting.nsdl.com/ or https:// RBI. The Bank has permitted two-way
To meet various requirements of the bank.sbi. fungibility to the Bank’s GDR programme.
investors regarding their holdings, the Bank
The Bank had 9,58,88,67 GDRs as on
has a full-fledged Department - Shares Capital Augmentation During
31st March 2024 representing 9,58,88,670
& Bonds Department - at Mumbai. The FY2024 equity shares.
investors’ grievances, whether received
No equity capital was raised during
at the Bank’s offices or at the office of
FY2023-24.
the Registrar and Transfer Agents, are

Unclaimed Shares
Category of shareholder No. of Outstanding
Shareholders Shares

No. of shareholders and the outstanding shares lying in the Unclaimed Suspense account at the beginning 1,712 4,63,970
of the year
Add - No. of e-SBBJ shareholders and the outstanding shares lying in the Unclaimed Suspense account at 549 2,66,768
the beginning of the year
Total 2,261 7,30,738
No. of Shareholders, who approached the issuer for transfer of shares from the unclaimed suspense account 288 1,57,652
during the year
No. of Shareholders, whom shares were transferred from the unclaimed suspense account during the year 288 1,57,652
Aggregate No. of shareholders and the outstanding shares lying in the Unclaimed Suspense 1,973 5,73,086
account at the end of the year

The voting rights on such unclaimed shares shall remain frozen till the rightful owner of such shares claims the shares.

Annual Report 2023- 24 133

CORPORATE GOVERNANCE REPORT

Dividend Distribution Policy The Bank’s “Policy for Derivatives” approved Disclosures as Required
The Bank has a Dividend Distribution
by the Board prescribes measures to be under SEBI (LODR)
taken to contain the risks. The market
Policy approved by the Central Board. The (Amendment) Regulations,
risk parameters (Greek limits, Loss limits,
Policy is available on the Bank’s website
Cut-loss triggers, Open position limits,
2018 (Listing Regulations)
under “Codes & Policies” section of the
VaR, Modified Duration, PV01, etc.) have 1. The Central Board of the Bank has
webpage: https://bank.sbi/web/investor-
been clearly defined in the Policy which reviewed and approved the terms
relations/disclosure-under-regulation-46.
are strictly adhered to. For containing of reference/ role/ reconstitution of
various Board level committees viz
Qualitative Disclosure on Credit risk, the policy stipulates customer
Audit, Stakeholders Relationship, Risk
/ counterparty eligibility criteria [credit
Derivative Transactions Management and the Nomination
rating, tenure of relationship, availability
Financial Year 2023-24 of CEL limit, Customer Appropriateness and Remuneration Committee,
The Bank, at present, deals in over the & Suitability (CAS) testing etc.] which respectively, in terms of amendment
counter (OTC) derivatives to hedge against are strictly complied. Appropriate limits in SEBI (LODR) Regulations. The
interest rate and currency risks. It also deals are set for the corporate counterparties terms of reference/ role/ mandate of
Currency Futures and Currency Options. by respective Business Units considering the NRC were reviewed and approved
their ability to honour obligations. The by the Central Board in its meeting
Interest rate derivatives dealt by the Bank held on 27.09.2023. The terms of
Bank executes ISDA agreement with each
are Rupee Interest Rate Swaps (OIS), in reference/ role of other Board Level
derivatives counterparty – both corporate
exchange traded Interest Rate Futures, Committees were last reviewed by
as well as interbank.
Foreign Currency Interest Rate Swaps (IRS), the Central Board on 06.03.2019
Forward Rate Agreements (FRA), Caps, For each of the Interbank counterparty, a in line with the SEBI (LODR)
Floors and Collars. Currency Derivatives counterparty exposure limit is put in place Amendments Regulations, 2018. The
dealt by the Bank are Currency Swaps by the Risk vertical. The Bank has executed last reconstitution of the Board Level
(CIRS / CCS), USD/INR Options and CSA (Credit Support Annex) – a part of ISDA Committees during the year has been
CrossCurrency Options. The Bank also does Master Agreement with a few counterparties. approved by the Central Board in its
NDO and NDF trades as permitted by RBI. As per the terms of CSA, collateral is posted meeting held on 21.06.2023 and is
or transferred with swap counterparties to effective from 26.06.2023.
The products are offered to Bank’s
mitigate the credit risk arising from ‘in the 2. In terms of Regulation 24A of Listing
customers for hedging their exposures.
money’ derivative positions. Regulations a secretarial audit report
These are also used for reducing Bank’s
Balance Sheet Risk. Trading / Arbitrage for financial year ended 31st March
The Asset Liability Management Committee
activities on Derivatives are done 2024 is annexed to the Annual Report.
(ALCO) of the Bank oversees efficient
selectively within prescribed risk limits management of these risks. The Bank’s 3. 
During FY2024 the Bank did not
whenever opportunities are sighted. Market Risk Management Department raise capital through Preferential
(MRMD) identifies, measures and monitors Allotment or Qualified Institutional
The Bank runs USD/INR Option Book and Placement. Therefore, a Nil statement
market risk associated with derivative
manages Greek limits efficiently. The Bank of deviation/ variation in utilisation of
transactions. MRMD assists ALCO in
also runs MIFOR book for making USD / funds raised was filed with the Stock
controlling and managing these risks and
INR swap prices. Exchanges under Regulation 32(1) of
reports compliance with policy prescriptions
to the Risk Management Committee of the SEBI (LODR), Regulations, 2015.
Derivative transactions carry market risk
i.e., the probable loss the Bank may incur Board (RMCB) at regular intervals. 4. The Bank has obtained certificate
caused by adverse movements in interest under Regulation 34 and Schedule
The accounting policy for derivatives has V of Listing Regulations and none of
rates and / or exchange rates. A derivative
been drawn up in accordance with the the Directors of the Bank have been
position also carries credit risk i.e., the
RBI guidelines, the details of which are debarred or disqualified from being
probable loss the Bank may incur if the
presented under Schedule 17: Principal appointed by any statutory authority.
counterparties fail to meet their obligations.
Accounting Policies (PAP). (Copy of the Certificate is attached)

134
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

5. Details of familiarisation programmes FY2023-24 as per the Schedule 8. 

All pecuniary relationship or
imparted for Independent Directors V Para C, Clause 10 (k) of Listing transactions of the Non-Executive
are disclosed on the website of the Regulations, is H6,14,30,705.70 only. Directors vis-à-vis the listed entity
Bank under the web link: https://sbi. 7. Where the Board had not accepted any – NIL
co.in/web/corporate-governance/ recommendation of any committee 9. Senior management: Particulars of
corporate-governance under the tab of the board which is mandatorily senior management including the
“Regulatory Disclosures” required, in the FY2023-24 - NIL changes therein since the close of
6. Total fees paid to existing Statutory the previous financial year Senior
Central Auditors (SCAs) during Management as on 31st March 2024

Sr NAME Present Assignment

No

1 Shri S. Salee DMD & CCO, CC Mumbai

2 Shri Rana Ashutosh Kumar Singh DMD (Retail-P & RE), CC Mumbai
3 Smt. Saloni Narayan DMD (Finance), CC, Mumbai
4 Shri Mahesh Kumar Sharma DMD (Transaction Banking & New Initiatives),CC , Mumbai
5 Shri R. Viswanathan DMD (Internal Audit), CC, Hyderabad.
6 Shri Amara Ramamohan Rao DMD & CRO
7 Shri Nitin Chugh DMD & Head (Digital Banking & Transformation)
8 Shri B. Sankar DMD SARG, CC Mumbai
9 Smt. Ruma Dey DMD & Group Compliance Officer, CC, Mumbai
10 Shri Amitava Chatterjee DMD (CCG-II), Commercial Clients Group Cc, Mumbai
11 Smt. Vidya Krishnan DMD (IT), GITC, Navi Mumbai
12 Shri Gulshan Malik DMD (CCG-I), CCG CC, Mumbai Addl Charge DMD(CAG)
13 Shri Pravin Raghavendra DMD & COO, CC Mumbai
14 Shri Surender Rana DMD (Retail-Agri, SME & FI), CC Mumbai
15 Ms. Jayati Bansal DMD, IBG
16 Shri Nand Kishore DMD (Global Markets), CC, Mumbai
17 Shri Binod Kumar Mishra DMD (HR) & CDO
18 Shri Kameshwar Rao Kodavanti Chief Financial Officer, CC Mumbai

Changes in Senior Management since close of the financial year (w.e.f. 1st April 2023 to 31st March 2024)
Name Position Change Because Of

Shri Vinay M. Tonse DMD Corporate Account Group CC Mumbai Elevated As MD

Shri Surender Rana DMD (Retail-Agri, SME & FI) CC Mumbai Appointment
Ms Jayati Bansal DMD, IBG, CC, Mumbai Appointment
Shri Nand Kishore DMD (Global Markets) CC Mumbai Appointment
Shri Binod Kumar Mishra DMD (HR) & CDO CC Mumbai Appointment
Shri Kameshwar Rao Kodavanti Chief Financial Officer CC Mumbai Appointment
Shri S. Salee DMD & CCO, CC Mumbai No Change
Smt. Saloni Narayan DMD (Finance), CC, Mumbai No Change
Shri R. Viswanathan DMD (Internal Audit) CC, Hyderabad. No Change
Shri Nitin Chugh DMD & Head (Digital Banking & Transformation) No Change
Smt. Ruma Dey DMD & Group Compliance Officer, CC, Mumbai No Change
Smt. Vidya Krishnan DMD (IT), GITC, Navi Mumbai No Change

Annual Report 2023- 24 135

CORPORATE GOVERNANCE REPORT

Name Position Change Because Of

Shri Rana Ashutosh Kumar Singh From - DMD (Transaction Banking & New Initiatives) CC Mumbai Transfer
To - DMD (Retail-P & RE) CC Mumbai
Shri Mahesh Kumar Sharma From - MD & CEO, SBI Life Insurance Co Ltd. Mumbai Transfer
To - DMD (Transaction Banking & New Initiatives) CC Mumbai
Shri Amara Ramamohan Rao From - MD & CEO, SBI Cards & Payments Services Ltd, Gurgoan Transfer
To - DMD & Chief Risk Officer CC Mumbai
Shri B. Sankar From - DMD & COO CC Mumbai Transfer
To - DMD SARG CC Mumbai
Shri Amitava Chatterjee From - MD & CEO, SBI Capital Markets Limited, Mumbai Transfer
To - DMD (CCG-II), Commercial Clients Group CC, Mumbai
Shri Gulshan Malik From - DMD Commercial Clients Group CC, Mumbai Transfer
To - DMD (CCG-I), CCG CC, Mumbai Addl Charge DMD(CAG)
Shri Pravin Raghavendra From DMD (Retail-Agri, SME & FI) CC Mumbai Transfer
To DMD & COO CC Mumbai
Shri Prakash Chandra Kandpal DMD (Retail-P & RE) CC Mumbai Retirement
Shri Sureddi Srinivasa Rao DMD & CRO, CC, Mumbai Retirement
Shri Sanjay D. Naik DMD, IBG, CC, Mumbai Retirement
Shri Subrata Biswas DMD SARG CC Mumbai Retirement
Shri Om Prakash Mishra DMD (HR) & CDO, CC, Mumbai Retirement
Shri Raghavendra Rao Balakrishna DMD Global Markets CC Mumbai Retirement
Shri Prabodh Parikh DMD CC Mumbai Retirement
Shri Charanjit Surinder Singh Chief Financial Officer CC Mumbai Resignation

10. Credit Ratings: List of all credit ratings obtained by the Bank along with any revisions thereto during FY2023-24, for all debt
instruments involving mobilisation of funds, whether in India or abroad.
Rating Agency Ratings Outlook
Additional Tier 2 Long Term Certificate of Fixed
Tier 1 Bonds Deposit Deposit
CRISIL AA+ AAA AAA Stable
CARE AA+ AAA AAA Stable
ICRA AA+ AAA AAA Stable
India Ratings AA+ AAA AAA A1+ Stable

Rating Agency Rating/Outlook

Moody's Baa3/Stable/P-3
S&P BBB-/Stable/A-3
Fitch Ratings BBB-/Stable/F-3

136
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Share Price Movement

The movement of the SBI share price (Lows & Highs) along with BSE Sensex / NSE Nifty is presented in the following graphs.

Stock Performance at BSE (FY2023-24)

800 80,000
790 79,000
780 78,000
770 77,000
760 76,000
750 75,000
740 74,000
730 73,000
720 72,000
710 71,000
700 70,000
690 69,000
680 68,000
Share Price (in `)

Sensex (in `)
670 67,000
660 66,000
650 65,000
640 64,000
630 63,000
620 62,000
610 61,000
600 60,000
590 59,000
580 58,000
570 57,000
560 56,000
550 55,000
540 54,000
530 53,000
520 Low Price High Price Sensex 52,000
510 51,000
500 50,000
01-Apr-23

15-Apr-23

29-Apr-23

13-May-23

27-May-23

10-Jun-23

24-Jun-23

08-Jul-23

22-Jul-23

05-Aug-23

19-Aug-23

02-Sep-23

16-Sep-23

30-Sep-23

14-Oct-23

28-Oct-23

11-Nov-23

25-Nov-23

09-Dec-23

23-Dec-23

06-Jan-24

20-Jan-24

03-Feb-24

17-Feb-24

02-Mar-24

16-Mar-24

30-Mar-24
Date

Stock Performance at NSE (FY2023-24)

800 23,250
790 23,000
780 22,750
770 22,500
760 22,250
750 22,000
740 21,750
730 21,500
720 21,250
710 21,000
700 20,750
690 20,500
Share Price (in `)

Nifty 50 (in `)

680 20,250
670 20,000
660 19,750
650 19,500
640 19,250
630 19,000
620 18,750
610 18,500
600 18,250
590 18,000
580 17,750
570 17,500
560 17,250
550 17,000
540 16,750
530 Low Price High Price Nifty 16,500
520 16,250
510 16,000
01-Apr-23

15-Apr-23

29-Apr-23

13-May-23

27-May-23

10-Jun-23

24-Jun-23

08-Jul-23

22-Jul-23

05-Aug-23

19-Aug-23

02-Sep-23

16-Sep-23

30-Sep-23

14-Oct-23

28-Oct-23

11-Nov-23

25-Nov-23

09-Dec-23

23-Dec-23

06-Jan-24

20-Jan-24

03-Feb-24

17-Feb-24

02-Mar-24

16-Mar-24

30-Mar-24

Date

Annual Report 2023- 24 137

CORPORATE GOVERNANCE REPORT

Market Price Data

Months BSE (in J) NSE (In J) LSE (In $)
High Low High Low High Low
Apr-23 578.05 522.80 578.30 523.00 70.67 63.77
May-23 594.95 570.20 595.00 570.50 71.67 69.72
Jun-23 588.95 554.70 589.20 554.60 71.37 67.60
Jul-23 620.10 584.45 620.20 584.40 75.41 71.13
Aug-23 611.75 560.60 611.85 560.80 74.38 67.61
Sep-23 603.95 569.70 603.95 569.55 72.53 68.86
Oct-23 602.95 547.15 602.95 547.00 72.46 65.72
Nov-23 584.65 559.10 584.70 558.95 70.65 67.08
Dec-23 655.60 571.85 655.40 571.75 78.79 68.64
Jan-24 643.40 605.05 643.45 605.10 77.76 72.76
Feb-24 771.55 643.10 771.50 642.95 92.98 77.40
Mar-24 788.15 723.10 788.05 723.80 95.19 87.16

Note: Monthly high and low is extracted from daily closing price of the share. Book value per share H363.84 as on 31st March 2024

Shareholding Pattern as on 31st March 2024

Sr. Description % of Total Shares
No.
1 President of India 56.92
2 Non-residents (FIIs/OCBs/NRIs/GDRs) 12.35
3 Mutual Funds & UTI 11.96
4 Private Corporate Bodies 0.62
5 Banks/ FIs/ Insurance Cos., etc. 11.78
6 Others (including Resident Individuals) 6.37
Total 100.00

Top Ten Shareholders as on 31st March 2024

Sr. % of Shares in Total Equity
No.
1 President of India 56.92
2 Life Insurance Corporation of India 8.83
3 SBI Mutual Fund 2.94
4 HDFC Mutual Fund 1.73
5 NPS Trust 1.33
6 The Bank of New York Mellon 1.07
7 Nippon India Mutual Fund 1.05
8 Government of Singapore 1.05
9 ICICI Prudential Mutual Fund 1.00
10 Kotak Mutual Fund 0.79

138
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Dematerialisation of Shares and Liquidity: Bank’s equity shares are compulsorily traded in the electronic form. As on 31st March
2024, 8,86,55,74,678 shares representing 99.34% of total equity capital were held in electronic form.
Description No. Share Holders No. of Shares Share %

NSDL 12,58,446 3,50,56,96,180 39.28

CDSL 18,77,632 5,35,98,78,498 60.06

PHYSICAL 1,48,837 5,90,37,256 0.66

Total 32,84,915 8,92,46,11,934 100.00

Distribution Schedule - Consolidated as on 31/03/2024 (Face value of K 1 each)

Category (Shares) No of Cases % of Cases Amount % of Amount

1-5000 32,74,211 99.67 48,28,11,834 5.41

5001-10000 5,549 0.17 3,92,78,486 0.44
10001-20000 2,259 0.07 3,14,70,939 0.35
20001-30000 672 0.02 1,66,32,458 0.19
30001-40000 291 0.01 1,02,25,908 0.11
40001-50000 215 0.01 98,02,177 0.11
50001-100000 448 0.01 3,21,29,123 0.36
100001-ABOVE 1,270 0.04 8,30,22,61,009 93.03
Total 32,84,915 100 8,92,46,11,934 100

Annual Report 2023- 24 139

CORPORATE GOVERNANCE REPORT

ANNEXURE I
Brief Resume of Non-Executive Directors on the Board as on 31st March 2024

CA. Ketan S. Vikamsey the Board of Oracle Financial Services 22nd April 2021. The role of Executive
Software Limited. Director (Personnel) is a specialist position
CA. Ketan S. Vikamsey is a Director re-
He has more than 33 years of experience with the responsibilities of development
elected by the Shareholders u/s 19 (c) of
in Banking, Capital & Commodity of Manpower planning, placement,
the SBI Act, 1955, for a period of three years
Markets, Asset Management, Exchange, appraisals, discipline, and Industrial
from 26th June 2023 to 25th June 2026. He
and Securities Services covering varied relations within the Organisation. During
is a senior partner at KKC & Associates
functional and geographic areas. He his assignments in IT, CRM, ULIP and
LLP (formerly Khimji Kunverji & Co LLP),
leads his Consulting practice as the Personnel, he guided his teams in adoption
Chartered Accountants, a firm established
Managing Partner of MC3 (www.mcqube. of technology in making various processes
in 1936. He holds a Certification on IFRS
in). Previously he was the MD & CEO of paperless that allowed authorised
by ICAI; Diploma in Information System
NCDEX e Markets Ltd and prior to that MD employees to work from anywhere; and
Audit (DISA) of ICAI; and Certification in
& CEO of Multi Commodity Exchange of in providing online services to customers.
IT and Cyber Security for Board Members
India (MCX) – India’s first listed and leading He was also instrumental in centralisation
by IDRBT, Hyderabad. He is registered as
Commodity Exchange. He had various of ULIP administration on private cloud,
an Independent Director with the Indian
successful stints in India & Singapore development and implementation of
Institute of Corporate Affairs.
in 26 years across Financial Services “Upgraded Disciplinary Workflow through
He comes with over thirty years’ experience Integration of Technology (UDIT)” and
Organisations such as Deutsche Bank,
in the areas of audit of large banks, completion of vendor selection process
ICICI Prudential, W I Carr Securities, ING
manufacturing concerns, Investment for implementation of HRMS.
Barings & Citibank.
Banks, Insurance Companies and Mutual
He has attended various training programs
Funds. He is a regular Speaker/ Chairman,
at various seminars, meetings, lectures
Shri Rajesh Kumar Dubey conducted by IIMs, ISB, NIA, and CAFRAL,
Shri Rajesh Kumar Dubey is a Director has acquired “Financial Planning
held by ICAI, Regional Councils of ICAI,
elected by the Shareholders u/s 19 (c) of Certificate” from CII, UK and has also
Branches & Study Circles of ICAI, RBI,
the SBI Act, 1955, for a period of three served as nominee Director on the Boards
C&AG and several other organisations. He
years from 26 th June 2023 to 25th June of KSFC and TFCI.
is a Trustee at Vipassana Research Institute,
Igatpuri and Shri V L Vidyarthigriha – an 2026. He is a former Executive Director of
NGO operating a modern Hostel facility in LIC of India. He joined LIC of India as a CA. Dharmendra Singh
the heart of Mumbai with a capacity of over Direct Recruit Officer in the year 1988 and Shekhawat
150 students. He is a wildlife and nature retired as Executive Director (Personnel) CA. Dharmendra Singh Shekhawat is a
lover, having keen interest in professional in February 2024. He possesses a Degree Director elected by the Shareholders u/s
photography, having widely travelled across in Engineering. In a span of 36 years of 19 (c) of the SBI Act, 1955, for a period of
the world, with a passion for exploring new service in LIC of India, Shri Dubey gained three years from 26th June 2023 to 25th June
places and varied interesting cultures. experience in various aspects of Life 2026. He is a Graduate in Commerce and a
Insurance business in India and abroad Chartered Accountant by profession. He is
Shri Mrugank M. Paranjape (UK). He worked in Branches with exposure the main Partner of M/s. D. S. Shekhawat &
in General Administration, Customer Associates, Chartered Accountants since
Shri Mrugank M. Paranjape is a Director
Service and Marketing both in Individual as September 2002 and is also the Chairman
re-elected by the Shareholders u/s 19 (c)
well as Group Business in the initial period. of the Th. Jaswant Singh Memorial Trust.
of the SBI Act, 1955, for a period of three
He was then posted as Manager (Sales)
years from 26 th June 2023 to 25th June He has over 20 years of diverse experience
at LIC’s UK Office for four years and also
2026. He is a Bachelor in Technology and knowledge in Accountancy,
headed Corporation’s Divisional Offices in
from the Indian Institute of Technology Audits, Finance, Economics, Law,
Mumbai and Bengaluru.
Mumbai with a Post Graduate Diploma in Human Resources, Risk and Business
Management from the Indian Institute of After having exposure in various portfolios Management, Agriculture & Rural Economy.
Management Ahmedabad. A renowned in IT, New Business, International He has served as an Independent Director
Capital & Commodity markets expert, Operations, Personnel/Administration, on the Board of Indian Oil Corporation
he is also the Chairman of the Board of CRM, Marketing, ULIP, ER-Discipline, Limited (IOCL) from 22nd September 2017
Trustees of Sewa International and an and Personnel, Shri Dubey took charge to 21st September 2020 and was also the
Independent Non-Executive Director on as Executive Director (Personnel) on

140
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Chairman of the Audit Committee of the Company (P) Ltd. and also an Independent Department of Financial Services, Ministry
Board of IOCL. Director of GIC Housing Finance Limited. of Finance since 1st November 2022.
He has served on various National and In this assignment, Dr. Joshi is dealing
CA. Prafulla P Chhajed International organisations such as SAFA, with policies, schemes and legislations
CA. Prafulla P Chhajed is a Director, IFAC SMP committee, CA Worldwide, related to banking sector including Public
nominated by the Central Government Integrated Reporting Council etc. He has Sector Banks, insurance sector, Financial
u/s 19 (d) of the SBI Act, 1955, w.e.f. widely travelled across the globe and Institutions, financial inclusion, and pension
21st December 2021 for a period of addressed many seminars and conferences reforms. He is also serving as member on
three years. He is a fellow and practicing both in India and Internationally. the board of Reserve Bank of India (RBI).
member of The Institute of Chartered Prior of this position, he was working
Accountants of India (ICAI) and member Smt. Swati Gupta as Registrar General and Census
of CPA (Australia). He has done LLB (Gen) Smt. Swati Gupta is a Director, nominated Commissioner, India under the Ministry
and holds ICAI certificate on Forensic by the Central Government u/s 19(d) of the of Home Affairs, Government of India for
Accounting & Fraud Detection and SBI Act, 1955 w.e.f. 8th May 2023 for a period almost four years. He also worked with
Certificate on Business Responsibility and of three years. She graduated from Delhi the Government of Haryana as Principal
Sustainability Report (BRSR). University and post graduated in political Secretary, Monitoring and Coordination,
He was the President of The Institute of science. She also holds L.L.B. degree and CEO, Gurugram Metropolitan Development
Chartered Accountants of India (2019-20) has done Advanced Management program Authority, Gurugram; Chief Administrator,
and was Chairman of WIRC of ICAI for corporate leaders from Indian Institute Trade Fair Authority of Haryana (TFAH),
(2007-08). He is President of Confederation of Management. New Delhi; Director, Swarna Jayanti
of Asia & Pacific Accountants (CAPA), She has more than 30 years of experience Haryana Institute for Fiscal Management,
Malaysia (2023-25). He is also Chairman in administration. She was elected as Panchkula. Prior to these assignments he
of Multi Commodity Exchange Clearing municipal councillor and zonal chairman has also worked as Member Secretary,
Corporation Limited (MCXCCL) and Board of East Delhi municipal corporation of Fifth State Finance Commission; and
Member of few other companies. He was Delhi from 2012-2017. She was nominated Divisional Commissioner Ambala in
member of Professional Accountancy member of Education Committee of Haryana State (2017- 2018). During 2014-
Organisation Development Group of corporation from 2017-2022. She is a 2017, he has served as Joint Secretary in
International Federation of Accountants social worker and educationist. She runs the Ministry of Finance, Government of
(IFAC), New York. He was member of a charitable trust and pre-school in Delhi. India, where his responsibilities included
Board of Management of Mumbai School She has a vast experience in the affairs of advising the Government in formulation
of Economics & Public Policy (University women, legal, social and consumer issues. of public procurement policy. He was
of Mumbai). also involved with the appraisal of public
In the past, he has served as an Independent Dr. Vivek Joshi, IAS funded projects and schemes in some key
Dr. Vivek Joshi is a Director, nominated sectors of economy e.g., Road & Highways,
Director in Insurance Regulatory &
by the Central Government, u/s 19(e) Urban Development, UIDAL Space, Atomic
Development Authority (IRDA) and as
of SBI Act 1955 w.e.f. 15th November Energy and Railways. He also served as
member of Primary Market Advisory
2022, till further order. Dr. Joshi joined the first Administrator of Swachh Bharat
Committee of SEBI. He has served as
the Indian Administrative Service (IAS) Kosh (SBK) a public fund, created by the
Director in ICAI Accounting Research
in 1989. He holds a PhD in International government to achieve the objective of
Foundation, Director in Indian Institute of
Economics from the Graduate Institute Clean India. He has also worked as Joint
Insolvency Professionals of ICAI, Director
Geneva (Switzerland). He completed his Secretary to the Government of India in the
in ICAI Registered Valuers Organisation,
doctorate under the guidance of Prof. Ministry of Women and Child Development
Director in Extensible Business Reporting
Richard Baldwin. He is also an alumnus of (2010-2014), where he worked in area of
Language (XBRL) India. He was Chairman
University of Roorkee (now, Indian Institute Child Rights and Child Protection.
of Executive Committee of World Congress
of Accountants 2022 constituted by of Technology Roorkee), where he did his He has also served as Director in the
International Federation of Accountants B.E. in Mechanical Engineering in 1987. Ministry of Textiles, Government of India
(IFAC). He has served as an Independent Dr. Vivek Joshi is currently posted as (2001-2006), where he advised the Ministry
Director in SBI Mutual Fund Trustee Secretary to the Government of India, on WTO related textiles matters, especially,

Annual Report 2023- 24 141

CORPORATE GOVERNANCE REPORT

Non-Agricultural Market Access (NAMA) Act, 1955, w.e.f. 14th July 2023 till further Certified Bank Manager from Institute
and Agreement on Textile & Clothing (ATC) order. Shri Kumar is presently holding the of Bank Management and Research,
negotiations, Jute and Cotton Sector. He post of Executive Director (ED), Reserve Hyderabad. He has undertaken Executive
also participated in Regional Trading Bank of India and oversees Human Management Programme from Kellogg
Agreement Negotiations, especially Resource Management Department, School of Management, Chicago and holds
related with South Asian Free Trade Premises Depar tment, Rajbhasha other professional qualifications including
Agreement (SAFTA) and India Sri Lanka Department and Central Security Cell. Certified Associate of Indian Institute of
FTA. Additionally, he has been Deputy Before taking over as ED, he was heading Banking and Finance (CAIIB).
Commissioner, Joint Secretary Finance the New Delhi Regional Office of the RBI Shri Kumar joined Reserve Bank of
and Director of the Treasury in the State as Regional Director. In the past, he has India in December 1991 and has had a
of Haryana. served as the RBI Nominee Director on the wide experience of 32 years of working
Board of Bank of Baroda from January 2017 in various capacities in the areas of
Shri Ajay Kumar to April 2021. Banking Supervision, Foreign Exchange
Shri Ajay Kumar is a Director, nominated Shri Kumar has done his Masters in Management, Financial Inclusion and
by the Central Government, u/s 19(f) of SBI Economics and MS in Banking. He is Currency Management.

142
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

ANNEXURE II
Details of Directorship in the listed entities including Bank & Chairmanships/Membership in Audit/Stakeholders Committee(s) held
by the Directors of the Bank in Listed entities including Bank as on 31st March 2024 in due compliance with Regulation 26 (1) of SEBI
(Listing Obligations & Disclosure Requirements) Regulations, 2015
Sr. Name of the Director Designation Date of Appointment in the Number of Directorship & Chairmanships/
No. current term/ Cessation Membership in Audit/ Stakeholders Committee(s)
held in listed entities including Bank
1 Shri Dinesh Kumar Khara Chairman 7st October 2023 / Director: 3
28th August 2024 Committee Member: Nil
Chairman of Committee: Nil
2 Shri Challa Sreenivasulu Setty Managing Director 20th January 2023 / Director: 1
19th January 2025 Committee Member: 1
Chairman of Committee: Nil
3 Shri Ashwini Kumar Tewari Managing Director 28th January 2024 / Director: 3
27th January 2026 Committee Member: 4
Chairman of Committee: Nil
4 Shri Alok Kumar Choudhary Managing Director 07th June 2022 / Director: 1
30th June 2024 Committee Member: Nil
Chairman of Committee: Nil
5 Shri Vinay M. Tonse Managing Director 21st November 2023 / Director: 1
30th November 2025 Committee Member: 1
Chairman of Committee: Nil
6 Shri Ketan S. Vikamsey Non-Executive Director 26th June 2023 / Director: 1
25th June 2026 Committee Member: 2
Chairman of Committee: 1
7 Shri Mrugank M. Paranjape Non-Executive Director 26th June 2023 / Director: 2
25th June 2026 Committee Member: 2
Chairman of Committee: 1
8 Shri Rajesh Kumar Dubey Non-Executive Director 26th June 2023 / Director: 1
25th June 2026 Committee Member: 2
Chairman of Committee: 1
9 Shri Dharmendra Singh Non-Executive Director 26th June 2023 / Director: 1
Shekhawat 25th June 2026 Committee Member: 1
Chairman of Committee: Nil
10 Shri Prafulla P. Chhajed Non-Executive Director 21st December 2021 / Director: 2
20th December 2024 Committee Member: 4
Chairman of Committee: 1
11 Smt. Swati Gupta Non-Executive Director 8th May 2023 / Director: 1
7th May 2026 Committee Member: 1
Chairman of Committee: Nil
12 Dr. Vivek Joshi Non-Executive Director 15th November 2022/ Director: 1
till further order Committee Member: Nil
Chairman of Committee: Nil
13 Shri Ajay Kumar Non-Executive Director 14th July 2023/ Director: 1
till further order Committee Member: 1
Chairman of Committee: Nil

Annual Report 2023- 24 143

CORPORATE GOVERNANCE REPORT

ANNEXURE IIA
Total Number of Memberships/ Chairmanships held by the Directors on the Boards / Board-level Committees of the Bank/ Other
Companies as on 31st March 2024

1. SHRI DINESH KUMAR KHARA

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Chairman Executive Committee of the Central Board - Chairman
Board Committee to Monitor Recovery - Chairman
2 SBI Life Insurance Company Ltd. Chairman --
3 SBI Cards and Payment Services Ltd. Chairman --
4 SBI General Insurance Co. Ltd. Chairman --
5 SBI Funds Management Ltd. Chairman --
6 SBI Capital Markets Ltd. Chairman --
7 SBI Foundation Chairman --
8 State Bank Operations Support Services Pvt. Ltd. Chairman --
9 SBICAP Ventures Ltd. Director --
10 Export-Import Bank of India Director --
11 Indian Institute of Banking and Finance Director --

2. SHRI CHALLA SREENIVASULU SETTY

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Managing Director Executive Committee of the Central Board – Member
IT Strategy Committee - Member
Stakeholders Relationship Committee cum Customer Service
Committee of the Board – Member
Board Committee to Monitor Recovery - Member
Corporate Social Responsibility Committee – Chairman
2. SBI Capital Markets Ltd. Director --
3 SBICAP Ventures Ltd. Director --
4 SBI Foundation Director --

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

3. SHRI ASHWINI KUMAR TEWARI

Sr. Name of the Bank/ Company Chairman/ Name(s) of the Committee(s)-
No. Director Chairman/ Member
1 State Bank of India Managing Director Executive Committee of the Central Board – Member
Risk Management Committee of the Board – Member
Board Committee to Monitor Recovery – Member
2 SBI Cards and Payment Services Ltd. Director Executive Committee – Chairman
Audit Committee – Member
Nomination and Remuneration Committee – Member
3 SBI Life Insurance Company Ltd. Director Audit Committee – Member
Investment Committee – Member
Risk Management Committee – Member
Policyholder Protection Committee – Member
Nomination and Remuneration Committee – Member
Corporate Social Responsibility Committee – Member
Stakeholders Relationship Committee – Member
With Profits Committee – Member
4 SBI General Insurance Co. Ltd. Director Investment Committee – Chairman
Policyholders Protection Committee – Chairman
Risk Management Committee – Member
Audit Committee – Member
Corporate Social Responsibility Committee – Member
Nomination and Remuneration Committee – Member
Technology Committee – Member
5 SBI Funds Management Ltd. Director Nomination Remuneration Committee – Member
6 SBICAP Securities Ltd. Director --
7 SBI DFHI Ltd. Chairman Nomination and Remuneration Committee – Member
8 SBI Global Factors Ltd. Chairman --
9 SBI Payment Services Pvt. Ltd. Chairman --
10 SBI Pension Funds Pvt. Ltd. Chairman --
11 SBI Infra Management Solutions Pvt. Ltd. Director --
(Company under voluntary liquidation)

4. SHRI ALOK KUMAR CHOUDHARY

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Managing Director Executive Committee of the Central Board – Member
Risk Management Committee of the Board – Member
IT Strategy Committee of the Board – Member
Special Committee of the Board for Monitoring
of Large Value Frauds – Member
Board Committee to Monitor Recovery – Member
Review Committee for Identification of Wilful Defaulters/ Non-
Cooperative Borrowers – Chairman

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CORPORATE GOVERNANCE REPORT

5. SHRI VINAY M. TONSE

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Managing Director Executive Committee of the Central Board – Member
Special Committee of the Board for Monitoring
of Large Value Frauds – Member
Stakeholders Relationship Committee cum Customer Service
Committee of the Board – Member
Board Committee to Monitor Recovery – Member
Corporate Social Responsibility Committee - Member
2 SBI Foundation Director --
3 State Bank Operations Support Services Pvt. Ltd Director --

6. SHRI KETAN S. VIKAMSEY

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Director Audit Committee of the Board – Chairman
Stakeholders Relationship Committee cum Customer Service
Committee of the Board – Member
Risk Management Committee of the Board – Member
IT Strategy Committee of the Board – Member
Special Committee of the Board for Monitoring
of Large Value Frauds – Member
Nomination & Remuneration Committee – Member
Corporate Social Responsibility Committee – Member
Review Committee for Identification of Wilful Defaulters/ Non-
Cooperative Borrowers – Member

7. SHRI MRUGANK M. PARANJAPE

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Director Executive Committee of the Central Board – Member
Audit Committee of the Board – Member
Risk Management Committee of the Board – Chairman
IT Strategy Committee of the Board – Member
Special Committee of the Board for Monitoring of Large Value
Frauds – Member
Nomination & Remuneration Committee – Member
Board Committee to Monitor Recovery – Member
Corporate Social Responsibility Committee – Member
2 Oracle Financial Services Software Ltd. Director Audit Committee – Chairman
Risk Management Committee – Member
ESOP Allotment Committee – Member
3 Meta Materials Circular Markets Pvt. Ltd. Director --

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

8. SHRI RAJESH KUMAR DUBEY

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Director Executive Committee of the Central Board – Member
Audit Committee of the Board – Member
Risk Management Committee of the Board – Member
IT Strategy Committee of the Board – Chairman
Stakeholders Relationship Committee cum Customer Service
Committee – Chairman
Nomination and Remuneration Committee – Chairman
Board Committee to Monitor Recovery – Member
Review Committee for Identification of Wilful Defaulters/ Non-
Cooperative Borrowers – Member

9. SHRI DHARMENDRA SINGH SHEKHAWAT

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Director Special Committee of the Board for Monitoring Large Value Frauds
– Member
Stakeholders Relationship Committee cum Customer Service
Committee – Member
Nomination and Remuneration Committee – Member
Board Committee to Monitor Recovery – Member
Corporate Social Responsibility Committee – Member

10. SHRI PRAFULLA P. CHHAJED

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Director Executive Committee of the Central Board – Member
Audit Committee of the Board – Member
Risk Management Committee of the Board – Member
IT Strategy Committee of the Board – Member
Stakeholders Relationship Committee cum Customer
Service Committee of the Board – Member
Special Committee of the Board for Monitoring
of Large Value Frauds - Chairman
Board Committee to Monitor Recovery – Member
Corporate Social Responsibility Committee – Member
Review Committee for Identification of Wilful
Defaulters/ Non-Cooperative Borrowers – Member
2 Allcargo Terminals Ltd. Director Audit Committee – Chairman
Finance Committee – Member
Stakeholders Relationship Committee – Member
Meta Materials Circular Markets Pvt. Ltd. Director --
3 Intercontinental Forum of Entrepreneurs and Director --
Professionals
4 Multi Commodity Exchange Clearing Corporation Chairman --
Ltd.
5 Speedy Multimodes Ltd. Director --

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11. SMT. SWATI GUPTA

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Director Special Committee of the Board for Monitoring Large Value Frauds
– Member
Stakeholders Relationship Committee cum Customer Service
Committee – Member
Nomination and Remuneration Committee – Member
Board Committee to Monitor Recovery – Member
Review Committee for Identification of Wilful Defaulters/
Non-Co-operative Borrowers – Member

12. DR. VIVEK JOSHI

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Director Board Committee to Monitor Recovery – Member
2 RBI Director --

13. SHRI AJAY KUMAR

Sr. Name of the Bank/ Company Chairman/ Director Name(s) of the Committee(s)-Chairman/ Member
No.
1 State Bank of India Director Executive Committee of the Central Board – Member
Audit Committee of the Board – Member
2 Indian Institute of Banking and Finance Director --

(Note: Executive Committee of the Central Board consists of all or any of the other Directors who are normally residents, or may, for the time being, be present
at any place within India where the ECCB meeting is held as per regulation 46 of SBI General Regulations. Further, in terms of RBI Guidelines dated 26 th April
2021 on ‘Corporate Governance in Banks -Appointment of Directors and Constitution of Committees of the Board’, the Chair of the ACB is not a part of the
ECCB.)

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

ANNEXURE III
Details of Shareholding of Directors on the Bank’s Central Board as on 31st March 2024
Sr. Name of Director No. of Shares
No.
1 Shri Dinesh Kumar Khara 3,100
2 Shri Challa Sreenivasulu Setty 500
3 Shri Ashwini Kumar Tewari 310
4 Shri Alok Kumar Choudhary 100
5 Shri Vinay M. Tonse 2,500
6 Shri Ketan S. Vikamsey 5,000
7 Shri Mrugank M. Paranjape 10,000
8 Shri Rajesh Kumar Dubey 5,000
9 Shri Dharmendra Singh Shekhawat 5,100
10 Shri Prafulla P. Chhajed Nil
11 Smt. Swati Gupta Nil
12 Dr. Vivek Joshi Nil
13 Shri Ajay Kumar Nil

ANNEXURE IV
Details Of Sitting Fees Paid to Directors for attending meetings of the Central Board and Board Level Committees During FY2023-24
Sr Name of Director Meetings of Meetings of Other Total (K)
No. Central Board (K) Board Level
Committees (K)
1 Shri B. Venugopal 2,80,000 7,50,000 10,30,000
2 Dr. Ganesh Natarajan 2,10,000 4,80,000 6,90,000
3 Shri Ketan S. Vikamsey 9,10,000 13,50,000 22,60,000
4 Shri Mrugank M. Paranjape 7,00,000 18,00,000 25,00,000
5 Shri Rajesh Kumar Dubey 3,50,000 18,60,000 22,10,000
6 Shri Dharmendra Singh Shekhawat 7,70,000 5,70,000 13,40,000
7 Shri Prafulla P. Chhajed 7,00,000 18,00,000 25,00,000
8 Smt. Swati Gupta 9,80,000 6,30,000 16,10,000
9 Shri Anil Kumar Sharma 2,80,000 6,30,000 9,10,000

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ANNEXURE V
Affirmation of Compliance with the Bank’s Code Of Conduct (FY2024)
I declare that all Board Members and Senior Management have affirmed compliance with the Bank’s Code of Conduct for the Financial
Year 2023-24.

DINESH KUMAR KHARA

CHAIRMAN

Prevention of Sexual Harassment (POSH) of Women at Workplace – Prevention,

Prohibition and Redressal – Position for the year 2023-24
No. of complaints pending at the beginning of the year 13
No. of complaints received during the year 45
Total No. of cases 58
No. of complaints disposed of during the year 50
No. of cases pending at the end of the year 08

Details Of Skills/ Expertise/ Competencies Possessed by the Directors who were part of the Board on 31st March
2024 are as follows:
Sr. Name Qualifications Skills/Expertise/Competencies
No.
1 Shri Dinesh Kumar M.Com, MBA He is a postgraduate in Commerce from Delhi School of Economics and an MBA
Khara, Chairman from Faculty of Management Studies, New Delhi. He has work experience in field of
Commercial Banking including Retail Credit, Small and Medium Enterprises / Corporate
Credit, Deposit Mobilisation, International Banking Operations, Branch Management.
He has held several key positions such as MD (Global Banking & Subsidiaries), MD
(Associates & Subsidiaries), MD & CEO (SBI Mutual Funds) and Chief General Manager
– Bhopal Circle. He was also posted in SBI, Chicago for an overseas assignment. As
Managing Director, he led the International Banking Group, Corporate Banking and Global
Treasury Operations, as well as the non-banking subsidiaries of the Bank viz., SBI Cards,
SBIMF, SBI Life Insurance and SBI General Insurance, etc. He executed the merger of five
Subsidiary Banks of SBI and Bhartiya Mahila Bank with SBI. Additionally, he headed the
Risk, IT and Compliance functions of the Bank.
2 Shri Challa B.Sc. (Agri) He has rich experience in Corporate Credit, Retail, Digital, International Banking and
Sreenivasulu Setty, Banking in developed markets. Prior to taking over charge as MD, Shri Setty was heading
MD (International the Stressed Asset Resolution Group of the Bank, in his capacity as Deputy Managing
Banking, Global Director, where he was responsible for resolving the stressed assets portfolio of the Bank,
Markets & across the country, in different sectors such as Power, Infra, Auto, Telecom etc. He has
Technology) also headed the Syndications team at Bank’s New York Branch. Presently, he has been
heading various task forces/committees formed by the Government of India.
3 Shri Ashwini Kumar B.Tech. (Electrical), CAIIB, He has more than three decades of banking experience in various capacities, across retail,
Tewari, Certified Financial Planner SME, transaction banking, international banking in India and abroad. Prior to appointment
MD (Corporate (CFP), Certificate course in as Managing Director, he was MD & CEO of SBI Cards and Payment Services Limited.
Banking & Management (XLRI) He also served as Country Head of US operations and Regional Head East Asia of SBI.
Subsidiaries)
4 Shri Alok Kumar B. Sc. (Hons), CAIIB, Masters He has rich experience of working across multiple domains including Retail Banking,
Choudhary, in Rural Development. Commercial Banking, MSME, Agri & Rural business, Branch Management, Human
MD (Risk, Resources and Finance. He is a seasoned banker with rich experience in various leadership
Compliance & SARG) and functional capacities at Branches, Regional Offices, Zonal Offices, Local Head Offices
and Corporate Office Level. Prior to his elevation as Managing Director, Shri Choudhary
was heading the finance vertical of the Bank working as Dy. Managing Director (Finance)
where he was responsible for Strategic Planning and Budgeting, Performance Analysis to
support optimum business and strategic decisions, Capital Planning and Capital Raising,
Investor Relations, Financial Reporting, Audit, Asset & Liability Management and Balance
Sheet Management.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Sr. Name Qualifications Skills/Expertise/Competencies

No.
5 Shri Vinay M. Tonse, Master’s in Commerce He has deep experience of handling and managing various areas of Banking such
MD (Retail Business as Corporate Credit, International Banking, Treasury Operations, Equity Portfolio
& Operations) Management, Retail Banking and Training, Agriculture and Rural Banking. He has worked
in different geographical locations in India and abroad heading various business functions.
Prior to taking over charge as MD, Shri Tonse was heading the Corporate Account Group
of the Bank. Before that he was heading SBI Mutual Funds, largest Asset Management
Company in India, as Managing Director & CEO. He has also headed the Chennai Circle
of SBI as Chief General Manager
6 Shri Ketan S. Chartered Accountant from He is a Chartered Accountant by profession. He comes with over thirty years’ experience
Vikamsey, ICAI in the areas of audit of large banks, manufacturing concerns, Investment Banks, Insurance
Non-Executive Companies and Mutual Funds. He is a regular Speaker/ Chairman, at various seminars,
Director meetings, lectures held by ICAI, Regional Councils of ICAI, Branches & Study Circles
of ICAI, RBI, C&AG and several other organisations. He has been member of Banking,
Finance & Insurance Committee of Indian Merchants’ Chamber, Banking & Finance
Committee, Capital Markets Committee of Bombay Chamber of Commerce & Industry
and Member, RRC Committee of the Chamber of Tax Consultants.
7 Shri Mrugank M. B.Tech. (IIT, Bombay), PGDM He has more than thirty three years of experience in Banking, Capital & Commodity Markets,
Paranjape, (IIM, Ahmedabad) Asset Management, Stock Broking, Transaction & Retail Banking, Risk Management,
Non-Executive Technology, Derivatives, Policy Making, Exchange and Securities Services covering varied
Director functional and geographic areas, etc. He is a renowned Capital & Commodity markets
expert. He is also the Chairman of the Board of Trustees of Sewa International and an
Independent Non-Executive Director on the Board of Oracle Financial Services Software
Limited. Previously he was the MD & CEO of NCDEX e Markets Ltd and prior to that
MD & CEO of Multi Commodity Exchange of India (MCX)- India’s first listed and leading
Commodity Exchange. He had various successful stints in India & Singapore in twenty six
years across Financial Services Organisations such as Deutsche Bank, ICICI Prudential,
W I Carr Securities, ING Barings & Citibank.
8 Shri Rajesh B.E. (Civil) He is a former Executive Director (ED) of LIC of India. He has a rich experience of working
Kumar Dubey, in LIC of India for more than thirty six years during which he gained understanding of
Non-Executive various aspects of Life Insurance business in India and abroad. He has exposure in
Director various portfolios in IT, New Business, International Operations, CRM, Marketing, ULIP,
ER-Discipline, Personnel and General administration. As ED (Personnel), he oversaw the
areas relating to development of Manpower planning, placement, appraisals, discipline,
and Industrial relations within the Organisation. During his assignments in IT, CRM,
ULIP and Personnel he guided his teams in adoption of technology in making various
processes paperless that allowed authorised employees to work from anywhere and in
providing online services to customers.
9 Shri Dharmendra B. Com., FCA He is a Chartered Accountant by profession. He comes with over twenty years of diverse
Singh Shekhawat, experience and knowledge in Accountancy, Audits, Finance, Economics, Law, Human
Non-Executive Resources, Risk and Business Management, Agriculture & Rural Economy. He has served
Director as an Independent Director on the Board of Indian Oil Corporation Limited (IOCL) in the
past and was also the Chairman of the Audit Committee of the Board of IOCL.
10 Shri Prafulla P. FCA, LLB (Gen), CPA He is a Chartered Accountant by profession. He was the President of The Institute of
Chhajed (Australia) Chartered Accountants of India (2019-20) and was Chairman of WIRC of ICAI (2007-
Non-Executive 08). He is President of Confederation of Asia & Pacific Accountants (CAPA), Malaysia
Director (2023-25). He is also Chairman of Multi Commodity Exchange Clearing Corporation
Limited (MCXCCL) and Board Member of few other companies. He was member of
Professional Accountancy Organisation Development Group of International Federation
of Accountants (IFAC), New York. He was member of Board of Management of Mumbai
School of Economics & Public Policy (University of Mumbai). He was Governing Council
Member and Chairman of Banking, Finance and Information Technology Committee of
Maharashtra Chamber of Commerce, Industry and Agriculture. In the past, he has served
as Director on the Board of SBI Mutual Fund Trustee Company Private Limited, GIC
Housing Finance Limited, Indian Institute of Insolvency Professionals of ICAI, Insurance
Regulatory & Development Authority (IRDA), Extensible Business Reporting Language
(XBRL) India and IDBI Capital Market Services Limited. He was also a Member of SEBI’s
Primary Market Advisory Committee and Banking & Finance Committee of IMC Chamber
of Commerce.

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Sr. Name Qualifications Skills/Expertise/Competencies

No.
11 Smt. Swati Gupta, M.A., L.L.B. She has more than 30 years of experience in administration. She was elected as municipal
Non-Executive councillor and zonal chairman of East Delhi municipal corporation of Delhi for five years.
Director She was also a nominated member of Education Committee of corporation for five years.
She is a social worker and educationist. She runs a charitable trust and pre-school in
Delhi. She has a vast experience in the affairs of women, legal, social and consumer issues.
12 Dr. Vivek Joshi, PhD in International He is a 1989 batch Indian Administrative Service officer. He is currently posted as Secretary
Non-Executive Economics from the to the Government of India, Department of Financial Services, Ministry of Finance. In this
Director Graduate Institute Geneva assignment, Dr. Joshi is dealing with policies, schemes and legislations related to banking
(Switzerland), B.E. in sector including Public Sector Banks, insurance sector, Financial Institutions, financial
Mechanical Engineering from inclusion, and pension reforms. He is also serving as member on the board of Reserve
University of Roorkee Bank of India (RBI). With demonstrated leadership and excellence in career of over 34
years, Shri Joshi has worked in multifarious sectors.
13 Shri Ajay Kumar, Postgraduate in Economics, He is presently holding the post of Executive Director (ED), Reserve Bank of India.
Non-Executive MS in Banking from ICFAI, He has a wide experience of 32 years of working in various capacities in the areas of
Director Executive Management Banking Supervision, Foreign Exchange Management, Financial Inclusion and Currency
Programme at Kellogg School Management. As ED, he oversees Human Resource Management Department, Premises
of Management, Chicago, Department, Rajbhasha Department and Central Security Cell in RBI. In the past, he has
USA, CAIIB served as the RBI Nominee Director on the Board of Bank of Baroda from January 2017
to April 2021.

The table below summarises the key attributes and skills matrix, identified by the Board of Directors, in line with SBI Act 1955 and RBI
master circular dated 2nd August 2019 as required in the context of business, which is to be considered while selecting the Director:
1. Industry Knowledge/Experience: Industry Experience, Knowledge of sector, Knowledge of broad policy direction, Understanding
of government legislation/ legislative process.
2. Technical Skills/Experience: Accounting, Finance, Law, Marketing experience, Information Technology, Public Relations, Capital
Allocation, Costing, Budgetary Controls, Strategy development and implementation.
3. Governance Competencies: Prior Director experience, Financial literacy, Compliance focus, Strategic thinking/ planning from
a governance perspective.
4. RBI and SBI qualification for Director: Specialisation in the fields of (i) Information Technology (ii) Payment & Settlement
Systems (iii) Human Resources (iv) Risk Management and (v) Business Management. Have special knowledge or experience
in respect of one or more of the following areas, namely: — (i) Agriculture and rural economy, (ii) Banking, (iii) Co-operation, (iv)
Economics, (v) Finance, (vi) Law, (vii) Small-scale industry, (viii) Any other area the special knowledge of, and experience in, which
in the opinion of the Reserve Bank shall be useful to the State Bank of India. Represent the interests of depositors, represent the
interests of farmers, workers, and artisans.
DIRECTORS Attributes

Industry Technical skills/ Governance RBI & SBI

Knowledge/ Experience Competencies qualification for
Experience director
Shri Dinesh Kumar Khara ✓ ✓ ✓ ✓
Shri Challa Sreenivasulu Setty ✓ ✓ ✓ ✓
Shri Ashwini Kumar Tewari ✓ ✓ ✓ ✓
Shri Alok Kumar Choudhary ✓ ✓ ✓ ✓
Shri Vinay M. Tonse ✓ ✓ ✓ ✓
Shri Ketan S. Vikamsey ✓ ✓ ✓ ✓
Shri Mrugank M. Paranjape ✓ ✓ ✓ ✓
Shri Rajesh Kumar Dubey ✓ ✓ ✓ ✓
Shri Dharmendra Singh Shekhawat ✓ ✓ ✓ ✓
Shri Prafulla P. Chhajed ✓ ✓ ✓ ✓
Smt. Swati Gupta ✓ ✓ ✓ ✓
Dr. Vivek Joshi ✓ ✓ ✓ ✓
Shri Ajay Kumar ✓ ✓ ✓ ✓

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Annual disclosure for material subsidiaries

(Amount in Crore)
31.03.2024 31.03.2024
Total Income Exceeds 10% Networth Exceeds 10% Overall
SBI 5,94,575 3,24,715
10% of Total Income / Networth 59,458 32,472
Details of Material Subsidiary
Material Listed Subsidiary
SBI Life 1,33,665 YES 14,906 NO YES

SBI Life Insurance Co. Ltd. As on

Date & Place of Incorporation: 11.10.2000, Mumbai 31st March 2024

Statutory Auditors: S. K. Patodia & Associates LLP, Date of Appointment: 12.09.2023
M/S S A R C & Associates, Date of Appointment: 29.09.2023
1. Total Assets 3,98,299
2. Net Profit for current FY 1,894
3. Assets under Management 3,88,923
4. Amount of new business premium 38,238
5. Growth of new business premium 29%
6. New business margin 28.1%
7. Market share 24.6%
8. Solvency ratio 1.96

Educational qualifications of the Management Team

The educational qualifications of Directors on the Central Board of the Bank are given in the Corporate Governance Report portion of
the Annual Report. The educational qualifications of the Deputy Managing Directors of the Bank are given below.

Sr. Title Name of the Officer Qualifications

No.
1 Shri Salee S. M.Sc. (Applied Electronics)
2 Shri Rana Ashutosh Kumar Singh B.Sc., PGEMP (Post. Grad. Exec. Mgmt. Prog.)
3 Smt. Saloni Narayan B.A. (Hons)
4 Shri Mahesh Kumar Sharma M.Sc
5 Shri R. Viswanathan M.Sc. (Maths)
6 Shri Amara Ramamohan Rao AMIE (Civil Engg, CFA Level III, FRM
7 Shri Nitin Chugh B. Tech, PGDM
8 Shri B. Sankar B.Com, M.M.S. (Finance)
9 Smt. Ruma Dey B.Sc. (Hons)
10 Shri Amitava Chatterjee B.Sc.
11 Smt. Vidya Krishnan B.Sc., Master of Management Studies
12 Shri Gulshan Malik B.Com. (Hons)
13 Shri Pravin Raghavendra B.Sc. (H)
14 Shri Nand Kishore B.A
15 Ms. Jayati Bansal M.A., MBA
16 Shri Surender Rana B. Tech (Civil Engg.)
17 Shri Binod Kumar Mishra B.Sc.

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CORPORATE GOVERNANCE REPORT

Secretarial Audit Report

For the period 1st April 2023 to 31st March 2024
Form No. MR-3 [ Pursuant to section 204 (1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014

To, iii. 
The Depositories Act, 1996 and Bank during the period under
The Members, the Regulations and Bye-laws review)
State Bank of India Framed thereunder; g) The Securities and Exchange
Corporate Centre, 14th Floor, iv. Foreign Exchange Management Act, Board of India (Buy-back of
State Bank Bhavan, Madame Cama Road, 1999 and the rules and regulations Securities) Regulations, 2018;
Mumbai, Maharashtra, 400021 made thereunder to extent of (Not applicable to the Bank
We have conducted the secretarial audit Foreign Direct Investment, Overseas during the period under
of the compliance of applicable statutory Direct Investment and External review)
provisions and the adherence to good Commercial borrowing; h) The Securities and Exchange
corporate practices by STATE BANK OF v. 
The following Regulations and Board of India (Investor
INDIA (hereinafter called “the Bank”). Guidelines prescribed under the Protection and Education Fund)
Secretarial Audit was conducted in a Securities and Exchange Board of Regulations, 2009;
manner that provided us a reasonable basis India Act, 1992 (‘SEBI Act’):- i) The Securities and Exchange
for evaluating the corporate conducts/ a) The Securities and Exchange Board of India (Registrars to
statutory compliances and expressing our Board of India (Substantial Issue and Share Transfer Agents)
opinion thereon. Acquisition of Shares and Regulations, 1993, to the extent
Based on our verification of the Bank’s Takeovers) Regulations, 2011; applicable to the Bank;
books, papers, minute books, forms and (Not applicable to the Bank j) The Securities and Exchange
returns filed and other records maintained during the period under Board of India (Depositories and
by the Bank and also the information review) Participants) Regulations, 2018;
provided by the Bank, its officers, agents b) 
The Securities and The list of Acts, Laws and Regulations
and authorised representatives during the Exchange Board of India specifically applicable to the Bank are
conduct of secretarial audit, we hereby (Prohibition of Insider Trading) given below:
report that in ouropinion, the Bank has, Regulations, 2015;
during the audit period covering 1st April i. The Banking Regulation Act,
c) The Securities and Exchange 1949, as amended.
2023 to 31st March 2024 complied with
Board of India (Issue of Capital
the statutory provisions listed hereunder ii. Master Directions, Notifications
and Disclosure Requirements)
and also that the Bank has proper Board- and Guidelines issued by RBI
Regulations, 2009; (Not
processes and compliance-mechanism from time to time.
applicable to the Bank during
in place to the extent, in the manner and We have relied on the representation made
the period under review)
subject to the reporting made herein after: by the Bank and its Officers for systems and
d) The Securities and Exchange
We have examined the books, papers, mechanism formed by the Bank for
Board of India (Share Based
minute books, forms and returns filed and compliances under other applicable Acts,
Employee Benefits and Sweat
other records maintained by the Bank Laws and Regulations to the Bank.
Equity) Regulations, 2021; (Not
for the audit period 1st April 2023 to 31st
applicable to the Bank during We have also examined compliance with
March 2024 according to the provisions of:
the period under review) the applicable clauses of the following:
i. 
The State Bank of India Act, e) The Securities and Exchange a) Secretarial Standards issued by The
1955(‘the Act’) and the State Bank Board of India (Issue and Listing Institute of Company Secretaries of
ofIndia General Regulations, 1955 of Non-Convertible Securities) India. (Not applicable to the Bank)
(‘theRegulations’) made thereunder; Regulations, 2021; b) 
The Securities Exchange Board
ii. The Securities Contracts (Regulation) f) The Securities and Exchange of India (Listing Obligations
Act, 1956 (‘SCRA’) and the rules Board of India (Delisting of and Disclosure Requirements)
made thereunder; Equity Shares) Regulations, Regulations, 2 0 15 ( “ L i s t i n g
2021; (Not applicable to the Regulation”).

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

During the period under review the Bank We further report that there are 5. Allotment of Non-convertible, Taxable,
has complied with the provisions of the adequate systems and processes in the Perpetual, Subordinated, Unsecured,
Act, Rules, Regulations, Guidelines etc. Bank commensurate with the size and fully Paid-up Basel III compliant
mentioned above except the following: operations of the Bank to monitor and Additional Tier 1 Bonds of H 5,000
ensure compliance with applicable laws, Crore in the nature of debentures at
• The Bank did not comply with the
rules, regulations and guidelines. 8.34%.
requirement of having at least half of
the Board of Directors as Independent We further report that during the audit 6. 
Redemption of Tier 2 Bonds of
Director as required under Regulation period, the Bank had following specific H2,000 Crore.
17(1)(b) of the Listing Regulations. events or actions which might have a 7. Exercised call option on Tier 2 Bonds
bearing on the Bank’s affairs in pursuance of of H4,115.90 Crore.
We further report that the above referred laws, rules, regulations,
8. Exercised call option on AT 1 Bonds
The Board of Directors of the Bank is guidelines, standards, etc.:
of H4,021 Crore.
duly constituted with proper balance 1. Allotment of Non-convertible, Taxable,
9. Exercised call option on AT 1 Bonds
of Executive Directors, Non-Executive Perpetual, Subordinated, Unsecured,
of H2,045 Crore.
Directors and Independent Directors. fully Paid-up Basel III compliant
The changes in the composition of the Additional Tier 1 Bonds of H3,101 10. Exercised call option on AT 1 Bonds
Board of Directors that took place during Crore in the nature of debentures at of H1,251.30 Crore.
the period under review were carried out 8.10%.
in compliance with the provisions of the For Ragini Chokshi & Co
2. Allotment of Non-convertible, Taxable,
Act. However, the Bank could not comply Company Secretaries
Redeemable, Unsecured, Fully Paid-
with the requirement to appoint requisite Firm Registration Number: 92897
up Long-Term Bonds of H10,000
number of Independent Directors, as PR No.: 659/2020
Crore in the nature of debentures at
required under the provisions of the Act, 7.54%.
Rules and Regulations. Ragini Chokshi
3. Allotment of Non-convertible, Taxable, (Partner)
Adequate notice is given to all directors for Redeemable, Unsecured, Fully Paid- FCS No.: 2390
the Board Meetings, agenda and detailed up Long-Term Bonds of H10,000 CP. No.: 1436
notes on agenda were sent at least seven Crore in the nature of debentures at UDIN: F002390Fooo339595
days in advance, and a system exists for 7.49%.
seeking and obtaining further information
4. 
Allotment of Non-conver tible, Place: Mumbai
and clarifications on the agenda items
Taxable, Redeemable, Subordinated, Date: 9th May 2024
before the meeting and for meaningful
Unsecured, fully Paid-up Basel III
participation at the meeting.
compliant Tier 2 Bonds of H10,000
Majority decision is carried through while Crore in the nature of debentures at
the dissenting members’ views are captured 7.81%.
and recorded as part of the minutes.

This report is to be read with our letter of even date which is annexed as Annexure ‘A’ and forms an integral part of this report.

Annual Report 2023- 24 155

CORPORATE GOVERNANCE REPORT

ANNEXURE “A”
To
The Members,
State Bank of India
Corporate Centre, 14th Floor, State Bank Bhavan,
Madame Cama Road, Mumbai, Maharashtra, 400021

Our Secretarial Audit Report for the Financial Year ended on 31st March 2024 of even date is to be read along with this letter.
1. Maintenance of Secretarial record is the responsibility of the Management of the Bank. Our responsibility is to express an opinion
on these Secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness
of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in
Secretarial records. We believe that the processes and practices, we follow provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Bank.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and
happening of events etc.
5. The compliance of the provisions of Corporate Governance and other applicable laws, rules, regulations, standards is the
responsibility of Management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Bank nor of the efficacy or effectiveness with
which the Management has conducted the affairs of the Bank.
For Ragini Chokshi & Co
Company Secretaries
Firm Registration Number: 92897

Ragini Chokshi
(Partner)
Place: Mumbai FCS No.: 2390
Date: 9th May 2024 CP. No.: 1436
UDIN: F002390F000339595

156
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Certificate of Non-disqualification of Directors

[Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015]

To,
The Members,
State Bank of India,
State Bank Bhavan,
Madame Cama Road,
Mumbai - 400 021.
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of State Bank of India
(hereinafter referred to as ‘the Bank’) having Central Office at State Bank Bhavan, Madame Cama Road, Mumbai - 400021, produced
before us by the Bank for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub
clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Bank & its officers, we hereby
certify that none of the directors on the Central Board of the Bank as stated below for the Financial Year ending on 31st March 2024
have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange
Board of India, Ministry of Corporate Affairs, or any such other Statutory Authority.

Sr. Name of the Director DIN Date of appointment in the Bank

No.
1 Mr. Dinesh Kumar Khara 06737041 9th August 2016
2 Mr. Challa Sreenivasulu Setty 08335249 20th January 2020
3 Mr. Ashwini Kumar Tewari 08797991 28th January 2021
4 Mr. Alok Kumar Choudhary 08480476 7th June 2022
5 Mr. Vinay M. Tonse 06695367 21st November 2023
6 Mr. Ketan S. Vikamsey 00282877 26th June 2020
7 Mr. Mrugank M. Paranjape 02162026 26th June 2020
8 Mr. Rajesh Kumar Dubey 10040521 26th June 2023
9 Mr. Dharmendra Singh Shekhawat 07404367 26th June 2023
10 Mr. Prafulla P. Chhajed 03544734 21st December 2021
11 Smt. Swati Gupta Not Allotted 8th May 2023
12 Dr. Vivek Joshi 02854207 15th November 2022
13 Mr. Ajay Kumar 07732926 14th July 2023

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the
Bank. Our responsibility is to express an opinion n these based on our verification.

This certificate is neither an assurance as to the future viability of the Bank nor of the efficiency or effectiveness with which the
management has conducted the affairs of the Company.

For Ragini Chokshi & Co

Company Secretaries
Firm Registration Number: 92897

Ragini Chokshi
(Partner)
Place: Mumbai FCS No.: 2390
Date: 9th May 2024 CP. No.: 1436
UDIN: F002390F000339452

Annual Report 2023- 24 157

CORPORATE GOVERNANCE REPORT

Auditor’s Certificate on Corporate Governance

Independent Auditor’s Certificate on Compliance with the Corporate Governance requirements under SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015

To nor an expression of opinion on the the year ended 31st March 2024
The Members, financial statements of the Bank. except that:
State Bank of India 5. 
We have examined the books The Bank did not have at least half of
1. This Certificate is issued in accordance of account and other relevant the Board of Directors as Independent
with the terms of our engagement records and documents maintained Director as required under Regulation
letter dated 31st March 2024. by the Bank for the purpose of 17(1)(b) of the Listing Regulations.
2. 
We, M/s. K.C. Mehta & Co. LLP, providing reasonable assurance 9. We further state that such compliance
Chartered Accountants, the joint on the compliance with Corporate is neither an assurance as to the
Statutory Central Auditors of Governance requirements by future viability of the Bank nor the
State Bank of India (“the Bank”) the Bank. efficiency or effectiveness with which
have examined the compliance of 6. 
We conducted our examination the management has conducted the
conditions of Corporate Governance in accordance with the Guidance affairs of the Bank.
by the Bank, for the year ended on Note on Certification of Corporate
31st March 2024, as stipulated in Governance and the Standards Restriction on Use
Regulations 17 to 27 and clauses on Auditing issued by the Institute 10. This certificate is addressed to and
(b) to (i) [and (t)] of sub regulation of Chartered Accountants of India provided to the members of the Bank
(2) of regulation 46 and para C, D (“ICAI”), in so far as applicable for solely for the purpose of enabling
and E of Schedule V of the SEBI the purpose of this certificate and as them to understand the requirements
(Listing Obligations and Disclosure per the Guidance Note on Reports of the Listing Regulations related to
Requirements) Regulations, 2015 or Certificates for Special Purposes Corporate Governance, and it should
(“Listing Regulations”). issued by the ICAI which requires not be used by any other person or
that we comply with the ethical for any other purpose. Accordingly,
Management’s requirements of the Code of Ethics we do not accept or assume any
Responsibility issued by the ICAI. liability or any duty of care for any
3. 
The Management of the Bank is 7. We have complied with the relevant other purpose or to any other person
responsible for ensuring that the applicable requirements of the to whom this certificate is shown
Bank complies with the conditions Standard on Quality Control (SQC) 1, or into whose hands it may come
of Corporate Governance stipulated Quality Control for Firms that Perform without our prior consent in writing.
in the Listing Regulations. This Audits and Reviews of Historical We have no responsibility to update
responsibility also includes the Financial Information, and Other this Certificate for any events or
design, implementation and Assurance and Related Services circumstances occurring after the
maintenance of internal controls and Engagements issued by ICAI. date of this Certificate.
procedures to ensure compliance
with the conditions of the Corporate Opinion For K C Mehta & Co. LLP
Chartered Accountants,
Governance stipulated in the 8. Based on our examination as above
Firm Registration Number: 106237W/
Listing Regulations. and to the best of the information
W100829
and explanations given to us and
Auditor’s Responsibility representations provided by the
Chirag Bakshi
4. 
Our responsibility is limited to management, we certify that the Bank
Partner
examining the procedures and has complied with the conditions of
Membership Number: 047164
implementation thereof, adopted by Corporate Governance as stipulated UDIN:24047164BKAKPQ5159
the Bank for ensuring the compliance in regulations 17 to 27 and clauses
Place: Mumbai
of the conditions of the Corporate (b) to (i) of Regulation 46(2) and
Date: 9th May 2024
Governance. It is neither an audit Paragraphs C and D of Schedule
V to the Listing Regulations during

158
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Business Responsibility and

Sustainability Report
About the Business Responsibility and Sustainability Report:
Business Responsibility Report (BRR) of the Business Responsibility and Sustainability the link Investors Relations Annual Report.
Bank, is published on an annual basis since Report (BRSR) as a part of the Annual Any shareholder interested in obtaining a
FY2013. Regulation 34(2) (f) of Securities Report for Top 1000 listed entities based on copy of the same may write to the Bank
and Exchange Board of India (Listing market capitalisation (calculated as on 31st (email Id: [email protected] and
Obligations and Disclosure Requirements) March of every financial year) at BSE and postal address: Deputy General Manager
Regulations, 2015 read with SEBI circular NSE. The Bank’s Business Responsibility (CSR & Sustainability), State Bank of India,
No. CIR/ CFD/CMD/10/2015 dated and Sustainability Report with the requisite 9 th floor, Corporate Centre, State Bank
04th November 2015 and SEBI Notification mapping for the financial year ended Bhavan, Madame Cama Road, Mumbai -
No. SEBI/LAD-NRO/GN/2021/22 dated 31st March 2024 has been hosted on the 400 021).
5th May 2021 mandates the inclusion of Bank’s website https://www.sbi.co.in under

Annual Report 2023- 24 159

STANDALONE FINANCIALS

State Bank of India

Balance Sheet as at 31st March 2024

(000s omitted)
As at 31.03.2024 As at 31.03.2023
Schedule No. (Current Year) (Previous Year)
J J
CAPITAL AND LIABILITIES
Capital 1 892,46,12 892,46,12
Reserves & Surplus 2 376354,07,25 326715,98,77
Deposits 3 4916076,76,93 4423777,77,63
Borrowings 4 597560,90,78 493135,15,62
Other Liabilities and Provisions 5 288809,73,42 272457,14,51
TOTAL 6179693,94,50 5516978,52,65
ASSETS
Cash and Balances with Reserve Bank of India 6 225141,69,61 247087,57,52
Balances with Banks and money at call and short notice 7 85660,29,19 60812,04,28
Investments 8 1671339,65,61 1570366,22,57
Advances 9 3703970,85,40 3199269,29,68
Fixed Assets 10 42617,25,25 42381,80,31
Other Assets 11 450964,19,44 397061,58,29
TOTAL 6179693,94,50 5516978,52,65
Contingent Liabilities 12 2389320,82,36 1826574,12,43
Bills for Collection - 67795,94,05 64531,07,67
Significant Accounting Policies 17
Notes to Accounts 18

Schedules referred to above form an integral part of the Balance Sheet.

Shri Vinay M. Tonse Shri Alok Kumar Choudhary Shri Ashwini Kumar Tewari Shri Challa Sreenivasulu Setty
Managing Director Managing Director Managing Director Managing Director
(Retail Business & Operations) (Risk, Compliance & SARG) (Corporate Banking & Subsidiaries) (International Banking, Global
Markets & Technology)

Directors:
Shri Ketan S. Vikamsey
Shri Mrugank M. Paranjape
Shri Dharmendra Singh Shekhawat
Shri Prafulla P. Chhajed
Smt. Swati Gupta Shri Dinesh Kumar Khara
Shri Ajay Kumar Chairman

Place: Mumbai
Date: 9th May 2024

160
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

In terms of our report of even date

For K C Mehta & Co LLP For M C Bhandari & Co. For V Singhi & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 106237W/W100829 Firm Regn. No. 303002E Firm Regn. No. 311017E

CA Chirag Bakshi CA Amit Biswas CA Sundeep Singhi

Partner: M. No. 047164 Partner: M. No. 052296 Partner: M. No. 063785

For Suri & Co. For Talati & Talati LLP For Ravi Rajan & Co. LLP
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 004283S Firm Regn. No. 110758W/ W100377 Firm Regn. No. 009073N / N500320

CA Sanjeev Aditya M CA Anand Sharma CA Sumit Kumar

Partner: M. No. 229694 Partner: M. No.129033 Partner: M. No.512555

For Gokhale & Sathe For M K Aggarwal & Co. For J L N U S & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 103264W Firm Regn. No. 001411N Firm Regn. No. 101543W

CA Rahul Joglekar CA Atul Aggarwal CA Shalabh Kumar Daga

Partner: M. No. 129389 Partner: M. No.099374 Partner: M. No.401428

For Vinod Kumar & Associates For R G N Price & Co. For Rama K Gupta & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 002304N Firm Regn. No. 002785S Firm Regn. No. 005005C

CA Vinod Jain CA P. M. Veeramani CA Ramakant Gupta

Partner: M. No. 081263 Partner: M. No. 023933 Partner: M. No.073853

Place: Mumbai
Date: 9th May 2024

Annual Report 2023- 24 161

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet as at 31st March 2024

SCHEDULE 1 - CAPITAL
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
Authorised Capital:
5000,00,00,000 Shares of H1 each 5000,00,00 5000,00,00
(Previous Year 5000,00,00,000 Shares of H1 each)
Issued Capital:
892,54,05,164 Equity Shares of H1 each 892,54,05 892,54,05
(Previous Year 892,54,05,164 Equity Shares of H1 each)
Subscribed and Paid up Capital:
892,46,11,934 Equity Shares of H1 each 892,46,12 892,46,12
(Previous Year 892,46,11,934 Equity Shares of H1 each)
[The above includes 9,58,88,670 Equity Shares of H1 each
(Previous Year 8,91,60,950 Equity Shares of H1 each) represented by 95,88,867
(Previous Year 89,16,095) Global Depository Receipts]
TOTAL 892,46,12 892,46,12

SCHEDULE 2 - RESERVES & SURPLUS

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Statutory Reserves
Opening Balance 100637,75,69 85568,02,08
Additions during the year 18322,98,60 15069,73,61
Deductions during the year - -
118960,74,29 100637,75,69
II. Capital Reserves
Opening Balance 15992,79,07 15759,98,23
Additions during the year 326,21,04 232,80,84
Deductions during the year - -
16319,00,11 15992,79,07
III. Share Premium
Opening Balance 79115,47,68 79115,47,05
Additions during the year - 63
Deductions during the year - -
79115,47,68 79115,47,68
IV. Investment Fluctuation Reserve
Opening Balance 12271,38,17 7695,94,74
Additions during the year - 4575,43,43
Deductions during the year 749,08,05 -
11522,30,12 12271,38,17

162
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
V. Foreign Currency Translation Reserve
Opening Balance 12755,17,91 9960,78,78
Additions during the year 788,76,47 2794,39,13
Deductions during the year - -
13543,94,38 12755,17,91
VI. Revenue and Other Reserves*
Opening Balance 54088,42,53 51836,11,81
Additions during the year 5120,62,38 2252,30,72
Deductions during the year - -
59209,04,91 54088,42,53
VII. Revaluation Reserve
Opening Balance 27756,25,90 23377,86,71
Additions during the year - 4578,34,93
Deductions during the year 200,61,20 199,95,74
27555,64,70 27756,25,90
VIII. Balance of Profit and Loss Account 50127,91,06 24098,71,82
TOTAL 376354,07,25 326715,98,77

* Note: Revenue and Other Reserves include:

(i) 
H5,00,00 thousand (Previous Year H5,00,00 thousand) of Integration and Development Fund (maintained under Section 36 of the State Bank of India Act,
1955)
(ii) Special Reserve under Section 36(1)(viii) of the Income Tax Act, 1961 H19527,05,76 thousand (Previous Year H17749,30,76 thousand)
(iii) Investment Reserves Current Year H3142,84,35 (Previous Year Nil)

SCHEDULE 3 - DEPOSITS
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
A. I. Demand Deposits
(i) From Banks 5960,27,24 3449,99,90
(ii) From Others 293617,61,43 295593,04,38
II. Savings Bank Deposits 1661843,63,48 1588405,52,42
III. Term Deposits
(i) From Banks 5197,59,09 6994,90,95
(ii) From Others 2949457,65,69 2529334,29,98
TOTAL 4916076,76,93 4423777,77,63
B. (i) Deposits of Branches in India 4724335,65,10 4253570,79,60
(ii) Deposits of Branches outside India 191741,11,83 170206,98,03
TOTAL 4916076,76,93 4423777,77,63

Annual Report 2023- 24 163

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet as at 31st March 2024

SCHEDULE 4 - BORROWINGS
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Borrowings in India
(i) Reserve Bank of India 97399,00,00 24956,00,00
(ii) Other Banks - 150,00,00
(iii) Other Institutions and Agencies 57817,41,02 88372,10,40
(iv) Bonds & Debentures (Other than Capital Instruments) 39718,00,00 19718,00,00
(v) Capital Instruments :
a. Innovative Perpetual Debt Instruments (IPDI) 50626,40,00 49842,70,00
b. Subordinated Debt 43174,00,00 39289,90,00
93800,40,00 89132,60,00
TOTAL 288734,81,02 222328,70,40
II. Borrowings outside India
(i) Borrowings and Refinance outside India 308826,09,76 270806,45,22
(ii) Capital Instruments: - -
Innovative Perpetual Debt Instruments (IPDI)
TOTAL 308826,09,76 270806,45,22
GRAND TOTAL 597560,90,78 493135,15,62
Secured Borrowings included in I & II above 181331,85,62 129118,98,56

SCHEDULE 5 - OTHER LIABILITIES & PROVISIONS

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Bills payable 15663,55,27 27360,44,54
II. Inter-office adjustments (Net) 1126,59,56 4346,60,96
III. Interest accrued 32315,57,67 27028,92,65
IV. Deferred Tax Liabilities (Net) 7,60,03 72
V. Others (including provisions)* 239696,40,89 213721,15,64
TOTAL 288809,73,42 272457,14,51

* Includes prudential provision for Standard Assets H24112,56,90 thousand (Previous Year H25673,65,46 thousand)

SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Cash in hand (including foreign currency notes and gold) 18401,50,96 21409,48,82
II. Balances with Reserve Bank of India
(i) In Current Account 206740,18,65 225678,08,70
(ii) In Other Accounts - -
TOTAL 225141,69,61 247087,57,52

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SCHEDULE 7 - BALANCES WITH BANKS AND MONEY AT CALL & SHORT NOTICE
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. In India
(i) Balances with banks
(a) In Current Accounts - -
(b) In Other Deposit Accounts - -
(ii) Money at call and short notice
(a) With banks 2550,00,00 7770,44,34
(b) With Other Institutions 27266,70,25 -
TOTAL 29816,70,25 7770,44,34
II. Outside India
(i) In Current Accounts 44600,92,07 43379,39,74
(ii) In Other Deposit Accounts 2196,18,92 1122,11,64
(iii) Money at call and short notice 9046,47,95 8540,08,56
TOTAL 55843,58,94 53041,59,94
GRAND TOTAL (I and II) 85660,29,19 60812,04,28

SCHEDULE 8 - INVESTMENTS
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Investments in India in:
(i) Government Securities 1365740,19,30 1238328,92,16
(ii) Other Approved Securities - -
(iii) Shares 7199,25,77 14087,85,39
(iv) Debentures and Bonds 177647,08,12 213392,76,78
(v) Subsidiaries and/or Joint Ventures (including Associates) 15559,74,88 14050,23,13
(vi) Others (Units of Mutual Funds etc.) 38937,32,34 29076,31,69
TOTAL 1605083,60,41 1508936,09,15
II. Investments outside India in:
(i) Government Securities (including local authorities) 31679,82,31 30059,19,62
(ii) Subsidiaries and/or Joint Ventures abroad 5680,21,97 5680,21,97
(iii) Other Investments (Shares, Debentures, etc.) 28896,00,92 25690,71,83
TOTAL 66256,05,20 61430,13,42
GRAND TOTAL (I and II) 1671339,65,61 1570366,22,57
III. Investments in India:
(i) Gross Value of Investments 1614852,06,26 1524189,29,58
(ii) Less: Aggregate of Provisions / Depreciation 9768,45,85 15253,20,43
(iii) Net Investments (vide I above) 1605083,60,41 1508936,09,15
IV. Investments outside India:
(i) Gross Value of Investments 67362,37,80 63208,84,72
(ii) Less: Aggregate of Provisions / Depreciation 1106,32,60 1778,71,30
(iii) Net Investments (vide II above) 66256,05,20 61430,13,42
GRAND TOTAL (III and IV) 1671339,65,61 1570366,22,57

Annual Report 2023- 24 165

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet as at 31st March 2024

SCHEDULE 9 - ADVANCES
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
A. (i) Bills purchased and discounted 217376,95,24 181809,89,57
(ii) Cash credits, overdrafts and loans repayable on demand 1001454,43,22 836849,24,83
(iii) Term Loans 2485139,46,94 2180610,15,28
TOTAL 3703970,85,40 3199269,29,68
B. (i) Secured by tangible assets (includes advances against Book Debts) 2391775,49,19 2135804,65,54
(ii) Covered by Bank / Government Guarantees 193146,54,72 133100,11,33
(iii) Unsecured 1119048,81,49 930364,52,81
TOTAL 3703970,85,40 3199269,29,68
C. (I) Advances in India
(i) Priority Sector 804184,20,86 697644,43,51
(ii) Public Sector 252558,00,04 258891,40,67
(iii) Banks 276,89,81 447,11,05
(iv) Others 2108978,83,43 1751489,67,48
TOTAL 3165997,94,14 2708472,62,71
(II) Advances outside India
(i) Due from banks 178879,83,35 151113,59,09
(ii) Due from others
(a) Bills purchased and discounted 42424,38,12 42518,59,79
(b) Syndicated loans 215890,02,77 210775,60,39
(c) Others 100778,67,02 86388,87,70
TOTAL 537972,91,26 490796,66,97
GRAND TOTAL [C (I) and C (II)] 3703970,85,40 3199269,29,68

SCHEDULE 10 - FIXED ASSETS

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Premises (including Revalued Premises)
At cost/revalued as at 31st March of the preceding year 35053,43,85 30453,14,11
Additions:
- during the year 63,52,52 28,76,48
- for Revaluation - 6407,26,03
Deductions:
- during the year 111 6,81,67
- for Revaluation 58,18 1828,91,10
Depreciation to date:
- on cost 1317,45,31 1190,11,99
- on Revaluation 1428,89,56 1228,86,53
32370,02,21 32634,45,33

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
II. Other Fixed Assets (including furniture and fixtures)
At cost as at 31st March of the preceding year 40859,75,07 38171,83,29
Additions during the year 3375,97,87 3354,44,78
Deductions during the year 661,12,88 666,53,00
Depreciation to date 33818,25,36 31393,47,30
9756,34,70 9466,27,77
III. Assets under Construction (Including Premises) 490,88,34 281,07,21
TOTAL (I, II, and III) 42617,25,25 42381,80,31

SCHEDULE 11 - OTHER ASSETS

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Inter Office Adjustments (Net) - -
II. Interest accrued 45724,50,59 39191,05,69
III. Tax paid in advance / tax deducted at source 23640,47,23 16517,16,78
IV. Deferred Tax Assets (Net) 11431,46,52 10534,22,09
V. Stationery and stamps 28,92,68 22,56,00
VI. Non-banking assets acquired in satisfaction of claims 56,10 56,10
VII. Others * 370138,26,32 330796,01,63
TOTAL 450964,19,44 397061,58,29

* Includes Deposits placed with NABARD/SIDBI/NHB amounting to H270995,47,35 thousand (Previous Year H218591,19,47 thousand)

SCHEDULE 12 - CONTINGENT LIABILITIES

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Claims against the bank not acknowledged as debts 117868,87,40 90421,31,87
II. Liability for partly paid investments / Venture Funds 2174,05,04 1689,05,00
III. Liability on account of outstanding forward exchange contracts 1349504,18,92 1039221,77,94
IV. Guarantees given on behalf of constituents
(a) In India 190056,09,60 165143,90,45
(b) Outside India 94237,18,86 104910,29,06
V. Acceptances, endorsements and other obligations 158349,94,55 151795,92,04
VI. Other items for which the bank is contingently liable * 477130,47,99 273391,86,07
TOTAL 2389320,82,36 1826574,12,43

* Includes Derivatives H457300,22,95 thousand (Previous Year H261587,05,11 thousand)

Annual Report 2023- 24 167

STANDALONE FINANCIALS

State Bank of India

Profit and Loss Account for the year ended 31st March 2024

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
Schedule No.
(Current Year) (Previous Year)
J J
I. INCOME
Interest earned 13 415130,65,55 332103,06,02
Other Income 14 51682,16,37 36615,59,76
TOTAL 466812,81,92 368718,65,78
II. EXPENDITURE
Interest expended 15 255254,82,88 187262,55,56
Operating expenses 16 124860,81,35 97743,13,61
Provisions and contingencies 25620,55,67 33480,51,25
TOTAL 405736,19,90 318486,20,42
III. PROFIT
Net Profit for the year 61076,62,02 50232,45,36
Add: Profit brought forward 24098,71,82 5881,40,49
TOTAL 85175,33,84 56113,85,85
IV. APPROPRIATIONS
Transfer to Statutory Reserve 18322,98,60 15069,73,61
Transfer to Capital Reserve 326,21,04 232,80,84
Transfer to/(from) Investment Fluctuation Reserve (749,08,05) 4575,43,43
Transfer to Revenue and other Reserves 4920,59,36 2052,35,00
Dividend for the current year 12226,71,83 10084,81,15
Balance carried over to Balance Sheet 50127,91,06 24098,71,82
TOTAL 85175,33,84 56113,85,85
V. EARNINGS PER EQUITY SHARE (Face value J 1 per share)
Basic (in H) 68.44 56.29
Diluted (in H) 68.44 56.29
Significant Accounting Policies 17
Notes to Accounts 18

Schedules referred to above form an integral part of the Profit & Loss Account.
Shri Vinay M. Tonse Shri Alok Kumar Choudhary Shri Ashwini Kumar Tewari Shri Challa Sreenivasulu Setty
Managing Director Managing Director Managing Director Managing Director
(Retail Business & Operations) (Risk, Compliance & SARG) (Corporate Banking & Subsidiaries) (International Banking, Global
Markets & Technology)

Directors:
Shri Ketan S. Vikamsey
Shri Mrugank M. Paranjape
Shri Dharmendra Singh Shekhawat
Shri Prafulla P. Chhajed
Smt. Swati Gupta Shri Dinesh Kumar Khara
Shri Ajay Kumar Chairman

Place: Mumbai
Date: 9th May 2024

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

In terms of our report of even date

For K C Mehta & Co LLP For M C Bhandari & Co. For V Singhi & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 106237W/W100829 Firm Regn. No. 303002E Firm Regn. No. 311017E

CA Chirag Bakshi CA Amit Biswas CA Sundeep Singhi

Partner: M. No. 047164 Partner: M. No. 052296 Partner: M. No. 063785

For Suri & Co. For Talati & Talati LLP For Ravi Rajan & Co. LLP
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 004283S Firm Regn. No.110758W/ W100377 Firm Regn. No. 009073N / N500320

CA Sanjeev Aditya M CA Anand Sharma CA Sumit Kumar

Partner: M. No. 229694 Partner: M. No.129033 Partner: M. No.512555

For Gokhale & Sathe For M K Aggarwal & Co. For J L N U S & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No.103264W Firm Regn. No.001411N Firm Regn. No.101543W

CA Rahul Joglekar CA Atul Aggarwal CA Shalabh Kumar Daga

Partner: M. No. 129389 Partner: M. No.099374 Partner: M. No.401428

For Vinod Kumar & Associates For R G N Price & Co. For Rama K Gupta & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 002304N Firm Regn. No.002785S Firm Regn. No.005005C

CA Vinod Jain CA P. M. Veeramani CA Ramakant Gupta

Partner: M. No. 081263 Partner: M. No. 023933 Partner: M. No.073853

Place: Mumbai
Date: 9th May 2024

Annual Report 2023- 24 169

STANDALONE FINANCIALS

Schedules
forming part of the Profit and Loss Account for the year ended 31st March 2024

SCHEDULE 13 - INTEREST EARNED

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
(Current Year) (Previous Year)
J J
I. Interest / discount on advances/ bills 288038,24,04 221400,64,68
II. Income on Investments 108640,50,37 95928,26,71
III. Interest on balances with Reserve Bank of India and other inter-bank funds 5090,19,24 3491,01,12
IV. Others 13361,71,90 11283,13,51
TOTAL 415130,65,55 332103,06,02

SCHEDULE 14 - OTHER INCOME

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
(Current Year) (Previous Year)
J J
I. Commission, exchange and brokerage 28126,11,94 26244,65,58
II. Profit/ (Loss) on sale of investments (Net) 6896,60,13 3290,00,26
III. Profit/ (Loss) on revaluation of investments (Net) 4939,17,35 (4644,43,56)
IV. Profit/ (Loss) on sale of land, buildings and other assets (Net) (33,20,20) (29,78,85)
V. Profit/ (Loss) on exchange/ derivative transactions (Net) 1715,15,09 2928,33,01
VI. Income earned by way of dividends etc., from subsidiaries/ companies and/ or joint ventures abroad/ 1961,61,63 855,10,80
in India
VII. Miscellaneous Income * 8076,70,43 7971,72,52
TOTAL 51682,16,37 36615,59,76

* Miscellaneous Income includes Recoveries made in written-off accounts H6933,56,32 thousand (Previous year H7097,30,65 thousand).

SCHEDULE 15 - INTEREST EXPENDED

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
(Current Year) (Previous Year)
J J
I. Interest on Deposits 221459,94,10 162418,04,53
II. Interest on Reserve Bank of India/ Inter-bank borrowings 22443,53,50 18080,16,02
III. Others 11351,35,28 6764,35,01
TOTAL 255254,82,88 187262,55,56

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SCHEDULE 16 - OPERATING EXPENSES

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
(Current Year) (Previous Year)
J J
I. Payments to and provisions for employees # 78336,98,41 57291,84,28
II. Rent, taxes and lighting 6081,83,48 5702,00,53
III. Printing and Stationery 824,47,35 705,42,59
IV. Advertisement and publicity 532,32,39 323,38,66
V. Depreciation on Bank's property 3351,91,61 3297,27,04
VI. Directors' fees, allowances and expenses 1,81,65 1,56,38
VII. Auditors' fees and expenses (including branch auditors' fees and expenses) 298,28,96 270,79,10
VIII. Law charges 346,23,70 271,61,16
IX. Postages, Telegrams, Telephones, etc. 662,12,53 536,54,31
X. Repairs and maintenance 1198,06,57 1069,68,01
XI. Insurance 6224,12,20 5758,03,98
XII. Other expenditure 27002,62,50 22514,97,57
TOTAL 124860,81,35 97743,13,61

#
Payments to and provisions for employees includes exceptional items for provision of H7100,00,00 thousand (Previous year Nil) [H5400,00,00 thousand
(Previous year Nil) for estimated liability on account of pension at uniform rate of 50% for all pensioners prospectively, in place of existing dual rate of calculation
of pension and H1700,00,00 thousand (Previous year Nil) on account of ex-gratia benefit and neutralisation of Dearness Relief to pre-November 2002 retirees
and family pensioners].

Annual Report 2023- 24 171

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

SCHEDULE 17: SIGNIFICANT ACCOUNTING estimates used in preparation of the financial statements
are prudent and reasonable. Actual results could differ from
POLICIES
these estimates.
A. Background:
State Bank of India (SBI or the Bank) is a banking and financial D. Significant Accounting Policies:
services statutory body engaged in providing a wide range of
1 Revenue Recognition:
products and services to individuals, commercial enterprises,
large corporates, public bodies, and institutional customers. 1.1 Income and expenditure are accounted on accrual
The Bank is governed by the Banking Regulation Act, 1949, basis, except otherwise stated.
and the State Bank of India Act, 1955. 1.2 Interest/ Discount income is recognised in the Profit
Following are the Significant Accounting Policies i.e., the and Loss Account on realisation basis for following:
specific accounting principles and methods of applying these i. Income from Non-Performing Assets (NPAs)
principles in the preparation and presentation of financial including investments, as per the prudential norms
statements of the Bank. prescribed by RBI/ respective country regulators
in the case of foreign offices (hereafter collectively
B. Basis of Preparation: referred to as Regulatory Authorities),
The accounting and reporting policies of the Bank conform ii. Income on Rupee Derivatives designated as
to Generally Accepted Accounting Principles in India "Trading"
(Indian GAAP), comprising of regulatory norms, directions
& guidelines prescribed by the Reserve Bank of India (RBI), 1.3 
In accordance with the guidelines issued by the
statutory guidelines of the State Bank of India Act 1955, and Reserve Bank of India, Profit on sale of investments in
the Banking Regulations Act, 1949, Accounting Standards the Held to Maturity (HTM) category and on sale of
issued by Institute of Chartered Accountants of India (ICAI), Fixed Assets is appropriated to Capital Reserve, net of
and the accounting practices prevalent in the banking applicable taxes and amount required to be transferred
industry in India. to Statutory Reserve.

In case of foreign offices, the statutory provisions, and 1.4 The discount if any, on acquisition of investments in Held
practices of the local laws of the respective foreign country to Maturity (HTM) category is accounted as follows:
are followed if they are more prudent. i. on interest bearing securities, it is accounted for at
Bank’s financial statements are prepared under the historical the time of sale/ redemption.
cost convention, with fundamental accounting assumptions ii. on zero-coupon securities, it is accounted for over
of going concern, consistency, and accrual, unless the balance tenor of the security on a constant
otherwise stated. yield basis.
The financial statements have been prepared in accordance 1.5 Dividend income is recognised when the right to receive
with requirements under the Third Schedule of the Banking the dividend is established.
Regulation Act, 1949.
1.6 Commission on Letters of Credit (LC)/ Bank Guarantee
(BG), Deferred Payment Guarantee, Government
C. Use of Estimates:
Business, ATM interchange fee & “Upfront fee on
The preparation of financial statements requires the restructured account” are recognised on accrual basis
management to make estimates and assumptions that are proportionately over the period. All other commission
considered in the reported amount of assets and liabilities and fee income are accounted on a realisation basis.
(including contingent liabilities) as of the date of the financial
statements and the reported income and expenses during 1.7 One time Insurance Premium paid under Special
the reporting period. Management believes that the Home Loan Scheme (December 2008 to June 2009) is
amortised over the average loan period of 15 years.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

1.8 
Brokerage, Commission etc. paid/ incurred in iii. 
Investments, which are not classified in above two
connection with the issue of Bonds/ Deposits are categories, are classified as “Available for Sale (AFS)”.
amortised over the tenure of related Bonds/ Deposits
iv. An investment is classified as HTM, HFT or AFS at
and the expenses incurred in connection with the issue
the time of its purchase and subsequent shifting
are charged upfront.
amongst categories is done in conformity with
1.9 The Bank derecognises its financial assets when it regulatory guidelines.
sells to Securitisation Company (SC)/ Reconstruction
v. Investments in subsidiaries and joint ventures
Company (RC), and accounts for as under:
are classified as HTM except in respect of
i. If the sale is at a price below the Net Book Value those investments which are acquired and held
(NBV) (i.e., book value less provisions held), the exclusively with a view to its subsequent disposal.
shortfall is debited to the Profit and Loss Account These investments are classified as AFS.
in the year of sale.
2.3 Valuation:
ii. If the sale is for a value higher than the NBV, the
excess provision is written back in the year the i. The transactions in all securities are recorded
amounts are received. on a Settlement Date and cost is determined
on the weighted average cost method except
2 Investments: for investments under HTM category which are
accounted on FIFO basis (First In First Out).
Investments are accounted for in accordance with the extant
RBI guidelines on investment classification and valuation, as a. 
Brokerage/ commission received on
given below: subscriptions is reduced from the cost.
Brokerage, Commission, Securities
2.1 Classification: Transaction Tax (STT) etc. paid in connection
As per RBI guidelines, investments are classified into with acquisition of investments are expensed
Held to Maturity (HTM), Available for Sale (AFS) and upfront and excluded from cost.
Held for Trading (HFT) categories. b. Broken period interest paid/ received on
For disclosure in Balance Sheet, the investments are debt instruments is treated as interest
classified as Investments in India and outside India. expense/ income and is excluded from cost/
sale consideration.
Under each category, the investments in India are
further classified as (i) Government Securities, (ii) ii. Valuation of investments classified as Held
Other Approved Securities, (iii) Shares, (iv) Bonds and to Maturity:
Debentures, (v) Subsidiaries and Joint Ventures and
a. Investments under Held to Maturity category
(vi) Others.
are carried at acquisition cost. The premium
The investments outside India are further classified as paid on acquisition if any, is amortised over
(i) Government Securities (ii) Subsidiaries and Joint the term to maturity on a constant yield basis.
Ventures (iii) Other Investments. Such amortisation of premium is accounted
as income on investments.
2.2 Basis of classification:
b. 
Investments (in India and abroad) in
i. Investments that the Bank intends to hold till subsidiaries, joint ventures and associates
maturity are categorised as “Held to Maturity are valued at historical cost. A provision is
(HTM)”. made for diminution, other than temporary,
ii. Investments that are held principally for resale for each investment individually.
within 90 days from the date of purchase are c. Investments in Regional Rural Banks are
categorised as “Held for Trading (HFT)”. valued at carrying cost (i.e., book value).

Annual Report 2023- 24 173

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

iii. 
Valuation of investments classified as vi. Treasury Bills and Commercial Papers are valued
Available for Sale and Held for Trading: at carrying cost.
Investments classified as Available for Sale and
Held for Trading are individually revalued at 2.4 Investments (NPI):
market price or fair value determined as per the i. In respect of domestic offices, based on the
regulatory guidelines and the net depreciation guidelines issued by RBI, investments are classified
if any, of each group for each category (viz. (i) as performing and non-performing as follows:
Government securities, (ii) Other Approved
a. 
Interest/ instalment (including maturity
Securities, (iii) Shares, (iv) Bonds and Debentures,
proceeds) is due and remains unpaid for
(v) Subsidiaries and Joint Ventures and (vi) others)
more than 90 days.
is provided for and net appreciation is ignored.
b. In the case of equity shares, in the event
iv. Valuation policy in event of inter category the investment in shares of any company is
transfer of investments: valued at H1 per company on account of non-
a. Transfer of securities from HFT/ AFS category availability of the latest balance sheet, those
to HTM category is carried out at the lower equity shares would be reckoned as NPI.
of acquisition cost/ book value/ market value c. The Bank also classifies an investment as a
on the date of transfer. The depreciation, if non-performing investment in case any credit
any, on such transfer is fully provided for. facility availed by the same borrower/entity
b. Transfer of securities from HTM category to has been classified as a non-performing
AFS category is carried out on acquisition asset and vice versa. The above is applied to
price/ book value. On transfer, these Preference Shares where the fixed dividend
securities are immediately revalued and is not paid.
resultant depreciation, if any, is provided, in d. 
The investments in debentures/ bonds,
the Profit and Loss Account. which are deemed to be advance, are
also subjected to NPI norms as applicable
v. Valuation in case of sale of NPA (financial to investments.
asset) to Securitisation Company (SC)/ Asset
Reconstruction Company (ARC) against issue ii. In respect of foreign offices, classification, and
of Security Receipts: provisions for non-performing investments (NPIs)
are made as per the local regulations or as per the
a. 
The investment in security receipts
norms of RBI, whichever are more prudent.
obtained by way of sale of NPA to SC/RC,
is recognised at lower of: (i) Net Book Value
2.5 
Accounting for Repo/Reverse Repo
(NBV) (i.e. book value less provisions held) of
transactions:
the financial asset; and (ii) Redemption value
of SR. The Bank enters Repurchase and Reverse Repurchase
Transactions with RBI under Liquidity Adjustment
b. SRs issued by an SC/ ARC are valued in Facility (LAF) and with market participants. Repurchase
accordance with the guidelines applicable to Transaction represents borrowing by selling the
non-SLR instruments. Accordingly, in cases securities with an agreement to repurchase the
where the SRs issued by the SC/ ARC are securities. Reverse Repo Transactions on the other hand,
limited to the actual realisation of the financial represent lending funds by purchasing the securities.
assets assigned to the instruments in the
concerned scheme, the Net Asset Value, i. Transactions with RBI under Liquidity Adjustment
obtained from the SC/ ARC, is reckoned for Facility (LAF) are accounted for as Collateralised
valuation of such investments. Lending and Borrowing transactions.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

ii. In Repo and Reverse Repo transaction, securities iii. The bills purchased/ discounted are classified as
sold(purchased) and repurchased (resell) are Non-performing Asset if the bill remains overdue
accounted as normal outright sale(purchase) for a period of more than 90 days.
transactions and such movement of securities is
iv. The agricultural advances are classified as a non-
reflected using the Repo/ Reverse Repo Accounts
performing if, (a) for short duration crops, where
and contra entries. The above entries are reversed
the instalment of principal or interest remains
on the date of maturity.
overdue for two crop seasons; and (b) for long
iii. Balance in Repo Account is classified under duration crops, where the principal or interest
Schedule 4 ‘Borrowings’. remains overdue for one crop season.

iv. All type of Reverse Repos with RBI including those 3.2 NPAs are classified into Sub-Standard, Doubtful and Loss
under Liquidity Adjustment Facility are presented Assets, based on the following criteria stipulated by RBI:
under sub item (ii) ‘In Other Accounts’ of item (II)
i. Sub-standard: A loan asset that has remained
Balances with RBI under Schedule 6 ‘Cash and
non-performing for a period less than or equal to
balances with RBI’.
12 months.
v. Reverse Repos with banks and other institutions
ii. Doubtful: A loan asset that has remained in the
having original tenors up to and inclusive of 14
sub-standard category for a period of 12 months.
days are classified as Money at call and short
notice under Schedule 7 ‘Balance with Banks and iii. Loss: A loan asset where loss has been identified
Money at call & short notice’. Reverse Repos with but the amount has not been fully written off.
original maturity more than 14 days but up to 1
3.3 
Provisions are made for NPAs as per the extant
year are classified as Cash Credits, overdrafts, and
guidelines prescribed by the regulatory authorities,
loans repayable on demand, under Schedule 9
subject to minimum provisions as prescribed below:
‘Advances’. All other Reverse Repos are classified
as Term Loans under Schedule 9 ‘Advances’. Sub-standard i.  A general provision of 15% on the
Assets: total outstanding;
vi. Borrowing cost of repo transactions and revenue ii. Additional provision of 10% for
on reverse repo transactions, with RBI or others, exposures which are unsecured ab-initio
(i.e. where realisable value of security is
is accounted for as interest expense and interest
not more than 10 percent ab-initio);
income, respectively.
iii. 
Unsecured Exposure in respect of
infrastructure advances where certain
3 Loans/Advances and Provisions thereon: safeguards such as escrow accounts
are available - 20%.
3.1 Based on the guidelines/directives issued by the RBI,
Doubtful Assets:
Loans and Advances are classified as performing and
- Secured i. Upto one year – 25%
non-performing, as follows: portion: ii. One to three years – 40%
i. A term loan is classified as a non-performing asset iii. More than three years – 100%
if interest and/or instalment of principal remains - Unsecured 100%
portion
overdue for a period of more than 90 days.
Loss Assets: 100%
ii. An Overdraft or Cash Credit is classified as a non-
performing asset, if, the account remains “out of 3.4 In respect of foreign offices, the classification of loans
order”, i.e. if the outstanding balance exceeds the and advances and provisions for NPAs are made as
sanctioned limit/ drawing power continuously per the local regulations or as per the norms of RBI,
for a period of 90 days, or if there are no credits whichever is more prudent.
continuously for 90 days as on the date of balance
3.5 Advances are net of specific loan loss provisions,
sheet, or if the credits are not adequate to cover
unrealised interest, ECGC claims received, and
the interest debited during the same period.
bills rediscounted.

Annual Report 2023- 24 175

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

3.6 For restructured/ rescheduled assets, provisions are 5 Provision for Country Exposure:
made in accordance with the guidelines issued by In addition to the specific provisions held according to the
the RBI, which require that the difference between asset classification status, provisions are also made for
the fair value of the loans/ advances before and after individual country exposures (other than the home country).
restructuring is provided for, in addition to provision Countries are categorised into seven risk categories, namely,
for the respective loans/ advances. The Provision for insignificant, low, moderate, high, very high, restricted and
Diminution in Fair Value (DFV) and interest sacrifice, if off-credit and provisioning made as per extant RBI guidelines.
any, arising out of the above, is reduced from advances. If the country exposure (net) of the Bank in respect of each
3.7 In the case of loan accounts classified as NPAs, an country does not exceed 1% of the total funded assets, no
account may be reclassified as a performing asset if it provision is maintained on such country exposures. The
conforms to the guidelines prescribed by the regulators. provision is reflected in Schedule 5 of the Balance Sheet
under the head “Other Liabilities & Provisions – Others”.
3.8 Amounts recovered against debts written off in earlier
years are recognised as revenue in the year of recovery. 6 Derivatives:
3.9 In addition to the specific provision on NPAs, general 6.1 The Bank enters in derivative contracts, such as foreign
provisions are also made for standard assets as per currency options, interest rate swaps, currency swaps,
extant RBI Guidelines. These provisions are reflected cross currency interest rate swaps and forward rate
in Schedule 5 of the Balance Sheet under the head agreements to hedge on-balance sheet/ off-balance
“Other Liabilities & Provisions – Others” and are not sheet assets and liabilities or for trading purposes. The
considered for arriving at the Net NPAs. swap contracts entered to hedge on-balance sheet
assets and liabilities are structured in such a way that
3.10 The Bank also makes additional provisions on specific
they bear an opposite and offsetting impact with the
non-performing assets.
underlying on-balance sheet items. The impact of such
3.11 Appropriation of recoveries in NPAs are made in order derivative instruments is correlated with the movement
of priority as under: of the underlying assets and accounted in accordance
with the principles of hedge accounting.
a. Charges, Costs, Commission etc.
b. Unrealised Interest / Interest 6.2 Derivative contracts classified as hedge are recorded
on accrual basis. Hedge contracts are not marked to
c. Principal
market unless the underlying assets/ liabilities are also
However, in Compromise and Resolution/ Settlement marked to market.
through National Company Law Tribunal (NCLT) cases,
6.3 Except as mentioned above, all other derivative contracts
the recoveries are appropriated as per the terms of
are marked to market as per the Generally Accepted
respective compromise/ resolution/ settlement. In case
Accounting Practices prevalent in the industry. In
of suit filed accounts, recovery is appropriated as per
respect of derivative contracts that are marked to
directives of respective courts.
market, changes in the market value are recognised in
the Profit and Loss Account in the period of change.
4 Floating Provisions & Countercyclical Provisioning
Any receivable under derivative contracts, which
Buffer:
remain overdue for more than 90 days, are reversed

T he Bank has a policy for creation and utilisation of through Profit and Loss Account to “Suspense Account
Countercyclical Provisioning Buffer in good times as well as Crystallised Receivables”. In cases where the derivative
for floating provisions separately for advances, investments, contracts provide for more settlement in future and if
and general purposes. The quantum of floating provisions and the derivative contract is not terminated on the overdue
Countercyclical Provisioning Buffer to be created is assessed at receivables remaining unpaid for 90 days, the positive
the end of the financial year. These provisions are utilised only MTM pertaining to future receivables is also reversed
for contingencies under extraordinary circumstances specified from Profit and Loss Account to “Suspense Account -
in the policy with prior permission of Reserve Bank of India. Positive MTM”.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

6.4 Option premium paid or received is recorded in Profit and 7.4 Assets costing less than H1,000 each are charged off in
Loss Account at the expiry of the option. The balance in the year of purchase.
the premium received on options sold and premium paid
7.5 In respect of leasehold premises, the lease premium,
on options bought is considered to arrive at Mark-to-
if any, is amortised over the period of lease (except
Market value for forex Over the Counter (OTC) options.
for premises and land on perpetual lease) and Lease
6.5 Exchange Traded Derivatives entered in for trading payments for assets taken on Operating lease are
purposes are valued at prevailing market rates based on recognised as expense in the Profit & Loss account
rates given by the Exchange and the resultant gains and over the lease term on straight line basis.
losses are recognised in the Profit and Loss Account.
7.6 In respect of fixed assets held at foreign offices,
depreciation is provided as per the regulations / norms
7 Fixed Assets, Depreciation and Amortisation:
of the respective countries.
7.1 Fixed Assets are carried at cost less accumulated
depreciation/ amortisation except for freehold premises 7.7 The Bank revalue freehold immovable assets at every
carried at revalued amount, being fair value at the three years. The increase in Net Book Value of the
date of revaluation less accumulated depreciation, as asset due to revaluation is credited to the Revaluation
stated otherwise. Reserve Account without routing through the Profit and
Loss Account. Additional Depreciation on the revalued
7.2 Cost includes cost of purchase and all expenditure such asset is charged to the Profit and Loss Account and
as site preparation, installation costs and professional fees appropriated from the Revaluation Reserves to General
incurred on the asset before it is put-to-use. Subsequent Reserve. The revalued asset is depreciated over the
expenditure(s) incurred on the assets put-to-use are balance useful life of the asset as assessed at the time
capitalised only when it increases the future benefits of revaluation.
from such assets or their functioning capability. The fixed
assets in domestic offices are depreciated at straight line 8 Impairment of Assets:
method based on useful life of the assets stated as under:
Fixed Assets are reviewed for impairment whenever events or
Useful
Sr.
Description of Fixed Assets Life for
changes in circumstances warrant that the carrying amount
No. of an asset may not be recoverable. Recoverability of assets
Depreciation
1 Computers 3 Years to be held and used is measured by a comparison of the
2 Computer Software forming an integral 3 Years carrying amount of an asset to future Net Discounted Cash
part of the computer hardware Flows expected to be generated by the asset. If such assets
3 Computer Software which does not form 3 Years are impaired, the impairment to be recognised is measured
an integral part of Computer hardware
by the amount by which the carrying amount of the asset
and cost of Software Development
4 Automated Teller Machine/ Cash Deposit 5 Years
exceeds the fair value of the asset.
Machine/ Coin Dispenser/ Coin Vending
Machine 9 Effect of changes in the foreign exchange rate:
5 Server 4 Years
9.1 Foreign Currency Transactions:
6 Network Equipment 5 Years
7 Other major fixed assets:
i. Foreign currency transactions are recorded on
Premises 60 Years initial recognition in the reporting currency by
Safe Deposit Lockers 20 Years applying to the foreign currency amount the
Furniture & Fixtures 10 Years exchange rate between the reporting currency and
Air Conditioners 8 Years the foreign currency on the date of transaction.
Vehicles 5 Years ii. Foreign currency monetary items are reported
7.3 In respect of assets acquired during the year (for using the Foreign Exchange Dealers Association
domestic operations), depreciation is charged on of India (FEDAI) closing (spot/ forward) rates.
proportionate basis for the number of days the assets
have been put-to-use during the year.

Annual Report 2023- 24 177

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

iii. Foreign currency non-monetary items, which are c. Exchange differences arising on investment
carried at historical cost, are reported using the in non-integral foreign operations are
exchange rate on the date of the transaction. accumulated in Foreign Currency Translation
Reserve until the disposal of the investment.
iv. 
Contingent liabilities denominated in foreign
currency are reported using the FEDAI closing d. The Assets and Liabilities of foreign offices
spot rates. in foreign currency (other than local currency
of the foreign offices) are translated into local
v. Outstanding foreign exchange spot and forward
currency using spot rates applicable to that
contracts held for trading are revalued at the
country on the balance sheet date.
exchange rates notified by FEDAI for specified
maturities, and the resulting Profit or Loss is
ii. Integral Operations:
recognised in the Profit and Loss Account.
a. Foreign currency transactions are recorded
vi. 
Foreign exchange forward contracts which are not on initial recognition in the reporting currency
intended for trading and are outstanding on the by applying to the foreign currency amount
balance sheet date, are re-valued at the closing spot the exchange rate between the reporting
rate. The premium or discount arising at the inception currency and the foreign currency on the
of such forward exchange contract is amortised as date of transaction.
expense or income over the life of the contract.
b. 
Monetary foreign currency assets and
vii. Exchange differences arising on the settlement liabilities of integral foreign operations
of monetary items at rates different from those at are translated at closing (Spot/ Forward)
which they were initially recorded are recognised exchange rates notified by FEDAI at the
as income or as expense in the period in which balance sheet date and the resulting Profit/
they arise. Loss is included in the Profit and Loss
viii. Gains/ Losses on account of changes in exchange Account. Contingent Liabilities are translated
rates of open position in currency futures trades at Spot rate.
are settled with the exchange clearing house on c. Foreign currency non-monetary items which
daily basis and such gains/ losses are recognised are carried at historical cost are reported
in the Profit and Loss Account. using the exchange rate on the date of
the transaction.
9.2 Foreign Operations:
Foreign Branches of the Bank and Offshore Banking 10 Employee Benefits:
Units (OBU) have been classified as Non-integral 10.1 Short Term Employee Benefits:
Operations and Representative Offices have been
The undiscounted amounts of short-term employee
classified as Integral Operations.
benefits, such as medical benefits which are expected
to be paid in exchange for the services rendered by
i. Non-integral Operations:
employees, are recognised during the period when the
a. Both monetary and non-monetary foreign employee renders the service.
currency assets and liabilities including
contingent liabilities of non-integral foreign 10.2 Long Term Employee Benefits:
operations are translated at closing exchange
i. Defined Benefit Plans:
rates notified by FEDAI at the Balance
Sheet date. a. The Bank operates a Provident Fund scheme.
All eligible employees are entitled to receive
b. 
Income and expenditure of non-integral benefits under the Bank’s Provident Fund
foreign operations are translated at quarterly scheme. The Bank contributes to the fund
average closing rates notified by FEDAI. at 10% of employee’s basic pay plus eligible

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

allowance monthly. These contributions c. The cost of providing defined benefits is

are remitted to a Trust established for this determined using the projected unit credit
purpose and are charged to Profit and Loss method, with actuarial valuations being
Account. The Bank recognises such annual carried out at each balance sheet date.
contributions as an expense in the year to Actuarial gains/ losses are immediately
which it relates. Shortfall, if any, is provided recognised in the Profit and Loss Account
for based on actuarial valuation. and are not deferred.

b. The Bank operates Gratuity and Pension

ii. Defined Contribution Plan:
schemes which are defined benefit plans.
The Bank operates a New Pension Scheme
- The Bank provides for gratuity to all (NPS) for all officers/ employees joining the Bank
eligible employees. The benefit is in on or after 1st August 2010, which is a defined
the form of lump sum payments to contribution plan. (Such new joinees not being
vested employees on retirement, or entitled to become members of the existing SBI
on death while in employment, or on Pension Scheme). As per the scheme, these
termination of employment, for an employees contribute 10% of their basic pay
amount equivalent to 15 days basic plus dearness allowance to the scheme together
salary payable for each completed year with Bank’s contribution at 14% of basic pay
of service, subject to the cap prescribed plus dearness allowance. Pending completion
by the Statutory Authorities or Service of registration procedures of the employees
Gratuity without cap for erstwhile concerned, these contributions are retained as
Associate Bank’s employees. Vesting deposits in the Bank and earn interest at the rate
occurs upon completion of five years applicable to Provident Fund balance. The Bank
of service. The Bank makes periodic recognises such annual contributions and interest
contributions to a fund administered as an expense in the year to which they relate. Upon
by Trustees based on an independent receipt of the Permanent Retirement Account
external actuarial valuation carried Number (PRAN), the consolidated contribution
out annually. amounts are transferred to the NPS Trust.
- The Bank provides for pension to all
eligible employees. The benefit is in the iii. Other Long Term Employee Benefits:
form of monthly payments as per rules a. All eligible employees of the Bank are eligible
to vested employees on retirement or for compensated absences, silver jubilee
on death while in employment, or on award, leave travel concession, retirement
termination of employment. Vesting award and resettlement allowance. The
occurs at different stages as per rules. costs of such long-term employee benefits
The Bank makes monthly contribution are internally funded by the Bank.
to the Pension Fund at 10% of salary
b. 
The cost of providing other long-term
in terms of SBI Employees’ Pension
benefits is determined using the projected
Fund Regulations. The pension liability
unit credit method with actuarial valuations
is reckoned based on an independent
being carried out at each Balance Sheet
actuarial valuation carried out annually
date. Past service cost, if any, is immediately
and Bank makes such additional
recognised in the Profit and Loss Account
contributions periodically to the Fund
and is not deferred.
as may be required to secure payment
of the benefits under the Pension 10.3 Employee benefits relating to employees employed at
Fund Regulations. foreign offices are valued and accounted for as per the
respective local laws/ regulations.

Annual Report 2023- 24 179

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

11 Segment Reporting: 14 Provisions, Contingent Liabilities and Contingent

The Bank recognises the business segment as the primary Assets:
reporting segment and geographical segment as the 14.1 In conformity with AS 29, “Provisions, Contingent
secondary reporting segment in accordance with the RBI Liabilities and Contingent Assets”, issued by the
guidelines and in compliance with the Accounting Standard Institute of Chartered Accountants of India, the Bank
17 issued by Institute of Chartered Accountants of India. recognises provisions only when it has a present
obligation because of a past event, and would result in
12 Taxes on income: a probable outflow of resources embodying economic
Income tax expense is the aggregate amount of current tax benefits will be required to settle the obligation, and
and deferred tax expense incurred by the Bank. The current when a reliable estimate of the amount of the obligation
tax expense and deferred tax expense are determined can be made.
in accordance with the provisions of the Income Tax Act, 14.2 No provision is recognised for:
1961 and as per Accounting Standard 22 – “Accounting for
Taxes on Income” respectively after considering taxes paid i. any possible obligation that arises from past events
at the foreign offices, which are based on the tax laws of and the existence of which will be confirmed only
respective jurisdictions. Deferred Tax adjustments comprises by the occurrence or non-occurrence of one or
of changes in the deferred tax assets or liabilities during more uncertain future events not wholly within the
the year. Deferred tax assets and liabilities are recognised control of the Bank; or
by considering the impact of timing differences between ii. any present obligation that arises from past events
taxable income and accounting income for the current year but is not recognised because:
and carry forward losses. Deferred tax assets and liabilities
are measured using tax rates and tax laws that have been a. it is not probable that an outflow of resources
enacted or substantively enacted at the balance sheet date. embodying economic benefits will be
The impact of changes in deferred tax assets and liabilities required to settle the obligation; or
is recognised in the profit and loss account. Deferred tax b. a reliable estimate of the amount of obligation
assets are recognised and re-assessed at each reporting cannot be made.
date, based upon management’s judgement as to whether
their realisation is considered as reasonably certain. Deferred Such obligations are recorded as Contingent Liabilities.
Tax Assets are recognised on carry forward of unabsorbed These are assessed at regular intervals and only that
depreciation and tax losses only if there is virtual certainty part of the obligation for which an outflow of resources
supported by convincing evidence that such deferred tax embodying economic benefits is probable, is provided
assets can be realised against future profits. for, except in the extremely rare circumstances where
no reliable estimate can be made.
13 Earnings per Share: 14.3 Provision for reward points in relation to the “Enterprise-
13.1 The Bank reports basic and diluted earnings per share Wide Loyalty Programme” of the Bank is being provided
in accordance with AS 20 –“Earnings per Share” issued for on actuarial estimates.
by the ICAI. Basic Earnings per Share are computed by
14.4 Provisions for onerous contracts are recognised when
dividing the Net Profit after Tax for the year attributable
the expected benefits to be derived by the Bank from
to equity shareholders by the weighted average number
a contract are lower than the unavoidable costs of
of equity shares outstanding for the year.
meeting the future obligations under the contract. The
13.2 Diluted Earnings per Share reflect the potential dilution provision is measured at the present value of the lower
that could occur if securities or other contracts to issue of the expected cost of terminating the contract and
equity shares were exercised or converted during the the expected net cost of continuing with the contract.
year. Diluted Earnings per Share are computed using Before a provision is established, the Bank recognises
the weighted average number of equity shares and any impairment loss on the assets associated with
dilutive potential equity shares outstanding at year end. that contract.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

14.5 
Contingent Assets are not recognised in the 16 Special Reserves:
financial statements. Revenue and other Reserve include Special Reserve created
under Section 36(i)(viii) of the Income Tax Act, 1961. The
15 Bullion Transactions: Board of Directors of the Bank has passed a resolution
The Bank imports bullion including precious metal bars on a approving creation of the reserve and confirming that it has
consignment basis for selling to its customers. The imports no intention to make withdrawal from the Special Reserve.
are typically on a back-to-back basis and are priced to the
customer based on price quoted by the supplier. The Bank 17 Share Issue Expenses:
earns a fee on such bullion transactions. The fee is classified 
Share issue expenses are charged to the Share
under commission income. The Bank also accepts deposits Premium Account.
and lends gold, which is treated as deposits/ advances as
the case may be with the interest paid/ received classified 18 Cash and Cash equivalents:
as interest expense/ income. Gold Deposits, Metal Loan
Cash and cash equivalents include Cash and Balances with
Advances and closing Gold Balances are valued at available
RBI, Balances with Banks and money at call and short notice.
Market Rate as on the date of Balance Sheet.

Annual Report 2023- 24 181

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

SCHEDULE 18: NOTES TO ACCOUNTS

18.1 REGULATORY CAPITAL
a. Composition of Regulatory Capital (As per Basel III):
(H in Crore)
Sr. As at As at
Items
No. 31st March 2024 31st March 2023
i) Common Equity Tier 1 capital 3,33,705.96 2,85,834.97
ii) Additional Tier 1 capital 50,471.40 49,692.70
iii) Tier 1 capital (i + ii) 3,84,177.36 3,35,527.67
iv) Tier 2 capital 75,846.02 73,051.40
v) Total capital (Tier 1 + Tier 2) 4,60,023.38 4,08,579.07
vi) Total Risk Weighted Assets (RWAs) 32,22,358.28 27,83,058.70
vii) CET 1 Ratio (%) 10.36% 10.27%
(CET 1 as a percentage of RWAs)
viii) Tier 1 capital Ratio (%) 11.93% 12.06%
(Tier 1 capital as a percentage of RWAs)
ix) Tier 2 capital Ratio (%) 2.35% 2.62%
(Tier 2 capital as a percentage of RWAs)
x) Capital to Risk Weighted Assets Ratio (CRAR) (%) 14.28% 14.68%
(Total capital as a percentage of RWAs)
xi) Leverage Ratio 5.67% 5.52%
xii) Percentage of the Shareholding of Government of India 56.92% 56.92%
xiii) Amount of paid-up equity capital raised during the year Nil $
xiv) Amount of non-equity Tier 1 capital raised during the year:
Basel III compliant Perpetual Debt Instruments 8,101.00 15,133.00
xv) Amount of Tier 2 capital raised during the year:
Basel III compliant Debt Capital instruments 10,000.00 4,000.00

RBI vide Circular No. DBR.No.BP.BC.83/21.06.201/2015-16 dated 1st March 2016, has given discretion to banks to consider Revaluation Reserve,
Foreign Currency Translation Reserve and Deferred Tax Asset for purposes of computation of Capital Adequacy as CET– I capital ratio. The Bank
has exercised the option in the above computation.

$ During the financial year 2022-2023, the Bank has allotted 400 equity shares of H1/- each for cash at a premium of H158/-
per equity share out of 7,93,630 shares (issued as a part of Right Issue-2008) allotment of which was held in abeyance for
resolution of title dispute. Out of the total subscription of H63,600/- received, H400/- was transferred to Share Capital Account
and H63,200/- to Share Premium Account. As on 31st March 2024 allotment of 7,93,230 shares is held in abeyance.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

b. Drawdown from Reserves:

In terms of RBI Circular No: DBR.No.BP.BC.102/21.04.048/2017-18 dated 2nd April 2018, H749.08 Crore has been drawn
down from Investment Fluctuation Reserve as it was in excess of 2 percent of HFT and AFS portfolio.

c. Innovative Perpetual Debt Instruments (IPDI):

The details of IPDI issued which qualify for Hybrid Tier I Capital and outstanding are as under:
Principal Date of Issue Interest Rate
Sr.
Nature of Bonds Amount % p.a.
No.
(J in Crore)
i) SBI Non-Convertible, Unsecured, Basel III- AT 1 Bonds 2019-20 Series I 3,104.80 30.08.2019 8.75
ii) SBI Non-Convertible, Unsecured, Basel III- AT 1 Bonds 2019-20 Series II 3,813.60 22.11.2019 8.50
iii) SBI Non-Convertible, Unsecured, Basel III AT1 Bonds 2020-21 Series I 4,000.00 09.09.2020 7.74
iv) SBI Non-Convertible Unsecured Basel III AT1 Bonds 2020 Series II 2,500.00 24.11.2020 7.73
v) SBI Non-Convertible Unsecured Basel III AT1 Bonds 2021 Series I 4,000.00 03.09.2021 7.72
vi) SBI Non-Convertible Unsecured Basel III AT1 Bonds 2021 Series II 6,000.00 18.10.2021 7.72
vii) SBI Non-Convertible Unsecured Basel III AT1 Bonds 2021 Series III 3,974.00 14.12.2021 7.55
viii) SBI Non-Convertible Unsecured Basel III AT1 Bonds 2022-23 Series I 6,872.00 09.09.2022 7.75
ix) SBI Non-Convertible Unsecured Basel III AT1 Bonds 2022-23 Series II 4,544.00 21.02.2023 8.20
x) SBI Non-Convertible Unsecured Basel III AT1 Bonds 2022-23 Series III 3,717.00 09.03.2023 8.25
xi) SBI Non-Convertible Unsecured Basel III AT1 Bonds 2023-24 Series I 3,101.00 14.07.2023 8.10
xii) SBI Non-Convertible Unsecured Basel III AT1 Bonds 2023-24 Series II 5,000.00 19.01.2024 8.34
TOTAL 50,626.40

Annual Report 2023- 24 183

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

d. Subordinated Debts:
The bonds are unsecured, long term, non-convertible and are redeemable at par. The details of outstanding subordinate
debts are as under: -
Principal Date of Issue Interest Rate Maturity Period
Sr.
Nature of Bonds Amount /Date of % p.a. in Months
No.
(K in Crore) Redemption
i) e-SBM Tier II 17.12.2014
500.00 8.55 120
Basel III compliant 17.12.2024
ii) e -SBP Tier II 22.01.2015
950.00 8.29 120
Basel III compliant (Series I) 22.01.2025
iii) e- SBBJ Tier II 20.03.2015
200.00 8.30 120
Basel III compliant 20.03.2025
iv) e -SBH Tier II 31.03.2015
393.00 8.32 120
Basel III compliant (Series XIV) 31.03.2025
v) e -SBH Tier II 30.12.2015
500.00 8.40 120
Basel III compliant (Series XV) 30.12.2025
vi) e-SBM Tier II 31.12.2015
300.00 8.40 120
Basel III compliant 31.12.2025
vii) e-SBM Tier II 18.01.2016
200.00 8.45 120
Basel III compliant 18.01.2026
viii) e -SBH Tier II 08.02.2016
200.00 8.45 120
Basel III compliant (Series XVI) 08.02.2026
ix) SBI Non-Convertible, Unsecured 28.06.2019
5,000.00 7.99 120
Basel III - Tier II Bonds 2019-20 28.06.2029
x) SBI Non-Convertible, Unsecured 21.08.2020
8,931.00 6.80 180
Basel III -Tier II Bonds 2020-21 Series I 21.08.2035
xi) SBI Non-Convertible, Unsecured 21.09.2020
7,000.00 6.24 120
Basel III -Tier II Bonds 2020-21 Series II 21.09.2030
xii) SBI Non-Convertible, Unsecured 26.10.2020
5,000.00 5.83 120
Basel III Tier 2 Bonds 2020-21 Series III 26.10.2030
xiii) SBI Non-Convertible, Unsecured 23.09.2022
4,000.00 7.57 180
Basel III Tier 2 Bonds 2022-2023 Series I 23.09.2037
xiv) SBI Non-Convertible, Unsecured 02.11.2023
10,000.00 7.81 180
Basel III Tier 2 Bonds 2023-2024 02.11.2038
TOTAL 43,174.00

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 18.2. ASSET LIABILITY MANAGEMENT
a. Maturity pattern of certain items of assets and liabilities as at 31st March 2024:
(H in Crore)
Day1 2-7 Days 8-14 Days 15 to 30 Over Over Over Over Over Over Over Total
days 31 days 2 months 3 months 6 months 1 Year 3 Years 5 Years
and upto and upto and upto and upto and upto and upto
2 months 3 months 6 months 1 Year 3 years 5 years
Company Overview

Annual Report 2023- 24

Deposits 62,388.64 91,980.91 48,883.19 76,745.22 96,162.50 73,330.72 2,23,144.27 10,91,758.84 13,08,824.69 4,99,189.18 13,43,668.61 49,16,076.77
(62,021.01) (81,883.25) (45,827.82) (64,120.64) (88,668.79) (60,036.93) (1,82,952.43) (10,66,628.66) (9,63,143.94) (5,25,512.40) (12,82,981.91) (44,23,777.78)
Advances 48,490.57 20,243.78 18,200.46 63,527.57 79,495.23 59,539.62 1,77,491.33 2,58,065.63 14,21,478.78 4,99,508.52 10,57,929.36 37,03,970.85
(43,124.35) (18,214.44) (16,962.84) (41,105.18) (79,902.61) (60,557.90) (1,89,565.69) (2,38,645.46) (11,55,432.84) (4,33,665.73) (9,22,092.26) (31,99,269.30)
Investments 401.67 4,656.47 2,612.69 12,025.91 20,920.94 29,133.31 47,085.63 1,41,889.43 3,12,103.33 2,13,496.44 8,87,013.84 16,71,339.66
(355.75) (1,278.98) (4,552.48) (17,717.98) (50,026.23) (25,047.13) (62,332.71) (1,86,969.71) (2,61,846.37) (2,38,318.28) (7,21,920.61) (15,70,366.23)
Borrowings 59,009.00 1,00,380.89 4,567.20 27,865.05 29,449.90 35,365.03 73,860.39 49,411.34 80,558.21 42,787.25 94,306.65 5,97,560.91
(21.11) (1,05,533.97) (16,840.87) (28,535.79) (27,044.48) (37,140.22) (47,064.18) (55,395.05) (66,095.16) (53,366.85) (56,097.48) (4,93,135.16)
Responsible Approach

Foreign Currency 15,621.97 9,830.90 8,385.25 42,254.85 40,481.78 45,373.87 89,465.07 73,261.52 1,82,089.19 1,08,502.14 57,547.38 6,72,813.92
Assets #
(11,699.08) (8,291.75) (8,689.76) (21,566.10) (40,420.48) (42,014.10) (93,188.46) (73,245.98) (1,38,699.09) (1,08,321.98) (61,971.63) (6,08,108.41)
Foreign Currency 23,328.17 7,999.52 7,797.35 36,812.27 42,343.85 45,723.86 1,11,574.02 96,735.79 99,192.23 64,387.38 19,293.86 5,55,188.30
Liabilities $ (24,828.68) (10,034.84) (9,639.00) (30,962.01) (44,476.12) (50,917.06) (74,840.99) (82,402.52) (74,915.44) (54,743.19) (28,376.65) (4,86,136.50)

# Foreign Currency Assets represent advances and investments.

$ Foreign Currency Liabilities represent borrowings and deposits.
Governance

(Figures in brackets are as at 31st March 2023).

b. Liquidity Coverage Ratio (LCR):

i. Standalone LCR
– Liquidity Coverage Ratio (LCR) standard represents an unencumbered High Quality Liquid Assets (HQLAs) that can be converted
into cash to meet its liquidity needs for a 30 calendar daytime horizon under significantly severe liquidity stress scenario.
Stock of high-quality liquid assets (HQLAs)
LCR =
Total net cash outflow over the next 30 calendar days
Statutory Reports

– Liquid assets comprise of high-quality assets that can be readily encashed or used as collateral to obtain cash in a range of
stress scenarios.
– There are two categories of assets included in the stock of HQLAs, viz. Level 1 and Level 2 assets. While Level 1 assets are with 0%
haircut, Level 2A and Level 2 B assets are with 15% and 50% haircuts respectively.
– The total net cash outflow is the total expected cash outflows minus total expected cash inflows for the subsequent 30 calendar days.
– Total expected cash outflows are calculated by multiplying the outstanding balances of various categories or types of liabilities and
off-balance sheet commitments by the rates at which they are expected to run off or be drawn down.
Financial Statements

– Total expected cash inflows are calculated by multiplying the outstanding balances of various categories of contractual receivables
by the rates at which they are expected to flow in up to an aggregate cap of 75% of total expected cash outflows.

185
STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

Quantitative Disclosure
(H in Crore)
Liquidity Coverage Ratio (State Bank of India - Standalone)
Quarter ended Quarter ended Quarter ended Quarter ended Quarter ended
31st March 2024 31st December 2023 30th September 2023 30th June 2023 31st March 2023

LCR COMPONENTS Total Total Total Total Total Total Total Total Total Total
Unweighted Weighted Unweighted Weighted Unweighted Weighted Unweighted Weighted Unweighted Weighted
Value Value Value Value Value Value Value Value Value Value
(Average) (Average) (Average) (Average) (Average) (Average) (Average) (Average) (Average) (Average)
HIGH QUALITY LIQUID ASSETS (HQLA)
1. Total High Quality Liquid Assets (HQLA) 13,13,148 14,08,025 14,04,869 13,06,689 12,13,100
CASH OUTFLOWS
2. Retail Deposits and deposits from small
business customers, of which:
i) Stable deposits 9,73,866 48,693 9,63,926 48,196 9,44,720 47,236 9,23,641 46,182 9,08,572 45,429
ii) Less Stable Deposits 22,91,273 2,29,127 22,43,331 2,24,333 21,93,991 2,19,399 21,38,128 2,13,813 21,03,084 2,10,308
3. Unsecured wholesale funding, of which:
i) Operational deposits (all counterparties) - - - - - - - - - -
ii) Non-operational deposits 12,70,853 7,46,617 12,47,741 7,33,139 12,18,166 7,08,070 11,38,468 6,61,586 10,48,772 6,07,493
(all counterparties)
iii) Unsecured debt - - - - - - - - - -
4. Secured wholesale funding 1,48,018 188 79,750 1,018 41,700 705 61,710 371 1,37,680 222
5. Additional requirements, of which
i) Outflows related to derivative exposures and 4,13,077 4,13,077 3,46,797 3,46,797 3,64,470 3,64,470 3,58,677 3,58,677 3,92,263 3,92,263
other collateral requirements
ii) Outflows related to loss of funding on debt - - - - - - - - - -
products
iii) Credit and liquidity facilities 1,15,723 33,872 1,15,286 34,180 1,04,535 31,828 83,873 18,372 78,921 13,327
6. Other contractual funding obligations 52,747 52,747 58,853 58,853 52,651 52,651 52,021 52,021 46,656 46,656
7. Other contingent funding obligations 9,50,450 38,029 9,65,578 38,483 9,30,697 37,315 9,26,306 37,027 7,94,503 30,705
8. Total Cash Outflows 62,16,008 15,62,351 60,21,262 14,85,000 58,50,930 14,61,674 56,82,824 13,88,049 55,10,451 13,46,403
CASH INFLOWS
9. Secured lending (e.g. Reverse repos) 4,445 - 8,722 - 33,127 - 27,901 - 15,796 -
10. Inflows from fully performing exposures 5,35,048 4,94,161 4,49,525 4,16,254 4,84,517 4,51,006 4,87,450 4,55,660 5,07,787 4,75,478
11. Other cash inflows 65,374 50,401 60,490 46,853 59,433 45,101 55,480 42,988 54,824 43,516
12. Total Cash Inflows 6,04,867 5,44,562 5,18,737 4,63,107 5,77,077 4,96,107 5,70,831 4,98,648 5,78,407 5,18,994
13. Total HQLA 13,13,148 14,08,025 14,04,869 13,06,689 12,13,100
14. Total Net Cash Outflows 10,17,789 10,21,893 9,65,567 8,89,401 8,27,409
15. Liquidity Coverage Ratio (%) 129.02% 137.79% 145.50% 146.92% 146.61%

In accordance with RBI guidelines vide circular No. RBI/2014-15/529 DBR. No. BP.BC.80/21.06.201/2014-15 dated 31st March 2015,
average weighted and unweighted amounts have been calculated taking simple daily average. The Bank has considered 67 data points
for the quarter January to March 2024.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

- Bank’s LCR comes to 129.02% based on daily average position of three months (Q4 FY2024) and remained above
the minimum regulatory requirement of 100%. Average HQLA held during the quarter was H13,13,148 Crore,
with 96.50% being Level 1 assets. Level 2A and Level 2B assets constitute 2.84% and 0.66% of total HQLA,
respectively. Government Securities constituted 94.34% of Total Level 1 Assets. During the quarter, the weighted
average HQLA level got reduced by H94,877 Crore primarily on account of decline in excess SLR balance. Further,
the weighted average net cash outflows position remained almost at the same level with a negligible fall by H4,104
Crore during the quarter. Derivative exposures are considered insignificant due to almost matching inflows and
outflows position. During the quarter, LCR for USD (significant Foreign Currency constituting more than 5% of
the Balance Sheet of the Bank) was at 413.69%, on an average.

- Liquidity Management in the Bank is driven by the ALM Policy of the Bank and regulatory prescriptions. The
Domestic and International Treasuries are apprising the liquidity position to the Asset Liability Management
Committee (ALCO) of the Bank. The ALCO has been empowered by the Bank’s Board to formulate the Bank’s
funding strategies to ensure that the funding sources are well diversified and is consistent with the operational
requirements of the Bank. All the major decisions of ALCO are being reported to the Bank’s Board subsequently.
Besides daily/monthly LCR reporting, Bank also prepares daily Structural Liquidity statements to assess the
liquidity needs of the Bank on an ongoing basis.

- The Bank has been maintaining HQLA mainly in the form of SLR investments over and above the mandatory
requirements. Retail deposits constitute major portion of total funding sources, which are well diversified.
Management is of the view that the Bank has sufficient liquidity cover to meet its likely future commitments.

ii. Consolidated LCR

- The RBI through a supplementary guideline issued on March 31, 2015 had stipulated the implementation of LCR
at a consolidated level from January 1, 2016 and accordingly, LCR has been computed at Group level. The entities
covered in the Group LCR are SBI and seven Overseas Banking Subsidiaries (OBS) - Commercial Indo Bank LLC,
Moscow, Nepal SBI Bank Ltd., State Bank of India (California), SBI Canada Bank, State Bank of India (Mauritius)
Ltd, PT Bank SBI Indonesia and State Bank of India (UK) Ltd. and one Non Banking Subsidiary (NBS) - SBI Cards
and Payment Services Ltd.

- SBI Group LCR comes to 130.62% as on 31st March 2024 based on average of three months January, February and
March 2024, which is above the minimum regulatory requirement of 100%. The Group has been maintaining HQLA
mainly in the form of SLR investments over and above the mandatory requirements. Retail deposits constitute
major portion of total funding sources, and such funding sources are well diversified. Management is of the view
that the Bank has sufficient liquidity cover to meet its likely future short-term requirements.

Annual Report 2023- 24 187

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

Group Liquidity Coverage Ratio (LCR) as on quarter ended 31.03.2024 (January-March, 2024)
(H in Crore)
Liquidity Coverage Ratio (State Bank of India Group)
Quarter ended Quarter ended Quarter ended Quarter ended Quarter ended
31st March 2024 31st December 2023 30th September 2023 30th June 2023 31st March 2023
GLCR COMPONENTS Total Total Total Total Total Total Total Total Total Total
Unweighted Weighted Unweighted Weighted Unweighted Weighted Unweighted Weighted Unweighted Weighted
Value Value Value Value Value Value Value Value Value Value
(Average)** (Average) (Average)** (Average) (Average)** (Average) (Average)** (Average) (Average)** (Average)
HIGH QUALITY LIQUID ASSETS (HQLA)
1. Total High Quality Liquid Assets (HQLA) 13,33,091 14,25,393 14,20,958 13,19,419 12,29,440
CASH OUTFLOWS
2. Retail Deposits and deposits from small
business customers, of which:
i) Stable deposits 9,83,580 49,179 9,73,218 48,661 9,53,708 47,685 9,32,369 46,618 9,16,870 45,844
ii) Less Stable Deposits 23,07,011 2,30,701 22,58,617 2,25,862 22,07,929 2,20,793 21,53,165 2,15,317 21,19,665 2,11,966
3. Unsecured wholesale funding, of which:
i) Operational deposits (all counterparties) 225 56 230 57 216 53 246 61 227 57
ii) Non-operational deposits (all counterparties) 12,76,114 7,49,851 12,52,935 7,36,431 12,22,809 7,10,853 11,41,412 6,63,575 10,52,154 6,09,695
iii) Unsecured debt - - - - - - - - - -
4. Secured wholesale funding 1,56,781 8,952 88,496 9,764 50,308 9,024 64,544 2,956 1,46,784 9,078
5. Additional requirements, of which
i) Outflows related to derivative exposures and 4,13,228 4,13,228 3,46,959 3,46,959 3,64,624 3,64,624 3,58,820 3,58,820 3,92,411 3,92,411
other collateral requirements
ii) Outflows related to loss of funding on debt - - - - - - - - - -
products
iii) Credit and liquidity facilities 1,20,142 36,444 1,19,177 36,489 1,08,542 34,105 87,089 20,170 82,077 14,673
6. Other contractual funding obligations 58,389 58,389 63,855 63,855 57,193 57,193 53,705 53,705 51,587 51,587
7. Other contingent funding obligations 9,52,861 38,103 9,68,061 38,559 9,33,228 37,392 9,28,795 37,103 7,96,945 30,779
8. Total Cash Outflows 62,68,331 15,84,903 60,71,548 15,06,636 58,98,557 14,81,723 57,20,144 13,98,325 55,58,720 13,66,090
CASH INFLOWS
9. Secured lending (e.g. Reverse repos) 4,445 - 8,722 - 33,127 - 27,901 - 15,796 -
10. Inflows from fully performing exposures 5,43,472 4,98,808 4,57,008 4,20,686 4,92,349 4,56,021 4,93,482 4,59,482 5,17,534 4,82,562
11. Other cash inflows 80,505 65,532 75,384 61,747 73,426 59,093 59,813 47,321 69,899 58,591
12. Total Cash Inflows 6,28,422 5,64,340 5,41,114 4,82,433 5,98,901 5,15,115 5,81,197 5,06,803 6,03,230 5,41,153
13. Total HQLA 13,33,091 14,25,393 14,20,958 13,19,419 12,29,440
14. Total Net Cash Outflows 10,20,563 10,24,203 9,66,608 8,91,522 8,24,937
15. Liquidity Coverage Ratio(%) 130.62% 139.17% 147.00% 148.00% 149.03%

** Monthly average of 3 months data considered for Overseas Banking Subsidiaries, SBI Cards and Payment Services Ltd. and daily average considered for
SBI (Solo).
The LCR data of SBI Cards and Payment Services Ltd. has been included in GLCR to align with the extant regulatory guidelines.

c) Net Stable Funding Ratio:

i) Standalone Net Stable Funding Ratio:
Net Stable Funding Ratio (NSFR) guidelines ensure reduction in funding risk over a longer time horizon by requiring
banks to fund their activities with sufficiently stable sources of funding in order to mitigate the risk of future funding stress.
The NSFR is defined as the amount of Available Stable Funding relative to the amount of Required Stable Funding.

Available Stable Funding (ASF)

NSFR = ≥ 100%
Required Stable Funding (RSF)

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Quantitative Disclosure: The following tables contain unweighted and weighted values of NSFR components of SBI (Standalone) as
at 31st March 2024, 31st December 2023, 30th September 2023 and 30th June 2023 (i.e. quarter end observations) :
(H in Crore)
Net Stable Funding Ratio (State Bank of India - Standalone)
Position as on 31.03.2024 Position as on 31.12.2023
Unweighted value by residual maturity Weighted Unweighted value by residual maturity Weighted
NSFR Components
No < 6 6 months ≥ 1yr value No < 6 6 months ≥ 1yr value
maturity months to < 1yr maturity months to < 1yr
ASF ITEM
1. Capital: (2+3) 3,77,247 3,105 3,814 79,838 4,64,004 368954 1251 6918 76382 453506
2. Regulatory capital 3,58,705 3105 3814 79,838 4,45,462 350340 1251 6918 76,382 4,34,892
3. Other capital instruments 18,542 - - - 18,542 18,614 - - - 18,614
4. Retail deposits and deposits from small business 16,02,459 5,88,512 6,22,429 5,49,524 30,74,694 15,93,150 5,94,165 6,10,677 5,64,644 30,75,423
customers: (5+6)
5. Stable deposits 4,43,077 1,82,809 1,93,742 1,41,632 9,13,196 4,69,216 1,68,175 1,96,319 1,47,299 9,31,958
6. Less stable deposits 11,59,382 4,05,703 4,28,687 4,07,892 21,61,498 11,23,934 4,25,990 4,14,358 4,17,345 21,43,465
7. Wholesale funding: (8+9) 3,08,566 3,15,640 3,35,541 3,90,725 8,36,607 2,99,886 3,27,831 3,19,336 3,73,219 8,11,311
8. Operational deposits - - - - - - - - - -
9. Other wholesale funding 3,08,566 3,15,640 3,35,541 3,90,725 8,36,607 2,99,886 3,27,831 3,19,336 3,73,219 8,11,311
10. Other liabilities: (11+12) 8,85,327 2,12,541 4,531 12,859 7,44,511 2,60,828 45,509 9,680 -
11. NSFR derivative liabilities 624 653 1,378 708 1,086 1,114
12. All other liabilities and equity not included in the above 8,85,327 2,11,917 3,878 11,481 - 7,44,511 2,60,120 44,423 8,566 -
categories
13. Total ASF (1+4+7+10) 43,75,305 43,40,239
RSF ITEM
14. Total NSFR high-quality liquid assets (HQLA) 76,912 79,791
15. Deposits held at other financial institutions for operational 15,926 38,182 - 1,770 27,939 23,931 31,581 - 3,413 29,462
purposes
16. Performing loans and securities: (17+18+19+21+23) - 7,41,608 2,85,179 9,45,957 10,87,120 - 7,70,941 2,48,070 9,42,614 10,75,705
17. Performing loans to financial institutions secured by - 26,311 - - 2,631 - 5,069 - - 506
Level 1 HQLA
18. Performing loans to financial institutions secured by - 1,42,006 - - 21,301 - 1,84,457 - - 27,669
non-Level 1 HQLA and unsecured performing loans to
financial institutions
19. Performing loans to non- financial corporate clients, - 5,73,291 2,85,179 4,82,649 7,42,957 - 5,81,415 2,48,070 4,77,209 7,24,928
loans to retail and small business customers, and loans to
sovereigns, central banks and PSEs, of which:
20. With a risk weight of less than or equal to 35% under the - - - 4,82,649 3,13,722 - - - 4,77,209 3,10,186
Basel II Standardised Approach for credit risk
21. Performing residential mortgages, of which: - - - 3,67,902 2,39,137 - - - 3,64,964 2,37,227
22. With a risk weight of less than or equal to 35% under the - - - 3,67,902 2,39,137 - - - 3,64,964 2,37,227
Basel II Standardised Approach for credit risk
23. Securities that are not in default and do not qualify as - - - 95,406 81,094 - - - 1,00,441 85,375
HQLA, including exchange-traded equities
24. Other assets: (sum of rows 25 to 29) 13,85,530 58,989 9,104 13,11,076 26,06,594 13,17,421 72,023 6,613 12,84,789 25,22,006
25. Physical traded commodities, including gold 53 45 - -
26. Assets posted as initial margin for derivative contracts and - - - 1,092 - - - 1,092
contributions to default funds of CCPs
27. NSFR derivative assets - - 2,439 1,363 - - 2,980 1,491
28. NSFR derivative liabilities before deduction of variation 86 70 369 525 92 90 375 557
margin posted
29. All other assets not included in the above categories 13,85,477 58,903 9,034 13,08,268 26,03,569 13,17,421 71,931 6,523 12,81,434 25,18,866
30. Off-balance sheet items 10,65,598 - - 43,665 10,62,210 - - 43,368
31. Total RSF (14+15+16+24+30) 38,42,230 37,50,332
32. Net Stable Funding Ratio (%) 113.87% 115.73%

Annual Report 2023- 24 189

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

(H in Crore)
Net Stable Funding Ratio (State Bank of India - Standalone)
Position as on 30.09.2023 Position as on 30.06.2023
Unweighted value by residual maturity Weighted Unweighted value by residual maturity Weighted
NSFR Components
No < 6 6 months ≥ 1yr value No < 6 6 months ≥ 1yr value
maturity months to < 1yr maturity months to < 1yr
ASF ITEM
1) Capital: (2+3) 3,59,227 6,066 4,356 79,812 4,49,461 3,44,442 6,066 1,251 79,815 4,31,574
2) Regulatory capital 3,40,726 6,066 4,356 79,812 4,30,960 3,26,027 6,066 1,251 79,815 4,13,160
3) Other capital instruments 18,501 - - - 18,501 18,415 - - - 18,414
4) Retail deposits and deposits from small business 15,81,038 4,82,640 6,16,804 5,79,247 29,82,405 15,56,003 4,72,015 5,75,441 5,78,423 29,11,115
customers: (5+6)
5) Stable deposits 4,69,703 1,48,135 2,01,913 1,53,228 9,24,330 4,58,943 1,47,638 1,86,444 1,55,402 9,01,006
6) Less stable deposits 11,11,335 3,34,505 4,14,891 4,26,019 20,58,075 10,97,060 3,24,377 3,88,997 4,23,021 20,10,109
7) Wholesale funding: (8+9) 2,82,954 3,79,559 3,44,413 4,34,291 8,86,297 2,94,031 3,54,638 3,02,464 4,74,994 9,07,477
8) Operational deposits - - - - - - - - - -
9) Other wholesale funding 2,82,954 3,79,559 3,44,413 4,34,291 8,86,297 2,94,031 3,54,638 3,02,464 4,74,994 9,07,477
10) Other liabilities: (11+12) 7,61,016 1,32,216 27,349 11,884 - 7,33,067 1,26,422 33,712 31,342 -
11) NSFR derivative liabilities 1,466 824 2,118 33 1,046 -
12) All other liabilities and equity not included in the above 7,61,016 1,30,750 26,525 9,766 - 7,33,067 1,26,389 32,666 31,342 -
categories
13) Total ASF (1+4+7+10) 43,18,163 42,50,166
RSF ITEM
14) Total NSFR high-quality liquid assets (HQLA) 83,488 77,061
15) Deposits held at other financial institutions for operational 20,897 37,539 - 3,177 30,807 14,717 41,720 - 2,445 29,441
purposes
16) Performing loans and securities: (17+18+19+21+23) - 7,29,046 2,22,536 5,63,980 7,96,109 5,787 6,60,675 2,49,766 6,06,999 8,22,041
17) Performing loans to financial institutions secured by - 30,426 - - 3,043 - 6,934 - - 693
Level 1 HQLA
18) Performing loans to financial institutions secured by - 1,55,660 - - 23,349 - 1,41,433 - - 21,215
non-Level 1 HQLA and unsecured performing loans to
financial institutions
19) Performing loans to non- financial corporate clients, - 5,42,960 2,22,536 2,60,200 5,51,878 - 5,12,308 2,49,766 2,94,740 5,72,619
loans to retail and small business customers, and loans to
sovereigns, central banks and PSEs, of which:
20) With a risk weight of less than or equal to 35% under the - - - 2,60,200 1,69,130 - - - 2,94,740 1,91,581
Basel II Standardised Approach for credit risk
21) Performing residential mortgages, of which: - - - 2,01,867 1,31,213 - - - 2,14,124 1,39,181
22) With a risk weight of less than or equal to 35% under the - - - 2,01,867 1,31,213 - - - 2,14,124 1,39,181
Basel II Standardised Approach for credit risk
23) Securities that are not in default and do not qualify as - - - 1,01,913 86,626 5,787 - - 98,135 88,333
HQLA, including exchange-traded equities
24) Other assets: (sum of rows 25 to 29) 12,02,987 72,127 4,092 15,85,817 26,58,137 13,00,570 49,832 3,383 14,92,735 26,46,725
25) Physical traded commodities, including gold - - - -
26) Assets posted as initial margin for derivative contracts and - - - 1,603 - - - 1,088
contributions to default funds of CCPs
27) NSFR derivative assets - 36 2,336 56 238 - 828 20
28) NSFR derivative liabilities before deduction of variation 145 80 546 771 2,073 741 2,602 5,416
margin posted
29) All other assets not included in the above categories 12,02,987 71,982 3,976 15,82,935 26,55,707 13,00,570 47,521 2,642 14,89,305 26,40,201
30) Off-balance sheet items 10,67,040 - - 43,987 10,24,700 - - 42,093
31) Total RSF (14+15+16+24+30) 36,12,528 36,17,360
32) Net Stable Funding Ratio (%) 119.53% 117.49%

In accordance with RBI guidelines vide circular No. RBI/2017-18/178, DBR.BP.BC.No.106/21.04.098/2017-18 dated 17th May 2018,
the quarter end observations are presented in the template above. The ASF items pertaining to capital have been reclassified to align
with the extant regulatory guideline.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Bank’s NSFR comes to 113.87% as at the end of Q4 FY2024 and is above the minimum regulatory requirement of 100%
stipulated in the RBI guidelines effective from 01st October 2021. As on 31st March 2024, the position of Available Stable
Funding (ASF) stood at H43,75,305 Crore and Required Stable Funding (RSF) stood at H38,42,230 Crore. There was
an increase in the values of total ASF and increase in the values of total RSF over 31st December 2023. ASF is defined
as the portion of capital and liabilities expected to be reliable over the time horizon considered for the NSFR. RSF of a
specific institution is a function of the liquidity characteristics and residual maturities of the various assets held by that
institution as well as its Off-Balance Sheet (OBS) exposures.

Liquidity Management in the Bank is driven by the Bank’s ALM Policy and regulatory guidelines. The Domestic and
International Treasuries are reporting to the Asset Liability Management Committee (ALCO). ALCO has been empowered
by the Bank’s Board to formulate the funding strategies to ensure that the funding sources are well diversified and is
consistent with the operational requirements of the Bank. All major decisions of ALCO are being reported to the Bank’s
Board periodically.

The Bank has been maintaining HQLA mainly in the form of SLR investments over and above the mandatory
requirements. Retail deposits constitute major portion of total funding sources, which are well diversified. Management
is of the view that the Bank has got sufficient liquidity to meet its immediate / likely future requirements.

ii) Consolidated Net Stable Funding Ratio

The RBI guidelines stipulated the implementation of NSFR at a consolidated level from December 2021 quarter and
accordingly, NSFR has been computed at Group level.

The entities covered in the Group NSFR are SBI and seven Overseas Banking Subsidiaries. Commercial Indo Bank
LLC, Moscow, Nepal SBI Bank Ltd., State Bank of India (California), SBI Canada Bank, State Bank of India (Mauritius)
Ltd, PT Bank SBI Indonesia and State Bank of India (UK) Ltd.

SBI Group NSFR comes to 114.11% as on 31st March 2024 which is above the minimum regulatory requirement of
100%.

Available stable funding (ASF) is defined as the portion of capital and liabilities expected to be reliable over the time
horizon considered by the NSFR, which extends to one year. The Required stable funding (RSF) of a specific group is a
function of the liquidity characteristics and residual maturities of the various assets held by that group as well as those
of its Off-Balance Sheet (OBS) exposures.

Annual Report 2023- 24 191

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

(H in Crore)
NET STABLE FUNDING RATIO (State Bank of India Group)
Statements for the Quarter ending 31st March 2024 31st December 2023
Unweighted value by residual maturity Weighted Unweighted value by residual maturity Weighted
NSFR Components No < 6 6 months ≥ 1yr value No < 6 6 months ≥ 1yr value
maturity months to < 1yr maturity months to < 1yr
ASF ITEM
1) Capital: (2+3) 3,85,707 3,105 3,814 89,039 4,81,664 3,77,578 1,251 6,918 85,228 4,70,976
2) Regulatory capital 3,67,165 3,105 3,814 82,098 4,56,182 3,58,964 1,251 6,918 78,466 4,45,600
3) Other capital instruments 18,542 - - 6,941 25,482 18,614 - - 6,762 25,375
4) Retail deposits and deposits from small business 16,20,936 5,95,749 6,30,122 5,50,270 31,06,637 16,11,259 6,02,215 6,16,776 5,65,383 31,06,308
customers: (5+6)
5) Stable deposits 4,57,467 1,87,161 1,98,364 1,42,369 9,36,094 4,83,405 1,73,065 2,00,268 1,48,032 9,54,532
6) Less stable deposits 11,63,469 4,08,587 4,31,757 4,07,901 21,70,543 11,27,854 4,29,150 4,16,508 4,17,351 21,51,776
7) Wholesale funding: (8+9) 3,10,638 3,18,836 3,38,710 3,90,725 8,40,826 3,01,852 3,33,508 3,22,213 3,73,219 8,16,570
8) Less stable non-maturity deposits and term deposits with - - - - - - - - - -
residual maturity of less than one year provided by retail
and small business customers
9) Other wholesale funding 3,10,638 3,18,836 3,38,710 3,90,725 8,40,826 3,01,852 3,33,508 3,22,213 3,73,219 8,16,570
10) Other liabilities: (11+12) 8,86,573 2,18,109 4,531 12,859 - 7,45,870 2,64,532 45,509 9,680 -
11) NSFR derivative liabilities 624 653 1,378 708 1,086 1,113
12) All other liabilities and equity not included in the above 8,86,573 2,17,485 3,878 11,481 - 7,45,870 2,63,824 44,423 8,566 -
categories
13) Total ASF (1+4+7+10) 44,29,127 43,93,854
RSF ITEM
14) Total NSFR high-quality liquid assets (HQLA) 77,865 80,709
15) Deposits held at other financial institutions for operational 16,329 38,182 1,249 1,770 28,765 24,553 31,581 1,331 3,413 30,439
purposes
16) Performing loans and securities: (17+18+19+21+23) 32 7,47,666 2,87,215 9,78,582 11,16,083 32 7,77,069 2,50,744 9,74,322 11,04,128
17) Performing loans to financial institutions secured by - 26,311 - - 2,631 - 5,069 - - 507
Level 1 HQLA
18) Performing loans to financial institutions secured by - 1,44,984 - - 21,748 - 1,87,918 - - 28,188
non-Level 1 HQLA and unsecured performing loans to
financial institutions
19) Performing loans to non- financial corporate clients, 32 5,76,371 2,87,215 4,84,458 7,46,722 32 5,84,082 2,50,744 4,78,737 7,28,622
loans to retail and small business customers, and loans to
sovereigns, central banks and PSEs, of which:
20) With a risk weight of less than or equal to 35% under the - 167 - 4,84,395 3,14,965 - 166 - 4,78,668 3,11,242
Basel II Standardised Approach for credit risk
21) Performing residential mortgages, of which: - - - 3,97,370 2,62,741 - - - 3,93,846 2,60,332
22) With a risk weight of less than or equal to 35% under the - - - 3,90,158 2,58,054 - - - 3,86,627 2,55,640
Basel II Standardised Approach for credit risk
23) Securities that are not in default and do not qualify as - - - 96,754 82,241 - - - 1,01,739 86,478
HQLA, including exchange-traded equities
24) Other assets: (sum of rows 25 to 29) 13,85,866 59,012 9,104 13,18,896 26,14,772 13,17,835 72,935 6,988 12,91,819 25,30,737
25) Physical traded commodities, including gold 53 45 - -
26) Assets posted as initial margin for derivative contracts and - - - 1,092 - - - 1,092
contributions to default funds of CCPs
27) NSFR derivative assets 22 - 2,439 1,387 19 - 2,980 1,540
28) NSFR derivative liabilities before deduction of variation 86 70 369 525 93 90 375 557
margin posted
29) All other assets not included in the above categories 13,85,813 58,903 9,034 13,16,088 26,11,723 13,17,835 72,823 6,898 12,88,465 25,27,547
30) Off-balance sheet items 10,67,971 - - 43,956 10,63,957 - - 43,612
31) Total RSF (14+15+16+24+30) 38,81,441 37,89,625
32) Net Stable Funding Ratio (%) 114.11% 115.94%

192
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(H in Crore)
NET STABLE FUNDING RATIO (State Bank of India Group)
Statements for the Quarter ending 30th September 2023 30th June 2023
Unweighted value by residual maturity Weighted Unweighted value by residual maturity Weighted
NSFR Components No < 6 6 months ≥ 1yr value No < 6 6 months ≥ 1yr value
maturity months to < 1yr maturity months to < 1yr
ASF ITEM
1) Capital: (2+3) 3,67,558 6,066 4,356 88,878 4,66,859 3,52,523 6,066 1,251 88,577 4,48,418
2) Regulatory capital 3,49,057 6,066 4,356 81,692 4,41,171 3,34,108 6,066 1,251 81,606 4,23,032
3) Other capital instruments 18,501 - - 7,187 25,688 18,415 - - 6,971 25,386
4) Retail deposits and deposits from small business 15,97,765 4,91,800 6,21,235 5,79,950 30,11,374 15,74,388 4,80,238 5,81,219 5,79,160 29,41,999
customers: (5+6)
5) Stable deposits 4,82,164 1,52,805 2,05,104 1,53,921 9,44,294 4,72,037 1,51,130 1,90,593 1,56,126 9,21,391
6) Less stable deposits 11,15,600 3,38,995 4,16,131 4,26,029 20,67,080 11,02,351 3,29,108 3,90,626 4,23,034 20,20,607
7) Wholesale funding: (8+9) 2,85,234 3,84,985 3,46,576 4,34,291 8,91,232 2,95,029 3,57,120 3,07,079 4,74,994 9,11,525
8) Less stable non-maturity deposits and term deposits with - - - - - - - - - -
residual maturity of less than one year provided by retail
and small business customers
9) Other wholesale funding 2,85,234 3,84,985 3,46,576 4,34,291 8,91,232 2,95,029 3,57,120 3,07,079 4,74,994 9,11,525
10) Other liabilities: (11+12) 7,62,037 1,35,889 27,349 11,884 - 7,34,210 1,29,762 33,712 31,342 -
11) NSFR derivative liabilities 1,467 824 2,118 33 1,046 -
12) All other liabilities and equity not included in the above 7,62,037 1,34,423 26,525 9,766 - 7,34,210 1,29,729 32,666 31,342 -
categories
13) Total ASF (1+4+7+10) 43,69,465 43,01,942
RSF ITEM
14) Total NSFR high-quality liquid assets (HQLA) 84,579 78,114
15) Deposits held at other financial institutions for operational 21,430 37,539 1,384 3,177 31,765 15,511 41,720 1,702 2,445 30,689
purposes
16) Performing loans and securities: (17+18+19+21+23) 138 7,36,006 2,24,071 5,92,912 8,22,318 5,815 6,65,381 2,52,029 6,37,245 8,48,934
17) Performing loans to financial institutions secured by - 30,426 - - 3,043 - 6,934 - - 693
Level 1 HQLA
18) Performing loans to financial institutions secured by 108 1,58,595 - - 23,806 - 1,43,533 - - 21,530
non-Level 1 HQLA and unsecured performing loans to
financial institutions
19) Performing loans to non- financial corporate clients, loans 30 5,46,984 2,24,071 2,61,648 5,55,628 28 5,14,914 2,52,029 2,95,906 5,75,835
to retail and small business customers, and loans to
sovereigns, central banks and PSEs, of which:
20) With a risk weight of less than or equal to 35% under the - 165 - 2,61,576 1,70,131 - 166 - 2,95,811 1,92,385
Basel II Standardised Approach for credit risk
21) Performing residential mortgages, of which: - - - 2,27,920 1,52,000 - - - 2,41,402 1,61,011
22) With a risk weight of less than or equal to 35% under the - - - 2,21,128 1,47,585 - - - 2,34,621 1,56,603
Basel II Standardised Approach for credit risk
23) Securities that are not in default and do not qualify as - - - 1,03,343 87,842 5,787 - - 99,937 89,865
HQLA, including exchange-traded equities
24) Other assets: (sum of rows 25 to 29) 12,03,303 72,306 5,033 15,93,596 26,67,352 13,00,898 50,092 4,281 14,99,593 26,55,069
25) Physical traded commodities, including gold - - - -
26) Assets posted as initial margin for derivative contracts and - - - 1,603 - - - 1,088
contributions to default funds of CCPs
27) NSFR derivative assets - 36 2,336 59 316 - 828 112
28) NSFR derivative liabilities before deduction of variation 145 80 546 771 2,073 741 2,602 5,416
margin posted
29) All other assets not included in the above categories 12,03,303 72,161 4,917 15,90,714 26,64,920 13,00,898 47,703 3,540 14,96,163 26,48,453
30) Off-balance sheet items 10,68,619 - - 44,240 10,26,147 - - 42,299
31) Total RSF (14+15+16+24+30) 36,50,255 36,55,104
32) Net Stable Funding Ratio (%) 119.70% 117.70%

In accordance with RBI guidelines vide Circular No. RBI/2017-18/178, DBR.BP.BC.No.106/21.04.098/2017-18 dated 17-May-2018,
quarter end observations are presented in the template above. The ASF items pertaining to capital and deposits have been reclassified
to align with the extant instructions pertaining to financial reporting and disclosures.

Note: The above figures have been compiled based on the management certified figures of overseas banking subsidiaries (which have
not been subject to review/audit) and relevant records of State Bank of India (Solo).

Annual Report 2023- 24 193

 18.3. INVESTMENTS

194
a. Composition of investment portfolio:
Current Year
(H in Crore)
Investments In India Investments outside India Whole Bank
Government Other Shares Debentures Subsidiaries Others Total Government Subsidiaries Others Total Total
Composition of Investments Securities Approved and Bonds &/or Joint investments Securities &/or Joint investments Investments
as at 31st March 2024 Securities Ventures in India (including Ventures outside
Local India
Authorities)
Held to Maturity
Schedules

Gross 10,65,696.16 - 8.00 16,620.41 7,792.63 1,580.00 10,91,697.20 778.07 5,680.22 133.90 6,592.19 10,98,289.39
Less: Provision for non- - - 8.00 - 42.87 112.05 162.92 - - 6.66 6.66 169.58
performing investments (NPI)
Net 10,65,696.16 - - 16,620.41 7,749.76 1,467.95 10,91,534.28 778.07 5,680.22 127.24 6,585.53 10,98,119.81
STANDALONE FINANCIALS

Available for Sale

Gross 2,94,170.75 - 7,994.55 1,62,615.06 7,810.00 43,921.54 5,16,511.90 31,226.31 - 29,543.88 60,770.19 5,77,282.09
Less: Provision for depreciation 8.42 - 795.28 2,349.66 - 6,452.17 9,605.53 324.56 - 775.11 1,099.67 10,705.20
and NPI
Net 2,94,162.33 - 7,199.27 1,60,265.40 7,810.00 37,469.37 5,06,906.37 30,901.75 - 28,768.77 59,670.52 5,66,576.89
Held for Trading
Gross 5,881.70 - - 761.26 - - 6,642.96 - - - - 6,642.96
Less: Provision for depreciation - - - - - - - - - - - -
and NPI
Net 5,881.70 - - 761.26 - - 6,642.96 - - - - 6,642.96
Total Investments
Gross 13,65,748.61 - 8,002.55 1,79,996.73 15,602.63 45,501.54 16,14,852.06 32,004.38 5,680.22 29,677.78 67,362.38 16,82,214.44
Less: Provision for non- - - 692.30 1,128.52 - - 1,820.82 - - - - 1,820.82
performing investments (NPI)*
Less: Provision for depreciation* 8.42 - 110.98 1,221.14 42.87 6,564.22 7,947.63 324.56 - 781.77 1,106.33 9,053.96
Net 13,65,740.19 - 7,199.27 1,77,647.07 15,559.76 38,937.32 16,05,083.61 31,679.82 5,680.22 28,896.01 66,256.05 16,71,339.66
* includes LICRA
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024
 Previous Year
(H in Crore)
Investments In India Investments outside India Whole Bank
Government Other Shares Debentures Subsidiaries Others Total Government Subsidiaries Others Total Total
Composition of Investments Securities Approved and Bonds &/or Joint investments Securities &/or Joint investments Investments
as at 31st March 2023 Securities Ventures in India (including Ventures outside
Local India
Authorities)
Company Overview

Annual Report 2023- 24

Held to Maturity
Gross 9,20,090.06 - 8.00 31,374.37 6,283.10 1,645.38 9,59,400.91 804.03 5,680.22 133.90 6,618.15 9,66,019.06
Less: Provision for non- - - 8.00 - 42.87 - 50.87 - - 6.66 6.66 57.53
performing investments (NPI)
Net 9,20,090.06 - - 31,374.37 6,240.23 1,645.38 9,59,350.04 804.03 5,680.22 127.24 6,611.49 9,65,961.53
Available for Sale
Gross 3,21,270.14 - 15,023.56 1,86,512.77 7,810.00 34,457.85 5,65,074.32 29,703.87 - 26,886.83 56,590.70 6,21,665.02
Less: Provision for depreciation 2,701.98 - 976.66 4,494.37 - 7,026.91 15,199.92 448.70 - 1,323.35 1,772.05 16,971.97
Responsible Approach

and NPI
Net 3,18,568.17 - 14,046.90 1,82,018.40 7,810.00 27,430.94 5,49,874.40 29,255.17 - 25,563.48 54,818.65 6,04,693.05
Held for Trading
Gross (326.93) @ - 40.99 - - - (285.94) - - - - (285.94)
Less: Provision for depreciation 2.37 - 0.04 - - - 2.41 - - - - 2.41
and NPI
Net (329.30) - 40.95 - - - (288.35) - - - - (288.35)
Governance

Total Investments
Gross 12,41,033.27 - 15,072.55 2,17,887.14 14,093.10 36,103.23 15,24,189.29 30,507.90 5,680.22 27,020.73 63,208.85 15,87,398.14
Less: Provision for non- - - 741.17 2,325.38 - - 3,066.55 - - - - 3,066.55
performing investments (NPI) *
Less: Provision for depreciation * 2,704.35 - 243.53 2,168.99 42.87 7,026.91 12,186.65 448.70 - 1,330.01 1,778.71 13,965.36
Net 12,38,328.92 - 14,087.85 2,13,392.77 14,050.23 29,076.32 15,08,936.09 30,059.20 5,680.22 25,690.72 61,430.14 15,70,366.23
* includes LICRA; @ Short sale
Statutory Reports
Financial Statements

195
STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

i. Securities of a face value of H1,97,965.23 Crore (Previous Year H2,19,371.58 Crore) are kept as margin with Clearing
Corporation of India Limited (CCIL/NSCCL/MCX/NSEIL/BSE) towards Securities Settlement.

ii. 
On 25th July 2023, the Bank has incorporated a wholly owned subsidiary named SBI CDMDF Trustee Private Limited.
On 3rd August 2023, the Bank has infused capital of H0.10 Crore. The company shall carry out the trusteeship services
to Corporate Debt Market Development Fund (CDMDF).

iii. 
On 7th February 2024 the Bank has acquired 100% stake of a step-down subsidiary SBICAP Ventures Ltd. an Asset
Management Company for Venture Capital Fund, for the consideration of H708.07 Crore. Earlier it was wholly owned
subsidiary of SBI Capital Markets Ltd.

iv. During the year ended on 31st March 2024, the Bank has infused additional capital of H489.67 Crore in SBI General
Insurance Co. Ltd., a subsidiary. The company has also allotted ESOP to employees and consequently, Bank’s stake
has decreased from 69.95% to 69.11%.

v. 
On 8th December 2023 the Bank has acquired the entire 20% stake held by SBI Capital Markets Ltd. (SBICAPS) in SBI
Pension Funds Pvt. Ltd. With this the Bank’s stake in SBI Pension Funds Pvt. Ltd. has increased from 60% to 80%. The
consideration paid for the transaction is H229.52 Crore.

vi. 
On 10 th May 2023, the Bank has infused proportionate share of additional capital amounting to H82.16 Crore in 8
Regional Rural Banks.

vii. During the year ended on 31st March 2024 the Bank has made provision of H123.34 Crore in respect of investment
in Alternate Investment Funds (AIFs) pursuant to the RBI Circular no. DOR.STR.REC.85/21.04.048/2023-24 dated
27th March 2024.

b. Movement of provisions for Depreciation on Investments and Investment Fluctuation Reserve:

i. Movement in provisions held towards depreciation on investments:
(H in Crore)
Particulars Current Year Previous Year
Balance at the beginning of the year 16,238.34 10,825.22
Add: Provisions made during the year 331.32 6,561.52
Less: Provision utilised during the year - -
Add: Foreign Exchange revaluation adjustment -8.64 506.78
Less: Write off/Write back of excess provision during the year 6,240.53 1,654.18
Balance at the end of the year 10,320.49 16,238.34
(Excluding LICRA)

ii. Movement of Investment Fluctuation Reserve:

(H in Crore)
Particulars Current Year Previous Year
Opening Balance 12,271.38 7,695.95
Add: Amount transferred during the year - 4,575.43
Less: Drawdown 749.08 -
Closing balance 11,522.30 12,271.38
Closing balance of investments in AFS and HFT category 5,76,115.05 6,13,569.08
Closing balance in IFR as a percentage of closing balance of investments in AFS 2.00% 2.00%
and HFT category

196
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

c. Sales and Transfers of Securities to/from HTM Category:

The value of sales and transfers of securities to/from HTM Category has not exceeded 5% of the book value of investment
held in HTM category at the beginning of the year.

d. Non-SLR Investment Portfolio:

i. Non-Performing Non-SLR Investments:
(H in Crore)
Particulars Current Year Previous Year
Opening Balance 3,215.69 2,276.71
Additions during the year 5.50 1,889.18
Reductions during the year 1,396.20 950.20
Closing balance 1,824.98 3,215.69

Total provisions held on above 1,820.82 3,066.55

ii. Issuer composition of Non SLR Investments:

The issuer composition of non-SLR investments of the Bank is given below:
(H in Crore)
Extent of "Below
Extent of "Unrated" Extent of "Unlisted"
Amount Extent of Private Placement Investment Grade"
Sr. Securities* Securities*
Issuer Securities*
No.
Current Previous Current Previous Current Previous Current Previous Current Previous
Year Year Year Year Year Year Year Year Year Year
i PSUs 38,279.77 42,703.40 28,154.55 28,663.04 - - - - - -
ii FIs 1,12,966.27 1,49,308.37 71,839.06 84,520.37 100.00 145.00 - - - -
iii Banks 27,558.41 18,833.65 15,853.58 11,356.69 23.62 23.62 23.62 23.62 23.62 23.62
iv Private Corporates 74,073.77 74,364.75 25,583.41 30,051.60 1,991.30 641.37 1,966.70 293.79 375.00 375.00
v Subsidiaries / Joint 21,282.84 19,773.32 - - - - - - - -
Ventures **
vi Others 42,307.77 41,381.38 3,723.36 3,712.26 2,605.13 2,878.45 133.67 133.67 - -
vii Less: Provision held 10,866.36 14,327.56 24.58 44.40 22.09 45.04 220.29 67.62 398.62 -
towards depreciation
including LICRA
Total 3,05,599.47 3,32,037.31 1,45,129.38 1,58,259.56 4,697.96 3,643.40 1,903.70 383.46 398.62 398.62

* Investments in Equity, Equity Oriented Mutual Funds, Venture Capital, Rated Assets Backed Securities, Central and State Government Securities and ARCIL
are not segregated under these categories as these are exempt from rating/listing guidelines.
** Investments in Subsidiaries/Joint Ventures have not been segregated into various categories as these are not covered under relevant RBI Guidelines.

Annual Report 2023- 24 197

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

e. Repo Transactions including Liquidity Adjustment Facility (LAF) (in face value terms):
The details of securities sold and purchased under repos and reverse repos including LAF during the year are given below:

Current Year
(H in Crore)
Minimum Maximum Daily Average Outstanding
Particulars outstanding outstanding outstanding as on
during the year during the year during the year 31st March 2024
Securities sold under Repo
i. Government Securities 845.22 2,46,953.60 88,320.56 2,05,503.00
ii. Corporate Debt Securities 5,736.21 10,922.28 8,194.94 10,540.40
iii. Any other Securities - 454.94 5.82 -
Securities purchased under Reverse Repo
i. Government Securities 399.91 1,06,979.10 19,351.35 26,013.06
ii. Corporate Debt Securities - 92.81 2.98 -
iii. Any other Securities - - - -

Previous Year
(H in Crore)
Minimum Maximum Daily Average Outstanding
Particulars outstanding outstanding outstanding as on
during the year during the year during the year 31 March 2023
st

Securities sold under Repo

i. Government Securities 93,497.57 2,37,396.58 1,74,620.06 1,13,511.04
ii. Corporate Debt Securities 5,529.94 10,152.71 8,519.34 8,048.12
iii. Any other Securities - 456.39 5.51 -
Securities purchased under Reverse Repo
i. Government Securities 530.51 2,52,034.07 27,868.78 7,395.44
ii. Corporate Debt Securities - 100.18 1.28 -
iii. Any other Securities - - - -

198
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

18.4. ASSET QUALITY

a. Classification of Advances and provisions held:
Current Year
(H in Crore)
Standard Sub Standard Doubtful Loss Total Non- Total
Year ended on 31st March 2024 Advances Advances Advances Advances Performing
Advances
Gross Standard Advances and
NPAs
A. Opening Balance 31,78,314.03 12,665.08 51,204.29 27,058.41 90,927.78 32,69,241.81
B. Add: Additions during the year 20,316.90 5,25,261.06
C. 
Less: Reductions during the 26,968.35 26,968.35
year*
Closing balance (A+B-C) 36,83,258.18 14,996.69 41,552.12 27,727.52 84,276.33 37,67,534.51
* Reduction in Gross NPAs due to:
i) Upgradation 3,236.50 3,236.50
ii) 
Recoveries (excluding recoveries 7,570.48 7,570.48
from upgraded accounts)
iii) Technical/Prudential Write Offs - -
iv) 
Write-offs other than those 16,161.37 16,161.37
under (iii) above
Provisions
(excluding Floating Provisions)
Opening balance of provisions held 25,673.65 2,551.32 39,659.80 27,058.41 69,269.53 94,943.18
Add: Fresh provisions made during 9,469.33 9,469.33
the year
Less: Excess provision reversed/ 15,705.22 17,266.32
Write-off loans
Closing balance of provisions 24,112.57 $$ 2,926.45 32,379.65 27,727.52 63,033.64 87,146.19
held
Net NPAs
Opening Balance 10,113.76 11,352.88 - 21,466.64
Add: Fresh additions during the year 10,847.57
Less: Reductions during the year 11,263.13
Closing Balance 12,070.23 8,980.85 - 21,051.08 $

$ Floating provision of H191.61 Crore is netted to arrive at net NPA.

$$ Excludes additional provision held H6,385.00 Crore on Restructured Standard Assets over and above regulatory requirement.

Annual Report 2023- 24 199

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

Previous Year
(H in Crore)
Standard Sub Standard Doubtful Loss Total Non- Total
Year ended on 31st March 2023 Advances Advances Advances Advances Performing
Advances
Gross Standard Advances and
NPAs
A. Opening Balance 27,06,647.54 15,453.17 68,592.40 27,977.80 1,12,023.37 28,18,670.91
B. Add: Additions during the year 18,420.64 4,90,087.13
C. 
Less: Reductions during the 39,516.23 39,516.23
year *
Closing balance (A+B-C) 31,78,314.03 12,665.08 51,204.29 27,058.41 90,927.78 32,69,241.81
* Reduction in Gross NPAs due to:
i) Upgradation 3,233.50 3233.50
ii) 
Recoveries (excluding recoveries 12,221.46 12,221.46
from upgraded accounts)
iii) Technical/Prudential Write Offs - -
iv) 
Write-offs other than those 24,061.27 24,061.27
under (iii) above
Provisions
(excluding Floating Provisions)
Opening balance of provisions held 19,972.61 4,486.76 51,401.49 27,977.80 83,866.05 1,03,838.66
Add: Fresh provisions made during 9,190.34 14,891.38
the year
Less: Excess provision reversed/ 23,786.86 23,786.86
Write-off loans
Closing balance of provisions 25,673.65 $$ 2,551.32 39,659.80 27,058.41 69,269.53 94,943.18
held
Net NPAs
Opening Balance 10,966.41 16,999.30 - 27,965.71
Add: Fresh additions during the year 9,230.19
Less: Reductions during the year 15,729.26
Closing Balance 10,113.76 11,352.88 - 21,466.64 $

$ Floating provision of H191.61 Crore is netted to arrive at net NPA.

$$ Excludes additional provision held H7,642.38 Crore on Restructured Standard Assets over and above regulatory requirement.

Floating Provisions:
(H in Crore)
Particulars Current Year Previous Year
Opening Balance 193.75 193.75
Add: Additional provisions made during the year - -
Less: Amount drawn down during the year - -
Closing balance of floating provisions 193.75 193.75

200
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Technical write-offs and the recoveries made thereon:

(H in Crore)
Particulars Current Year Previous Year
Opening balance of Technical/ Prudential written-off accounts -- --
Add: Technical/ Prudential write-offs during the year -- --
Less: Recoveries made from previously technical/ prudential written-off accounts during the year -- --
Closing balance -- --

Asset Quality Ratios:

Particulars Current Year Previous Year
Gross NPA to Gross Advances 2.24% 2.78%
Net NPA to Net Advances 0.57% 0.67%
Provision Coverage Ratio (PCR) excluding AUCA 75.02% 76.39%
Provision Coverage Ratio (PCR) including AUCA 91.89% 91.91%

AUCA represents accounts to the extent fully provided and transferred to a separate head called Advance Under Collection
Account amounting to H1,75,202.14 Crore with a clear purpose of cleaning the Balance Sheet. Of these, AUCA amounting
to H9,690.02 Crore is more than 10 years old; H81,709.50 Crore is more than 5 years but less than 10 years old and AUCA
amounting to H83,802.62 Crore is less than 5 years old.

b. Sector-wise Advances:
(H in Crore)
Current Year Previous Year

Sr. Outstanding Gross NPAs % of Gross Outstanding Gross NPAs % of Gross

Sector Total Advances NPAs to Total Total Advances NPAs to Total
No.
Advances in Advances in
that sector that sector
A Priority Sector
1 Agriculture & allied activities 3,02,705.43 29,169.55 9.64 2,56,044.09 29,587.72 11.56
2 Industry sector eligible as 1,26,230.54 5,725.61 4.54 1,08,965.94 5,550.08 5.09
priority sector lending
3 Services 1,96,081.81 5,829.68 2.97 1,61,450.44 4,045.64 2.51
4 Personal Loans 2,09,771.10 2,270.63 1.08 1,99,327.20 2,188.53 1.10
Sub-total (A) 8,34,788.88 42,995.48 5.15 7,25,787.67 41,371.97 5.70
B Non-Priority Sector
1 Agriculture & allied activities 2,472.13 151.19 6.12 2,894.08 198.08 6.84
2 Industry 8,43,110.36 23,652.72 2.81 7,51,106.55 29,716.22 3.96
3 Services 9,42,305.33 10,193.16 1.08 8,08,091.42 14,373.75 1.78
4 Personal Loans 11,44,857.80 7,283.78 0.64 9,81,362.09 5,267.76 0.54
Sub-total (B) 29,32,745.63 41,280.86 1.41 25,43,454.14 49,555.81 1.95
C Total (A+B) 37,67,534.51 84,276.33 2.24 32,69,241.81 90,927.78 2.78

Annual Report 2023- 24 201

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

c. Overseas Assets, NPAs and Revenue:

(H in Crore )
Sr. Current Year Previous Year
Particulars
No.
1 Total Assets 6,65,740.67 6,07,517.76
2 Total NPAs (Gross) 1,498.04 1,951.47
3 Total Revenue 39,709.56 20,735.96

d. Resolution plan and restructuring:

i. Restructuring of advances in terms of RBI Circular DBR.No.BP.BC.45/21.04.048/2018-19 dated 7th
June 2019:
Current Year Previous Year
Asset Classification of assets subject to Number of Amount Number of Amount
Resolution Plan & restructuring Borrower outstanding Borrower outstanding
(J in Crore) (J in Crore)
Standard 1 23 2 577
Sub Standard 1 12 1 137
Doubtful 1 271 6 988
Total 3 306 9 1,702

ii. Acquisition of shares due to conversion of debt to equity during the restructuring process:
Equity shares acquired by way of conversion of debt to equity during the restructuring process did not exceed the
prescribed regulatory ceilings/ restriction on capital market exposure, investment in para banking activities & intra
group exposure.

iii. MSME Restructuring:

As per RBI Circular no. DBR.No.BP.BC.18/21.04.048/2018-19 dated 1st January 2019, the details of restructured MSME
accounts is as below:
Particulars Current Year Previous Year
No. of accounts restructured 50,248 85,738
Aggregate outstanding (H in Crore) 5,840.92 7,406.84

e. Divergence in asset classification and provisioning:

Disclosure on divergence in asset classification and provisioning for NPAs is not required with respect to RBI’s supervisory
process for the year ended 31st March 2023, based on the conditions mentioned in RBI Circular No. DOR.ACC.REC.
No.74/21.04.018/2022-23 dated 11th October 2022.

f. Disclosure of Transfer of Loan Accounts (SMAs & NPAs) in terms of RBI Circular No. DOR.STR.
REC.51/21.04.048/ 2021-22 dated 24th September 2021:
The transfer of loans in secondary market is regular phenomenon in foreign jurisdiction. Further, considering the intent of
comprehensive RBI guidelines governing transfer of loan exposure for promoting a robust secondary market in Loans, the
disclosure given here contains the domestic secondary market transactions only.

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Sale of Loans:
i) The details of the Non-Performing Assets transferred during the year ended 31st March 2024 is given in the table below:
To ARCs To permitted To other
Particulars
transferees transferees
No of accounts 24 12 -
Aggregate principal outstanding of loans transferred (H in Crore) 7,541.73 181.42 -
Weighted average residual tenor of the loans transferred (Years) 0.82 - -
Net book value of loans transferred (at the time of transfer) (H in Crore) 34.94 - -
Aggregate consideration (H in Crore) 2,127.88 41.64 -
Additional consideration realised in respect of accounts transferred in 383.29 - -
earlier years (H in Crore)

Excess Provision amounting to H1,122.18 Crore (Previous Year H2,628.41 Crore) on sale of NPAs to Securitisation
Company (SC)/Reconstruction Company (RC) has been credited in the Profit & Loss Account.

During the year ended 31st March 2024, investment made in Security Receipts (SRs) was H674.18 Crore.

The Security Receipts are provided for and hence the book value is nil across various categories of Ratings assigned
to Security Receipts by the Credit Rating Agencies as on 31st March 2024.

Provision held on the Security Receipts backed by NPAs sold by the Bank as underlying as on 31st March 2024 is
H6,421.16 Crore (as on 31st March 2023 the same was H7,009.38 Crore.)

ii) The bank has not transferred any Special Mention Account and loan not in default.

Purchase of Loans:
iii) The Bank has not acquired any stressed loan.

iv) The Bank has purchased homogeneous assets from NBFCs/HFCs/MFIs which are not in default under Direct
Assignment Route covered under Transfer of Loan Exposure. The Bank purchased secured home loans and secured
& unsecured SME and ABU loans.

Details of loans-not-in-default acquired during the year ended on 31st March 2024 through assignment are given below:
From SCB, RRBs, UCBs, SICBs, From ARCs
DCCBs, AIFIs, SFBs and NBFCs
including Housing Finance
Particulars Companies (HFCs)
Secured Unsecured Secured Unsecured
Loan Loan Loan Loan

Aggregate principal outstanding of loans acquired (H in Crore) 7,599.31 13,317.08 - -

Aggregate consideration paid (H in Crore) 6,797.64 11,870.64 - -
Weighted average residual tenor of the loans acquired (years) 8.52 1.59 - -
Weighted average holding period by the originator (years) 1.16 0.56 - -
Retention of the beneficial economic interest by the originator 10.55% 10.86% - -
Tangible Security Coverage 328.30% Not Applicable - -

v) The loans acquired are not rated as these are not corporate borrowers.

vi) Rating of pool under Direct Assignment is not mandatory, accordingly as per Industry Practice and Bank’s Assignment
Policy, Loss Estimates are obtained from External Rating Agency.

Annual Report 2023- 24 203

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

g. Fraud Reported and provision made during the year:

Particulars Current Year Previous Year
Number of Frauds reported 1,586 2,755
Amount involved in Fraud (H in Crore) 3,406.87 4,878.18
Amount of provision made for such frauds (H in Crore) 3,406.87 4,878.18
Amount of unamortised provision debited from ‘Other Reserves’ as at the end of the year Nil Nil
(H in Crore)

In addition to above, during the financial year ended on 31st March 2024, the Bank reported 13,158 digital payment frauds
amounting to H88.91 Crore. These frauds include instances involving compromising credentials like One Time Password,
Card Verification Value, password, etc. by customers themselves or where no loss has been caused to the bank.

h. Resolution of COVID-19 related Stress:

The details of resolution plan as on 31st March 2024, in terms of RBI Circular DOR. No. BP.BC/3/21.04.048/2020-21 dated
6th August 2020 (Resolution Framework 1.0) and DOR.STR.REC.11/21.04.048/2021-22 dated 5th May 2021 (Resolution
Framework 2.0) are:
(H in Crore)
(A) (B) (C) (D) (E)
Exposure to Of (A), aggregate Of (A) amount Of (A) amount paid Exposure to
accounts classified debt that slipped written off during by the borrowers accounts classified
as Standard into NPA during the the half-year during the half-year as Standard
Type of borrower consequent to half-year consequent to
implementation of implementation of
resolution plan – resolution plan –
Position as at the Position as at the
end of the previous end of this half-year
half-year
Personal Loans 12,888 1,015 - 824 11,049
Corporate persons 7,966 459 - 1,277 6,230
of which, MSME 6,987 459 - 1,114 5,414
Others - - - - -
Total 20,854 1,474 - 2,101 17,279

(Includes restructuring implemented during the half-year ended September 2021 under the Resolution Framework 1.0)

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18.5. EXPOSURES
The Bank is lending to sectors, which are sensitive to asset price fluctuations.

a. Real Estate Sector:

(H in Crore)
Sr. Current Year Previous Year
Particulars
No.
I Direct exposure
i) Residential Mortgages
Lending fully secured by mortgages on residential property that is or will be occupied 7,14,143.23 5,50,747.02
by the borrower or that is rented.
 Of which (i) Individual housing loans up to H35 lacs in Metropolitan centres 2,76,083.66 2,51,213.68
(Population >= 10 lacs) and H25 lacs in other centres for purchase/construction of
dwelling unit per family.
ii) Commercial Real Estate
Lending secured by mortgages on Commercial Real Estates (office building, retail 71,840.90 50,409.72
space, multipurpose commercial premises, multifamily residential buildings, multi
tenanted commercial premises, industrial or warehouse space, hotels, land acquisition,
development, and construction etc. Exposures include non-fund based (NFB) limits.
iii) Investments in Mortgage-Backed Securities (MBS) and other securitised
exposures:
a) Residential - -
b) Commercial Real Estate - -
II Indirect Exposure
Fund based and non-fund-based exposures on National Housing Bank (NHB) and Housing 1,61,873.44 1,28,006.76
Finance Companies (HFCs)
Total Exposure to Real Estate Sector 9,47,857.57 7,29,163.50

b. Capital Market:
(H in Crore)
Sr. Current Year Previous Year
Particulars
No.
1) Direct investment in equity shares, convertible bonds, convertible debentures and units of 6,893.84 16,870.59
equity-oriented mutual funds the corpus of which is not exclusively invested in corporate debt.
2) Advances against shares / bonds / debentures or other securities or on clean basis to 106.66 65.73
individuals for investment in shares (including IPOs/ESOPs), convertible bonds, convertible
debentures, and units of equity-oriented mutual funds.
3) Advances for any other purposes where shares or convertible bonds or convertible - -
debentures or units of equity oriented mutual funds are taken as primary security.
4) Advances for any other purposes to the extent secured by the collateral security of shares 642.57 2,149.02
or convertible bonds or convertible debentures or units of equity oriented mutual funds i.e.
where the primary security other than shares/convertible bonds/convertible debentures/
units of equity oriented mutual funds does not fully cover the advances.
5) Secured and unsecured advances to stockbrokers and guarantees issued on behalf of 29,678.27 4,106.64
stockbrokers and market makers
6) Loans sanctioned to corporates against the security of shares/bonds/debentures or other - -
securities or on clean basis for meeting promoter's contribution to the equity of new
companies in anticipation of raising resources.
7) Bridge loans to companies against expected equity flows/issues. - -
8) Underwriting commitments taken up by the Banks in respect of primary issue of shares or - -
convertible bonds or convertible debentures or units of equity oriented mutual funds.
9) Financing to stockbrokers for margin trading. - -
10) Exposures to Venture Capital Funds (both registered and unregistered) 4,795.07 4,302.21
Total Exposure to Capital Market 42,116.41 27,494.19

Annual Report 2023- 24 205

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

c. Risk Category wise Country Exposure:

As per the extant RBI guidelines, the country exposure of the Bank is categorised into various risk categories listed in the
following table.
(H in Crore)
As at 31st March 2024 As at 31st March 2023
Risk Category Net Funded Provision held Net Funded Provision held
Exposure Exposure
Insignificant 2,542.18 Nil 404.93 Nil
Very Low 2,48,017.45 246.91 2,25,110.30 196.15
Low 79,789.39 Nil 62,630.30 Nil
Medium 32,082.57 Nil 33,154.94 Nil
High 24,736.25 Nil 22,138.32 Nil
Very High 6,327.27 Nil 5,799.64 Nil
Restricted 9,318.34 Nil 5,465.54 Nil
Total 4,02,813.45 246.91 3,54,703.98 196.15

The country exposure (net funded) of the Bank for any country does not exceed 1% of its total assets except on USA, hence
provision for the country exposure on USA has been made.

d. Unsecured Advances:
(H in Crore)
Particulars Current Year Previous Year
Total Unsecured Advances of the bank 11,19,048.81 9,30,364.53
Of which number of advances outstanding against charge over intangible securities such as Nil Nil
rights, licences, authority etc.
The estimated value of such intangible securities given above Nil Nil

e. Factoring Exposures:
The Banks factoring exposure as at 31st March 2024 is H38,570.64 Crore. (Previous Year H28,565.16 Crore).

f. Intra-Group Exposures:
(H in Crore)
Particulars Current Year Previous Year
Total amount of intra-group exposures 64,039.95 55,540.06
Total amount of top-20 intra-group exposures 64,039.95 55,540.06
Percentage of intra-group exposures to total exposure of the bank on borrowers/customers 1.15% 1.09%
Details of breach of limits on intra-group exposures and regulatory action thereon Nil $

$ During the financial year 2022-23 the Bank breached an Aggregate Group Exposure limit specified vide RBI Circular No. DBOD.No.BP.BC.
96/21.06.102/2013-14 dated 11th February, 2014. As against the specified limit of 20% of Paid-up Capital and Reserves in case of all group entities
(financial and non-financial) taken together, the Bank took exposure of 20.62% for 83 days from 30 th September, 2022 to 23rd December, 2022. For
this contravention RBI levied penalty of H0.30 Crore on 25th September, 2023.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

g. Unhedged Foreign Currency Exposure:

- An amount of H250.67 Crore (Previous Year H239.18 Crore) was held as on 31st March 2024 towards Currency Induced
Credit Risk.

- Capital allocated for Currency Induced Credit Risk amounts to H533.46 Crore (Previous Year H420.39 Crore).

h. Single Borrower and Group Borrower exposure limits exceeded by the Bank:
The Bank has not exceeded the single borrower exposure & Group Borrower exposure prudential limits as prescribed by RBI.

18.6. CONCENTRATION OF DEPOSITS, ADVANCES, EXPOSURES & NPAs

a. Concentration of Deposits:
Particulars Current Year Previous Year

Total Deposits of twenty largest depositors (H in Crore) 2,33,073.04 1,76,611.88

Percentage of Deposits of twenty largest depositors to Total Deposits of the Bank 4.74% 3.99%

b. Concentration of Advances:
Particulars Current Year Previous Year

Total Advances to twenty largest borrowers (H in Crore) 4,17,625.39 4,01,754.30

Percentage of Advances to twenty largest borrowers to Total Gross Advances of the Bank 11.08% 12.29%

c. Concentration of Exposures:
Particulars Current Year Previous Year

Total Exposure to twenty largest borrowers/customers (H in Crore) 5,72,651.53 5,55,744.92

Percentage of Exposures to twenty largest borrowers/customers to Total Exposure of the Bank 10.31% 10.95%
on borrowers/customers

d. Concentration of NPAs:
Particulars Current Year Previous Year

Total Exposure to top twenty largest NPA exposure to Total Gross NPAs (H in Crore) 20,415.45 19,716.80
Percentage of exposures to the twenty largest NPA accounts to total gross NPAs 24.22% 21.68%

18.7. DERIVATIVES
a. Forward Rate Agreements (FRA) / Interest Rate Swaps (IRS):
(H in Crore)
Sr. Current Year Previous Year
Particulars
No.
i) The notional principal of swap agreements# 7,48,317.86 8,43,159.96
ii) Losses which would be incurred if counterparties fail to fulfil their obligations under the 3,399.77 4,058.55
agreements
iii) Collateral required by the Bank upon entering swaps - -
iv) Concentration of credit risk arising from the swaps Not significant Not significant
v) The fair value of the swap book (2,925.93) (2,854.08)

#Excludes IRS/FRA amounting to H50,517.50 Crore (Previous Year H40,744.08 Crore) entered with the Bank’s own foreign offices.

Annual Report 2023- 24 207

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

Nature and terms of Forward Rate Agreement or Interest Rate Swaps as on 31st March 2024 are given below:

Notional
Instrument Nature Nos. Principal Benchmark Terms
(J in Crore)
IRS Hedging 146 57,560.06 SOFR Fixed Receivable Vs Floating Payable
IRS Hedging 9 233.53 SOFR Floating Receivable Vs Fixed Payable
IRS Trading 6,818 2,49,854.34 MIBOR Fixed Payable Vs Floating Receivable
IRS Trading 7,074 2,56,578.16 MIBOR Fixed Receivable Vs Floating Payable
IRS Trading 145 23,257.95 MOD MIFOR Fixed Payable Vs Floating Receivable
IRS Trading 52 3,702.67 MOD MIFOR Floating Payable Vs Fixed Receivable
IRS Trading 132 14,754.00 MOD MIFOR Fixed Receivable Vs Floating Payable
IRS Trading 32 21,330.17 SOFR Fixed Payable Vs Floating Receivable
IRS Trading 19 11,384.78 SOFR Floating Payable Vs Floating Receivable
IRS Trading 183 1,05,131.34 SOFR Fixed Receivable Vs Floating Payable
IRS Trading 6 4,530.86 SOFR Floating Receivable Vs Fixed Payable
Total 14,616 7,48,317.86

b. Exchange Traded Interest Rate Derivatives:

(H in Crore)
Sr. Current Year Previous Year
Particulars
No.
1 Notional principal amount of exchange traded interest rate derivatives undertaken during
the year (Instrument-wise)
a. Interest Rate Futures Nil Nil
b. 10 Year Government of India Securities 15,275.42 13,718.42
2 Notional principal amount of exchange traded interest rate derivatives outstanding as on
end of the financial year (instrument-wise)
a. Interest Rate Futures Nil Nil
b. 10 Year Government of India Securities Nil 165.00
3 Notional principal amount of exchange traded interest rate derivatives outstanding and not N.A. N.A.
"highly effective" (instrument-wise)
4 Mark-to-market value of exchange traded interest rate derivatives outstanding and not N.A. N.A.
"highly effective". (instrument-wise)

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

c. Risk Exposure in Derivatives:

Qualitative Risk Exposure
i) The Bank currently deals in over the counter (OTC) interest rate and currency derivatives as also in Interest Rate Futures
and Exchange Traded Currency Derivatives.

Interest Rate Derivatives dealt by the Bank are rupee interest rate swaps, foreign currency interest rate swaps and
forward rate agreements, cap, floor and collars.

Currency derivatives dealt by the Bank are currency swaps, rupee dollar options and cross-currency options.

The Bank also deals in Non-deliverable Options and Non-deliverable Forwards as permitted by RBI.

The products are offered to the Bank's customers to hedge their exposures and the Bank also enters into derivatives
contracts to cover off such exposures. Derivatives are used by the Bank both for trading as well as hedging balance
sheet items.

The Bank also runs option position in USD/INR, which is managed through various types of loss limits and Greek limits.

ii) Derivative transactions carry market risk i.e. the probable loss the Bank may incur as a result of adverse movements
in interest rates/exchange rates and credit risk i.e. the probable loss the Bank may incur if the counterparties fail to
meet their obligations. The Bank's "Policy for Derivatives" approved by the Board prescribes the market risk parameters
(Greek limits, Loss Limits, cut-loss triggers, open position limits, duration, modified duration, PV01 etc.) as well as
customer eligibility criteria (credit rating, tenure of relationship, limits and customer appropriateness and suitability of
policy (CAS) etc.) for entering into derivative transactions. Credit risk is controlled by entering derivative transactions
only with counterparties satisfying the criteria prescribed in the Policy. Appropriate limits are set for the counterparties
taking into account their ability to honour obligations and the Bank enters into ISDA agreement with each counterparty.

iii) The Asset Liability Management Committee (ALCO) of the Bank oversees efficient management of these risks. The
Bank’s Market Risk Management Department (MRMD) identifies, measures, monitors market risk associated with
derivative transactions, assists ALCO in controlling and managing these risks and reports compliance with policy
prescriptions to the Risk Management Committee of the Board (RMCB) at regular intervals.

iv) The accounting policy for derivatives has been drawn-up in accordance with RBI guidelines, the details of which are
presented under Schedule 17: Significant Accounting Policies (SAP).

v) Interest Rate Swaps are mainly used for hedging of the assets and liabilities.

vi) Majority of the swaps were done with First class counterparty banks.

vii) Derivative transactions comprise of swaps which are disclosed as contingent liabilities. The swaps are categorised as
trading or hedging.

viii) Derivative deals are entered with only those interbank participants for whom counterparty exposure limits are sanctioned.
Similarly, derivative deals entered with only those corporates for whom credit exposure limit is sanctioned. Collateral
requirements for derivative transactions are laid down as a part of credit sanctions terms on a case-by-case basis. Such
collateral requirements are determined based on usual credit appraisal process. The Bank retains the right to terminate
transactions as a risk mitigation measure in certain cases.

Annual Report 2023- 24 209

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Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

Quantitative Risk Exposure

(H in Crore)
Currency Derivatives Interest Rate Derivatives
Particulars
Current Year Previous Year Current Year Previous Year
I. Derivatives (Notional Principal Amount)
(a) For hedging 12,045.74 8,389.39@ 57,751.90 47,965.32#
(b) For trading * 15,56,113.28 11,91,495.97 6,90,565.96 7,95,194.64
II. Marked to Market Positions
(a) Asset (+) 6,055.27 7,575.32 3,399.77 4,058.55
(b) Liability (-) 9,753.69 11,160.26 2,899.14 4,196.40
III. Credit Exposure 49,567.78 41,469.48 9,972.98 10,545.92
IV. Likely impact of one percentage change in interest
rate (100*PV01)
(a) on hedging derivatives 6.73 19.72 1,985.57 1,585.10
(b) on trading derivatives 1,031.40 497.23 294.50 274.68
V. Maximum and Minimum of 100*PV01 observed
during the year
(a) on hedging:
Maximum 18.51 29.22 2,053.57 1,637.88
Minimum 6.71 7.60 1,407.18 1,255.24
(b) on trading:
Maximum 464.33 876.56 186.44 528.42
Minimum 1,035.25 497.23 417.03 246.90
@Excludes swaps amounting to H1,831.10 Crore (Previous Year H2,027.92 Crore) entered with the Bank’s own foreign offices.
#IRS/FRA amounting to H50,517.50 Crore (Previous Year H40,744.08 Crore) entered with the Bank’s own foreign offices are excluded.
*Excludes Currency Derivatives of H2,835.68 Crore (Previous Year H86.38 Crore) and NDF H5,895.67 Crore (Previous Year H5,286.71 Crore) done
with the Bank’s Foreign offices.

– The outstanding notional amount of derivatives done between Global Markets Unit and International Banking Group as
on 31st March 2024 amounted to H50,517.50 Crore (Previous Year H40,744.08 Crore) and the derivatives done between
SBI Foreign Offices as on 31st March 2024 amounted to H1831.10 Crore (Previous Year H2,027.92 Crore).
– The outstanding notional amount of interest rate derivatives which are not marked–to-market (MTM) where the
underlying Assets/Liabilities are not marked to market as on 31st March 2024 amounted to H85,426.07 Crore (Previous
Year H1,16,255.32 Crore).

d. Credit Default Swaps:

Bank has not entered any credit default Swap.

18.8. DISCLOSURE RELATING TO SECURITISATION

The bank has not securitised any standard assets.

18.9. OFF-BALANCE SHEET SPVs SPONSORED

The Bank has not floated any off Balance Sheet SPV.

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18.10. UNCLAIMED LIABILITIES TRANSFERRED TO DEPOSITOR EDUCATION AND AWARENESS FUND

(H in Crore)
Particulars Current Year Previous Year
Opening balance of amounts transferred to DEA Fund 8,952.21 4,513.87
Add: Amounts transferred to DEA Fund 6,038.85 6,970.26
Less: Amounts reimbursed by DEA Fund 567.59 2,531.92
Closing balance of amounts transferred to DEA Fund 14,423.47 8,952.21

The closing balance of the amount transferred to DEA Fund as disclosed above, are included under ‘Schedule 12- Contingent Liabilities-
Other items for which the bank is contingently liable’.

18.11. DISCLOSURE OF COMPLAINTS

a. Summary information of complaints received by the bank from customers and from the Office of Ombudsman
on complaints and grievance redress:
Sr. Current Year Previous Year
Particulars
No.
Complaints received by the bank from its customers.
1 Number of complaints pending at beginning of the year 1,35,112 1,82,212
2 Number of complaints received during the year 32,33,561 38,63,085
3 Number of complaints disposed during the year 32,37,250 39,10,185
3.1 Of which, number of complaints rejected by the bank 69,877 1,72,002
4 Number of complaints pending at the end of the year 1,31,423 1,35,112
Maintainable complaints received by the bank from Office of Ombudsman
5 Number of maintainable complaints received by the bank from Office of Ombudsman 31,719 @ 31,038 #
5.1 Of 5, number of complaints resolved in favour of the bank by Office of Ombudsman 12,681 12,653
5.2 Of 5, number of complaints resolved through conciliation/mediation/advisories 17,456 17,356
issued by Office of Ombudsman
5.3 Of 5, number of complaints resolved after passing of Awards by Office of Ombudsman 6 3
against the bank
6 Number of Awards unimplemented within the stipulated time (other than those appealed) 0 0

@ Including complaints which were pending as at the end of the FY 2022-23 and carried over to FY 2023-24
# Including complaints which were pending as at the end of the FY 2021-22 and carried over to FY 2022-23
Note: Maintainable complaints refer to complaints on the grounds specifically mentioned in Integrated Ombudsman Scheme, 2021 (Previously
Banking Ombudsman Scheme, 2006) and covered within the ambit of the Scheme.

Annual Report 2023- 24 211

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Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

b. Top five grounds of complaints received by the bank from customers:

Current Year:
Number of Number of % increase/ Number of Of 5, number
complaints complaints decrease in complaints of complaints
Grounds of complaints, pending at the received during the number pending at the end pending beyond
(i.e. complaints relating to) beginning of the the year of complaints of the year 30 days
year received over the
previous year
1 2 3 4 5 6
Internet Banking/Mobile /Electronic 83,450 21,90,461 4.39 1,01,483 37,233
Banking
ATM/ Debit Card 49,435 9,57,342 -35.95 25,680 5,240
Operation of accounts 92 18,452 -21.03 474 -
Advances 7 7,052 -52.95 146 -
Levy of Charges/Excessive Charges 38 6,906 -77.62 144 -
Others 2,090 53,348 -72.41 3,496 -
Total 1,35,112 32,33,561 -16.30 1,31,423 42,473

Previous Year:
Number of Number of % increase/ Number of Of 5, number
complaints complaints decrease in complaints of complaints
Grounds of complaints, pending at the received during the number pending at the end pending beyond
(i.e. complaints relating to) beginning of the the year of complaints of the year 30 days
year received over the
previous year
1 2 3 4 5 6
Internet Banking/Mobile /Electronic 97,236 20,98,317 56.17 83,450 62,242
Banking
ATM/ Debit Card 65,097 14,94,562 -20.66 49,435 -
Cheque Book related 1,694 22,638 10.80 19 -
Levy of Charges/Excessive Charges 3,766 30,856 -44.18 38 -
Operation of accounts 8,339 23,366 -4.74 92 -
Others 6,080 1,93,346 54.37 2,078 1,909
Total 1,82,212 38,63,085 11.88 1,35,112 64,151

c. Disclosure of “First Resort Complaints received, and action taken” in terms of Policy related Action Point
in Annual Conference of the RBI Ombudsmen’s October 2022:
Under clause 10 of the Reserve Bank Integrated Ombudsman Scheme-2021 (RB-IOS), the complaints not related to
deficiency of service rejected by Banking Ombudsman as non-maintainable advising the complainants to approach the
concerned Regulated Entity directly are called as First Resort Complaints.

During the financial year 2023-24, a total of 23,029 First Resort Complaints (FRCs) were received by RB-IOs.

To ensure reduction in First Resort Complaints (FRCs), the Bank has taken initiatives as under:

− The salient features of RB-IO Scheme have been displayed at all the branches, ATM kiosks and digitally displayed on
ATMs, Bank’s website, Internet Banking webpage & YONO app.

− Bank gives wide publicity for increasing customer awareness so that customer may approach the RBI Ombudsman,
whenever they are not satisfied with the resolution provided by the Bank.

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18.12. DISCLOSURE OF PENALTIES IMPOSED BY THE RESERVE BANK OF INDIA

a. During the year ended 31st March 2024, the Reserve Bank of India (RBI) in exercise of the powers vested under the provisions
of section 47A(1)(c) read with sections 46(4)(i) and 51(1) of the Banking Regulation Act, 1949 imposed following penalties:

i. RBI vide order dated 25th September 2023 levied penalty of H1 Crore for non-compliance with certain directions issued
by RBI on ‘Loans and Advances- Statutory and Other Restrictions’ and H0.30 Crore for non-compliance with certain
directions issued by RBI on ‘Guidelines on Management of Intra-Group Transactions and Exposures’.

ii. RBI vide order dated 26th February 2024 levied penalty of H1 Crore for contravention of the provisions of Section 19(2)
of the Banking Regulation Act, 1949 and H1 Crore for contravention of the provisions of Section 26A(2) of the Banking
Regulation Act, 1949 read with the Depositors Education Awareness Fund Scheme, 2014.

b. No penalty has been levied on the Bank for contravention under the provisions of Payment and Settlement Systems Act,
2007 and Government Securities Act, 2006 (for bouncing SGL).

c. There is no default in reverse repo transaction.

18.13. OTHER DISCLOSURES

a. Business Ratios:
Sr. Current Year Previous Year
Particulars
No.
i. Interest Income as a percentage to Working Funds 7.07% 6.35%
ii. Non-interest income as a percentage to Working Funds 0.88% 0.70%
iii. Cost of Deposits (Domestic) 4.81% 3.99%
iv. Net Interest Margin 3.28% 3.37%
v. Operating Profit as a percentage to Working Funds 1.48% 1.60%
vi. Return on Assets (on net-asset basis) 1.36% 0.96%
vii. Business (Deposits plus advances) per employee (H in Crore) 34.10 29.78
viii. Profit per employee (H in Lakh) 26.20 21.23

b. Bancassurance Business:
Fees/brokerage earned in respect of the insurance broking, agency and bancassurance business.
(H in Crore)
Name of Company Current Year Previous Year
SBI Life Insurance Co. Ltd. 2,232.16 2,039.92
SBI General Insurance Co. Ltd. 436.04 397.64
Aviva 1.46 0.29
NTUC and Manulife Financial Limited 0.33 0.12
Tokio Marine and ACE 0.29 0.45
Unit Trust and LIC 0.13 0.01
IFAST 0.07 0.11
AIA Singapore - 0.01
TOTAL 2,670.48 2,438.55

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Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

c. Marketing and distribution:

The details of fees /remuneration received in respect of the marketing and distribution function (excluding bancassurance
business) are as follows:
(H in Crore)
Name of the Company Current Year Previous Year
SBI Mutual Fund 915.55 877.69
SBI Cards and Payment Services Limited 231.24 263.86
National Pension System 19.80 17.89
SBICAP Securities Ltd. 7.12 5.22
Other Mutual Funds 41.22 33.30
Others (PMS, Bonds, Corporate FDs etc.) 7.41 5.35
Total 1,222.34 1,203.31

d. Priority Sector Lending Certificate (PSLC):

The Bank has purchased/sold the following Priority Sector Lending Certificates during the year:
(H in Crore)
Current Year Previous Year
Category
Purchase Sell Purchase Sell
PSLC Micro Enterprises 42,750.00 - 78,249.00 -
PSLC Agriculture 8,660.00 15,510.00 25,240.00 -
PSLC General 47,145.25 - 7,439.00 -
PSLC Small and Marginal Farmers 99,573.75 - 91,072.00 -
Total 1,98,129.00 15,510.00 2,02,000.00 -

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

e. Provisions and Contingencies:

Break up of “Provisions and Contingencies” shown under head Expenditure in Profit and Loss account as follows:
(H in Crore)
Provisions debited to Profit & Loss Account Current Year Previous Year
Provision for Taxation
- Current Tax 22,871.63 21,223.93
- Deferred Tax Asset created (2,165.29) (4,250.74)
Provision for Depreciation on Investments (593.18) 1,513.84
Provision on Non-Performing Assets 9,469.33 9,190.34
Provision on Restructured Assets 48.30 (46.41)
Provision on Standard Assets (1,340.87) 5,618.55
Other Provisions (2,669.36) 231.01
Total 25,620.56 33,480.52

f. Implementation of IFRS converged Indian Accounting Standards (Ind AS):

RBI vide Circular DBR.BP.BC.No.29/21.07.001/2018-19 dated 22nd March 2019 deferred implementation of Ind AS till further
notice. However, RBI requires all banks to submit Proforma Ind AS financial statements every half year. Accordingly, the Bank
is preparing and submitting to RBI Proforma Ind AS financial statements every half year after approval of Steering Committee
headed by MD (R,C & SARG) formed for monitoring of implementation of Ind AS in the Bank.

g. Payment of DICGC Insurance Premium:

(H in Crore)
Particulars Current Year Previous Year
Payment of DICGC Insurance Premium 4,899.79 4,407.22
Arrears in payment of DICGC premium - -

h. Disclosure on amortisation of expenditure on account of enhancement in Family Pension of employees of

bank:
There is no unamortised expenditure in the Balance Sheet on account of Family Pension Scheme.

Annual Report 2023- 24 215

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Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

18.14. DISCLOSURE REQUIREMENTS AS PER THE ACCOUNTING STANDARDS

a. Accounting Standard 5: Net Profit or Loss for the period, Prior Period Items and Changes in Accounting
Policies:
- During the year, there were no material prior period income / expenditure items.

- There is no change in the Significant Accounting Policies adopted during the Financial Year 2023-24 as compared to
those followed in the previous Financial Year 2022-23.

b. Accounting Standard – 15 “Employee Benefits”:

The employee benefits listed below are in respect of the employees in India. The employees of the foreign operations are
not covered in the below schemes.

i. Defined Benefit Plans

1. Employee’s Pension Plan and Gratuity Plan
The following table sets out the status of the Defined Benefit Pension Plan and Gratuity Plan as per the actuarial
valuation by the independent Actuary appointed by the Bank: -
(H in Crore)
Pension Plan Gratuity Plan
Particulars
Current Year Previous Year Current Year Previous Year
Change in the present value of the defined
benefit obligation
Opening defined benefit obligation as at 1st April 1,56,966.26 1,46,124.99 12,390.48 12,714.22
Current Service Cost 956.93 972.83 471.41 464.79
Interest Cost 11,537.02 10,740.19 926.81 924.32
Past Service Cost (Vested Benefit) 7,100.00 - - -
Actuarial (Gains)/ Losses 26,225.01 9,824.44 570.84 44.75
Benefits paid (5,165.42) (4,848.06) (1,525.60) (1,757.60)
Direct Payment by Bank (6,674.84) (5,848.13) - -
Closing defined benefit obligation as at 31st March 1,90,944.96 1,56,966.26 12,833.94 12,390.48
Change in Plan Assets
Opening fair value of Plan Assets as at 1st April 1,33,148.54 1,30,590.73 11,065.66 10,925.06
Expected Return on Plan Assets 9,786.42 9,598.42 827.71 794.25
Contributions by employer 7,634.52 2,171.59 1,324.82 1,440.65
Expected Contributions by the employees - 0.10 0.09 -
Benefits Paid (5,165.42) (4,848.06) (1,525.60) (1,757.60)
Actuarial Gains / (Loss) on plan Assets – Due to 6,239.91 (4,364.24) 447.04 (336.70)
Experience
Closing fair value of plan assets as at 31st March 1,51,643.97 1,33,148.54 12,139.72 11,065.66
Reconciliation of present value of the
obligation and fair value of the plan assets
Present Value of Funded obligation at the year end 1,90,944.96 1,56,966.26 12,833.94 12,390.48
Fair Value of Plan assets at the year end 1,51,643.97 1,33,148.54 12,139.72 11,065.66
Funded Status Deficit/(Surplus) 39,300.99 23,817.72 694.22 1,324.82
Unrecognised Past Service Cost (Vested) Closing - - - -
Balance
Unrecognised Transitional Liability Closing - - - -
Balance
Net Liability/(Asset) 39,300.99 23,817.72 694.22 1,324.82

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(H in Crore)
Pension Plan Gratuity Plan
Particulars
Current Year Previous Year Current Year Previous Year
Amount Recognised in the Balance Sheet
Liabilities 1,90,944.96 1,56,966.26 12,833.94 12,390.48
Assets 1,51,643.97 1,33,148.54 12,139.72 11,065.66
Net Liability / (Asset) recognised in Balance Sheet 39,300.99 23,817.72 694.22 1,324.82
Unrecognised Past Service Cost (Vested) Closing - - - -
Balance
Unrecognised Transitional Liability Closing - - - -
Balance
Net Liability/(Asset) recognised in Balance Sheet 39,300.99 23,817.72 694.22 1,324.82
Net Cost recognised in the profit and loss
account
Current Service Cost 956.93 972.83 471.41 464.79
Interest Cost 11,537.02 10,740.19 926.81 924.32
Expected return on plan assets (9,786.42) (9,598.42) (827.71) (794.25)
Expected Contributions by the employees - (0.10) (0.09) -
Past Service Cost (Amortised) Recognised - - - -
Past Service Cost (Vested Benefit) Recognised 7,100.00 - - -
Net actuarial losses/ (Gain) recognised during the 19,985.10 14,188.68 123.80 381.45
year
Total costs of defined benefit plans included in 29,792.63 16,303.18 694.22 976.31
Schedule 16 "Payments to and provisions for
employees"
Reconciliation of expected return and actual
return on Plan Assets
Expected Return on Plan Assets 9,786.42 9,598.42 827.71 794.25
Actuarial Gain/ (loss) on Plan Assets– Due to 6,239.91 (4,364.24) 447.04 (336.70)
Experience
Actual Return on Plan Assets 16,026.33 5,234.18 1,274.75 457.55
Reconciliation of opening and closing net
liability/ (asset) recognised in Balance Sheet
Opening Net Liability/ (Asset) as at 1st April 23,817.72 15,534.26 1,324.82 1,789.16
Expenses as recognised in Profit and Loss account 29,792.63 16,303.18 694.22 976.31
Paid by Bank Directly (6,674.84) (5,848.13) - -
Debited to Other Provision - - - -
Recognised in Reserve - - - -
Employer’s Contribution (7,634.52) (2,171.59) (1,324.82) (1,440.65)
Net liability/(Asset) recognised in Balance Sheet 39,300.99 23,817.72 694.22 1,324.82

Annual Report 2023- 24 217

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

Plan Assets of Pension Fund & Gratuity Fund as on 31st March 2024 are as follows:
Pension Fund Gratuity Plan
Category of Assets % of Plan Assets % of Plan Assets
Current Year Previous Year Current Year Previous Year
Central Govt. Securities 13.82% 19.11% 15.25% 19.06%
State Govt. Securities 36.25% 35.14% 34.25% 35.24%
Debt Securities, Money Market Securities and 28.36% 30.85% 26.14% 29.35%
Bank Deposits
ETF and Mutual Funds 15.06% 11.61% 13.22% 10.99%
Insurer Managed Funds 1.10% 1.17% 10.05% 3.30%
Others 5.41% 2.12% 1.09% 2.06%
Total 100.00% 100.00% 100.00% 100.00%

Principal actuarial assumptions

Pension Plans Gratuity Plan
Particulars
Current Year Previous Year Current Year Previous Year
Discount Rate 7.23% 7.53% 7.21% 7.48%
Expected Rate of return on Plan Asset 7.23% 7.53% 7.21% 7.48%
Salary Escalation Rate 6.00% 6.00% 6.00% 6.00%
Pension Escalation Rate 2.00% 2.00% Not Applicable Not Applicable
Attrition Rate 2.00% 2.00% 2.00% 2.00%
Mortality Table During Employment IALM 2012-14 IALM 2012-14 IALM 2012-14 IALM 2012-14
(Urban) (Urban) (Urban) (Urban)
Mortality Table After Employment IALM 2006-08 IALM 2006-08 Not Applicable Not Applicable
(Ultimate) (Ultimate)

Surplus/Deficit in the plan

Pension
(H in Crore)
Amount recognised in the Year ended Year ended Year ended Year ended Year ended
Balance Sheet 31-03-2020 31-03-2021 31-03-2022 31-03-2023 31-03-2024
Liability at the end of the year 1,09,830.37 1,25,806.37 1,46,124.99 1,56,966.26 1,90,944.96
Fair value of Plan Assets at the 97,458.52 1,06,445.86 1,30,590.73 1,33,148.54 1,51,643.97
end of the year
Difference 12,371.85 19,360.51 15,534.26 23,817.72 39,300.99
Unrecognised Past Service Cost - - - - -
Unrecognised Transition Liability - - - - -
Amount Recognised in the Balance 12,371.85 19,360.51 15,534.26 23,817.72 39,300.99
Sheet

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Experience adjustment
(H in Crore)
Amount recognised in the Year ended Year ended Year ended Year ended Year ended
Balance Sheet 31-03-2020 31-03-2021 31-03-2022 31-03-2023 31-03-2024
On Plan Liability (Gain) /Loss 4,078.53 12,528.38 4,162.26 8,997.32 21,009.20
On Plan Asset (Loss) /Gain 1,550.28 3,705.91 (436.95) (4,364.24) 6,239.91

Surplus/ Deficit in the Plan

Gratuity Plan
(H in Crore)
Amount recognised in the Year ended Year ended Year ended Year ended Year ended
Balance Sheet 31-03-2020 31-03-2021 31-03-2022 31-03-2023 31-03-2024
Liability at the end of the year 12,852.56 13,447.17 12,714.22 12,390.48 12,833.94
Fair value of Plan Assets at the 10,570.95 10,950.23 10,925.06 11,065.66 12,139.72
end of the year
Difference 2,281.61 2,496.94 1,789.16 1,324.82 694.22
Unrecognised Past Service Cost - - - - -
Unrecognised Transition Liability - - - - -
Amount Recognised in the Balance 2,281.61 2,496.94 1,789.16 1,324.82 694.22
Sheet

Experience adjustment
(H in Crore)
Amount recognised in the Year ended Year ended Year ended Year ended Year ended
Balance Sheet 31-03-2020 31-03-2021 31-03-2022 31-03-2023 31-03-2024
On Plan Liability (Gain) /Loss 382.17 1,053.04 366.15 138.91 542.28
On Plan Asset (Loss) /Gain 249.84 331.37 (76.85) (336.70) 447.04

The expected contribution to the Pension and Gratuity Fund for the next year is H8,250.00 Crore and H694.22
Crore respectively.
As the plan assets are marked to market on the basis of the yield curve derived from government securities, the expected
rate of return has been kept the same as the discount rate.

The estimates of future salary growth, factored in actuarial valuation, take account of inflation, seniority, promotion and
other relevant factors such as supply and demand in the employment market. Such estimates are very long term and
are not based on limited past experience / immediate future. Empirical evidence also suggests that in very long term,
consistent high salary growth rates are not possible. The said estimates and assumptions have been relied upon by
the auditors.

2. Employees’ Provident Fund

Actuarial valuation carried out in respect of interest shortfall in the Provident Fund Trust of the Bank, as per Deterministic
Approach shows “Nil” liability, hence no provision is made in FY2023-24.

Annual Report 2023- 24 219

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

The following table sets out the status of Provident Fund as per the actuarial valuation by the independent Actuary
appointed by the Bank:
(H in Crore)
Provident Fund
Particulars
Current Year Previous Year
Change in the present value of the defined benefit obligation
Opening defined benefit obligation as at 1st April 38,236.80 36,730.00
Current Service Cost 2,123.44 1,480.33
Interest Cost 3,087.84 2,762.87
Employee Contribution (including VPF) 2,822.83 1,952.97
Actuarial losses/(gains) (3.96) -
Benefits paid (4,439.74) (4,689.37)
Closing defined benefit obligation as at 31st March 41,827.21 38,236.80
Change in Plan Assets
Opening fair value of Plan Assets as at 1st April 39,210.05 37,632.85
Expected Return on Plan Assets 3,087.84 2,762.87
Contributions 4,946.27 3,433.30
Provision for loss on maturity of non-performing investment - -
Benefits Paid (4,439.74) (4,689.37)
Actuarial Gains / (Loss) on plan Assets (203.43) 70.40
Closing fair value of plan assets as at 31st March 42,600.99 39,210.05
Reconciliation of present value of the obligation and fair value of the plan assets
Present Value of Funded obligation at the year end 41,827.21 38,236.80
Fair Value of Plan assets at the year end 42,600.99 39,210.05
Funded Status [Deficit/(Surplus)] (773.78) (973.25)
Net Asset not recognised in Balance Sheet 773.78 973.25
Net Cost recognised in the profit and loss account
Current Service Cost 2,123.44 1,480.33
Interest Cost 3,087.84 2,762.87
Expected return on plan assets (3,087.84) (2,762.87)
Interest shortfall reversed - -
Total costs of defined benefit plans included in Schedule 16 "Payments to and provisions 2,123.44 1,480.33
for employees"
Reconciliation of opening and closing net liability/(asset) recognised in Balance Sheet
Opening Net Liability as at 1st April - -
Expense as above 2,123.44 1,480.33
Employer's Contribution (2,123.44) (1,480.33)
Net Liability/(Asset) Recognised in the Balance Sheet - -

Plan Assets of Provident Fund as on 31st March 2024 are as follows:

Provident Fund
Category of Assets % of Plan Assets
Current Year Previous Year
Central Govt. Securities 18.10% 28.36%
State Govt. Securities 34.96% 31.82%
Debt Securities, Money Market Securities and Bank Deposits 32.29% 30.12%
Mutual Funds 8.83% 6.99%
Others 5.82% 2.71%
Total 100.00% 100.00%

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Principal actuarial assumptions

Provident Fund
Particulars
Current Year Previous Year
Discount Rate 7.21% 7.48%
Guaranteed Return 8.15% 8.10%
Attrition Rate 2.00% 2.00%
Salary Escalation Rate 6.00% 6.00%
Mortality Table IALM 2012-14 IALM 2012-14
(Urban) (Urban)

There is a guaranteed return applicable to liability under SBI Employees Provident Fund which shall not be lower
of either:

(a) one half percent above the average standard rate (adjusted up or down to the interest one quarter per cent) quoted
by the bank for new deposits fixed for twelve months in the preceding year (ending on the preceding 31st day of
March); or

(b) three percent per annum, subject to approval of Executive Committee.

ii. Defined Contribution Plan:

The Bank has a Defined Contribution Pension Scheme (DCPS) applicable to all categories of officers and employees
joining the Bank on or after 1st August 2010. The Scheme is managed by NPS Trust under the aegis of the Pension
Fund Regulatory and Development Authority. National Securities Depository Limited has been appointed as the Central
Record Keeping Agency for the NPS. During F.Y. 2023-24, the Bank has contributed H1,552.41 Crore (Previous Year
H1,296.27 Crore).

iii. Long Term Employee Benefits (Unfunded Obligation):

(A) Accumulating Compensated Absences (Privilege Leave)
The following table sets out the status of Accumulating Compensated Absences (Privilege Leave) as per the
actuarial valuation by the independent Actuary appointed by the Bank: -
(H in Crore)
Accumulating Compensated Absences
Particulars (Privilege Leave)
Current Year Previous Year
Change in the present value of the defined benefit obligation
Opening defined benefit obligation as at 1st April 11,068.33 10,372.37
Current Service Cost 363.76 328.35
Interest Cost 827.91 754.07
Actuarial losses/(gains) 2,372.84 743.71
Benefits paid (1,088.88) (1,130.17)
Closing defined benefit obligation as at 31st March 13,543.96 11,068.33
Net Cost recognised in the profit and loss account
Current Service Cost 363.76 328.35
Interest Cost 827.91 754.07
Actuarial (Gain)/ Losses 2,372.84 743.71
Total costs of defined benefit plans included in Schedule 16 "Payments to and 3,564.51 1,826.13
provisions for employees"

Annual Report 2023- 24 221

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

(H in Crore)
Accumulating Compensated Absences
Particulars (Privilege Leave)
Current Year Previous Year
Reconciliation of opening and closing net liability/ (asset) recognised in
Balance Sheet
Opening Net Liability as at 1st April 11,068.33 10,372.37
Expense as above 3,564.51 1,826.13
Employer's Contribution - -
Benefit paid directly by the Employer (1,088.88) (1,130.17)
Net Liability/(Asset) Recognised in the Balance Sheet 13,543.96 11,068.33
Principal actuarial assumptions
Particulars Current Year Previous Year
Discount Rate 7.21% 7.48%
Salary Escalation Rate 6.00% 6.00%
Attrition Rate 2.00% 2.00%
Mortality Table IALM 2012-14 IALM 2012-14
(Urban) (Urban)

(B) Other Long-Term Employee Benefits

Amount of H193.85 Crore (Previous Year H20.57 Crore) is provided as per the actuarial valuation by the independent

Actuary appointed by the Bank towards Other Long-Term Employee Benefits viz. Leave Travel and Home Travel
Concession (Encashment/Availment), Silver Jubilee Award, Resettlement Expenses on Superannuation and Retirement
Award and is included under the head "Payments to and Provisions for Employees" in Profit and Loss Account.

Principal actuarial assumptions

Particulars Current Year Previous Year
Discount Rate 7.21% 7.48%
Salary Escalation Rate 6.00% 6.00%
Attrition Rate 2.00% 2.00%
Mortality Table IALM 2012-14 IALM 2012-14
(Urban) (Urban)

c. Accounting Standard – 17 “Segment Reporting”

1. Segment Identification
I. Primary (Business Segment)
The following are the primary segments of the Bank: -

- Treasury

- Corporate / Wholesale Banking

- Retail Banking

- Other Banking Business.

The present accounting and information system of the Bank does not support capturing and extraction of the
data in respect of the above segments separately. However, based on the present internal, organisational and
management reporting structure and the nature of their risk and returns, the data on the primary segments have
been computed as under:

222
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

i. Treasury

The Treasury Segment includes the entire investment portfolio and trading in foreign exchange contracts
and derivative contracts. The revenue of the treasury segment primarily consists of fees and gains or losses
from trading operations and interest income on the investment portfolio.

ii. Corporate / Wholesale Banking

The Corporate / Wholesale Banking segment comprises the lending activities of Corporate Accounts
Group, Commercial Clients Group and Stressed Assets Resolution Group. These include providing loans
and transaction services to corporate and institutional clients and further include non-treasury operations
of foreign offices.

iii. Retail Banking

The Retail Banking Segment comprises of retail branches, which primarily includes Personal Banking
activities including lending activities to corporate customers having banking relations with these branches.
This segment also includes agency business and ATMs.

iv. Other Banking business

Segments not classified under (i) to (iii) above are classified under this primary segment.

II. Secondary (Geographical Segment)

i) Domestic Operations - Branches/Offices having operations in India

ii) Foreign Operations - Branches/Offices having operations outside India and offshore Banking Units having
operations in India

III. Pricing of Inter-segmental Transfers

The Retail Banking segment is the primary resource mobilising unit. The Corporate/Wholesale Banking and
Treasury segments are recipient of funds from Retail Banking. Market Related Funds Transfer Pricing (MRFTP)
is followed under which a separate unit called Funding Centre has been created. The Funding Centre notionally
buys funds that the business units raise in the form of deposits or borrowings and notionally sells funds to business
units engaged in creating assets.

IV. Allocation of Expenses, Assets and Liabilities

Expenses incurred at Corporate Centre establishments directly attributable either to Corporate / Wholesale and
Retail Banking Operations or to Treasury Operations segment, are allocated accordingly. Expenses not directly
attributable are allocated on the basis of the ratio of number of employees in each segment/ratio of directly
attributable expenses.

The Bank has certain common assets and liabilities, which cannot be attributed to any segment, and the same
are treated as unallocated.

Annual Report 2023- 24 223

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

2. Segment Information
Part A: Primary (Business Segments):
(H in Crore)
Treasury Corporate / Retail Banking Other Total
Business Segment Wholesale Digital Other retail Total Banking
Banking Banking Banking Operations

Revenue (before 1,25,552.27 1,30,257.54 5,149.22 2,03,630.78 2,08,780.00 - 4,64,589.81

exceptional items) # (1,01,933.92) (98,038.91) (3,697.02) (1,63,216.12) (1,66,913.14) (-) (3,66,885.97)
Unallocated Revenue # 2,223.01
(1,832.69)
Total Revenue # 4,66,812.82
(3,68,718.66)
Result (before 16,187.30 40,474.40 7,685.55 31,863.16 39,548.71 - 96,210.41
exceptional items) # (9,470.88) (29,049.75) (5,020.54) (28,218.94) (33,239.48) - (71,760.11)
Less: Exceptional 7,100.00
Items # (-)
Result (after exceptional 89,110.41
items) # (71,760.10)
Unallocated Income(+) / -7,327.45
Expenses( -) - net # (-4,554.47)
Profit before tax # 81,782.96
(67,205.64)
Tax # 20,706.34
(16,973.19)
Extraordinary Profit # Nil
Nil
Net Profit # 61,076.62
(50,232.45)
Other Information:
Segment Assets * 17,99,263.94 17,13,722.56 74,123.60 25,33,651.57 26,07,775.17 - 61,20,761.67
(16,65,482.35) (14,92,904.65) (52,647.74) (25,57,802.67) (23,10,450.41) - (54,68,837.41)
Unallocated Assets * 58,932.27
(48,141.12)
Total Assets * 61,79,693.94
(55,16,978.53)
Segment Liabilities * 16,20,651.34 16,26,313.44 6,94,818.32 16,70,042.28 23,64,860.60 - 56,11,825.38
(15,24,002.00) (14,57,595.81) (4,90,464.77) (15,62,424.59) (20,52,889.36) - (50,34,487.17)
Unallocated Liabilities * 1,90,622.03
(1,54,882.91)
Total Liabilities * 58,02,447.41
(51,89,370.08)

(Figures in brackets are for previous year).

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Part B: Secondary (Geographic Segments):

(H in Crore)
Domestic Foreign Total
Particulars
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Revenue (before 4,27,103.26 3,47,982.70 39,709.56 20,735.96 4,66,812.82 3,68,718.66
exceptional items) #
Net Profit # 49,032.85 43,966.38 12,043.77 6,266.07 61,076.62 50,232.45
Assets * 55,13,953.27 49,09,460.77 6,65,740.67 6,07,517.76 61,79,693.94 55,16,978.53
Liabilities* 51,36,706.74 45,81,852.33 6,65,740.67 6,07,517.76 58,02,447.41 51,89,370.09

# For the year ended 31st March 2024.

* As at 31st March, 2024.

As per RBI Circular DOR. AUT.REC.12/22.01.001/2022-23 dated 7th April 2022, for the purpose of disclosure under
Accounting Standard 17 Segment Reporting “Digital Banking” has been identified as a sub-segment under the “Retail
Banking Segment”.

d. Accounting Standard – 18 “Related Party Disclosures”:

1. Related Parties
A. SUBSIDIARIES
i. FOREIGN BANKING SUBSIDIARIES
1. Commercial Indo Bank LLC, Moscow
2. SBI Canada Bank
3. State Bank of India (California)
4. State Bank of India (UK) Limited
5. SBI (Mauritius) Ltd.
6. PT Bank SBI Indonesia
7. Nepal SBI Bank Ltd.

ii. DOMESTIC NON-BANKING SUBSIDIARIES

1. SBI Life Insurance Company Ltd.
2. SBI General Insurance Company Ltd.
3. SBI Cards & Payment Services Ltd.
4. SBI Funds Management Ltd.
5. SBI Mutual Fund Trustee Co. Pvt. Ltd.
6. SBICAP Ventures Ltd.
7. SBI Capital Markets Ltd.
8. SBICAP Trustee Co. Ltd.
9. SBICAP Securities Ltd.
10. SBI Global Factors Ltd.
11. SBI - SG Global Securities Services Pvt. Ltd.
12. SBI DFHI Ltd.

Annual Report 2023- 24 225

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

13. SBI Pension Funds Pvt. Ltd.

14. SBI Payment Services Pvt. Ltd.
15. SBI Infra Management Solutions Pvt. Ltd. (under liquidation)
16. SBI Foundation
17. State Bank Operations Support Services Pvt. Ltd.
18. SBI CDMDF Trustee Private Limited (Date of incorporation 25th July 2023)

iii. FOREIGN NON-BANKING SUBSIDIARIES

1. SBI Funds Management (International) Pvt. Ltd.
2. State Bank of India Servicos Limitada.
3. Nepal SBI Merchant Banking Ltd.

B. JOINTLY CONTROLLED ENTITIES

1. C-Edge Technologies Ltd.
2. SBI Macquarie Infrastructure Management Pvt. Ltd.
3. SBI Macquarie Infrastructure Trustee Pvt. Ltd.
4. Macquarie SBI Infrastructure Management Pte. Ltd.
5. Macquarie SBI Infrastructure Trustee Ltd.
6. Oman India Joint Investment Fund- Management Company Pvt. Ltd.
7. Oman India Joint Investment Fund - Trustee Company Pvt. Ltd.

C. ASSOCIATES
i. Regional Rural Banks
1. Andhra Pradesh Grameena Vikas Bank
2. Arunachal Pradesh Rural Bank
3. Chhattisgarh Rajya Gramin Bank
4. Ellaquai Dehati Bank
5. Madhyanchal Gramin Bank
6. Meghalaya Rural Bank
7. Mizoram Rural Bank
8. Nagaland Rural Bank
9. Saurashtra Gramin Bank
10. Utkal Grameen Bank
11. Uttarakhand Gramin Bank
12. Jharkhand Rajya Gramin Bank
13. Rajasthan Marudhara Gramin Bank
14. Telangana Grameena Bank

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

ii. Others
1. The Clearing Corporation of India Ltd.
2. Bank of Bhutan Ltd.
3. Yes Bank Ltd.
4. Investec Capital Services (India) Pvt. Ltd.
5. Jio Payments Bank Ltd.
6. SBI Home Finance Ltd. (under liquidation)

D. Key Management Personnel of the Bank

1. Shri Dinesh Kumar Khara, Chairman
2. Shri Challa Sreenivasulu Setty, Managing Director (International Banking, Global Markets & Technology)
3. Shri Swaminathan Janakiraman, Managing Director (Corporate Banking & Subsidiaries) (up to 25th June 2023)
4. Shri Ashwini Kumar Tewari, Managing Director (Corporate Banking & Subsidiaries)
5. Shri Alok Kumar Choudhary, Managing Director (Risk, Compliance & SARG)
6. Shri Vinay M. Tonse, Managing Director (Retail Business & Operations) (w.e.f. 21st November 2023)

2. Parties with whom transactions were entered into during the year:
No disclosure is required in respect of related parties, which are "State-controlled Enterprises" as per paragraph
9 of Accounting Standard (AS) 18. Further, in terms of paragraph 5 of AS 18, transactions in the nature of Banker-
Customer relationship have not been disclosed including those with Key Management Personnel and relatives of Key
Management Personnel.

3. Transactions and Balances:

(H in Crore)
Associates/ Key Total Associates/ Key Total
Joint Ventures Management Joint Ventures Management
Particulars
Personnel & Personnel &
their relatives their relatives
Outstanding as at 31st March 2024 31st March 2023
Borrowings - - - - - -
Deposits 1,938.05 - 1,938.05 4,942.43 - 4,942.43
Other Liabilities 72.23 - 72.23 66.09 - 66.09
Balance with Banks and 4.55 - 4.55 0.17 - 0.17
Money at call and short
notice
Advances 1,868.59 - 1,868.59 1,007.14 - 1,007.14
Investments 7,925.54 - 7,925.54 7,925.54 - 7,925.54
Other Assets 377.71 - 377.71 196.03 - 196.03
Non-fund commitments 96.23 - 96.23 22.53 - 22.53
(LCs/BGs)

Annual Report 2023- 24 227

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

(H in Crore)
Associates/ Key Total Associates/ Key Total
Joint Ventures Management Joint Ventures Management
Particulars
Personnel & Personnel &
their relatives their relatives
Maximum outstanding During FY 2023-24 During FY 2022-23
Borrowings 850.00 - 850.00 - - -
Deposits 6,410.68 - 6,410.68 5,269.99 - 5,269.99
Other Liabilities 97.67 - 97.67 66.12 - 66.12
Balance with Banks and 8.64 - 8.64 2.56 - 2.56
Money at call and short
notice
Advances 2,204.87 - 2,204.87 1,152.51 - 1,152.51
Investments 7,925.54 - 7,925.54 10,756.28 - 10,756.28
Other Assets 417.29 - 417.29 444.64 - 444.64
Non-fund commitments 96.23 - 96.23 22.53 - 22.53
(LCs/BGs)
During the year During FY 2023-24 During FY 2022-23
Interest Income 133.61 - 133.61 111.19 - 111.19
Interest expenditure 143.67 - 143.67 80.69 - 80.69
Income earned by way of 25.99 - 25.99 20.81 - 20.81
dividend
Other Income 3.51 - 3.51 3.16 - 3.16
Other expenditure 33.59 - 33.59 13.17 - 13.17
Profit/(loss) on sale of (0.02) - (0.02) (0.12) - (0.12)
land/building and other
assets
Management contracts - 2.21 2.21 - 2.21 2.21

There are no materially significant related party transactions during the year.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

e. Accounting Standard – 19 “Leases”:

i. Operating leases primarily comprise office premises and staff residences, which are renewable at the option of the Bank.

ii. Liability for Premises taken on Non-Cancellable operating lease are given below:
(H in Crore)
As at As at
Particulars
31st March 2024 31st March 2023
Not later than 1 year 58.39 37.34
Later than 1 year and not later than 5 years 25.88 31.97
Later than 5 years 8.90 5.99
Total 93.17 75.30

iii. Amount of lease payments recognised in the P&L Account for operating leases is H4,412.43 Crore (Previous year
H4,104.59 Crore).

f. Accounting Standard -20 “Earnings per Share”:

The Bank reports basic and diluted earnings per equity share in accordance with Accounting Standard 20 - "Earnings per
Share". "Basic earnings” per share is computed by dividing net profit after tax by the weighted average number of equity
shares outstanding during the year.
Particulars Current Year Previous Year
Basic and diluted
Number of Equity Shares outstanding at the beginning of the year 892,46,11,934 892,46,11,534
Number of Equity Shares issued during the year Nil 400
Number of Equity Shares outstanding at the end of the year 892,46,11,934 892,46,11,934
Weighted average number of equity shares used in computing basic earnings per share 892,46,11,934 892,46,11,707
Weighted average number of shares used in computing diluted earnings per share 892,46,11,934 892,46,11,707
Net profit / (loss) (H in Crore) 61,076.62 50,232.45
Basic earnings per share (H) 68.44 56.29
Diluted earnings per share (H) 68.44 56.29
Nominal value per share (H) 1.00 1.00

g. Accounting Standard – 22 “Accounting for Taxes on Income”:

a. Current Tax:
During the year the Bank has debited to Profit & Loss Account H22,871.63 Crore (Previous Year H21,223.93 Crore) on
account of current tax. The Current Tax in India has been calculated in accordance with the provisions of Income Tax
Act, 1961 after taking appropriate relief for taxes paid in foreign jurisdictions.

b. Deferred Tax:

During the year H2,165.29 Crore has been credited to Profit and Loss Account (Previous Year credit H4,250.74 Crore)
on account of deferred tax.

Annual Report 2023- 24 229

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

The Bank has a net DTA of H11,423.87 Crore (Previous Year net DTA of H10,534.21 Crore), which comprises of DTL of
H7.60 Crore (Previous Year H0.01 Crore) included under ‘Other Liabilities and Provisions’ and Deferred Tax Assets (DTA)
of H11,431.47 Crore (Previous Year H10,534.22 Crore) included under ‘Other Assets’. The major components of DTA and
DTL is given below:
(H in Crore)
As at As at
Particulars
31st March 2024 31st March 2023
Deferred Tax Assets (DTA)
Provision for long term employee Benefits 13,645.91 9,105.22
Provision for advances 5,910.46 6,244.09
Provision for Other Assets/Other Liabilities 3,033.08 3,736.75
On Foreign Currency Translation Reserve 1,101.26 1,686.01
Depreciation on Fixed Assets 404.19 352.03
On account of Foreign Offices 432.86 476.14
Total 24,527.76 21,600.24
Deferred Tax Liabilities (DTL)
Interest accrued but not due on Securities 7,191.40 6,598.88
Special Reserve created u/s 36(1)(viii) of Income Tax Act, 1961 4,914.57 4,467.14
ICDS-Interest on Income Tax Refund accrued & not received 990.32 -
On account of Foreign Offices 7.60 0.01
Total 13,103.89 11,066.03
Net Deferred Tax Assets/(Liabilities) 11,423.87 10,534.21

The Bank had exercised the option of lower tax rate permitted under Section 115BAA of the Income-tax Act, 1961 as
introduced by the Taxation Laws (Amendment) Act, 2019 from the financial year 2019-20 onwards.

h. Accounting Standard – 27 “Financial Reporting of interests in Joint Ventures”:


Investments include H28.06 Crore (Previous Year H28.06 Crore) representing Bank's interest in the following jointly
controlled entities.
Sr. Amount Country of Holding %
Name of the Company
No (H in Crore) Residence
1 C - Edge Technologies Ltd. 4.90 India 49%
(4.90) (49%)
2 SBI Macquarie Infrastructure Management Pvt. Ltd. 18.57 India 45%
(18.57) (45%)
3 SBI Macquarie Infrastructure Trustee Pvt. Ltd. 0.03 India 45%
(0.03) (45%)
4 Maquarie SBI Infrastructure Management Pte. Ltd. 2.25 Singapore 45%
(2.25) (45%)
5 Macquarie SBI Infrastructure Trustee Ltd. # - Bermuda 45%
(-) (45%)
6 Oman India Joint Investment Fund – Management Company Pvt. Ltd. 2.30 India 50%
(2.30) (50%)
7 Oman India Joint Investment Fund – Trustee Company Pvt. Ltd. 0.01 India 50%
(0.01) (50%)
Total 28.06
(28.06)

# Indirect holding through Maquarie SBI Infra Management Pte. Ltd., against which the company has made 100% provision on investments.
(Figures in brackets relate to previous year)

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

As required by AS 27, the aggregate amount of the assets, liabilities, income, expenses, contingent liabilities and commitments
related to the Bank’s interests in jointly controlled entities are disclosed as under:
(H in Crore)
As at As at
Particulars
31st March 2024 31st March 2023
Liabilities
Capital & Reserves 244.45 220.31
Deposits - -
Borrowings - -
Other Liabilities & Provisions 52.47 41.58
Total 296.92 261.89
Assets
Cash and Balances with RBI - -
Balances with Banks and money at call and short notice 157.53 147.43
Investments 22.01 22.71
Advances - -
Fixed Assets 32.85 20.40
Other Assets 84.53 71.35
Total 296.92 261.89

Capital Commitments - -
Other Contingent Liabilities 1.49 1.49

Income
Interest earned 10.16 8.27
Other income 218.30 188.40
Total 228.46 196.67
Expenditure
Interest expended - 0.18
Operating expenses 164.34 152.52
Provisions & contingencies 17.51 15.18
Total 181.85 167.88
Profit 46.61 28.79

i. Accounting Standard – 28 “Impairment of Assets”:

In the opinion of the Bank’s Management, there is no indication of impairment to the non-monetary assets during the year.

Annual Report 2023- 24 231

STANDALONE FINANCIALS

Schedules
forming part of the Balance Sheet and Profit and Loss Account for the year ended 31st March 2024

j. Accounting Standard – 29 “Provisions, Contingent Liabilities and Contingent Assets”:

Description of Contingent liabilities:
Sr.
Particulars Brief Description
No.
1 Claims against the Bank not The Bank is a party to various proceedings in the normal course of business. The Bank does not expect
acknowledged as debts the outcome of these proceedings to have a material adverse effect on the Bank's financial conditions,
results of operations or cash flows. The Bank is also a party to various taxation matters in respect of
which appeals are pending.
2 Liability on partly paid-up This item represents amounts remaining unpaid towards liability for partly paid investments. This also
investments/ Venture Funds includes undrawn commitments for Venture Capital Funds.
3 Liability on account of The Bank enters into foreign exchange contracts in its normal course of business to exchange
outstanding forward currencies at a pre-fixed price at a future date. Forward exchange contracts are commitments to buy
exchange contracts or sell foreign currency at a future date at the contracted rate. The notional amounts are recorded
as Contingent Liabilities. With respect to the transactions entered into with its customers, the Bank
generally enters into off-setting transactions in the interbank market. This results in generation of a
higher number of outstanding transactions, and hence a large value of gross notional principal of the
portfolio, while the net market risk is lower.
4 Guarantees given on As a part of its commercial Banking activities, the Bank issues documentary credits and guarantees
behalf of constituents, on behalf of its customers. Documentary credits enhance the credit standing of the customers of the
acceptances, endorsements Bank. Guarantees generally represent irrevocable assurances that the Bank will make payment in the
and other obligations event of the customer failing to fulfil its financial or performance obligations.
5 Other items for which the The Bank enters into currency options, forward rate agreements, currency swaps and interest rate
Bank is contingently liable swaps with inter-Bank participants on its own account and for customers. Currency swaps are
commitments to exchange cash flows by way of interest/principal in one currency against another,
based on predetermined rates. Interest rate swaps are commitments to exchange fixed and floating
interest rate cash flows. The notional amounts that are recorded as Contingent Liabilities, are typically
amounts used as a benchmark for the calculation of the interest component of the contracts. Further,
these also include estimated amount of contracts remaining to be executed on capital account and
not provided for, letter of comforts issued by the Bank on behalf of Associates & Subsidiaries, Bank’s
Liability under Depositors Education and Awareness Fund A/c and other sundry contingent liabilities.

The Contingent Liabilities mentioned above are dependent upon the outcome of Court/ arbitration/out of Court settlements,
disposal of appeals, the amount being called up, terms of contractual obligations, devolvement and raising of demand by
concerned parties, as the case may be.

Movement of provisions against Contingent Liabilities:

The movement of provisions against contingent liabilities given in the table below:
(H in Crore)
Particulars Current Year Previous Year
Opening balance 3,109.95 3,664.18
Additions during the year 127.22 143.54
Less: Amount utilised during the year 534.11 86.59
Less: Unused amount reversed during the year 99.38 611.18
Closing balance 2,603.68 3,109.95

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

18.15. ADDITIONAL DISCLOSURES

a. Payment to Micro, Small & Medium Enterprises under the Micro, Small & Medium Enterprises
Development Act, 2006:
There has been no reported cases of delayed payments of the principal amount or interest due thereon to Micro, Small &
Medium Enterprises.

b. Letter of Comfort:
The Bank has given Letter of Comfort to the Governor, Bank of Indonesia for its subsidiary Bank SBI Indonesia, a foreign
Subsidiary. Letter of Comfort has been given to the Minister of Finance, Ottawa, Ontario, Canada for SBI Canada Bank, a
foreign Subsidiary. The consolidated amount for this letter of comfort is H2,085.13 Crore (USD 250 Mio) as at 31st March,
2024. (Previous year H2,054.25 Crore).

Bank has issued letter of Comfort of H0.71 Crore plus applicable interest and charges to MUDRA Ltd. for Nagaland Rural
Bank on 22nd November 2023 for a period of three years from the date of issue till the issuance of no dues certificate by
MUDRA Ltd. towards the repayment of refinance liabilities whichever is later.

c. Inter Office Accounts:

Inter Office Accounts between branches, controlling offices, local head offices and Corporate Centre establishments are
being reconciled on an ongoing basis and there is no material effect on the profit and loss account of the current year.

d. Provision on accounts covered under the provisions of Insolvency and Bankruptcy Code (IBC):
As per RBI letters no. DBR.No.BP.15199/21.04.048/2016-17 and DBR. No. BP. 1906/21.04.048/ 2017-18 dated 23rd June
2017 and 28th August 2017 respectively, for the accounts covered under the provisions of Insolvency and Bankruptcy Code
(IBC), the bank is holding total provision of H3,783.03 Crore (100% of total outstanding) as on 31st March 2024 (Previous Year
H3,935.48 Crore {100% of total outstanding})

e. Provision for Wage Revision:

The Bank has made a total provision of H15,877.09 Crore towards arrears of wages due for revision w.e.f. 1st November 2022.
On signing of the 12th Bi-partite wage settlement and 9th Joint Note on 8th March 2024, the salary was revised during the
month of March 2024 and accordingly provisions of H14,134.86 Crore was utilised. The balance of H1,742.23 Crore is yet to
be disbursed towards residual salary revision and ex-gratia for pensioners/family pensioners.

f. Exceptional items:
During the year ended on 31st March 2024 the Bank has recognised following as exceptional items:

a. 
Provision of H5,400 Crore for estimated liability on account of pension at uniform rate of 50% for all pensioners
prospectively, in place of existing dual rate of calculation of pension.

b. 
Provision of H1,700 Crore on account of ex-gratia benefit and neutralisation of Dearness Relief to pre-November 2002
retirees and family pensioners.

g. The Central Board has declared a dividend of H13.70 per share @ 1370% for the year ended 31st March 2024.

h. Previous year figures have been regrouped/reclassified, wherever necessary, to conform to current year classification. In
cases where disclosures have been made for the first time in terms of RBI guidelines/Accounting Standards, previous year's
figures have not been mentioned.

Annual Report 2023- 24 233

STANDALONE FINANCIALS

State Bank of India

Cash Flow Statement for the year ended 31st March, 2024

(000s omitted)
Year ended Year ended
Particulars 31.03.2024 31.03.2023
J J
CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit / (Loss) before Taxes 81782,96,36 67205,63,25
Adjustments for:
Depreciation on Fixed Assets 3351,91,61 3297,27,04
(Profit)/Loss on sale of Fixed Assets (Net) 33,20,20 29,78,85
(Profit)/Loss on revaluation of Investments (Net) (4939,17,35) 4644,43,56
Provision for diminution in fair value & Non Performing Assets 9517,62,67 9143,92,59
Provision on Standard Assets (1340,86,63) 5618,54,85
Provision on non-performing Investments (593,18,23) 1513,84,35
Other provisions including provision for contingencies (2669,36,48) 231,01,57
Income from investment in Subsidiaries / Joint Ventures / Associates (1961,61,63) (855,10,80)
Interest charged on Capital Instruments 9550,46,11 6387,15,64
92731,96,63 97216,50,90
Adjustments for:
Increase/(Decrease) in Deposits 492298,99,29 372243,65,37
Increase/ (Decrease) in Borrowings other than Capital Instruments 99757,95,17 49958,77,64
(Increase)/ Decrease in Investments other than investments in Subsidiaries / Joint Ventures / Associates (93931,55,71) (94349,41,25)
(Increase)/ Decrease in Advances (514219,18,39) (474446,62,98)
Increase/ (Decrease) in Other Liabilities 15971,11,15 31320,55,51
(Increase)/ Decrease in Other Assets (44811,28,24) (57942,51,27)
47797,99,90 (75999,06,08)
Tax refund/ (Taxes paid) (28776,10,67) (15352,75,44)
NET CASH GENERATED FROM/ (USED IN) OPERATING ACTIVITIES A 19021,89,23 (91351,81,52)
CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Investments in Subsidiaries / Joint Ventures / Associates (1509,51,75) (729,62,26)
Income from investment in Subsidiaries / Joint Ventures / Associates 1961,61,63 855,10,80
(Increase) in Fixed Assets (3505,01,66) (3422,52,21)
NET CASH GENERATED FROM/ (USED IN) INVESTING ACTIVITIES B (3052,91,78) (3297,03,67)

234
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(000s omitted)
Year ended Year ended
Particulars 31.03.2024 31.03.2023
J J
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from issue of equity shares including share premium - 64
Issue of Capital Instruments 18101,00,00 19133,00,00
Redemption of Capital Instruments (13433,20,00) (2000,00,00)
Interest paid on Capital Instruments (8438,35,77) (5594,52,73)
Dividend paid (10084,81,15) (6336,72,16)
NET CASH GENERATED FROM/ (USED IN) FINANCING ACTIVITIES C (13855,36,92) 5201,75,75
EFFECT OF EXCHANGE FLUCTUATION ON TRANSLATION RESERVE D 788,76,47 2794,39,13
NET INCREASE/(DECREASE) IN CASH & CASH EQUIVALENTS (A+B+C+D) 2902,37,00 (86652,70,31)
CASH AND CASH EQUIVALENTS AS AT 1st APRIL 307899,61,80 394552,32,11
CASH AND CASH EQUIVALENTS AS AT THE YEAR END 310801,98,80 307899,61,80
Notes:
1. Components of Cash & Cash Equivalents as at: 31.03.2024 31.03.2023
Cash & Balance with RBI 225141,69,61 247087,57,52
Balances with Banks and money at call & short notice 85660,29,19 60812,04,28
310801,98,80 307899,61,80
2. Cash flow from operating activities is reported by using indirect method.

Shri Vinay M. Tonse Shri Alok Kumar Choudhary Shri Ashwini Kumar Tewari Shri Challa Sreenivasulu Setty
Managing Director Managing Director Managing Director Managing Director
(Retail Business & Operations) (Risk, Compliance & SARG) (Corporate Banking & Subsidiaries) (International Banking, Global
Markets & Technology)

Directors:
Shri Ketan S. Vikamsey
Shri Mrugank M. Paranjape
Shri Dharmendra Singh Shekhawat
Shri Prafulla P. Chhajed
Smt. Swati Gupta Shri Dinesh Kumar Khara
Shri Ajay Kumar Chairman

Place: Mumbai
Date: 9th May 2024

Annual Report 2023- 24 235

STANDALONE FINANCIALS

In terms of our report of even date

For K C Mehta & Co LLP For M C Bhandari & Co. For V Singhi & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 106237W/W100829 Firm Regn. No. 303002E Firm Regn. No. 311017E

CA Chirag Bakshi CA Amit Biswas CA Sundeep Singhi

Partner: M. No. 047164 Partner: M. No. 052296 Partner: M. No. 063785

For Suri & Co. For Talati & Talati LLP For Ravi Rajan & Co. LLP
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 004283S Firm Regn. No.110758W/ W100377 Firm Regn. No. 009073N / N500320

CA Sanjeev Aditya M CA Anand Sharma CA Sumit Kumar

Partner: M. No. 229694 Partner: M. No.129033 Partner: M. No.512555

For Gokhale & Sathe For M K Aggarwal & Co. For J L N U S & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No.103264W Firm Regn. No.001411N Firm Regn. No.101543W

CA Rahul Joglekar CA Atul Aggarwal CA Shalabh Kumar Daga

Partner: M. No. 129389 Partner: M. No.099374 Partner: M. No.401428

For Vinod Kumar & Associates For R G N Price & Co. For Rama K Gupta & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 002304N Firm Regn. No.002785S Firm Regn. No.005005C

CA Vinod Jain CA P. M. Veeramani CA Ramakant Gupta

Partner: M. No. 081263 Partner: M. No. 023933 Partner: M. No.073853

Place: Mumbai
Date: 9th May 2024

236
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Independent Auditors’ Report

To a) the Balance Sheet, read with the notes thereon is a

full and fair Balance Sheet containing all the necessary
The President of India
particulars, is properly drawn up so as to exhibit a true
REPORT ON AUDIT OF THE STANDALONE FINANCIAL and fair view of the state of affairs of the Bank as at 31st
STATEMENTS OF STATE BANK OF INDIA March, 2024;

b) the Profit and Loss Account, read with the notes thereon
Opinion shows a true balance of profit for the year ended on that
1. We have audited the accompanying Standalone Financial date; and
Statements of State Bank of India (“the Bank”) which
c) the Cash Flow Statement gives a true and fair view of
comprise the Balance Sheet as at March 31, 2024, the
the cash flows for the year ended on that date.
Profit and Loss Account and the Statement of Cash Flow
for the year then ended, and Notes to Standalone Financial
Statements including a summary of Significant Accounting Basis for Opinion
Policies and other explanatory information in which are 2. We conducted our audit in accordance with the Standards
included returns for the year ended on that date of: on Auditing (“SAs”) issued by the Institute of Chartered
Accountants of India (“the ICAI”). Our responsibilities under
i. The Central offices, 17 Local Head offices, Global
those Standards are further described in the Auditors’
Market Unit, International Business Group, Corporate
Responsibilities for the Audit of the Standalone Financial
Accounts Group (Central), Commercial Client Group
Statements section of our report. We are independent of the
(Central), Stressed Asset Resolution Group (Central),
Bank in accordance with the Code of Ethics issued by the
Central Accounts Offices and 20 branches audited by
ICAI together with ethical requirements that are relevant to
us and;
our audit of the Standalone Financial Statements, prepared
ii. 5999 Indian branches audited by respective Statutory in accordance with the accounting principles generally
Branch Auditors; accepted in India, including the Accounting Standards issued
by the ICAI, and provisions of section 29 of the Banking
iii. 
35 Foreign branches audited by respective
Regulation Act, 1949 and circulars and guidelines issued by
Local Auditors;
the Reserve Bank of India (RBI) from time to time and we
The branches audited by us and those audited by other have fulfilled our other ethical responsibilities in accordance
auditors have been selected by the Bank in accordance with these requirements and the Code of Ethics. We believe
with the guidelines issued to the Bank by the Reserve Bank that the audit evidence we have obtained is sufficient and
of India (RBI). Also incorporated in the Balance Sheet, the appropriate to provide a basis for our opinion.
Profit and Loss Account and the Statement of Cash Flows
are the returns from 19149 Indian branches (including other Key Audit Matters
accounting units) which have not been subjected to audit.
3. Key Audit Matters are those matters that in our professional
These unaudited branches account for 23.41% of advances,
judgment were of most significance in our audit of the
38.60% of deposits, 18.37% of interest income and 34.66%
Standalone Financial Statements for the year ended March
of interest expenses.
31, 2024. These matters were addressed in the context of
In our opinion and to the best of our information and according our audit of the Standalone Financial Statements as a whole
to the explanations given to us, the aforesaid Standalone and in forming our opinion thereon and we do not provide a
Financial Statements give the information required by the separate opinion on these matters. We have determined the
Banking Regulation Act, 1949 and State Bank of India Act, matters described below to be the Key Audit Matters to be
1955 in the manner so required for the Bank and are in communicated in our report:
conformity with accounting principles generally accepted in
India and:

Annual Report 2023- 24 237

STANDALONE FINANCIALS

Independent Auditors’ Report

Sr.
Key Audit Matters How the matter was addressed in our audit
No.
i Classification of Advances, Income Recognition, Identification of and Our audit approach towards advances with reference to the IRAC
provisioning for non-performing Advances (Refer Schedule 9 read norms and other related circulars/directives issued by the RBI and
with Note 3 of Schedule 17 to the financial statements) also internal policies and procedures of the Bank includes the testing
of controls on sample basis,
Advances include Bills purchased and discounted, Cash credits,
Overdrafts, Loans repayable on demand and Term loans. These are a. 
The accuracy of the data input in the system for income
further categorised as secured by Tangible assets (including advances recognition, classification into performing and non performing
against Book Debts), covered by Bank/Government Guarantees and Advances and provisioning in accordance with the IRAC norms
Unsecured advances. in respect of the branches audited by us;
Advances constitute 59.94% of the Bank’s total assets. They are, b. Existence and effectiveness of monitoring mechanisms such as
inter-alia, governed by income recognition, asset classification and Internal Audit, Systems Audit, Credit Audit and Concurrent Audit
provisioning (IRAC) norms and other circulars and directives issued as per the policies and procedures of the Bank;
by the RBI from time to time which provides guidelines related to
classification of Advances into performing and non- performing c. 
Examination of advances including stressed advances on a
Advances (NPA) except in case of foreign offices, classification of sample basis with respect to compliance with the RBI Master
advances and provisioning thereof is made as per local regulations or Circulars / Guidelines/ Judicial pronouncements;
RBI guidelines, whichever is more stringent. The Bank classifies these d. We have relied on the reports of IT System Audit by IAD with
Advances based on IRAC norms as per its accounting policy No. 3. respect to the business logics / parameters inbuilt in CBS and
Identification of performing and non-performing Advances involves CCDP for tracking, identification and stamping of NPAs and
establishment of proper mechanism. The Bank accounts for all the provisioning in respect thereof.
transactions related to Advances in its Information Technology System e. We tested the mapping of advances in the CCDP application
(IT System) viz. Core Banking Solution (CBS) which identifies whether software and the financial statement preparation software
the advances are performing or non- performing. to ensure compliance with the presentation and disclosure
Further, NPA classification and calculation of provision (except in case requirements as per the aforesaid RBI Circular/directions.
of foreign offices) is done through another IT System viz. Centralised f. We have examined the efficacy of various internal controls over
Credit Data Processing (CCDP) Application Software and other advances to determine the nature, timing and extent of the
processes. substantive procedures and compliance with the observations of
The carrying value of these advances (net of provisions) may be the various audits conducted as per the monitoring mechanism
materially misstated if, either individually or in aggregate, the IRAC of the Bank and RBI Inspection.
norms are not properly followed. g. In carrying out substantive procedures at the branches audited
Considering the nature of the transactions, regulatory requirements, by us, we have examined large advances/ stressed advances
existing business environment, estimation/ judgement involved in while other advances have been examined on a sample basis
valuation of securities and calculation of provisions, it is a matter of including review of valuation reports of independent valuers
high importance for the intended users of the Standalone Financial provided by the Bank’s management.
Statements. Considering these aspects, we have determined this as h. We assessed and evaluated the process of identification of NPAs
a Key Audit Matter. and corresponding reversal of income and creation of provision;
Accordingly, our audit was focused on income recognition, asset i. Reliance is also placed on Audit Reports of other Statutory Branch
classification and provisioning pertaining to advances due to the Auditors with whom we have also made specific communication.
materiality of the balances
j. Bank has laid down detailed Standard Operating Procedure to
ensure control over processes. We have relied on these Standard
Operating Procedures and have conducted our testing based on
these Standard Operating Procedures.

238
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Sr.
Key Audit Matters How the matter was addressed in our audit
No.
ii Classification and Valuation of Investments, Identification of and Our audit approach towards Investments with reference to the RBI
provisioning for Non-Performing Investments (Schedule 8 read with Circulars/directives included the understanding of internal controls
Note 2 of Schedule 17 to the financial statements) and substantive audit procedures in relation to valuation, classification,
identification of non performing investments (NPIs), provisioning/
Investments include investments made by the Bank in various depreciation related to Investments. In particular;
Government Securities, Bonds, Debentures, Shares, Security receipts
and other approved securities. a. We understood and evaluated the Bank’s internal control system
to comply with relevant RBI guidelines regarding valuation,
Investments constitute 27.05 per cent of the Bank’s total assets. These classification, identification of NPIs, provisioning/depreciation
are governed by the circulars and directives of the RBI. These directions related to investments;
of RBI, inter-alia, cover valuation of investments, classification of
investments, identification of non-performing investments, the b. We assessed and evaluated the process adopted for collection
corresponding non-recognition of income and provision there against. of information from various sources for determining fair value of
these investments;
The valuation of each category (type) of the aforesaid securities is
to be done as per the method prescribed in circulars and directives c. 
For the selected sample of investments in hand, we tested
issued by the RBI which involves collection of data/information accuracy and compliance with the RBI Master Circulars and
from various sources such as FIMMDA rates, rates quoted on BSE/ directions by re-performing valuation for each category of
NSE, financial statements of unlisted companies etc. Considering security. Samples were selected after ensuring that all the
the complexities and extent of judgement involved in the valuation, categories of investments (based on nature of security) were
volume of transactions, investments on hand and degree of regulatory covered in the sample;
focus, this has been determined as a Key Audit Matter.
d. We assessed and evaluated the process of identification of NPIs
Accordingly, our audit was focused on valuation of investments, and corresponding reversal of income and creation of provision;
classification, identification of non performing investments and
provisioning related to investments e. 
We carried out substantive audit procedures to recompute
independently the provision to be maintained and depreciation
to be provided in accordance with the circulars and directives of
the RBI. Accordingly, we selected samples from the investments
of each category and tested for NPIs as per the RBI guidelines
and recomputed the provision to be maintained in accordance
with the RBI Circular for those selected sample of NPIs;
f. We tested the mapping of investments between the Investment
application software and the financial statement preparation
software to ensure compliance with the presentation and disclosure
requirements as per the aforesaid RBI Circular/directions.

Annual Report 2023- 24 239

STANDALONE FINANCIALS

Independent Auditors’ Report

Sr.
Key Audit Matters How the matter was addressed in our audit
No.
iii Assessment of Provisions and Contingent liabilities in respect of Our audit approach involved:
certain litigations including Direct and Indirect Taxes, various claims
filed by other parties not acknowledged as debt (Schedule 12 read a. Obtaining an understanding of internal controls relevant to the
with Note 18.13 of Schedule 18 to the financial statements): audit in order to design our audit procedures that are appropriate
in the circumstances;
There is high level of judgement required in estimating the level of
provisioning. The Bank’s assessment is supported by the facts of b. 
Understanding the current status of the litigations/tax
matter, their own judgement, past experience, and advice from legal assessments including the status up to the date of auditor’s
and independent tax consultants wherever considered necessary. report;
Accordingly, unexpected adverse outcomes may significantly impact c. Examining recent orders and/or communication received from
the Bank’s reported profit and state of affairs presented in the Balance various tax authorities/ judicial forums and follow up action
Sheet. thereon;
We determined the above area as a Key Audit Matter in view of d. Evaluating the merit of the subject matter under consideration
associated uncertainty relating to the outcome of these matters which with reference to the grounds presented therein and available
requires application of judgement in interpretation of law. Accordingly, independent legal / tax advice including opinion of our internal
our audit was focused on analysing the facts of subject matter under tax experts;
consideration and judgements/ interpretation of law involved.
e. Review and analysis of evaluation of the contentions of the Bank
through discussions, collection of details of the subject matter
under consideration, the likely outcome and consequent potential
outflows on those issues; and
f. Verification of disclosures related to significant litigations and
taxation matters.
iv Valuation of employees’ defined benefit obligations: We tested governance and controls in place over the methodologies
and the significant assumptions, including those in relation to the
The Bank has recognised long-term defined benefit obligations for use of management's experts. We examined the reports of external
its employees on actuarial basis. Pension and gratuity obligations actuarial specialist and reviewed the key actuarial assumptions used,
are funded by the Bank. Shortfall, if any, in Bank’s Provident Fund both financial and demographic, and considered the methodology
Scheme is also provided for on actuarial basis. The Bank makes applied to derive these assumptions including review of input data
periodic contributions to fund administered by Trustees based on provided for actuarial valuations of employees’ defined benefit
an independent external actuarial valuation carried out annually. obligations. Furthermore, we have examined the sensitivity analysis
Unfunded long-term defined benefit obligations are compensated on the key assumptions in valuing the defined benefit obligations.
absences, silver jubilee award, leave travel concession, retirement We also evaluated the objectivity and competence of management's
award and resettlement allowance. The cost of providing unfunded expert involved in the valuation of the defined benefit obligation. We
long-term benefits is determined using the projected unit credit assessed the appropriateness of the methodology used, and tested
method with actuarial valuations being carried out at each Balance the accuracy of the calculation, to estimate the liability.
Sheet date.
The actuarial valuations of employee benefit obligations are dependent
on market conditions and assumptions made. The key audit matter
specifically relates to the following key assumptions: discount rate,
inflation expectations and life expectancy assumptions. The setting of
these assumptions is complex and requires the exercise of significant
management judgement with the support of third-party actuary.

240
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Information Other than the Standalone Financial that were operating effectively for ensuring the accuracy
Statements and Auditors’ Report thereon and completeness of the accounting records, relevant to the
preparation and presentation of the Standalone Financial
4. The Bank’s Board of Directors is responsible for preparation of
Statements that give a true and fair view and are free from
the Other Information. The Other Information comprises the
material misstatement, whether due to fraud or error.
Corporate Governance Report which we obtained at the time
of issue of this report. The Other Information also includes In preparing the Standalone Financial Statements,
Directors’ Report including annexures in Annual Report but management is responsible for assessing the Bank’s ability
does not include the Standalone Financial Statements and to continue as a going concern, disclosing, as applicable,
our Auditors’ Report thereon, which is expected to be made matters related to going concern and using the going
available to us after the date of this Auditors’ Report. concern basis of accounting unless management either
intends to liquidate the Bank or to cease operations, or has
Our opinion on the Standalone Financial Statements does
no realistic alternative but to do so.
not cover the Other Information and Pillar 3 disclosures under
the Basel III and we do not and will not express any form of Those Board of Directors are also responsible for overseeing
assurance conclusion thereon. the Bank’s financial reporting process.
In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the Other Information Auditors’ Responsibilities for the Audit of the
identified above and, in doing so, consider whether the Other Standalone Financial Statements
Information is materially inconsistent with the Standalone 6. Our objectives are to obtain reasonable assurance about
Financial Statements or our knowledge obtained in the audit, whether the Standalone Financial Statements as a whole
or otherwise appears to be materially misstated. are free from material misstatement whether due to fraud
If, based on the work we have performed on the Other or error and to issue an Auditors’ Report that includes our
Information that we obtained prior to the date of this Auditors’ opinion. Reasonable assurance is a high level of assurance,
Report, we conclude that there is a material misstatement of but is not a guarantee that an audit conducted in accordance
this Other Information, we are required to report that fact. We with SAs will always detect a material misstatement when
have nothing to report in this matter. it exists. Misstatements can arise from fraud or error and
are considered material, if individually or in aggregate, they
could reasonably be expected to influence the economic
Responsibilities of Management and Those Charged with
decisions of users taken on the basis of these Standalone
Governance for the Standalone Financial Statements Financial Statements.
5. The Bank’s Board of Directors is responsible with respect to
As part of an audit in accordance with SAs, we exercise
the preparation of these Standalone Financial Statements
professional judgment and maintain professional scepticism
that give a true and fair view of the financial position, financial
throughout the audit. We also:
performance and cash flows of the Bank in accordance
with the accounting principles generally accepted in India – Identify and assess the risks of material misstatement of
including the Accounting Standards issued by ICAI to the the Standalone Financial Statements, whether due to fraud
extent applicable, and provisions of Section 29 of the Banking or error, design and perform audit procedures responsive
Regulation Act, 1949, the State Bank of India Act, 1955 and to those risks and obtain audit evidence that is sufficient
circulars and guidelines issued by RBI from time to time. and appropriate to provide a basis for our opinion. The
This responsibility also includes maintenance of adequate risk of not detecting a material misstatement resulting
accounting records in accordance with the provisions of from fraud is higher than for one resulting from error, as
the above mentioned Acts for safeguarding of the assets fraud may involve collusion, forgery, intentional omissions,
of the Bank and for preventing and detecting frauds and misrepresentations or the override of internal control.
other irregularities; selection and application of appropriate – Obtain an understanding of internal controls relevant to
accounting policies; making judgments and estimates that the audit in order to design audit procedures that are
are reasonable and prudent; and design, implementation appropriate in the circumstances.
and maintenance of adequate internal financial controls,

Annual Report 2023- 24 241

STANDALONE FINANCIALS

Independent Auditors’ Report

– Evaluate the appropriateness of accounting policies used We describe these matters in our auditors’ report unless law or
and the reasonableness of accounting estimates and regulation precludes public disclosure about the matter or when,
related disclosures made by management. in extremely rare circumstances, we determine that a matter
– Conclude on the appropriateness of management’s use of should not be communicated in our report because the adverse
the going concern basis of accounting and, based on the consequences of doing so would reasonably be expected to
audit evidence obtained, whether a material uncertainty outweigh the public interest benefits of such communication.
exists related to events or conditions that may cast
significant doubt on the Bank’s ability to continue as a Other Matters
going concern. If we conclude that a material uncertainty 7. We did not audit the financial statements / information of
exists, we are required to draw attention in our auditors’ 6034 branches (including 35 Foreign branches) included
report to the related disclosures in the Standalone in the Standalone Financial Statements of the Bank whose
Financial Statements or, if such disclosures are inadequate, financial statements/ financial information reflects total assets
to modify our opinion. Our conclusions are based on the of H23,18,952 Crore at March 31, 2024 and total revenue of
audit evidence obtained up to the date of our auditors’ H1,77,712 Crore for the year ended on that date, as considered
report. However, future events or conditions may cause in the Standalone Financial Statements. The financial
the Bank to cease to continue as a going concern. statements/ information of these branches have been audited
– Evaluate the overall presentation, structure and content by the branch auditors whose reports have been furnished to
of the Standalone Financial Statements, including the us, and our opinion in so far as it relates to the amounts and
disclosures and whether the Standalone Financial disclosures included in respect of these branches, is based
Statements represent the underlying transactions and solely on the report of such branch auditors.
events in a manner that achieves fair presentation.
Our opinion is not modified in respect of the above matter.
Materiality is the magnitude of misstatements in the
Standalone Financial Statements that, individually or in Report on Other Legal and Regulatory Requirements
aggregate, makes it probable that the economic decisions of 8. The Balance Sheet and the Profit and Loss Account have
a reasonably knowledgeable user of the Standalone Financial been drawn up in accordance with Section 29 of the Banking
Statements may be influenced. We consider quantitative Regulation Act, 1949; and these give information as required
materiality and qualitative factors in (i) planning the scope of to be given by virtue of the provisions of the State Bank of
our audit work and in evaluating the results of our work; and India Act, 1955 and regulations there under.
(ii) to evaluate the effect of any identified misstatements in
the Standalone Financial Statements. Subject to the limitations of the audit indicated in paragraphs
6 to 8 above and as required by the State Bank of India Act,
We communicate with those charged with governance 1955, and subject also to the limitations of disclosure required
regarding, among other matters, the planned scope and therein and as required by sub-section (3) of section 30 of the
timing of the audit and significant audit findings, including Banking Regulation Act, 1949, we report that:
any significant deficiencies in internal controls that we
identify during our audit. a) We have obtained all the information and explanations
which, to the best of our knowledge and belief, were
We also provide those charged with governance with a necessary for the purposes of our audit and have found
statement that we have complied with relevant ethical them to be satisfactory;
requirements regarding independence and to communicate
with them all relationships and other matters that may b) The transactions of the Bank, which have come to our
reasonably be thought to bear on our independence, and notice, have been within the powers of the Bank; and
where applicable, related safeguards. c) The returns received from the offices and branches of
From the matters communicated with those charged with the Bank have been found adequate for the purposes
governance, we determine those matters that were of most of our audit.
significance in the audit of the Standalone Financial Statements d) The profit and loss account shows the true balance of
of the current period and are therefore the Key Audit Matters. profit for the year ended 31.3.2024.

242
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

9. We further report that: Public Sector Banks – Reporting obligations for SCAs”, we
further report on the matters specified in paragraph 2 of the
a) In our opinion, proper books of account as required by
aforesaid letter as under:
law have been kept by the Bank so far as it appears
from our examination of those books and proper returns a) 
In our opinion, the aforesaid Standalone Financial
adequate for the purposes of our audit have been StatementscomplywiththeapplicableAccountingStandardsissued
received from branches not visited by us; byICAI,totheextenttheyarenotinconsistentwiththeaccounting
policies prescribed by the RBI.
b) the Balance Sheet, the Profit and Loss Account and
the Cash Flow Statement dealt with by this report are b) There are no observations or comments on financial
in agreement with the books of account and with the transactions or matters which have any adverse effect
returns received from the branches not visited by us; on the functioning of the Bank.
c) the reports on the accounts of the branch offices audited c) As the bank is not registered under the Companies
by branch auditors of the Bank as per the provisions of Act, 2013 the disqualifications from being a director of
the section 29 of the Banking Regulation Act, 1949, and the bank under sub-section (2) of Section 164 of the
the State Bank of India Act, 1955 have been sent to us Companies Act, 2013 do not apply to the bank.
and have been properly dealt with by us in preparing
d) There are no qualifications, reservations or adverse
this report; and
remarks relating to the maintenance of accounts and
d) in our opinion, the Balance Sheet, the Profit and Loss other matters connected therewith.
Account and the Cash Flow Statement comply with the
e) Our Audit report on the adequacy and operating
applicable accounting standards, to the extent they are
effectiveness of the Bank’s Internal Financial Controls
not inconsistent with the accounting policies prescribed
over Financial Reporting is given in Annexure – A to this
by the RBI.
report expressing an unmodified opinion on the Bank’s
10. As required by letter No. DOS.ARG/SEC.01/08.91.001/ Internal Financial Control over Financial Reporting with
2021-22No.6270/08.91.001/2019-20 dated April 27, 2021 reference to the Standalone Financial Statements as at
on “Appointment of Statutory Central Auditors (SCAs) in 31st March, 2024.

Annual Report 2023- 24 243

STANDALONE FINANCIALS

In terms of our report of even date

For K C Mehta & Co LLP For M C Bhandari & Co. For V Singhi & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 106237W/W100829 Firm Regn. No. 303002E Firm Regn. No. 311017E

CA Chirag Bakshi CA Amit Biswas CA Sundeep Singhi

Partner: M. No. 047164 Partner: M. No. 052296 Partner: M. No. 063785
UDIN: 24047164BKAKPO1118 UDIN: 24052296BKFZHR5371 UDIN: 24063785BKFFTF8193

For Suri & Co. For Talati & Talati LLP For Ravi Rajan & Co. LLP
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 004283S Firm Regn. No.110758W/ W100377 Firm Regn. No. 009073N / N500320

CA Sanjeev Aditya M CA Anand Sharma CA Sumit Kumar

Partner: M. No. 229694 Partner: M. No.129033 Partner: M. No.512555
UDIN: 24229694BKARMO1542 UDIN: 24129033BKAANY7294 UDIN: 24512555BKFTPY8277

For Gokhale & Sathe For M K Aggarwal & Co. For J L N U S & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No.103264W Firm Regn. No.001411N Firm Regn. No.101543W

CA Rahul Joglekar CA Atul Aggarwal CA Shalabh Kumar Daga

Partner: M. No. 129389 Partner: M. No.099374 Partner: M. No.401428
UDIN: 24129389BKASPR8299 UDIN: 24099374BKALZG1965 UDIN: 24401428BKEFLA5095

For Vinod Kumar & Associates For R G N Price & Co. For Rama K Gupta & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 002304N Firm Regn. No.002785S Firm Regn. No.005005C

CA Vinod Jain CA P. M. Veeramani CA Ramakant Gupta

Partner: M. No. 081263 Partner: M. No. 023933 Partner: M. No.073853
UDIN: 24081263BKGYUV2042 UDIN: 24023933BKCMZQ8159 UDIN: 24073853BKHCVC7674

Place: Mumbai
Date: 9th May 2024

244
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Annexure “A” to the Independent

Auditors' Report
(Referred to in paragraph 11(e) under ‘Report on Other Legal controls. Those Standards and the Guidance Note require that we
and Regulatory Requirements’ section of our report of even comply with ethical requirements and plan and perform the audit
date) to obtain reasonable assurance about whether adequate Internal
Financial Controls Over Financial Reporting were established
Report on the Internal Financial Controls Over and maintained and if such controls operated effectively in all
Financial Reporting as required by the Reserve material respects.
Bank of India (the “RBI”) Letter DOS.ARG. Our audit involves performing procedures to obtain audit evidence
No.6270/08.91.001/2019-20 dated March 17, 2020 (as about the adequacy of the Internal Financial Controls over financial
amended) (the “RBI communication”) reporting and their operating effectiveness. Our audit of internal
financial controls over financial reporting included obtaining an
We have audited the internal financial controls over financial
understanding of internal financial controls over financial reporting,
reporting of State Bank of India (“the Bank”) as of March 31, 2024
assessing the risk that a material weakness exists, and testing
in conjunction with our audit of the standalone financial statements
and evaluating the design and operating effectiveness of internal
of the Bank for the year ended on that date which includes internal
financial controls based on the assessed risk. The procedures
financial controls over financial reporting of the Bank’s branches.
selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the financial
Management’s Responsibility for Internal Financial
statements, whether due to fraud or error.
Controls
We believe that the audit evidence we have obtained and the audit
The Bank’s management is responsible for establishing and
evidence obtained by the branch auditors, in terms of their reports
maintaining internal financial controls based on the internal
referred to in the Other Matters paragraph below, is sufficient and
control over financial reporting criteria established by the Bank
appropriate to provide a basis for our audit opinion on the Bank’s
considering the essential components of internal control stated
internal financial controls over financial reporting.
in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered
Accountants of India. These responsibilities include the design, Meaning of Internal Financial Controls Over Financial
implementation and maintenance of adequate internal financial Reporting
controls that were operating effectively for ensuring the orderly A Bank’s internal financial controls over financial reporting is a
and efficient conduct of its business, including adherence to the process designed to provide reasonable assurance regarding the
Bank’s policies, the safeguarding of its assets, the prevention and reliability of financial reporting and the preparation of financial
detection of frauds and errors, the accuracy and completeness statements for external purposes in accordance with generally
of the accounting records, and the timely preparation of reliable accepted accounting principles. A Bank’s internal financial controls
financial information, as required under the Banking Regulation over financial reporting includes those policies and procedures
Act, 1949 and the circulars and guidelines issued by the Reserve that (1) pertain to the maintenance of records that, in reasonable
Bank of India. detail, accurately and fairly reflect the transactions and dispositions
of the assets of the Bank; (2) provide reasonable assurance that
Auditors’ Responsibility transactions are recorded as necessary to permit preparation
Our responsibility is to express an opinion on the Bank's internal of financial statements in accordance with generally accepted
financial controls over financial reporting based on our audit. We accounting principles, and that receipts and expenditures of the
conducted our audit in accordance with the Guidance Note on Bank are being made only in accordance with authorisations of
Audit of Internal Financial Controls Over Financial Reporting (the management and directors of the Bank; and (3) provide reasonable
“Guidance Note”) issued by the Institute of Chartered Accountants assurance regarding prevention or timely detection of unauthorised
of India (the “ICAI”) and the Standards on Auditing (SAs) issued acquisition, use, or disposition of the Bank's assets that could have
by the ICAI, to the extent applicable to an audit of internal financial a material effect on the financial statements.

Annual Report 2023- 24 245

STANDALONE FINANCIALS

Annexure “A” to the Independent

Auditors' Report
Inherent Limitations of Internal Financial Controls Matters paragraph below, the Bank has, in all material respects,
Over Financial Reporting adequate internal financial controls over financial reporting and
such internal financial controls over financial reporting were
Because of the inherent limitations of internal financial controls over
operating effectively as at March 31, 2024, based on “the criteria
financial reporting, including the possibility of collusion or improper
for internal control over financial reporting established by the Bank
management override of controls, material misstatements due to
considering the essential components of internal control stated in
error or fraud may occur and not be detected. Also, projections
the Guidance Note on Audit of Internal Financial Controls Over
of any evaluation of the internal financial controls over financial
Financial Reporting issued by the ICAI”.
reporting to future periods are subject to the risk that the internal
financial controls over financial reporting may become inadequate
because of changes in conditions, or that the degree of compliance Other Matters
with the policies or procedures may deteriorate. Our aforesaid report in so far as it relates to the operating
effectiveness of internal financial controls over financial reporting
Opinion of 955 branches is based on the corresponding reports of the
respective branch auditors of those branches.
In our opinion, and to the best of our information and according
to the explanations given to us and based on the consideration Our opinion is not modified in respect of this matter.
of the reports of the branch auditors referred to in the Other

246
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

In terms of our report of even date

For K C Mehta & Co LLP For M C Bhandari & Co. For V Singhi & Associates
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 106237W/W100829 Firm Regn. No. 303002E Firm Regn. No. 311017E

CA Chirag Bakshi CA Amit Biswas CA Sundeep Singhi

Partner: M. No. 047164 Partner: M. No. 052296 Partner: M. No. 063785
UDIN: 24047164BKAKPO1118 UDIN: 24052296BKFZHR5371 UDIN: 24063785BKFFTF8193

For Suri & Co. For Talati & Talati LLP For Ravi Rajan & Co. LLP
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 004283S Firm Regn. No.110758W/ W100377 Firm Regn. No. 009073N / N500320

CA Sanjeev Aditya M CA Anand Sharma CA Sumit Kumar

Partner: M. No. 229694 Partner: M. No.129033 Partner: M. No.512555
UDIN: 24229694BKARMO1542 UDIN: 24129033BKAANY7294 UDIN: 24512555BKFTPY8277

For Gokhale & Sathe For M K Aggarwal & Co. For J L N U S & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No.103264W Firm Regn. No.001411N Firm Regn. No.101543W

CA Rahul Joglekar CA Atul Aggarwal CA Shalabh Kumar Daga

Partner: M. No. 129389 Partner: M. No.099374 Partner: M. No.401428
UDIN: 24129389BKASPR8299 UDIN: 24099374BKALZG1965 UDIN: 24401428BKEFLA5095

For Vinod Kumar & Associates For R G N Price & Co. For Rama K Gupta & Co.
Chartered Accountants Chartered Accountants Chartered Accountants
Firm Regn. No. 002304N Firm Regn. No.002785S Firm Regn. No.005005C

CA Vinod Jain CA P. M. Veeramani CA Ramakant Gupta

Partner: M. No. 081263 Partner: M. No. 023933 Partner: M. No.073853
UDIN: 24081263BKGYUV2042 UDIN: 24023933BKCMZQ8159 UDIN: 24073853BKHCVC7674

Place: Mumbai
Date: 9th May 2024

Annual Report 2023- 24 247

CONSOLIDATED FINANCIALS

State Bank of India

Consolidated Balance Sheet as at 31st March 2024

(000s omitted)
As at 31.03.2024 As at 31.03.2023
Schedule No. (Current Year) (Previous Year)
J J
CAPITAL AND LIABILITIES
Capital 1 892,46,12 892,46,12
Reserves & Surplus 2 414046,71,03 358038,85,69
Minority Interest 2A 15617,96,24 12836,61,94
Deposits 3 4966537,48,72 4468535,50,68
Borrowings 4 639609,50,29 521151,94,98
Other Liabilities and Provisions 5 697074,67,57 592962,92,29
TOTAL 6733778,79,97 5954418,31,70
ASSETS
Cash and Balances with Reserve Bank of India 6 225356,33,61 247321,04,97
Balances with Banks and Money at Call & Short Notice 7 101215,96,74 70990,86,00
Investments 8 2110548,22,59 1913107,85,64
Advances 9 3784272,67,05 3267902,12,73
Fixed Assets 10 44708,17,73 44407,38,10
Other Assets 11 467677,42,25 410689,04,26
TOTAL 6733778,79,97 5954418,31,70
Contingent Liabilities 12 2397594,80,24 1835524,38,19
Bills for Collection 67823,22,53 64571,94,48
Significant Accounting Policies 17
Notes to Accounts 18

Schedules referred to above form an integral part of the Balance Sheet

Shri Vinay M. Tonse Shri Alok Kumar Choudhary Shri Ashwini Kumar Tewari Shri Challa Sreenivasulu Setty
Managing Director Managing Director Managing Director Managing Director
(Retail Business & Operations) (Risk, Compliance & SARG) (Corporate Banking & Subsidiaries) (International Banking,
Global Markets & Technology)

In terms of our report of even date

For K C Mehta & Co LLP
Chartered Accountants
Firm Regn. No. 106237W/W100829

Shri Dinesh Kumar Khara CA Chirag Bakshi

Chairman Partner
Membership No. 047164
Place: Mumbai
Date: 9th May 2024

248
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Schedules
forming part of the Consolidated Balance Sheet as at 31st March 2024

SCHEDULE 1 - CAPITAL
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
Authorised Capital:
5000,00,00,000 shares of H1 each 5000,00,00 5000,00,00
(Previous Year 5000,00,00,000 shares of H1 each)
Issued Capital:
892,54,05,164 Equity shares of H1 each 892,54,05 892,54,05
(Previous Year 892,54,05,164 Equity shares of H1 each)
Subscribed and Paid up Capital:
892,46,11,934 Equity shares of H1 each 892,46,12 892,46,12
(Previous Year 892,46,11,934 Equity shares of H1 each)
[The above includes 9,58,88,670 Equity shares of H1 each
(Previous Year 8,91,60,950 Equity shares of H1 each)
represented by 95,88,867 (Previous Year 89,16,095) Global Depository Receipts]
TOTAL 892,46,12 892,46,12

SCHEDULE 2 - RESERVES & SURPLUS

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Statutory Reserves
Opening Balance 102309,50,32 86939,14,12
Additions during the year 18716,88,31 15370,39,97
Deductions during the year - 121026,38,63 3,77 102309,50,32
II. Capital Reserves
Opening Balance 16002,62,67 15769,81,83
Additions during the year 326,21,04 232,80,84
Deductions during the year - 16328,83,71 - 16002,62,67
III. Share Premium
Opening Balance 79115,47,68 79115,47,05
Additions during the year - 63
Deductions during the year - 79115,47,68 - 79115,47,68
IV. Investment Fluctuation Reserve
Opening Balance 12271,38,17 7695,94,74
Additions during the year - 4575,43,43
Deductions during the year 749,08,05 11522,30,12 - 12271,38,17
V. Foreign Currency Translation Reserve
Opening Balance 14331,74,49 11256,69,03
Additions during the year 861,03,95 3075,05,46
Deductions during the year 85,08,14 15107,70,30 - 14331,74,49

Annual Report 2023- 24 249

CONSOLIDATED FINANCIALS

Schedules
forming part of the Consolidated Balance Sheet as at 31st March 2024

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
VI. Revenue and Other Reserves
Opening Balance 63982,58,04 59873,25,90
Additions during the year # 7346,49,41 4352,07,11
Deductions during the year 356,86,54 70972,20,91 242,74,97 63982,58,04
VII. Revaluation Reserve
Opening Balance 27756,25,90 23377,86,71
Additions during the year - 4578,34,93
Deductions during the year 200,61,20 27555,64,70 199,95,74 27756,25,90
VIII. Capital Reserve on Consolidation
Opening Balance 345,98,14 273,03,96
Additions during the year 146,95,21 72,94,18
Deductions during the year 93,96,30 398,97,05 - 345,98,14
IX. Balance in Profit and Loss Account 72019,17,93 41923,30,28
TOTAL 414046,71,03 358038,85,69

# net of consolidation adjustments

Note: Revenue and Other Reserves include:
(i) 
H5,00,00 thousand (Previous Year H5,00,00 thousand) of Integration and Development Fund (maintained under Section 36 of the State Bank of India Act,
1955)
(ii) Special Reserve under Section 36(1)(viii) of the Income Tax Act, 1961 H19527,05,76 thousand (Previous Year H17749,30,76 thousand)
(iii) Investment Reserve Nil (Previous Year Nil)
(iv) Debenture Redemption Reserve H4,83,74 thousand (Previous Year Nil)

SCHEDULE 2A - MINORITY INTEREST

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
Minority Interest at the beginning of the year 12836,61,94 11207,42,28
Subsequent increase/decrease during the year 2781,34,30 1629,19,66
Minority Interest on the date of balance sheet 15617,96,24 12836,61,94

250
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SCHEDULE 3 - DEPOSITS
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
A. I. Demand Deposits
(i) From Banks 5745,87,30 3160,40,31
(ii) From Others 303531,70,50 302572,94,64
II. Savings Bank Deposits 1673652,24,52 1600786,08,97
III. Term Deposits
(i) From Banks 5107,34,24 7611,65,56
(ii) From Others 2978500,32,16 2554404,41,20
TOTAL 4966537,48,72 4468535,50,68
B. (i) Deposits of Branches in India 4718596,72,73 4248617,47,94
(ii) Deposits of Branches outside India 247940,75,99 219918,02,74
TOTAL 4966537,48,72 4468535,50,68

SCHEDULE 4 - BORROWINGS
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Borrowings in India
(i) Reserve Bank of India 98806,56,00 26467,44,00
(ii) Other Banks 18549,19,38 12929,14,36
(iii) Other Institutions and Agencies 74966,15,25 98387,56,25
(iv) Bonds & Debentures (Other than Capital Instruments) 42703,00,00 23073,00,00
(v) Capital Instruments:
a. Innovative Perpetual Debt Instruments (IPDI) 50626,40,00 49842,70,00
b. Subordinated Debt 45684,00,00 96310,40,00 40679,90,00 90522,60,00
TOTAL 331335,30,63 251379,74,61
II. Borrowings outside India
(i) Borrowings and Refinance outside India 307895,83,81 269482,49,31
(ii) Capital Instruments:
a. Innovative Perpetual Debt Instruments (IPDI) - -
b. Subordinated Debt 378,35,85 378,35,85 289,71,06 289,71,06
TOTAL 308274,19,66 269772,20,37
GRAND TOTAL 639609,50,29 521151,94,98
Secured Borrowings included in I & II above 209699,57,92 147932,42,29

Annual Report 2023- 24 251

CONSOLIDATED FINANCIALS

Schedules
forming part of the Consolidated Balance Sheet as at 31st March 2024

SCHEDULE 5 - OTHER LIABILITIES & PROVISIONS

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Bills payable 15700,29,22 27408,12,08
II. Inter Bank Adjustments (Net) 491,12,80 235,50,41
III. Inter Office Adjustments (Net) 1126,59,56 4346,60,96
IV. Interest accrued 32861,61,48 27495,02,55
V. Deferred Tax Liabilities (Net) 23,20,84 3,80,18
VI. Liabilities relating to Policyholders in Insurance Business 392280,43,19 308442,71,80
VII. Provision for Standard Assets 24851,72,15 26332,69,39
VIII. Others (including provisions) 229739,68,33 198698,44,92
TOTAL 697074,67,57 592962,92,29

SCHEDULE 6 - CASH AND BALANCES WITH RESERVE BANK OF INDIA

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Cash in hand (including foreign currency notes and gold) 18589,64,78 21628,41,77
II. Balances with Reserve Bank of India
(i) In Current Account 206747,68,83 225692,63,20
(ii) In Other Accounts 19,00,00 -
TOTAL 225356,33,61 247321,04,97

SCHEDULE 7 - BALANCES WITH BANKS AND MONEY AT CALL & SHORT NOTICE
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. In India
(i) Balances with banks
(a) In Current Account 2510,86,89 1262,19,41
(b) In Other Deposit Accounts 5211,21,81 4395,41,30
(ii) Money at call and short notice
(a) With banks 2550,00,00 7770,44,34
(b) With Other Institutions 26988,48,58 -
TOTAL 37260,57,28 13428,05,05
II. Outside India
(i) In Current Account 45740,69,59 44397,86,48
(ii) In Other Deposit Accounts 2279,82,71 1816,80,21
(iii) Money at call and short notice 15934,87,16 11348,14,26
TOTAL 63955,39,46 57562,80,95
GRAND TOTAL (I and II) 101215,96,74 70990,86,00

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SCHEDULE 8 - INVESTMENTS
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Investments in India in:
(i) Government Securities 1515043,86,92 1357221,39,54
(ii) Other Approved Securities 37831,75,34 34762,19,16
(iii) Shares 149287,03,20 105133,88,56
(iv) Debentures and Bonds 258588,02,77 285134,41,60
(v) Subsidiary and Associates # 17498,56,00 16013,18,97
(vi) Others (Units of Mutual Funds etc.) 60206,81,47 49582,88,89
TOTAL 2038456,05,70 1847847,96,72
II. Investments outside India in:
(i) Government Securities (including local authorities) 39158,82,63 34915,98,39
(ii) Associates # 177,01,73 176,02,39
(iii) Other Investments (Shares, Debentures, etc.) 32756,32,53 30167,88,14
TOTAL 72092,16,89 65259,88,92
GRAND TOTAL (I and II) 2110548,22,59 1913107,85,64
III. Investments in India:
(i) Gross Value of Investments 2048553,64,07 1863706,45,82
(ii) Less: Aggregate of Provisions / Depreciation 10097,58,37 15858,49,10
Net Investments (vide I above) 2038456,05,70 1847847,96,72
IV. Investments outside India:
(i) Gross Value of Investments 73239,42,67 67114,39,22
(ii) Less: Aggregate of Provisions / Depreciation 1147,25,78 1854,50,30
Net Investments (vide II above) 72092,16,89 65259,88,92
GRAND TOTAL (III and IV) 2110548,22,59 1913107,85,64
# Investment in Associates (In India and Outside India)
Equity Investment in Associates 10185,83,24 9969,61,06
Add: Goodwill on acquisition of Associates 172,55,25 286,07,51
Less: Capital reserve on acquisition of Associates 937,59,94 917,06,12
Less: Provision for diminution - -
Cost of Investment in Associates 9420,78,55 9338,62,45
Add: Post-acquisition profit/(loss) and Reserve of Associates (Equity Method) 8250,79,18 6846,58,91
TOTAL 17671,57,73 16185,21,36

Annual Report 2023- 24 253

CONSOLIDATED FINANCIALS

Schedules
forming part of the Consolidated Balance Sheet as at 31st March 2024

SCHEDULE 9 - ADVANCES
(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
A. (i) Bills purchased and discounted 220192,41,93 183065,47,36
(ii) Cash credits, overdrafts and loans repayable on demand 1040784,73,28 868417,22,37
(iii) Term Loans 2523295,51,84 2216419,43,00
TOTAL 3784272,67,05 3267902,12,73
B. (i) Secured by tangible assets (includes advances against Book Debts) 2418590,80,98 2161700,28,29
(ii) Covered by Bank / Government Guarantees 193378,45,27 133206,97,67
(iii) Unsecured 1172303,40,80 972994,86,77
TOTAL 3784272,67,05 3267902,12,73
C. (I) Advances in India
(i) Priority Sector 804184,20,86 697644,43,51
(ii) Public Sector 252633,74,04 258922,87,67
(iii) Banks 592,13,56 512,50,14
(iv) Others 2143154,28,50 1777189,17,67
TOTAL 3200564,36,96 2734268,98,99
(II) Advances outside India
(i) Due from banks 181073,38,29 152095,52,24
(ii) Due from others
(a) Bills purchased and discounted 42424,38,12 42531,12,88
(b) Syndicated loans 230369,08,55 223887,33,49
(c) Others 129841,45,13 115119,15,13
TOTAL 583708,30,09 533633,13,74
GRAND TOTAL [C (I) and C (II)] 3784272,67,05 3267902,12,73

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SCHEDULE 10 - FIXED ASSETS

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Premises (including Revalued Premises)
At cost/revalued as at 31st March of the preceding year 35945,97,65 31336,60,87
Additions:
- during the year 82,62,19 37,83,52
- for Revaluation - 6407,26,03
Deductions:
- during the year 4,10,74 6,81,67
- for Revaluation 58,18 1828,91,10
Depreciation to date:
- on cost 1456,84,39 1317,07,16
- on Revaluation 1428,89,56 33138,16,97 1228,86,53 33400,03,96
IA. Premises under construction 528,43,41 317,54,60
II. Other Fixed Assets (including furniture and fixtures)
At cost as at 31st March of the preceding year 44177,26,23 41202,17,83
Additions during the year 3832,00,94 3771,90,49
Deductions during the year 1033,93,67 796,82,09
Depreciation to date 36342,87,53 10632,45,97 33883,53,97 10293,72,26
IIA. Leased Assets
At cost as at 31st March of the preceding year 505,90,27 397,94,02
Additions during the year 136,00,71 178,41,34
Deductions during the year 20,13,06 70,45,09
Depreciation to date (including provisions) 255,11,77 175,85,03
366,66,15 330,05,24
Less : Lease Adjustment Account - 366,66,15 - 330,05,24
TOTAL (I, IA,II and IIA) 44665,72,50 44341,36,06
III. Capital-Work-in progress (including Leased Assets) net of 42,45,23 66,02,04
Provisions
TOTAL (I, IA, II, IIA and III) 44708,17,73 44407,38,10

Annual Report 2023- 24 255

CONSOLIDATED FINANCIALS

Schedules
forming part of the Consolidated Balance Sheet as at 31st March 2024

SCHEDULE 11 - OTHER ASSETS

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Inter Office Adjustments (Net) - -
II. Inter Bank Adjustments (Net) - -
III. Interest accrued 50841,18,94 43381,20,67
IV. Tax paid in advance / tax deducted at source 23989,77,60 16889,73,62
V. Deferred Tax Assets (Net) 12140,69,81 11136,38,22
VI. Stationery and Stamps 64,03,68 65,02,79
VII. Non-banking assets acquired in satisfaction of claims 5,34,51 99,23
VIII. Deposits placed with NABARD/SIDBI/NHB 270995,47,35 218591,19,47
IX. Goodwill on consolidation 1405,96,08 1538,36,27
X. Others 108234,94,28 119086,13,99
TOTAL 467677,42,25 410689,04,26

SCHEDULE 12 - CONTINGENT LIABILITIES

(000s omitted)
As at 31.03.2024 As at 31.03.2023
(Current Year) (Previous Year)
J J
I. Claims against the group not acknowledged as debts 118414,15,26 90987,81,73
II. Liability for partly paid investments / Venture Funds 2850,31,79 2400,05,44
III. Liability on account of outstanding forward exchange contracts 1350960,66,04 1041453,84,63
IV. Guarantees given on behalf of constituents
(a) In India 190051,98,73 165126,25,47
(b) Outside India 94832,38,44 105405,64,27
V. Acceptances, endorsements and other obligations 158624,60,01 152189,82,54
VI. Other items for which the group is contingently liable $
481860,69,97 277960,94,11
TOTAL # 2397594,80,24 1835524,38,19

$ includes Derivatives H457759,84,28 thousands (Previous Year H261767,19,24 thousands)

# H1,49,15 thousands (Previous Year H1,49,15 thousands) pertains to share in contingent liability of Joint Ventures

256
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

State Bank of India

Consolidated Profit and Loss Account for the year ended 31st March 2024

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
Schedule No.
(Current Year) (Previous Year)
J J
I. INCOME
Interest earned 13 439188,51,23 350844,58,01
Other Income 14 155386,39,22 122533,56,11
TOTAL 594574,90,45 473378,14,12
II. EXPENDITURE
Interest expended 15 259736,04,81 189980,81,67
Operating expenses 16 235893,83,88 189814,48,59
Provisions and contingencies 30806,75,67 37024,40,87
TOTAL 526436,64,36 416819,71,13
III. PROFIT
Net Profit for the year 68138,26,09 56558,42,99
(before adjustment for Share in Profit of Associates and Minority Interest)
Add: Share in Profit of Associates 1405,15,43 1191,45,21
Less: Minority Interest 2458,74,91 2101,70,92
Net Profit for the Group 67084,66,61 55648,17,28
Add Profit Brought forward 41923,30,28 20394,35,05
TOTAL 109007,96,89 76042,52,33
IV. APPROPRIATIONS
Transfer to Statutory Reserve 18716,88,31 15370,39,97
Transfer to Capital Reserve 326,21,04 232,80,84
Transfer to/(from) Investment Fluctuation Reserve (749,08,05) 4575,43,43
Transfer to Revenue and Other Reserves 6456,91,82 3854,26,53
Final Dividend for the year 12226,71,83 10084,81,15
Tax on Dividend 11,14,01 1,50,13
Balance carried over to Balance Sheet 72019,17,93 41923,30,28
TOTAL 109007,96,89 76042,52,33
V. EARNINGS PER EQUITY SHARE (Face value J 1 per share)
Basic (in H) 75.17 62.35
Diluted (in H) 75.17 62.35
Significant Accounting Policies 17
Notes to Accounts 18

Schedules referred to above form an integral part of the Profit & Loss Account

Shri Vinay M. Tonse Shri Alok Kumar Choudhary Shri Ashwini Kumar Tewari Shri Challa Sreenivasulu Setty
Managing Director Managing Director Managing Director Managing Director
(Retail Business & Operations) (Risk, Compliance & SARG) (Corporate Banking & Subsidiaries) (International Banking,
Global Markets & Technology)

In terms of our report of even date

For K C Mehta & Co LLP
Chartered Accountants
Firm Regn. No. 106237W/W100829

Shri Dinesh Kumar Khara CA Chirag Bakshi

Chairman Partner
Membership No. 047164
Place: Mumbai
Date: 9th May 2024

Annual Report 2023- 24 257

CONSOLIDATED FINANCIALS

Schedules
forming part of the Consolidated Profit and Loss Account for the year ended 31st March 2024

SCHEDULE 13 - INTEREST EARNED

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
(Current Year) (Previous Year)
J J
I. Interest / discount on advances/ bills 297310,15,03 228740,74,65
II. Income on Investments 122378,19,49 106824,85,28
III. Interest on balances with Reserve Bank of India and other inter-bank funds 5941,79,87 3916,45,69
IV. Others 13558,36,84 11362,52,39
TOTAL 439188,51,23 350844,58,01

SCHEDULE 14 - OTHER INCOME

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
(Current Year) (Previous Year)
J J
I. Commission, exchange and brokerage 28349,70,13 25913,29,95
II. Profit / (Loss) on sale of investments (Net) 8890,08,56 5158,08,59
III. Profit / (Loss) on revaluation of investments (Net) 4892,78,72 (4922,60,98)
IV. Profit /(Loss) on sale of land, building and other assets including leased assets (Net) (25,20,54) (29,03,16)
V. Profit / (Loss) on exchange transactions/derivative transactions (Net) 1785,87,15 3029,10,05
VI. Dividends from Associates in India/ abroad 5,57,19 2,66,25
VII. Credit Card membership/ service fees 8263,80,99 6800,41,06
VIII. Insurance Premium Income (Net) 86810,17,75 70751,51,78
IX. Recoveries made in Written-off Accounts 7443,72,73 7728,67,19
X. Miscellaneous Income 8969,86,54 8101,45,38
TOTAL 155386,39,22 122533,56,11

SCHEDULE 15 - INTEREST EXPENDED

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
(Current Year) (Previous Year)
J J
I. Interest on Deposits 223278,71,35 163518,78,32
II. Interest on Reserve Bank of India/ Inter-bank borrowings 22864,56,43 18317,50,75
III. Others 13592,77,03 8144,52,60
TOTAL 259736,04,81 189980,81,67

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

SCHEDULE 16 - OPERATING EXPENSES

(000s omitted)
Year ended Year ended
31.03.2024 31.03.2023
(Current Year) (Previous Year)
J J
I. Payments to and provisions for employees # 83671,18,67 61920,91,12
II. Rent, taxes and lighting 6546,16,69 6103,05,83
III. Printing and Stationery 922,53,21 810,68,23
IV. Advertisement and publicity 3449,09,95 3419,26,91
V. (a) Depreciation on Fixed Assets (other than Leased Assets) 3763,21,21 3644,79,49
(b) Depreciation on Leased Assets 85,91,24 50,80,37
VI. Directors' fees, allowances and expenses 15,41,95 13,18,37
VII. Auditors' fees and expenses (including branch auditors' fees and expenses) 314,05,03 284,82,75
VIII. Law charges 659,53,66 516,43,62
IX. Postages, Telegrams, Telephones, etc. 890,52,21 766,06,89
X. Repairs and maintenance 1448,82,92 1305,59,44
XI. Insurance 5389,01,01 5340,69,01
XII. Other Operating Expenses relating to Credit Card Operations 4410,94,08 3876,89,74
XIII. Other Operating Expenses relating to Insurance Business 96699,67,92 78227,18,14
XIV. Other Expenditure 27627,74,13 23534,08,68
TOTAL 235893,83,88 189814,48,59

# Payment to and provisions for employees includes exceptional items for provision of H7100,00,00 thousand (Previous year Nil) [H5400,00,00 thousands
(Previous year Nil) for estimated liability on account of pension at uniform rate of 50% for all pensioners prospectively, in place of existing dual rate of calculation
of pension and H1700,00,00 thousands (Previous year Nil) on account of ex-gratia benefit and neutralisatin of Dearness Relief to pre-November 2002 retirees
and family pensioners]

Annual Report 2023- 24 259

CONSOLIDATED FINANCIALS

Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

SCHEDULE 17-SIGNIFICANT ACCOUNTING C. Use of Estimates:

POLICIES The preparation of financial statements requires the
management to make estimates and assumptions that are
A. Background: considered in the reported amounts of assets and liabilities
State Bank of India (‘SBI’ or ‘the Bank’) is a banking and (including contingent liabilities) as of the date of the financial
financial services statutory body engaged in providing a wide statements and the reported income and expenses during
range of products and services to individuals, commercial the reporting period. Management believes that the
enterprises, large corporates, public bodies, and institutional estimates used in preparation of the financial statements
customers. The Bank is governed by the Banking Regulation are prudent and reasonable. Actual results could differ from
Act, 1949 and the State Bank of India Act, 1955. these estimates.

State Bank of India Group (‘SBI Group’ or ‘the Group’) consists

of SBI, 26 Subsidiaries, 7 Joint ventures and 19 Associates. D. Basis of Consolidation:
Following are the Significant Accounting Policies of SBI 1. Consolidated financial statements of the SBI Group
Group i.e. the specific accounting principles and methods of includes:
applying these principles in the preparation and presentation a. Financial statements of State Bank of India (Parent).
of consolidated financial statements of SBI.
b. Line by line aggregation of each item of asset/liability/
income/expense of the subsidiaries with the respective
B. Basis of Preparation: item of the Parent. Elimination of all material intra-group
The accounting and reporting policies of the SBI Group balances/transactions and resulting unrealised gains
conform to Generally Accepted Accounting Principles in India and adjustments required for non-uniform accounting
(Indian GAAP), comprising of regulatory norms, directions & policies as per AS 21 “Consolidated Financial
guidelines prescribed by the Reserve Bank of India (RBI), Statements” issued by the ICAI.
statutory guidelines of the State Bank of India Act, 1955, c. Proportionate share of asset/liability/income/expense
the Banking Regulations Act, 1949, Insurance Regulatory of the joint venture entities are consolidated as per AS
and Development Authority of India (IRDAI), Pension Fund 27 “Financial Reporting of Interests in Joint Ventures”
Regulatory and Development Authority (PFRDA), SEBI issued by the ICAI.
(Mutual Funds) Regulations, 1996, Companies Act 2013,
Accounting Standards issued by Institute of Chartered d. 
Accounting for investment in ‘Associates’ under
Accountants of India (ICAI) and the accounting practices the ‘Equity Method’ as per AS 23 “Accounting for
prevalent in India. Investments in Associates in Consolidated Financial
Statements” issued by the ICAI.
In case of foreign entities, Generally Accepted Accounting
Principles as applicable to the foreign entities are followed. 2. The difference between cost to the group of its investment in
the subsidiary entities and the group’s portion of the equity
The Bank’s consolidated financial statements are prepared of the subsidiaries is recognised in the financial statements
under the historical cost convention, with fundamental as goodwill / capital reserve.
accounting assumptions of going concern, consistency, and
accrual, unless otherwise stated. 3. Minority interest in the net assets of the consolidated
subsidiaries consists of:
The consolidated financial statements have been prepared in
accordance with guidelines issued by RBI and requirements a. The amount of equity attributable to the minority
under the Third Schedule of the Banking Regulation Act, 1949. shareholders at the date on which the investment in
the equity shares of the subsidiary is made, and

b. The minority share of movements in revenue reserves/

loss (equity) since the date the parent-subsidiary
relationship came into existence.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

E. Significant Accounting Policies: expenses incurred in connection with the issue are
1. Revenue recognition: charged upfront.

1.1 Income and expenditure are accounted on accrual 1.8 The Bank derecognises its financial assets when it
basis, except otherwise stated. sells to Securitisation Company (SC) / Reconstruction
Company (RC), and accounts for as under:
1.2 Interest/Discount income is recognised, in the Profit
and Loss Account, on realisation basis for the following: i. If the sale is at a price below the Net Book Value
(NBV) (i.e., book value less provisions held), the
a. Income from Non-Performing Assets (NPAs)
shortfall is debited to the Profit and Loss Account
including investments, as per the prudential
in the year of sale.
norms prescribed by the RBI/ respective country
regulators in the case of foreign offices/entities ii. If the sale is for a value higher than the NBV, the
(hereafter collectively referred to as Regulatory excess provision is written back in the year the
Authorities), amounts are received.

b. 
Income on Rupee Derivatives designated as 1.9 Issue management fees and advisory fees, in case of
"Trading". Group’s merchant banking business, are recognised
as per the terms of the agreement with the customer/
1.3 In accordance with the guidelines issued by the Reserve
client. The fee income is recognised only when the
Bank of India, Profit on sale of investments held in the
specific act / milestone defined in the agreement is
“Held to Maturity” category of the Bank and on sale of
executed/completed.
Fixed Assets held by the Bank is appropriated to Capital
Reserve, net of applicable taxes and amount required to 1.9.1. Fees for private placement are recognised on
be transferred to Statutory Reserve. completion of the assignments.

The discount, if any, on acquisition of investments in Held 1.9.2. Brokerage income in relation to stock broking
to Maturity (HTM) category is accounted as follows: activity is recognised on the trade date of
transaction and includes stamp duty, transaction
a. on Interest bearing securities, it is accounted for
charges and is net of incentives paid on scheme.
at the time of sale/ redemption.
1.9.3. Commission relating to public issues is accounted
b. on zero-coupon securities, it is accounted for over
for on finalisation of allotment of the public issue/
the balance tenor of the security on a constant
receipt of information from intermediary.
yield basis.
1.9.4. Brokerage income relating to public issues/mutual
1.4 Dividend income is recognised when the right to receive
fund/other securities is accounted for based on
the dividend is established.
mobilisation and intimation received from clients/
1.5 Commission on Letter of Credit (LC)/ Bank Guarantee intermediaries.
(BG), Deferred Payment Guarantee, Government
1.9.5. 
Depository income – Annual Maintenance
Business, ATM interchange fee & “Upfront fee on
Charges are recognised on accrual basis and
restructured account” are recognised on accrual basis
transaction charges are recognised on trade date
proportionately over the period. All other commission
of transaction.
and fee income are accounted on their realisation.
1.10 Management fee, in case of Group’s asset management
1.6 One time Insurance Premium paid under Special
business, is charged as a percent of the Assets Under
Home Loan Scheme (December 2008 to June 2009) is
Management (AUM) and is recognised on accrual basis.
amortised over the average loan period of 15 years.
The maximum amount of management fee that can be
1.7 Brokerage, Commission etc. paid/incurred in connection charged is subject to applicable SEBI regulations. In
with the issue of Bonds/Deposits are amortised over case of AIF Scheme, management fees is recognised
the tenure of the related Bonds/Deposits and the as defined into offer document on accrual basis.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

1.10.1. Portfolio Management Fees and Advisory Fees 1.11.2. Interchange fees are collected from acquirers and
are recognised on an accrual basis as per the paid to issuers by network partners to reimburse
terms of the contract with customers. the issuers for portion of the costs incurred for
providing services that benefit all participants in
These contracts include a single performance
the system, including acquirers and merchants.
obligation (series of distinct services) that is
Revenue from interchange income is recognised
satisfied over time and the management fees
when related transaction occurs, or service
and/or advisory fees earned are considered as
is rendered.
variable consideration.
1.11.3. The total unidentified receipts which could not be
If the consideration promised in a contract includes
credited or adjusted in the customers’ accounts
a variable amount, the company estimates the
for lack of complete & correct information is
amount of consideration to which it will be entitled
considered as liability in Balance Sheet. The
in exchange for rendering the promised services to
unresolved unidentified receipts aged more than
a customer. The amount of consideration can vary
three years are written back as other income on
because of discounts, rebates, refunds, credits,
balance sheet date. The liability for stale cheques
price concessions, incentives, performance
aged for more than three years is written back
bonuses or other similar items. The promised
as income.
consideration can also vary if an entitlement to
the consideration is contingent on the occurrence 1.11.4. All other service income/fees are recorded at the
or non-occurrence of a future event. time of occurrence of the respective events.

1.10.2. E xpenses of schemes in excess of the stipulated 1.12 Factoring charges, in case of Group’s factoring business,
rates (if any) are required to be borne by the are accrued on factoring of debts at the applicable rates
Company in accordance with SEBI (Mutual as decided by the company. Facility set-up fees are
Fund) Regulations, 1996 and as such, are recognised as income only when there is reasonable
charged to Profit and Loss Account. In case certainty of its receipt after execution of documents.
of PMS/AIF scheme, based on the contract, Facility Continuation fees (FCF) are calculated and
expenses if any, are charged to the Profit and charged in the month of May for the entire next financial
Loss Account. year on all live standard accounts. 1st of May is deemed
as date for accrual of the FCF.
1.10.3. Brokerage paid by the Company in line with
applicable regulations is being charged to 1.13 Premium, in case of Group’s life insurance business, of
Profit and Loss Account over the contractual non-linked business is recognised as income (net of
period. In case of new fund offer, the expenses goods and service tax) when due from policyholders.
are charged to Profit and Loss Account in the In respect of linked business, premium income is
year in which they are incurred in accordance recognised when the associated units are allotted. In case
with the requirements of SEBI (Mutual Fund) of variable insurance products (VIPs), premium income is
Regulations, 1996. recognised on the date when the Policy Account Value
is credited. Uncollected premium from lapsed policies is
1.11 Income earned from provision of membership services,
not recognised as income until such policies are revived.
in case of Group’s credit card business, is recognised
as revenue over the membership period consisting of 1.13.1. 
Top-up premiums are considered as
12 months at fair value of consideration net of expected single premium.
reversals / cancellations.
1.13.2. Income from linked funds which includes fund
1.11.1. O ther service revenue consists of value-add management charges, policy administration
services provided to the card holders. Other charges, mortality charges, etc. are recovered
service revenues are recognised in the same from linked fund in accordance with terms
period in which related transactions occur or and conditions of policy and recognised
services rendered. when recovered.

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1.13.3. 
Realised gains and losses in respect of equity • Amounts recoverable from re-insurers are
securities, units of mutual funds, Equity Exchange accounted for in the same period as the
Traded funds (ETFs), Infrastructure Investment related claims and are reduced from claims.
Trusts (InvITs) and Real Estate Investments Trusts
1.13.7. Acquisition costs such as commission, medical
(REITs) are calculated as the difference between
fees, etc. are costs that are primarily related to
the net sales proceeds and their cost. In respect
the acquisition of new and renewal insurance
of debt securities, the realised gains and losses
contracts. The same are expensed in the period
are calculated as the difference between net sale
in which they are incurred.
proceeds or redemption proceeds and weighted
average amortised cost. Cost in respect of equity Liability for life policies: The actuarial liability of
1.13.8. 
shares, units of mutual fund Equity Exchange Traded all the life insurance policies has been calculated
funds (ETFs), Infrastructure Investment Trusts by the Appointed Actuary in accordance with
(InvITs) and Real Estate Investments Trusts (REITs) the Insurance Act 1938, and as per the rules and
are computed using the weighted average method. regulations and circulars issued by IRDAI from
time to time and the relevant Guidance Notes
1.13.4. Fees received on lending of equity shares under
and/or Actuarial Practice Standards (APS)
Securities lending and borrowing scheme (SLB)
issued by the Institute of Actuaries of India.
is recognised as income over the period of the
lending on straight-line basis. 1.13.9. Funds for future appropriation:

1.13.5. Premium ceded on reinsurance is accounted in For non-linked participating business, the
accordance with the terms of the re-insurance balance in the funds for future appropriations
treaty or in-principle arrangement with the re- (FFA) account represents funds, the allocation
insurer. of which, either to participating policyholders’
or to shareholders’, has not been determined at
1.13.6. Benefits paid:
the Balance Sheet date. Transfers to and from
• Claims cost consist of the policy benefit the fund reflect the excess or deficit of income
amounts and claims settlement costs, over expenses and appropriations in each
where applicable. accounting period arising in the Company’s
• Claims by death and rider are accounted policyholders’ fund. In respect of participating
when intimated. Intimations up to the end of policies any allocation to the policyholder would
the period are considered for accounting of also give rise to a shareholder transfer in the
such claims. required proportion.

• Claims by maturity are accounted on the 1.14 

Premium including reinsurance accepted (net of
policy maturity date. goods & service tax) , in case of Group’s general
• Survival and Annuity benefits claims are insurance business, is recognised in the books at the
accounted when due. commencement of risk over the contract period or the
period of risk, whichever is appropriate. In case the
• Surrenders and withdrawals are accounted
premium is recovered in instalments, amount to the
as and when intimated. Benefits paid also
extent of instalment due is recorded on the due date of
includes amount payable on lapsed policies
the instalment. Premium (net of goods & service tax),
which are accounted for as and when due.
including reinstatement premium, on direct business
Surrenders, withdrawals and lapsation are
and reinsurance accepted, is recognised as income over
disclosed at net of charges recoverable.
the contract period or the period of risk, whichever is
• Repudiated claims disputed before judicial appropriate, on a gross basis under 1/365 method. In
authorities are provided for based on case of long-term motor insurance policies premium is
management prudence considering the recognised on a yearly basis as mandated by IRDAI. Any
facts and evidences available in respect of subsequent revision to premium is recognised over the
such claims.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

remaining period of risk or contract period. Adjustments Reserve for Unexpired risk is that part of the net
to premium income arising on cancellation of policies premium written (i.e., premium net of reinsurance
are recognised in the period in which they are cancelled. ceded) that is attributable to, and to be allocated
to succeeding accounting periods on contract
1.14.1. Commission on reinsurance ceded is recognised
period basis or risk period basis, whichever is
as income in the period in which reinsurance risk
appropriate. Such reserves are calculated on
is ceded. Profit commission under re-insurance
a pro-rata basis under 1/365 basis, subject to
treaties, wherever applicable, is recognised as
minimum reserve requirements as per Circular
income in the year of final determination of the
No. IRDA/F&A/CIR/CPM/056/03/2016 dated
profits as intimated by Reinsurer and combined
April 4, 2016.
with commission on reinsurance ceded.
1.14.6. If the ultimate amount of expected net claim
Sliding scale commission under reinsurance
costs (as calculated and certified by the Actuary),
treaties, wherever applicable, is recognised as
related expenses and maintenance costs (related
income as per the reinsurance treaty conditions
to claims handling) in respect of unexpired risks
as confirmed by reinsurers and combined with
at the end of the accounting period exceeds the
commission on reinsurance ceded.
sum of related premium carried forward to the
1.14.2. 
In respect of proportional reinsurance ceded, subsequent accounting period as the reserve
the cost of reinsurance ceded is accrued at the for unexpired risk, the same is recognised as
commencement of risk over the contract period or premium deficiency.
the period of risk. Non-proportional reinsurance
Premium deficiency is calculated on annual basis
cost is recognised when due. Non-proportional
and at the company level.
reinsurance cost is accounted as per the terms of
the reinsurance arrangements. Any subsequent 1.14.7. 
C laim is recognised as and when a loss
revision to, refunds or cancellations of premiums occurrence is reported. Claim is recognised by
is recognised in the period in which they occur. creation of provision for the amount of claim
payable as estimated by the management
1.14.3. Reinsurance inward acceptances are accounted
based on available information and experience,
for on the basis of returns, to the extent received,
on receipt of claim notification. Such provision
from the insurers.
is reviewed / modified as appropriate on the
1.14.4. Acquisition costs are expensed in the period in basis of additional information as and when
which they are incurred. Acquisition costs are available. Amounts received/receivable from
defined as costs that vary with, and are primarily the re-insurers/co-insurers, under the terms of
related to the acquisition of new and renewal the reinsurance and coinsurance arrangements
insurance contracts viz. commission. The respectively, is recognised together with the
primary test for determination as acquisition cost recognition of claim. Provision for claims
is the obligatory relationship between the costs outstanding payable as on the date of Balance
and the execution of the insurance contracts Sheet is net of reinsurance, salvage value
(i.e. commencement of risk). In case of long- and other recoveries as estimated by the
term motor insurance policies commission is management. Claims paid (net of recoveries
expensed at the applicable rates on the premium including value of salvage retained by the insured
allocated for the year as mandated by IRDAI. and interest, if any, paid on the claims) is charged
to the Profit and Loss Account when approved
1.14.5. Premium Received in Advance which represents
for payment. Where salvage is taken over by the
premium received prior to the commencement
company, the recoveries from sale of salvage are
of the risk is shown separately under the head
recognised at the time of such sale.
“Other Liabilities and Provision” in the financial
statements and is recorded as income on the
date of commencement of risk.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

1.14.8. 
Provision in respect of claim liabilities that Trusteeship service charges are recognised on
may have been incurred before the end of the execution of trusteeship agreement on a straight
accounting year but are -line basis using time elapsed method over the
contract term.
• not yet reported or claimed (IBNR) or
• not enough reported i.e. reported with 1.17.2. Income from “will” services is recognised at a
information insufficient for making a point in time when these services are performed,
reasonable estimate of likely claim amount customer is invoiced and right to receive fees
(IBNER). is established.

The provision is made according to the amount 1.18 The revenue, in case of Group’s merchant acquiring
determined by the Appointed Actuary based business (MAB), is measured on basis of consideration
on actuarial principles in accordance with the received or receivable for the services provided,
Actuarial Practice Standards and Guidance excluding discounts, GST and other applicable taxes
Notes issued by the Institute of Actuaries of India and are recognised upon performance of services.
and IRDAI regulations and guidelines. 1.18.1. 
T he revenue from deployment of POS is
1.15 T he revenue (net of goods & service tax), in case recognised either over the period during which
of Group’s custody & fund accounting services, is the service is rendered or on basis of the number
recognised only when it can be reliably measured and of transactions processed during the period
it is probable that the economic benefits will flow to in accordance with the rates and conditions
the company. Custody fees, fund accounting fees and specified in the agreements. Based on the
referral fees are accounted on accrual basis as per the contract terms, the merchant makes payment
agreed terms of agreement. for merchant discount rate (MDR), monthly
rental and commitment charges and the same
1.16 Management fee, in case of Group’s pension fund is treated as revenue from operation.
business, is recognised at specific rates agreed with
the relevant schemes, applied on daily net assets of 1.18.2. Income received but not accrued on account
each scheme, and is in conformity with the regulatory of maintenance deployment contract are
guidelines issued by Pension Fund Regulatory and recognised as deferred revenue and included in
Development Authority (PFRDA). Commission income liabilities until the revenue recognition criteria are
from Point of Presence (POP) Business i.e. Account met. Income accrued but not billed represents
opening fees and contribution processing fees are revenue recognised on work performed but
recognised on the basis of contributions received from billed in subsequent period, in accordance with
subscribers and generation of Permanent Retirement terms of the contract.
Account Number (PRAN). The Company presents 1.18.3. Revenue is recognised to the extent it is probable
revenues net of goods and service tax in profit and that the economic benefits will flow, and the
loss account. revenue can be reliably measured.
1.17 
Mutual Fund Trusteeship fee, in case of Group’s
trusteeship business, is recognised on accrual basis at 2. Investments:
specific rates agreed with the relevant schemes, applied Investments are accounted for in accordance with the extant
on the percentage of daily net assets of each scheme RBI guidelines on investment classification and valuation, as
and is in conformity with the limits specified under SEBI given below:
(Mutual Funds) Regulations, 1996.
2.1 Classification:
1.17.1. 
C orporate Trusteeship Acceptance fees
are recognised on execution of trusteeship As per RBI guidelines, investments are classified into
agreement on a straight -line basis using time Held to Maturity (HTM), Available for Sale (AFS) and
elapsed method over the contract term. Corporate Held for Trading (HFT) categories.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

For disclosure in Balance Sheet, the investments are b. 

Broken period interest paid / received
classified as Investments in India and outside India. on debt instruments is treated as interest
expense/income and is excluded from cost/
• Under each category, the investments in India are
sale consideration.
further classified as (i) Government Securities,
(ii) Other Approved Securities, (iii) Shares, (iv)
ii. Valuation of investments classified as Held
Debentures and Bonds, (v) Subsidiaries and
to Maturity:
Associates and (vi) Others. The Investments outside
India are classified under three categories – (i) a. Investments under Held to Maturity category
Government Securities, (ii) Subsidiaries and/or joint are carried at acquisition cost. The premium
Ventures abroad and (iii) Other Investments. paid on acquisition, if any, is amortised over
the term to maturity on constant yield basis.
2.2 Basis of classification: Such amortisation of premium is accounted
i. 
Investments that the Bank intends to hold till maturity as income on investments.
are categorised as “Held to Maturity (HTM)”.
b. A provision is made for diminution, other than
ii. Investments that are held principally for resale temporary, for each investment individually.
within 90 days from the date of purchase are
c. Investments in Regional Rural Banks (RRBs)
classified as “Held for Trading (HFT)”.
are valued at equity cost determined in
iii. Investments, which are not classified in the above accordance with AS 23 of the ICAI.
two categories, are classified as “Available for Sale
(AFS)”. iii. 
Valuation of investments classified as
Available for Sale and Held for Trading:
iv. An investment is classified as HTM, HFT or AFS at
the time of its purchase and subsequent shifting Investments held under Available for Sale and
amongst categories is done in conformity with Held for Trading are individually revalued at market
regulatory guidelines. price or fair value determined as per the regulatory
guidelines and the net depreciation, if any, of each
v. Investments in associates are classified as HTM group for each category (viz., (i) Government
except in respect of those investments which securities (ii) Other Approved Securities (iii)
are acquired and held exclusively with a view to Shares (iv) Debentures & Bonds (v) Subsidiaries
its subsequent disposal. These investments are and Associates; and (vi) others) is provided for and
classified as AFS. net appreciation is ignored.

2.3 Valuation: iv. Valuation policy in event of inter category

i. The transactions in all securities are recorded on transfer of investments:
a Settlement Date. Cost of investment under AFS a. Transfer of securities from HFT/AFS category
and HFT category is determined at the weighted to HTM category is carried out at the lower of
average cost method by the group entities and acquisition cost/book value/market value on
cost of investments under HTM category is the date of transfer. The depreciation, if any,
determined on FIFO basis (first in first out) by on such transfer is fully provided for.
SBI and weighted average cost method by other
group entities. b. Transfer of securities from HTM category to
AFS category is carried out on acquisition
a. 
Brokerage/commission received on price/book value. On transfer, these
subscriptions is reduced from the cost. securities are immediately revalued and
Brokerage, commission, securities resultant depreciation, if any, in the Profit and
transaction tax, etc. paid in connection with Loss Account.
acquisition of investments are expensed
upfront and excluded from cost.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

v. Valuation in case of sale of NPA (financial d. The investments in debentures/bonds, which

asset) to Securitisation Company (SC) / Asset are deemed to be advance, are also subjected
Reconstruction Company (ARC) against issue to NPI norms as applicable to investments.
of Security Receipts:
ii. In respect of foreign offices/entities, classification
a. 
The investment in security receipts and provisions for non-performing investments
obtained by way of sale of NPA to SC/RC, (NPIs) are made as per the local regulations or as
is recognised at lower of: (i) Net Book Value per the norms of RBI, whichever is more prudent.
(NBV) (i.e. book value less provisions held) of
the financial asset; and (ii) Redemption value 2.5 
Accounting for Repo/Reverse Repo
of SR. transactions:
b. SRs issued by an SC/ARC are valued in The Bank enters Repurchase and Reverse Repurchase
accordance with the guidelines applicable to Transactions with RBI under Liquidity Adjustment
non-SLR instruments. Accordingly, in cases Facility (LAF) and with market participants. Repurchase
where the SRs issued by the SC/ARC are Transaction represents borrowing by selling the
limited to the actual realisation of the financial securities with an agreement to repurchase the
assets assigned to the instruments in the securities. Reverse Repo Transactions on the other hand,
concerned scheme, the Net Asset Value, represent lending funds by purchasing the securities.
obtained from the SC/ARC, is reckoned for
a. Transactions with RBI under Liquidity Adjustment
valuation of such investments.
Facility (LAF) are accounted for as Collateralised
vi. Treasury Bills and Commercial Papers are valued Lending and Borrowing transactions.
at carrying cost.
b. In Repo and Reverse Repo transaction, securities
sold (purchased) and repurchased (resell) are
2.4 Investments (NPI):
accounted as normal outright sale (purchase)
i. In respect of domestic offices/ entities, based transactions and such movement of securities is
on the guidelines issued by RBI, investments reflected using the Repo/ Reverse Repo Accounts
are classified as performing and non-performing and contra entries. The above entries are reversed
as follows: on the date of maturity.
a. 
Interest/instalment (including maturity c. Balance in Repo Account is classified under
proceeds) is due and remains unpaid for Schedule 4 (Borrowings).
more than 90 days.
d. All type of Reverse Repos with RBI including those
b. In the case of equity shares, in the event the under Liquidity Adjustment Facility are presented
investment in the shares of any company is under sub item (ii) ‘In Other Accounts’ of item (II)
valued at H1 per company on account of the Balances with RBI under Schedule 6 ‘Cash and
non-availability of the latest Balance Sheet, balances with RBI’.
those equity shares would be reckoned
as NPI. e. Reverse Repos with banks and other institutions
having original tenors up to and inclusive of 14
c. The Bank also classifies an investment as days are classified as ‘Money at call and short
a non-performing investment, in case any notice’ under Schedule 7 ‘Balance with Banks and
credit facility availed by the same borrower/ Money at call & short notice’. Reverse Repos with
entity has been classified as a non- original maturity more than 14 days but up to 1
performing asset and vice versa. The above year are classified as ‘Cash Credits, overdrafts, and
is applied to Preference Shares where the loans repayable on demand’, under Schedule 9
fixed dividend is not paid. ‘Advances’. All other Reverse Repos are classified
as ‘Term Loans’ under Schedule 9 ‘Advances’.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

f. Borrowing cost of repo transactions and revenue • Investment in Alternative Investment Funds
on reverse repo transactions, with RBI or others, (AIFs) are valued at latest available NAV.
is accounted for as interest expense and interest • The Investment in units of REITs/InvITs are
income, respectively. valued at Market Value (last quoted price should
2.6 In case of life and general insurance subsidiaries, not be later than 30 days). For the purpose of
investments are accounted in accordance with the determining market value, the closing price at
Insurance Act, 1938, the IRDAI (Investment) Regulations, primary exchange i.e. NSE is considered. If NSE
2016 and IRDA (Presentation of Financial Statements closing price is not available for any security,
and Auditor’s Report of Insurance Companies) then BSE closing price is used for valuation.
Regulations, 2002, Investment policy of the company Where market quote is not available for the last
and various other circulars / notifications as issued by 30 days, the units are valued as per the latest
IRDAI from time to time. NAV (not more than 6 months old) of the units
published by the trust.
(i) Valuation of investment pertaining to non- Unrealised gains or losses arising due to change
linked life insurance business and general in the fair value of listed equity shares, mutual fund
insurance business: units, AIFs and units of REITs/InvITs pertaining
• All debt securities, including government to shareholders’ investments and non-linked
securities and money market securities are policyholders investments are taken to “Revenue
stated at historical cost subject to amortisation & Other Reserves (Schedule 2)” and “Liabilities
of premium or accretion of discount. relating to Policyholders in Insurance Business
• Listed equity shares, equity related instruments (Schedule 5)” respectively, in the Balance Sheet.
and preference shares are measured at fair
value on the Balance Sheet date. For the (ii) 
Valuation of investment pertaining to
purpose of determining fair value, the closing linked business:
price at primary exchange i.e. National Stock • Debt Securities including Government securities
Exchange of India Limited (‘NSE’) is considered. with remaining maturity of more than one year
If NSE closing price is not available, then closing are valued at prices obtained from CRISIL. Debt
price of BSE Limited (‘BSE’) is considered. securities including Government securities with
• Unlisted equity securities, equity related remaining maturity of less than one year are
instruments and preference shares are valued on yield to maturity basis, where yield
measured at historical cost. is derived using market price provided by
CRISIL on the day when security is classified
• In case of Security Lending and Borrowing
as short term. If security is purchased during
(SLB), equity shares lent are valued as
its short term tenor, it is valued at amortised
per valuation policy for equity shares as
cost using yield to maturity method. In case
mentioned above.
of securities with options, earliest Call Option/
• Additional Tier 1 (Basel III compliant) Perpetual Put Option date will be taken as maturity date
Bonds classified under “Equity” as specified by for this purpose. Money market securities are
IRDAI, are valued at prices obtained from Credit valued at historical cost subject to amortisation
Rating Information Services of India Limited of premium or accretion of discount on yield to
(CRISIL). maturity basis.
• Investments in mutual fund units are valued • Listed equity shares, equity related instruments
at the Net Asset Value (NAV) of previous day and preference shares are measured at fair value
in life insurance and of Balance Sheet date in on the Balance Sheet date. For the purpose
general insurance. of determining fair value, the closing price at
primary exchange i.e. NSE is considered. If NSE

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

closing price is not available, closing price of the iii. The bills purchased/discounted are classified as
BSE is considered. non-performing assets, if the bill remains overdue
• Unlisted equity shares, equity related for a period of more than 90 days;
instruments and preference shares are iv. The agricultural advances are classified as non-
measured at historical cost. performing assets, if (a) for short duration crops,
• In case of Security Lending and Borrowing where the instalment of principal or interest
(SLB), equity shares lent are valued as remains overdue for two crop seasons; and (b) for
per valuation policy for equity shares as long duration crops, where the principal or interest
mentioned above. remains overdue for one crop season.
• Additional Tier 1 (Basel III compliant) Perpetual 3.2 
NPAs are classified into Sub-Standard, Doubtful and Loss
Bonds classified under “Equity” as specified Assets, based on the following criteria stipulated by RBI:
by IRDAI, are valued at prices obtained
from CRISIL. i. Sub-standard: A loan asset that has remained
non-performing for a period less than or equal to
• Investments in mutual fund units are valued at
12 months.
the previous day’s Net Asset Value (NAV).
• The Investment in units of REITs / InvITs are ii. Doubtful: A loan asset that has remained in the
valued at Market Value (last quoted price should sub-standard category for a period of 12 months.
not be later than 30 days). For the purpose of iii. Loss: A loan asset where loss has been identified
determining market value, the closing price at but the amount has not been fully written off.
primary exchange i.e. NSE is considered. If NSE
closing price is not available for any security, 3.3 
Provisions are made for NPAs as per the extant
then BSE closing price is used for valuation. guidelines prescribed by the regulatory authorities,
Where market quote is not available for the last subject to minimum provisions as prescribed below:
30 days, the units are valued as per the latest Substandard i.  A general provision of 15% on the
NAV (not more than 6 months old) of the units Assets: total outstanding;
published by the trust. ii. Additional provision of 10% for
exposures which are unsecured ab-initio
• Unrealised gains or losses arising due to (i.e. where realisable value of security is
changes in the fair value are recognised in the not more than 10 percent ab-initio);
Profit & Loss Account. iii. 
Unsecured Exposure in respect of
infrastructure advances where certain
3. Loans/Advances and Provisions thereon: safeguards such as escrow accounts
are available – 20%.
3.1 Based on the guidelines/directives issued by the RBI,
Doubtful Assets:
Loans and Advances are classified as performing and
- Secured i. Upto one year – 25%
non-performing as follows: portion: ii. One to three years – 40%
i. A term loan is classified a non-performing asset, iii. More than three years – 100%
if interest and/or instalment of principal remains - Unsecured 100%
portion
overdue for a period of more than 90 days;
Loss Assets: 100%
ii. An Overdraft or Cash Credit is classified a non-
performing asset, if the account remains “out of 3.4 In respect of foreign offices/entities, the classification of
order”, i.e. if the outstanding balance exceeds the loans and advances and provisions for NPAs are made
sanctioned limit/drawing power continuously as per the local regulations or as per the norms of RBI,
for a period of 90 days, or if there are no credits whichever is more prudent.
continuously for 90 days as on the date of balance-
3.5 Advances are net of specific loan loss provisions,
sheet, or if the credits are not adequate to cover
unrealised interest, ECGC claims received and
the interest debited during the same period;
bills rediscounted.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

3.6 For restructured/rescheduled assets, provisions are 5. Provision for Country Exposure for Banking Entities:
made in accordance with the guidelines issued by In addition to the specific provisions held according to the
the RBI, which require that the difference between asset classification status, provisions are also made for
the fair value of the loan/advances before and after individual country exposures (other than the home country).
restructuring is provided for, in addition to provision Countries are categorised into seven risk categories, namely,
for the respective loans/advances. The Provision for insignificant, low, moderate, high, very high, restricted and
Diminution in Fair Value (DFV) and interest sacrifice, if off-credit and provisioning made as per extant RBI guidelines.
any, arising out of the above, is reduced from advances. If the country exposure (net) of the Bank in respect of each
3.7 In the case of loan accounts classified as NPAs, an country does not exceed 1% of the total funded assets, no
account may be reclassified as a performing asset if it provision is maintained on such country exposures. The
conforms to the guidelines prescribed by the regulators. provision is reflected in Schedule 5 of the Balance Sheet
under the “Other Liabilities & Provisions – Others”.
3.8 Amounts recovered against debts written off in earlier
years are recognised as revenue in the year of recovery. 6. Derivatives:
3.9 In addition to the specific provision on NPAs, general 6.1 The Bank enters in derivative contracts, such as foreign
provisions are also made for standard assets as per currency options, interest rate swaps, currency swaps,
extant RBI Guidelines. These provisions are reflected cross currency interest rate swaps and forward rate
in Schedule 5 of the Balance Sheet under the head agreements to hedge on-Balance Sheet/off-Balance
“Other Liabilities & Provisions – Others” and are not Sheet assets and liabilities or for trading purposes. The
considered for arriving at the Net NPAs. swap contracts entered to hedge on-Balance Sheet
assets and liabilities are structured in such a way that
3.10 The Bank also makes additional provisions on specific
they bear an opposite and offsetting impact with the
non-performing assets.
underlying on-Balance Sheet items. The impact of such
3.11 Appropriation of recoveries in NPAs are made in order derivative instruments is correlated with the movement
of priority as under : of the underlying assets and accounted in accordance
with the principles of hedge accounting.
a. Charges, Costs, Commission etc.
b. Unrealised Interest / Interest 6.2 Derivative contracts classified as hedge are recorded
on accrual basis. Hedge contracts are not marked to
c. Principal
market unless the underlying assets / liabilities are also
However, in Compromise and Resolution/ Settlement marked to market.
through National Company Law Tribunal (NCLT) cases,
6.3 
Except as mentioned above, all other derivative contracts
the recoveries are appropriated as per the terms of
are marked to market as per the Generally Accepted
respective compromise/ resolution/ settlement. In case
Accounting Practices prevalent in the industry. In respect
of suit filed accounts, recovery is appropriated as per
of derivative contracts that are marked to market, changes
directives of respective courts.
in the market value are recognised in the Profit and Loss
Account in the period of change. Any receivable under
4. Floating Provisions & Countercyclical Provisioning
derivative contracts, which remain overdue for more than
Buffer:
90 days, are reversed through Profit and Loss Account
The Bank has a policy for creation and utilisation of to “Suspense Account - Crystallised Receivables”. In
Countercyclical Provisioning Buffer in good times as well as for cases where the derivative contracts provide for more
Floating Provisions separately for advances, investments and settlement in future and if the derivative contract is
general purposes. The quantum of Countercyclical Provisioning not terminated on the overdue receivables remaining
Buffer and Floating Provisions to be created is assessed at the unpaid for 90 days, the positive MTM pertaining to future
end of the financial year. These provisions are utilised only for receivables is also reversed from Profit and Loss Account
contingencies under extra ordinary circumstances specified in to “Suspense Account - Positive MTM”.
the policy with prior permission of Reserve Bank of India.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

6.4 
Option premium paid or received is recorded in Profit and 7.4 Assets costing less than H1,000 each are charged off in
Loss Account at the expiry of the option. The balance the year of purchase.
in the premium received on options sold and premium
7.5 In respect of leasehold premises, the lease premium,
paid on options bought is considered to arrive at Mark to
if any, is amortised over the period of lease (except
Market value for forex Over the Counter (OTC) options.
for premises and land on perpetual lease) and Lease
6.5 Exchange Traded Derivatives entered in for trading payments for assets taken on Operating lease are
purposes are valued at prevailing market rates based on recognised as expense in the Profit & Loss account
rates given by the Exchange and the resultant gains and over the lease term on straight line basis.
losses are recognised in the Profit and Loss Account.
7.6 In respect of fixed assets held at foreign offices/entities,
depreciation is provided as per the regulations /norms
7. Fixed Assets Depreciation and Amortisation:
of the respective countries.
7.1 Fixed Assets are carried at cost less accumulated
depreciation/ amortisation except for freehold premises 7.7 The Bank revalue freehold immovable assets at every
carried at revalued amount, being fair value at the three years. The increase in Net Book Value of the
date of revaluation less accumulated depreciation, as asset due to revaluation is credited to the Revaluation
stated otherwise. Reserve Account without routing through the Profit and
Loss Account. Additional Depreciation on the revalued
7.2 Cost includes cost of purchase and all expenditure such asset is charged to the Profit and Loss Account and
as site preparation, installation costs and professional appropriated from the Revaluation Reserves to General
fees incurred on the asset before it is put to use. Reserve. The revalued asset is depreciated over the
Subsequent expenditure(s) incurred on the assets balance useful life of the asset as assessed at the time
put to use are capitalised only when it increases the of revaluation.
future benefits from such assets or their functioning
capability. The fixed assets in domestic offices/ entities 8. Leases:
are depreciated at straight line method based on useful
The asset classification and provisioning norms applicable
life of the assets states as under:
to advances, as laid down in Para 3 above, are applied to
Sr. Useful Life
Description of Fixed Assets financial leases also.
No.
1 Computers 3 Years
2 Computer Software forming an integral part 3 Years 9. Impairment of Assets:
of the computer hardware Fixed Assets are reviewed for impairment whenever events or
3 Computer Software which does not form 3 Years changes in circumstances warrant that the carrying amount
an integral part of Computer hardware and
of an asset may not be recoverable. Recoverability of assets
cost of Software Development
to be held and used is measured by a comparison of the
4 Automated Teller Machine/ Cash Deposit 5 Years
Machine/Coin Dispenser / Coin Vending carrying amount of an asset to future Net Discounted Cash
Machine Flows expected to be generated by the asset. If such assets
5 Servers 4 Years are impaired, the impairment to be recognised is measured
6 Network Equipment 5 Years by the amount by which the carrying amount of the asset
7 Other major fixed assets exceeds the fair value of the asset.
Premises 60 Years
Safe Deposit Lockers 20 Years 10. Effect of changes in the foreign exchange rate:
Furniture & Fixtures 10 Years
10.1 Foreign Currency Transactions:
Air Conditioners 8 Years
Vehicles 5 Years i. Foreign currency transactions are recorded on
initial recognition in the reporting currency by
7.3 In respect of assets acquired during the year for domestic applying to the foreign currency amount the
operations, depreciation is charged on proportionate exchange rate between the reporting currency and
basis for the number of days assets have been put to the foreign currency on the date of transaction.
use during the year.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

ii. Foreign currency monetary items are reported a. Non-integral Operations:

using the Foreign Exchange Dealers Association i. Both monetary and non-monetary foreign
of India (FEDAI) closing (spot/forward) rates. currency assets and liabilities including
iii. Foreign currency non-monetary items, which are contingent liabilities of non-integral foreign
carried at historical cost, are reported using the operations are translated at closing exchange
exchange rate on the date of the transaction. rates notified by FEDAI at the Balance
Sheet date.
iv. 
Contingent liabilities denominated in foreign
currency are reported using the FEDAI closing ii. Income and expenditure of non-integral
spot rates. foreign operations are translated at quarterly
average closing rates notified by FEDAI.
v. Outstanding foreign exchange spot and forward
contracts held for trading are revalued at the iii. Exchange differences arising on investment
exchange rates notified by FEDAI for specified in non-integral foreign operations are
maturities, and the resulting Profit or Loss is accumulated in Foreign Currency Translation
recognised in the Profit and Loss Account. Reserve until the disposal of the investment.

vi. Foreign exchange forward contracts which are not iv. The Assets and Liabilities of foreign offices/
intended for trading and are outstanding on the subsidiaries /joint ventures in foreign
Balance Sheet date, are re-valued at the closing currency (other than local currency of the
spot rate. The premium or discount arising at the foreign offices/subsidiaries/joint ventures)
inception of such a forward exchange contract is are translated into local currency using
amortised as expense or income over the life of spot rates applicable to that country on the
the contract. Balance Sheet date.

vii. Exchange differences arising on the settlement b. Integral Operations:

of monetary items at rates different from those at
i. Foreign currency transactions are recorded
which they were initially recorded are recognised
on initial recognition in the reporting currency
as income or as expense in the period in which
by applying to the foreign currency amount
they arise.
the exchange rate between the reporting
viii. Gains / Losses on account of changes in exchange currency and the foreign currency on the
rates of open position in currency futures trades date of transaction.
are settled with the exchange clearing house on
ii. 
Monetary foreign currency assets and
daily basis and such gains/losses are recognised
liabilities of integral foreign operations
in the Profit and Loss Account.
are translated at closing (Spot/Forward)
exchange rates notified by FEDAI at the
10.2 Foreign Operations:
Balance Sheet date and the resulting Profit/
Foreign Branches/Subsidiaries / Joint Ventures of Loss is included in the Profit and Loss
the Bank and Offshore Banking Units (OBU) have Account. Contingent Liabilities are translated
been classified as Non-integral Operations and at Spot rate.
Representative Offices have been classified as
Integral Operations. iii. Foreign currency non-monetary items which
are carried at historical cost are reported
using the exchange rate on the date of
the transaction.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

11. Employee Benefits: to 15 days basic salary payable for each

11.1 Short Term Employee Benefits: completed year of service, subject to the
cap prescribed by the Statutory Authorities.
The undiscounted amounts of short-term employee
Vesting occurs upon completion of five years
benefits, such as medical benefits, which are expected
of service. SBI makes periodic contributions
to be paid in exchange for the services rendered by
to a fund administered by Trustees based on
employees are recognised during the period when the
an independent external actuarial valuation
employee renders the service.
carried out annually.

11.2 Long Term Employee Benefits: c. 

SBI provides for pension to all eligible
i. Defined Benefit Plans: employees. The benefit is in the form of
monthly payments as per rules to vested
a. SBI operates a Provident Fund scheme. All
employees on retirement or on death
eligible employees are entitled to receive
while in employment, or on termination of
benefits under the Bank’s Provident Fund
employment. Vesting occurs at different
scheme. SBI contributes monthly at a
stages as per rules. SBI makes monthly
determined rate (currently 10% of employee’s
contribution to the Pension Fund at 10% of
basic pay plus eligible allowance). These
salary in terms of SBI Employees’ Pension
contributions are remitted to a Trust
Fund Regulations. The pension liability is
established for this purpose and are charged
reckoned based on an independent actuarial
to Profit and Loss Account. SBI recognises
valuation carried out annually and SBI makes
such annual contributions as an expense in
such additional contributions periodically
the year to which it relates, Shortfall, if any, is
to the Fund as may be required to secure
provided for based on actuarial valuation.
payment of the benefits under the Pension
SBI Life Insurance Company Limited Fund Regulations.
makes contribution towards provident
d. The cost of providing defined benefits is
fund, a defined benefit retirement plan. The
determined using the projected unit credit
provident fund is administered by the trustees
method, with actuarial valuations being
of the SBI Life Insurance Company Limited
carried out at each Balance Sheet date.
Employees PF Trust. The contribution paid
Actuarial gains/losses are immediately
or payable under the schemes is charged
recognised in the Profit and Loss and are
to the Profit and Loss Account during the
not deferred.
period in which the employee renders the
related service. Further, an actuarial valuation
ii. Defined Contribution Plans:
is conducted annually by an independent
actuary to recognise the deficiency, if any, in SBI operates a New Pension Scheme (NPS) for
the interest payable on the contributions as all officers/ employees joining SBI on or after 1st
compared to the interest liability as per the August, 2010, which is a defined contribution plan,
statutory rate. such new joinees not being entitled to become
members of the existing SBI Pension Scheme. As
b. The group entities operate separate Gratuity per the scheme, the covered employees contribute
schemes, which are defined benefit plans. 10% of their basic pay plus dearness allowance
The group entities provide for gratuity to to the scheme together with SBI’s contribution
all eligible employees. The benefit is in at 14% of basic pay plus dearness allowance.
the form of lump sum payments to vested Pending completion of registration procedures
employees on retirement or on death of the employees concerned, these contributions
while in employment, or on termination are retained as deposits in SBI and earn interest
of employment, for an amount equivalent at the same rate as that of the current account

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

of Provident Fund balance. SBI recognises such Deferred tax assets and liabilities are measured using tax
annual contributions and interest as an expense rates and tax laws that have been enacted or substantively
in the year to which they relate. Upon receipt of enacted at the Balance Sheet date. The impact of changes
the Permanent Retirement Account Number in deferred tax assets and liabilities is recognised in the profit
(PRAN), the consolidated contribution amounts and loss account. Deferred tax assets are recognised and re-
are transferred to the NPS Trust. assessed at each reporting date, based upon management’s
judgement as to whether their realisation is considered as
iii. Other Long Term Employee benefits: reasonably certain. Deferred Tax Assets are recognised on
a. All eligible employees of the Group are eligible carry forward of unabsorbed depreciation and tax losses only
for compensated absences, silver jubilee if there is virtual certainty supported by convincing evidence
award, leave travel concession, retirement that such deferred tax assets can be realised against
award and resettlement allowance. The cost future profits.
of such long-term employee benefits are In Consolidated Financial Statement, income tax expenses
internally funded by the group entities. are the aggregate of the amounts of tax expense appearing
b. The cost of providing other long-term benefits in the separate financial statements of the parent and its
is determined using the projected unit credit subsidiaries/joint ventures, as per their applicable laws.
method with actuarial valuations being
carried out at each Balance Sheet date. Past 14. Earnings per Share:
service cost, if any, is immediately recognised 14.1 The Bank reports basic and diluted earnings per share
in the Profit and Loss and is not deferred. in accordance with AS 20 –“Earnings per Share” issued
by the ICAI. Basic Earnings per Share are computed by
11.3 Employee benefits relating to employees employed at
dividing the Net Profit after Tax for the year attributable
foreign offices/ entities are valued and accounted for as
to equity shareholders (other than minority) by the
per the respective local laws/regulations.
weighted average number of equity shares outstanding
for the year.
12. Segment Reporting:
The Group recognises the business segment as the primary 14.2 Diluted Earnings per Share reflect the potential dilution
reporting segment and geographical segment as the that could occur if securities or other contracts to issue
secondary reporting segment in accordance with the RBI equity shares were exercised or converted during the
guidelines and in compliance with the Accounting Standard year. Diluted Earnings per Share are computed using
17 issued by Institute of Chartered Accountants of India. the weighted average number of equity shares and
dilutive potential equity shares outstanding at year end.
13. Taxes on income:
15. Provisions, Contingent Liabilities and Contingent
Income tax expense is the aggregate amount of current tax,
Assets:
deferred tax and fringe benefit tax expense incurred by the
Group. The current tax expense and deferred tax expense 15.1 In conformity with AS 29, “Provisions, Contingent
are determined in accordance with the provisions of the Liabilities and Contingent Assets”, issued by the
Income Tax Act, 1961 and as per Accounting Standard Institute of Chartered Accountants of India, the Group
22 – “Accounting for Taxes on Income” respectively after recognises provisions only when it has a present
considering taxes paid at the foreign offices, which are obligation because of a past event and would result in
based on the tax laws of respective jurisdiction. Deferred a probable outflow of resources embodying economic
Tax adjustments comprises of changes in the deferred tax benefits will be required to settle the obligation, and
assets or liabilities during the year. Deferred tax assets and when a reliable estimate of the amount of the obligation
liabilities are recognised by considering the impact of timing can be made.
differences between taxable income and accounting income
for the current year and carry forward losses.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

15.2 No provision is recognised for any impairment loss on the assets associated with
i. any possible obligation that arises from past events that contract.
and the existence of which will be confirmed only 15.5 
C ontingent Assets are not recognised in the
by the occurrence or non-occurrence of one or financial statements.
more uncertain future events not wholly within the
control of the group entities; or 16. Bullion Transactions:
ii. any present obligation that arises from past events SBI imports bullion including precious metal bars on a
but is not recognised because consignment basis for selling to its customers. The imports
are typically on a back-to-back basis and are priced to the
a. it is not probable that an outflow of resources
customer based on price quoted by the supplier. SBI earns a
embodying economic benefits will be
fee on such bullion transactions. The fee is classified under
required to settle the obligation; or
commission income. SBI also accepts deposits and lends
b. a reliable estimate of the amount of obligation gold, which is treated as deposits/advances as the case
cannot be made. may be with the interest paid/received classified as interest
expense / income. Gold Deposits, Metal Loan Advances and
Such obligations are recorded as Contingent Liabilities.
closing Gold Balances are valued at available Market Rate as
These are assessed at regular intervals and only that
on the date of Balance Sheet.
part of the obligation for which an outflow of resources
embodying economic benefits is probable, is provided
17. Special Reserves:
for, except in the extremely rare circumstances where
no reliable estimate can be made. Revenue and other Reserve include Special Reserve created
under Section 36(i)(viii) of the Income Tax Act, 1961. The
15.3 Provision for reward points in relation to the “Enterprise- Board of Directors of the Bank has passed a resolution
Wide Loyalty Programme” of SBI is being provided for approving creation of the reserve and confirming that it has
on actuarial estimates. no intention to make withdrawal from the Special Reserve.
15.4 Provisions for onerous contracts are recognised when
the expected benefits to be derived by the Bank from 18. Share Issue Expenses:
a contract are lower than the unavoidable costs of 
Share issue expenses are charged to the Share
meeting the future obligations under the contract. The Premium Account.
provision is measured at the present value of the lower
of the expected cost of terminating the contract and 19. Cash and cash equivalents:
the expected net cost of continuing with the contract. Cash and cash equivalents include Cash and Balances with
Before a provision is established, the Bank recognises RBI, Balances with Banks and money at call and short notice.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

SCHEDULE 18 - NOTES TO ACCOUNTS:

1. List of Subsidiaries/Joint Ventures/Associates considered for preparation of consolidated financial statements:
1.1 
The 26 Subsidiaries, 7 Joint Ventures and 19 Associates including 14 Regional Rural Banks from/upto respective dates of merger/
exit during the year (which along with State Bank of India, the parent, constitute the Group), considered in the preparation of the
consolidated financial statements, are :

A) Subsidiaries:
Group’s Stake (%)
S. Country of Current Year Previous Year
Name of the Subsidiary
No. incorporation
1) SBI Capital Markets Ltd. India 100.00 100.00
2) SBICAP Securities Ltd. India 100.00 100.00
3) SBICAP Trustee Company Ltd. India 100.00 100.00
4) SBICAP Ventures Ltd. India 100.00 100.00
5) SBI DFHI Ltd. India 72.17 72.17
6) SBI Global Factors Ltd. India 100.00 100.00
7) SBI CDMDF Trustee Pvt. Ltd. (w.e.f. 25.07.2023) India 100.00 -
8) SBI Mutual Fund Trustee Company Pvt Ltd. India 100.00 100.00
9) SBI Payment Services Pvt. Ltd. @ India 74.00 74.00
10) SBI Pension Funds Pvt Ltd. India 92.44 92.51
11) State Bank Operations Support Services Pvt. Ltd. India 100.00 100.00
12) SBI Life Insurance Company Ltd. India 55.42 55.45
13) SBI General Insurance Company Ltd. India 69.11 69.95
14) SBI Cards and Payment Services Ltd. India 68.63 68.98
15) SBI–SG Global Securities Services Pvt. Ltd. @ India 65.00 65.00
16) SBI Funds Management Ltd. @
India 62.21 62.53
17) SBI Funds Management (International) Private Ltd. @ Mauritius 62.21 62.53
18) Commercial Indo Bank Llc , Moscow Russia 100.00 100.00
19) SBI Canada Bank Canada 100.00 100.00
20) State Bank of India (California) USA 100.00 100.00
21) State Bank of India (UK) Limited UK 100.00 100.00
22) State Bank of India Servicos Limitada Brazil 100.00 100.00
23) SBI (Mauritius) Ltd. Mauritius 96.60 96.60
24) PT Bank SBI Indonesia Indonesia 99.56 99.56
25) Nepal SBI Bank Ltd. Nepal 55.00 55.00
26) Nepal SBI Merchant Banking Limited Nepal 55.00 55.00

@ Represents companies which are jointly controlled entities in terms of the shareholders’ agreement. However, the same are consolidated as subsidiaries in
accordance with AS 21 “Consolidated Financial Statements” as SBI’s holding in these companies exceeds 50%.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

B) Joint Ventures:
Group’s Stake (%)
S. Country of Current Year Previous Year
Name of the Joint Venture
No. Incorporation
1) C - Edge Technologies Ltd. India 49.00 49.00
2) SBI Macquarie Infrastructure Management Pvt. Ltd. India 45.00 45.00
3) SBI Macquarie Infrastructure Trustee Pvt. Ltd. India 45.00 45.00
4) Macquarie SBI Infrastructure Management Pte. Ltd. Singapore 45.00 45.00
5) Macquarie SBI Infrastructure Trustee Ltd. Bermuda 45.00 45.00
6) Oman India Joint Investment Fund – Management Company Pvt. Ltd. India 50.00 50.00
7) Oman India Joint Investment Fund – Trustee Company Pvt. Ltd. India 50.00 50.00

C) Associates:
Group’s Stake (%)
S. Country of Current Year Previous Year
Name of the Associate
No. Incorporation
1) Andhra Pradesh Grameena Vikas Bank India 35.00 35.00
2) Arunachal Pradesh Rural Bank India 35.00 35.00
3) Chhattisgarh Rajya Gramin Bank India 35.00 35.00
4) Ellaquai Dehati Bank India 35.00 35.00
5) Madhyanchal Gramin Bank India 35.00 35.00
6) Meghalaya Rural Bank India 35.00 35.00
7) Mizoram Rural Bank India 35.00 35.00
8) Nagaland Rural Bank India 35.00 35.00
9) Saurashtra Gramin Bank India 35.00 35.00
10) Utkal Grameen Bank India 35.00 35.00
11) Uttarakhand Gramin Bank India 35.00 35.00
12) Jharkhand Rajya Gramin Bank India 35.00 35.00
13) Rajasthan Marudhara Gramin Bank India 35.00 35.00
14) Telangana Grameena Bank India 35.00 35.00
15) The Clearing Corporation of India Ltd. India 20.05 20.05
16) Yes Bank Ltd. India 26.13 26.14
17) Bank of Bhutan Ltd. Bhutan 20.00 20.00
18) Investec Capital Services (India) Private Limited India 19.70 19.70
19) Jio Payments Bank Ltd. India 22.75 23.02

a) During the year ended 31st March 2024, SBI has acquired the stake in following group companies from SBI Capital Markets Limited
(wholly owned subsidiary of SBI):

i) 20% stake in SBI Pension Funds Private Limited (subsidiary of SBI) for a consideration of H229.52 Crore.

ii) 100% stake in SBICAP Ventures Limited (subsidiary of SBI Capital Markets Limited) for a consideration of H708.07 Crore.

SBI Group’s stake remains same after the aforesaid transactions.

b) SBI CDMDF Trustee Private Limited has been incorporated on 25th July 2023 as a wholly owned subsidiary of the Bank and on
3rd August 2023 the Bank has infused capital of H0.10 Crore. The company shall provide the trusteeship services to Corporate
Debt Market Development Fund (CDMDF).

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

c) During the year ended 31st March 2024, SBI has infused additional capital of H489.67 Crore in SBI General Insurance Company
Limited, a subsidiary of SBI. Further, the subsidiary has allotted 27,80,701 equity shares of H10 each under Employee Stock Option
Plan (ESOP) to its eligible employees. Consequently, the stake of SBI has decreased from 69.95% to 69.11%.

d) Pursuant to exercise of options under the approved Employee Stock Option Plan (ESOP), following group entities have issued
equity shares to their eligible employees:-

i) SBI Cards and Payment Services Limited has allotted 48,94,130 equity shares of H10 each during the year ended 31st March
2024. Consequently, the stake of SBI in SBI Cards and Payment Services Limited has reduced from 68.98% to 68.63%.
ii) SBI Life Insurance Company Limited has allotted 5,70,706 equity shares of H10 each during the year ended 31st March 2024.
Consequently, the stake of SBI in SBI Life Insurance Company Limited has reduced from 55.45% to 55.42%.
iii) SBI Funds Management Limited has allotted 26,15,829 equity shares of H1 each during the year ended 31st March 2024.
Consequently, the stake of SBI in SBI Funds Management Limited has reduced from 62.53% to 62.21% and the stake of SBI
Group in SBI Funds Management (International) Private Limited and SBI Pension Funds Private Limited has reduced from
62.53% and 92.51% to 62.21% and 92.44% respectively.
iv) Yes Bank Limited has allotted 1,31,06,772 equity shares of H2 each during the year ended 31st March 2024. Consequently,
the stake of SBI in Yes Bank Limited has reduced from 26.14% to 26.13%.

e) During the year ended 31st March 2024, SBI has infused additional capital in the following Regional Rural Banks (RRBs) sponsored
by it: -
(H in Crore)
Particular Amount
Arunachal Pradesh Rural Bank 0.12
Ellaquai Dehati Bank 26.30
Jharkhand Rajya Gramin Bank 7.90
Madhyanchal Gramin Bank 22.94
Mizoram Rural Bank 2.89
Nagaland Rural Bank 0.82
Utkal Grameen Bank 10.29
Uttarakhand Gramin Bank 10.90
Total 82.16

SBI Group’s stake remains same after the aforesaid capital infusion.

f) During the year ended 31st March 2024, Jio Payments Bank Ltd., an associate of SBI, has offered right issue of its equity shares
in which SBI did not participate. Consequently, the stake of SBI has reduced from 23.02% to 22.75% in the said associate.

g) SBI Funds Management Limited (subsidiary of SBI) has incorporated a wholly owned subsidiary namely SBI Funds International
(IFSC) Limited on 7th February 2024 in Gift City - Gandhinagar. As on 31st March 2024, the license approval from International
Financial Services Centres Authority (IFSCA) for doing business as ‘Fund Management Entity’ (FME) is in process. Subsequent
to the approval, the capital will be infused in the subsidiary and will be considered as group subsidiary in Consolidated Financial
Statements of SBI.

h) SBI Infra Management Solutions Private Limited, wholly owned subsidiary of SBI and SBI Home Finance Ltd., an associate in
which the Group is having 26% stake, are under liquidation and therefore, not being considered for consolidation in preparation
of Consolidated Financial Statements as per Accounting Standard 21.

i) As SBI Foundation is a Not-for-Profit Company [incorporated under section 7(2) of Companies Act, 2013], SBI Foundation is not
being considered for consolidation in preparation of Consolidated Financial statements as per Accounting Standard 21.

1.2 The consolidated financial statements for the financial year 2023-24 of the Group include unaudited financial statements of one
subsidiary (SBI Canada Bank) & one associate (Bank of Bhutan Ltd.) the results of which are not material.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

2. Disclosures as per Accounting Standards

2.1 Accounting Standard 5 – “Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting
Policies”
• During the year, there were no material prior period income / expenditure items.
• There is no change in the Significant Accounting Policies adopted during the Financial Year 2023-2024 as compared to those
followed in the previous Financial Year 2022-2023.

2.2 Accounting Standard- 15 “Employee Benefits”:

2.2.1 Defined Benefit Plans
2.2.1.1 Employee’s Pension Plans and Gratuity Plans
The following table sets out the status of the Defined Benefit Pension Plans and Gratuity Plan as required under AS 15 (Revised 2005):
(H in Crore)
Pension Plans Gratuity Plans
Particulars
Current Year Previous Year Current Year Previous Year
Change in the present value of the defined benefit obligation
Opening defined benefit obligation as at 1st April 1,56,966.26 1,46,124.99 12,759.77 13,035.01
Current Service Cost 956.93 972.83 510.49 499.72
Interest Cost 11,537.02 10,740.19 953.63 943.85
Past Service Cost (Vested Benefit) 7,100.00 - 8.48 -
Liability pertains to outgoing Joint Venture - - - (0.27)
Actuarial losses /(gains) 26,225.01 9,824.44 596.59 66.56
Benefits paid (5,165.42) (4,848.06) (1,559.11) (1,785.10)
Direct Payment by SBI (6,674.84) (5,848.13) - -
Closing defined benefit obligation as at 31st March 1,90,944.96 1,56,966.26 13,269.85 12,759.77
Change in Plan Assets
Opening fair value of plan assets as at 1st April 1,33,148.54 1,30,590.73 11,397.87 11,222.46
Expected Return on Plan assets 9,786.42 9,598.42 852.08 812.65
Contributions by employer 7,634.52 2,171.59 1,407.55 1,486.86
Expected Contribution by the employees - 0.10 0.09 -
Benefits Paid (5,165.42) (4,848.06) (1,559.11) (1,785.10)
Actuarial Gains / (Losses) on plan assets 6,239.91 (4,364.24) 458.61 (339.00)
Closing fair value of plan assets as at 31 March
st
1,51,643.97 1,33,148.54 12,557.09 11,397.87
Reconciliation of present value of the obligation and fair value
of the plan assets
Present Value of funded obligation at the year end 1,90,944.96 1,56,966.26 13,269.85 12,759.77
Fair Value of plan assets at the year end 1,51,643.97 1,33,148.54 12,557.09 11,397.87
Deficit/(Surplus) 39,300.99 23,817.72 712.76 1,361.90
Unrecognised Past Service Cost (Vested) Closing Balance - - - -
Unrecognised Transitional Liability Closing Balance - - - -
Net Liability/(Asset) 39,300.99 23,817.72 712.76 1,361.90

Annual Report 2023- 24 279

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

(H in Crore)
Pension Plans Gratuity Plans
Particulars
Current Year Previous Year Current Year Previous Year
Amount Recognised in the Balance Sheet
Liabilities 1,90,944.96 1,56,966.26 13,269.85 12,759.77
Assets 1,51,643.97 1,33,148.54 12,557.09 11,397.87
Net Liability / (Asset) recognised in Balance Sheet 39,300.99 23,817.72 712.76 1,361.90
Unrecognised Past Service Cost (Vested) Closing Balance - - - -
Unrecognised Transitional Liability Closing Balance - - - -
Net Liability/ (Asset) 39,300.99 23,817.72 712.76 1,361.90
Net Cost recognised in the profit and loss account
Current Service Cost 956.93 972.83 510.49 499.72
Interest Cost 11,537.02 10,740.19 953.63 943.85
Expected return on plan assets (9,786.42) (9,598.42) (852.08) (812.65)
Expected Contributions by the employees - (0.10) (0.09) -
Past Service Cost (Amortised) Recognised - - - -
Past Service Cost (Vested Benefits) Recognised 7,100.00 - 8.48 -
Net Actuarial Losses / (Gains) recognised during the year 19,985.10 14,188.68 137.98 405.56
Total costs of defined benefit plans included in Schedule 16 29,792.63 16,303.18 758.41 1,036.48
“Payments to and provisions for employees”
Reconciliation of expected return and actual return on Plan
Assets
Expected Return on Plan Assets 9,786.42 9,598.42 852.08 812.65
Actuarial Gains/ (Losses) on Plan Assets 6,239.91 (4,364.24) 458.61 (339.00)
Actual Return on Plan Assets 16,026.33 5,234.18 1,310.69 473.65
Reconciliation of opening and closing net liability/(asset)
recognised in Balance Sheet
Opening Net Liability/(Asset) as at 1st April 23,817.72 15,534.26 1,361.90 1,812.55
Expenses as recognised in profit and loss account 29,792.63 16,303.18 758.41 1,036.48
Paid by SBI Directly (6,674.84) (5,848.13) - -
Debited to Other Provision - - - -
Recognised in Reserve - - - -
Liability pertains to outgoing Joint Venture - - - (0.27)
Employer’s Contribution (7,634.52) (2,171.59) (1,407.55) (1,486.86)
Net liability/(Asset) recognised in Balance Sheet 39,300.99 23,817.72 712.76 1,361.90

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Investments under Plan Assets of Gratuity Fund & Pension Fund as on 31st March 2024 are as follows:
Pension Fund Gratuity Fund
Category of Assets
% of Plan Assets % of Plan Assets
Central Govt. Securities 13.82% 14.74%
State Govt. Securities 36.25% 33.11%
Debt Securities, Money Market Securities and Bank Deposits 28.36% 25.27%
ETF and Mutual Funds 15.06% 12.78%
Insurer Managed Funds 1.10% 13.04%
Others 5.41% 1.06%
Total 100.00% 100.00%

Principal actuarial assumptions:

Pension Plans
Particulars
Current year Previous year
Discount Rate 7.23% 7.53%
Expected Rate of return on Plan Asset 7.23% 7.53%
Salary Escalation Rate 6.00% 6.00%
Pension Escalation Rate 2.00% 2.00%
Attrition Rate 2.00% 2.00%

Gratuity Plans
Particulars
Current year Previous year
Discount Rate 7.21% 7.48%
Expected Rate of return on Plan Asset 7.21% 7.48%
Salary Escalation Rate 6.00% 6.00%
Attrition Rate 2.00% 2.00%

The expected contribution to the Pension and Gratuity fund for the next year is H8,250.00 Crore and H745.92 Crore respectively.

In case of SBI, the plan assets are marked to market on the basis of the yield curve derived from government securities, the expected
rate of return has been kept the same as the discount rate.

The estimates of future salary growth, factored in actuarial valuation, take account of inflation, seniority, promotion and other relevant
factors such as supply and demand in the employment market. Such estimates are very long term and are not based on limited past
experience/immediate future. Empirical evidence also suggests that in very long term, consistent high salary growth rates are not
possible. The said estimates and assumptions have been relied upon by the auditors.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

2.2.1.2 Employees Provident Fund

Actuarial valuation carried out in respect of interest shortfall in Provident Fund Trust shows “Nil” liability, hence no provision is made
in F.Y. 2023-24.

The following table sets out the status of Provident Fund as per the actuarial valuation by the independent Actuaries:
(H in Crore)
Provident Fund
Particulars
Current Year Previous Year
Change in the present value of the defined benefit obligation
Opening defined benefit obligation as at 1st April 39,138.17 37,507.53
Current Service Cost 2,170.31 1,519.50
Interest Cost 3,165.52 2,825.03
Employee Contribution (including VPF) 2,925.93 2,038.86
Actuarial losses/(gains) (5.03) 1.00
Benefits paid (4,511.07) (4,753.75)
Closing defined benefit obligation as at 31st March 42,883.83 39,138.17
Change in Plan Assets
Opening fair value of Plan Assets as at 1st April 40,122.71 38,426.83
Expected Return on Plan Assets 3,180.68 2,820.87
Contributions 5,096.24 3,558.36
Provision for loss on maturity of non-performing investment - -
Benefits Paid (4,511.07) (4,753.75)
Actuarial Gains / (Loss) on plan Assets (203.43) 70.40
Closing fair value of plan assets as at 31st March 43,685.13 40,122.71
Reconciliation of present value of the obligation and fair value of the plan assets
Present Value of Funded obligation at the year end 42,883.83 39,138.17
Fair Value of Plan assets at the year end 43,685.13 40,122.71
Deficit/(Surplus) (801.30) (984.54)
Net Asset not recognised in Balance Sheet 801.30 984.54
Net Cost recognised in the profit and loss account
Current Service Cost 2,170.31 1,519.50
Interest Cost 3,165.52 2,825.03
Expected return on plan assets (3,180.68) (2,820.87)
Interest shortfall reversed - -
Total costs of defined benefit plans included in Schedule 16 "Payments to and provisions for 2,155.15 1,523.66
employees"
Reconciliation of opening and closing net liability/ (asset) recognised in Balance Sheet
Opening Net Liability as at 1st April - -
Expense as above 2,155.15 1,523.66
Employer's Contribution (2,155.15) (1,523.66)
Net Liability/(Asset) Recognised in the Balance Sheet - -

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Investments under Plan Assets of Provident Fund as on 31st March 2024 are as follows:
Provident Fund
Category of Assets % of Plan Assets
Central Govt. Securities 18.23%
State Govt. Securities 34.77%
Debt Securities, Money Market Securities and Bank Deposits 32.35%
Mutual Funds 8.61%
Others 6.04%
Total 100.00%

Principal actuarial assumptions

Provident Fund
Particulars
Current year Previous year
Discount Rate 7.21% 7.48%
Guaranteed Return 8.15% 8.10%
Attrition Rate 2.00% 2.00%
Salary Escalation 6.00% 6.00%

i) There is a guaranteed return applicable to liability under SBI Employees Provident Fund which shall not be lower of either:

(a) one half percent above the average standard rate (adjusted up or down to the interest one quarter per cent) quoted by the
bank for new deposits fixed for twelve months in the preceding year (ending on the preceding the 31st day of March); or

(b) three percent per annum, subject to approval of Executive Committee.

ii) The rules of the SBI Life Insurance Company Ltd.’s Provident Fund administered by a Trust require that if the Board of Trustees
are unable to pay interest at the rate declared for Employees’ Provident Fund by the Government under para 60 of the Employees’
Provident Fund Scheme, 1952 for the reason that the return on investment is less or for any other reason, then the deficiency shall
be made good by the Company.

2.2.2 Defined Contribution Plans

2.2.2.1 Employees Provident Fund
An amount of H64.17 Crore (Previous Year H48.57 Crore) is contributed towards the Provident Fund Scheme by the group (excluding the
entities covered in Note 2.2.1.2) and is included under the head "Payments to and provisions for employees" in Profit and Loss Account.

2.2.2.2 Defined Contribution Pension Scheme

SBI has a Defined Contribution Pension Scheme (DCPS) applicable to all categories of officers and employees joining SBI on or after
1st August 2010. The Scheme is managed by NPS Trust under the aegis of the Pension Fund Regulatory and Development Authority.
National Securities Depository Limited has been appointed as the Central Record Keeping Agency for the NPS. During FY2024, SBI
has contributed H1,552.41 Crore (Previous Year H1,296.27 Crore).

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

2.2.2.3 The following amount is provided by the group (excluding SBI) towards Defined Contribution Plans:
(H in Crore)
Sl. Current Year Previous Year
Long Term Employees’ Benefits
No.
1 Employee Pension Scheme under PF Act 44.06 37.39
2 National Pension System 10.32 16.84
3 Others 14.80 13.25
Total 69.18 67.48

2.2.3 Long Term Employee Benefits (Unfunded Obligation)

2.2.3.1 Accumulating Compensated Absences (Privilege Leave)
The following table sets out the status of Accumulating Compensated Absences (Privilege Leave) as per Actuarial valuation by
independent Actuaries:
(H in Crore)
Accumulating Compensated Absences
Particulars (Privilege Leave)
Current Year Previous Year
Change in the present value of the defined benefit obligation
Opening defined benefit obligation as at 1st April 11,078.32 10,381.62
Current Service Cost 365.78 330.20
Interest Cost 828.31 754.41
Liability pertains to outgoing Joint Venture - (0.19)
Actuarial losses/(gains) 2,378.98 749.41
Benefits paid (1,096.60) (1,137.13)
Closing defined benefit obligation as at 31st March 13,554.79 11,078.32
Net Cost recognised in the profit and loss account
Current Service Cost 365.78 330.20
Interest Cost 828.31 754.41
Actuarial (Gain)/ Losses 2,378.98 749.41
Total costs of defined benefit plans included in Schedule 16 "Payments to and provisions for 3,573.07 1,834.02
employees"
Reconciliation of opening and closing net liability/ (asset) recognised in Balance Sheet
Opening Net Liability as at 1st April 11,078.32 10,381.62
Expense as above 3,573.07 1,834.02
Liability pertains to outgoing Joint Venture - (0.19)
Employer's Contribution - -
Benefit paid directly by the Employer (1,096.60) (1,137.13)
Net Liability/(Asset) recognised in the Balance Sheet 13,554.79 11,078.32

Principal actuarial assumptions

Particulars Current Year Previous Year
Discount Rate 7.21% 7.48%
Salary Escalation 6.00% 6.00%
Attrition Rate 2.00% 2.00%

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Accumulating Compensated Absences (Privilege Leave) (excluding the entities covered in above table)

An amount of H62.56 Crore (Previous Year H45.39 Crore) is provided by the group (excluding the entities covered in above table) towards
Privilege Leave (Encashment) including leave encashment at the time of retirement and is included under the head "Payments to and
provisions for employees" in Profit and Loss Account.

2.2.3.2 Other Long Term Employee Benefits

Amount of H198.87 Crore (Previous Year H28.68 Crore) is provided by the group towards Other Long Term Employee Benefits viz.
Leave Travel and Home Travel Concession (Encashment/Availment ), Silver Jubilee/Long Term Service Award, Resettlement Expenses
on Superannuation and Retirement Award and is included under the head "Payments to and provisions for employees" in Profit and
Loss Account.

2.2.4 The employee benefits listed above are in respect of the employees of the Group based in India. The employees of the foreign
operations are not covered in the above schemes.

2.3 Accounting Standard- 17 “Segment Reporting”

2.3.1 Segment identification
A) Primary (Business Segment)
The following are the Primary Segments of the Group:

• Treasury
• Corporate / Wholesale Banking
• Retail Banking
• Insurance Business
• Other Banking Business

The present accounting and information system of the Group does not support capturing and extraction of the data in
respect of the above segments separately. However, based on the present internal, organisational and management reporting
structure and the nature of their risk and returns, the data on the Primary Segments have been computed as under:

a) 
Treasury: The Treasury Segment includes the entire investment portfolio and trading in foreign exchange contracts and
derivative contracts. The revenue of the treasury segment primarily consists of fees and gains or losses from trading
operations and interest income on the investment portfolio.

b) Corporate / Wholesale Banking: The Corporate / Wholesale Banking segment comprises the lending activities of
Corporate Accounts Group, Commercial Clients Group and Stressed Assets Resolution Group. These include providing
loans and transaction services to corporate and institutional clients and further include non-treasury operations of
foreign offices/entities.

c) 
Retail Banking: The Retail Banking Segment comprises of retail branches, which primarily includes Personal Banking
activities including lending activities to corporate customers having banking relations with these branches. This segment
also includes agency business and ATMs.

d) 
Insurance Business: The Insurance Business Segment comprises of the results of SBI Life Insurance Co. Ltd. and
SBI General Insurance Co. Ltd.

e) Other Banking Business: Segments not classified under (a) to (d) above are classified under this primary segment. This
segment also includes the operations of all the Non-Banking Subsidiaries/Joint Ventures other than SBI Life Insurance
Co. Ltd. and SBI General Insurance Co. Ltd. of the group.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

B) Secondary (Geographical Segment):

a) Domestic Operations: Branches, Subsidiaries and Joint Ventures having operations in India.

b) 
Foreign Operations: Branches, Subsidiaries and Joint Ventures having operations outside India and offshore banking
units having operations in India.

C) Pricing of Inter-segmental Transfers

The Retail Banking segment is the primary resource mobilising unit. The Corporate/Wholesale Banking and Treasury
segments are recipient of funds from Retail Banking. Market related Funds Transfer Pricing (MRFTP) is followed under
which a separate unit called Funding Centre has been created. The Funding Centre notionally buys funds that the business
units raise in the form of deposits or borrowings and notionally sell funds to business units engaged in creating assets.

D) Allocation of Revenue, Expenses, Assets and Liabilities

Expenses of parent incurred at Corporate Centre establishments directly attributable either to Corporate / Wholesale and
Retail Banking Operations or to Treasury Operations segment, are allocated accordingly. Expenses not directly attributable
are allocated on the basis of the ratio of number of employees in each segment/ratio of directly attributable expenses.

The Group has certain common assets and liabilities, which cannot be attributed to any segment, and the same are treated
as unallocated.

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2.3.2 SEGMENT INFORMATION

PART A: PRIMARY (BUSINESS) SEGMENTS:
(H in Crore)
Treasury Corporate / Retail Banking Insurance Other TOTAL
Business Segment Wholesale Digital Other Retail Total Business Banking
Banking Banking Banking Operations
Revenue (before 1,24,225.02 1,32,845.50 5,244.90 2,04,491.84 2,09,736.74 1,05,459.40 27,616.02 5,99,882.68
exceptional item) (1,01,804.55) (1,00,160.24) (3,766.65) (1,63,755.15) (1,67,521.80) (86,451.82) (21,144.92) (4,77,083.33)
Unallocated Revenue 2,261.66
(1,861.43)
Less : Inter Segment 7,569.44
Revenue (5,566.62)
Total Revenue 5,94,574.90
(4,73,378.14)
Result (before 14,244.56 40,797.94 7,796.87 32,143.29 39,940.16 2,404.12 8,161.49 1,05,548.27
exceptional items) (8,986.94) (29,488.58) (5,130.15) (28,399.64) (33,529.79) (2,144.03) (5,683.39) (79,832.73)
Less : Exceptional items 7,100.00
(0.00)
Result (after exceptional 98,448.27
items) (79,832.73)
Unallocated Income(+)/ -7,208.23
Expenses(–) net (-4,434.17)
Profit/(Loss) Before Tax 91,240.04
(75,398.56)
Taxes 23,101.78
(18,840.13)
Extraordinary Profit 0.00
(0.00)
Net Profit/(Loss) 68,138.26
before share in profit in (56,558.43)
Associates and Minority
Interest
Add: Share in Profit in 1,405.16
Associates (1,191.45)
Less: Minority Interest 2,458.75
(2,101.71)
Net Profit/(Loss) for the 67,084.67
Group (55,648.17)
Other Information:
Segment Assets 18,05,145.08 17,37,823.44 75,117.91 25,38,954.68 26,14,072.59 4,17,545.67 99,852.13 66,74,438.91
(16,68,038.09) (15,16,712.53) (53,547.82) (22,63,602.63) (23,17,150.45) (3,28,479.47) (75,611.18) (59,05,991.72)
Unallocated Assets 59,339.89
(48,426.60)
Total Assets 67,33,778.80
(59,54,418.32)
Segment Liabilities 15,97,152.27 16,56,663.36 6,95,316.15 16,90,063.26 23,85,379.41 3,98,131.10 73,759.55 61,11,085.69
(15,04,440.73) (14,82,813.40) (4,90,828.11) (15,82,465.81) (20,73,293.92) (3,12,350.22) (54,507.60) (54,27,405.87)
Unallocated Liabilities 2,07,753.94
(1,68,081.13)
Total Liabilities 63,18,839.63
(55,95,487.00)

(i) Income/Expenses are for the whole year. Assets/Liabilities are as at 31st March 2024.

(ii) Figures within brackets are for previous year.

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Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

PART B: SECONDARY (GEOGRAPHIC) SEGMENTS

(H in Crore)
Domestic Foreign Total
Current Year Previous Year Current Year Previous Year Current Year Previous Year
Revenue (before 5,49,738.03 4,49,068.78 44,836.87 24,309.36 5,94,574.90 4,73,378.14
exceptional items) #
Net Profit# 53,693.65 48,467.92 13,391.02 7,180.25 67,084.67 55,648.17
Assets * 59,93,897.80 52,80,381.11 7,39,881.00 6,74,037.21 67,33,778.80 59,54,418.32
Liabilities * 55,89,635.44 49,31,129.80 7,29,204.19 6,64,357.20 63,18,839.63 55,95,487.00

# For the year ended 31st March 2024.

* As at 31st March, 2024.

As per RBI Circular DOR. AUT.REC.12/22.01.001/2022-23 dated 7th April 2022, for the purpose of disclosure under Accounting Standard
17 - Segment Reporting “Digital Banking” has been identified as a sub-segment under the “Retail Banking Segment”.

2.4 Accounting Standard-18 “Related Party Disclosures”:

2.4.1 Related Parties to the Group:
A) JOINT VENTURES:
1. C - Edge Technologies Ltd.
2. SBI Macquarie Infrastructure Management Pvt. Ltd.
3. SBI Macquarie Infrastructure Trustee Pvt. Ltd.
4. Macquarie SBI Infrastructure Management Pte. Ltd.
5. Macquarie SBI Infrastructure Trustee Ltd.
6. Oman India Joint Investment Fund – Management Company Pvt. Ltd.
7. Oman India Joint Investment Fund – Trustee Company Pvt. Ltd.

B) ASSOCIATES:
i) Regional Rural Banks
1. Andhra Pradesh Grameena Vikas Bank
2. Arunachal Pradesh Rural Bank
3. Chhattisgarh Rajya Gramin Bank
4. Ellaquai Dehati Bank
5. Madhyanchal Gramin Bank
6. Meghalaya Rural Bank
7. Mizoram Rural Bank
8. Nagaland Rural Bank
9. Saurashtra Gramin Bank
10. Utkal Grameen Bank
11. Uttarakhand Gramin Bank
12. Jharkhand Rajya Gramin Bank
13. Rajasthan Marudhara Gramin Bank
14. Telangana Grameena Bank

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

ii) Others
1. The Clearing Corporation of India Ltd.
2. Bank of Bhutan Ltd.
3. Yes Bank Ltd.
4. Investec Capital Services (India) Private Limited
5. Jio Payments Bank Limited
6. SBI Home Finance Ltd. (under liquidation)

C) Key Management Personnel of SBI:

1. Shri Dinesh Kumar Khara, Chairman
2. Shri Challa Sreenivasulu Setty, Managing Director
3. Shri Swaminathan Janakiraman, Managing Director (upto 25.06.2023)
4. Shri Ashwini Kumar Tewari, Managing Director
5. Shri Alok Kumar Choudhary, Managing Director
6. Shri Vinay M. Tonse, Managing Director (w.e.f. 21.11.2023)

2.4.2 Related Parties with whom transactions were entered into during the year:
No disclosure is required in respect of related parties, which are “State controlled Enterprises” as per paragraph 9 of Accounting
Standard (AS) 18. Further, in terms of paragraph 5 of AS 18, transactions in the nature of Banker-Customer relationship have not
been disclosed including those with Key Management Personnel and relatives of Key Management Personnel.

2.4.3 Transactions and Balances:

(H in Crore)
Associates/ Key Total Associates/ Key Total
Joint Ventures Management Joint Ventures Management
Particulars
Personnel & Personnel &
their relatives their relatives
Outstanding as at 31st March 2024 31st March 2023
Borrowings 408.64 - 408.64 - - -
Deposit 1,938.05 - 1,938.05 4,943.47 - 4,943.47
Other Liabilities 77.09 - 77.09 68.52 - 68.52
Balance with Banks and Money at call and 4.82 - 4.82 0.25 - 0.25
short notice
Advance 1,868.59 - 1,868.59 1,007.14 - 1,007.14
Investment 8,032.79 - 8,032.79 8,032.79 - 8,032.79
Other Assets 465.66 - 465.66 271.97 - 271.97
Non-fund commitments (LCs/BGs) 96.23 - 96.23 22.53 - 22.53
Maximum outstanding During FY 2023-24 During FY 2022-23
Borrowings 1,518.00 - 1,518.00 - - -
Deposit 6,410.68 - 6,410.68 5,271.03 - 5,271.03
Other Liabilities 104.62 - 104.62 68.56 - 68.56
Balance with Banks and Money at call and 709.14 - 709.14 2.72 - 2.72
short notice
Advance 2,204.87 - 2,204.87 1,152.51 - 1,152.51
Investment 8,233.17 - 8,233.17 11,063.92 - 11,063.92
Other Assets 513.25 - 513.25 527.57 - 527.57
Non-fund commitments (LCs/BGs) 96.23 - 96.23 22.53 - 22.53

Annual Report 2023- 24 289

CONSOLIDATED FINANCIALS

Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

(H in Crore)
Associates/ Key Total Associates/ Key Total
Joint Ventures Management Joint Ventures Management
Particulars
Personnel & Personnel &
their relatives their relatives
During the year During FY 2023-24 During FY 2022-23
Interest Income 143.15 - 143.15 116.66 - 116.66
Interest expenditure 148.14 - 148.14 80.69 - 80.69
Income earned by way of dividend 26.89 - 26.89 21.37 - 21.37
Other Income 3.66 - 3.66 3.80 - 3.80
Other expenditure 71.18 - 71.18 30.97 - 30.97
Profit/(loss) on sale of land/building and other (1.92) - (1.92) 0.91 - 0.91
assets
Management contracts - 2.21 2.21 - 2.21 2.21

There are no materially significant related party transactions during the year.

2.5 Accounting Standard-19 “Leases”:

2.5.1 Finance Leases
Assets taken on Financial Leases on or after 1st April 2001:
The details of financial leases are given below:
(H in Crore)
As at As at
Particulars
31st March 2024 31st March 2023
Total Minimum lease payments outstanding
Less than 1 year 75.86 75.21
1 to 5 years 210.69 233.10
5 years and above 93.71 49.63
Total 380.26 357.94
Interest Cost payable
Less than 1 year 21.35 21.95
1 to 5 years 27.76 38.63
5 years and above 2.75 7.97
Total 51.86 68.55
Present value of minimum lease payments payable
Less than 1 year 54.51 53.26
1 to 5 years 182.93 194.47
5 years and above 90.96 41.66
Total 328.40 289.39

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

2.5.2 Operating Lease

Premises taken on operating lease are given below:

Operating leases primarily comprise office premises and staff residences, which are renewable at the option of the group entities.

Liability for Premises taken on Non-Cancellable operating lease are given below:
(H in Crore)
As at As at
Particulars
31st March 2024 31st March 2023
Not later than 1 year 153.12 126.19
Later than 1 year and not later than 5 years 287.42 272.86
Later than 5 years 126.76 163.27
Total 567.30 562.32

Amount of lease payments recognised in the Profit & Loss Account for the year is H4,720.64 Crore (Previous Year H4,376.74 Crore).

2.6 Accounting Standard-20 “Earnings per Share”:

The Bank reports basic and diluted earnings per equity share in accordance with Accounting Standard 20 - "Earnings per Share".
"Basic earnings" per share is computed by dividing consolidated net profit/ (loss) after tax (other than minority) by the weighted average
number of equity shares outstanding during the year.
Particulars Current Year Previous Year
Basic and diluted
Number of Equity Shares outstanding at the beginning of the year 892,46,11,934 892,46,11,534
Number of Equity Shares issued during the year - 400
Number of Equity Shares outstanding at the end of the year 892,46,11,934 892,46,11,934
Weighted average number of equity shares used in computing basic earnings per share 892,46,11,934 892,46,11,707
Weighted average number of shares used in computing diluted earnings per share 892,46,11,934 892,46,11,707
Net Profit/(Loss) for the Group (H in Crore) 67,084.67 55,648.17
Basic earnings per share (H) 75.17 62.35
Diluted earnings per share (H) 75.17 62.35
Nominal value per share (H) 1.00 1.00

2.7 Accounting Standard-22 “Accounting for Taxes on Income”:

i) During the year, H2,269.31 Crore has been credited to Profit and Loss Account (Previous Year H4,342.79 Crore) on account of
deferred tax.

ii) The breakup of deferred tax assets and liabilities into major items is given below:
(H in Crore)
As at As at
Particulars
31st March 2024 31st March 2023
Deferred Tax Assets (DTA)
Provision for long term employee Benefits 13,707.66 9,166.98
Provision for advances 6,247.29 6,484.72
Provision for Other Assets/ Other Liability 3,033.08 3,736.75
On Accumulated Losses 30.32 48.47
On Foreign Currency Translation Reserve 1,101.26 1,686.01
Depreciation on Fixed Assets 456.74 394.58
DTAs on account of FOs of SBI 432.86 476.14
Others 261.70 259.90
Total 25,270.91 22,253.55

Annual Report 2023- 24 291

CONSOLIDATED FINANCIALS

Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

(H in Crore)
As at As at
Particulars
31st March 2024 31st March 2023
Deferred Tax Liabilities (DTL)
Depreciation on Fixed Assets 38.68 43.77
Interest accrued but not due on securities 7,191.40 6,599.00
Special Reserve created u/s 36(1)(viii) of Income Tax Act 1961 4,914.57 4,467.14
DTLs on account of FOs of SBI 7.60 0.01
ICDS – Interest on Income Tax Refund accrued and not received 990.32 -
Others 10.85 11.05
Total 13,153.42 11,120.97
Net Deferred Tax Assets/(Liabilities) 12,117.49 11,132.58

iii) SBI had exercised the option of lower tax rate permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the
Taxation Laws (Amendment) Act, 2019 from the financial year 2019-20 onwards.

2.8 Accounting Standard-28 “Impairment of assets”:

In the opinion of the Management, there is no impairment to the non-monetary assets during the year.

2.9 Accounting Standard – 29 “Provisions, Contingent Liabilities and Contingent Assets” :

 Provisions and contingencies recognised in Profit and Loss Account:

The breakup of provisions is given in the table below :

(H in Crore)
Sr Current Year Previous Year
Break up of “Provisions and Contingencies” shown under head Expenditure in Profit and loss account
No.
a Provision for Taxation
- Current Tax 25,361.28 23,182.65
- Deferred Tax Asset created (2,269.31) (4,342.79)
- (Write Back)/Additional Provision of Income Tax 9.81 0.27
b Provision on Non-Performing Assets 12,193.57 10,873.29
c Provision on Restructured Assets 48.30 (46.41)
d Provision on Standard Assets (1,264.48) 5,641.50
e Provision for Depreciation on Investments (604.11) 1,483.88
f Other Provisions (2,668.31) 232.02
Total 30,806.75 37,024.41

(Figures in brackets indicate credit)

 Floating provisions:
(H in Crore)
Sr Current Year Previous Year
Particulars
No.
a Opening Balance 193.75 193.75
b Addition during the year - -
c Draw down during the year - -
d Closing balance 193.75 193.75

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

 Description of contingent liabilities (AS-29):

Sr.
Particulars Brief Description
No
1 Claims against the Group The Group is a party to various proceedings in the normal course of business. It does not expect the outcome of
not acknowledged as debts these proceedings to have a material adverse effect on the Group’s financial conditions, results of operations or
cash flows. The Group is also a party to various taxation matters in respect of which appeals are pending.
2 Liability on partly paid-up This item represents amounts remaining unpaid towards liability for partly paid investments. This also includes
investments/ Venture Funds undrawn commitments for Venture Capital Funds.
3 Liability on account of The Group enters into foreign exchange contracts in its normal course of business to exchange currencies at a
outstanding forward pre-fixed price at a future date. Forward exchange contracts are commitments to buy or sell foreign currency at
exchange contracts a future date at the contracted rate. The notional amounts are recorded as contingent liabilities. With respect to
the transactions entered into with its customers, the Group generally enters into off-setting transactions in the
interbank market. This results in generation of a higher number of outstanding transactions, and hence a large
value of gross notional principal of the portfolio, while the net market risk is lower.
4 Guarantees given on As a part of its commercial banking activities, the Group issues documentary credits and guarantees on behalf
behalf of constituents, of its customers. Documentary credits enhance the credit standing of the customers of the Group. Guarantees
acceptances, endorsements generally represent irrevocable assurances that the Bank will make payment in the event of the customer failing
and other obligations to fulfil its financial or performance obligations.
5 Other items for which the The Group enters into currency options, forward rate agreements, currency swaps and interest rate swaps with
Group is contingently liable inter-Bank participants on its own account and for customers. Currency swaps are commitments to exchange
cash flows by way of interest/principal in one currency against another, based on predetermined rates. Interest
rate swaps are commitments to exchange fixed and floating interest rate cash flows. The notional amounts that are
recorded as Contingent Liabilities, are typically amounts used as a benchmark for the calculation of the interest
component of the contracts. Further, these also include estimated amount of contracts remaining to be executed
on capital account and not provided for, letter of comforts issued by SBI on behalf of Associates & Subsidiaries,
SBI’s Liability under Depositors Education and Awareness Fund A/c and other sundry contingent liabilities.

The contingent liabilities mentioned above are dependent upon the outcome of court/arbitration/out of court settlements, disposal of
appeals, the amount being called up, terms of contractual obligations, devolvement and raising of demand by concerned parties, as
the case may be.

 Movement of provisions against contingent liabilities:

The movement of provisions against contingent liabilities given in the table below:
(H in Crore)
Sr Current Year Previous Year
Particulars
No.
a Opening Balance 3,115.33 3,669.17
b Additions during the year 138.63 143.99
c Amount utilised during the year 534.19 86.65
d Unused amount reversed during the year 99.38 611.18
e Closing balance 2,620.39 3,115.33

3. Inter-Bank/ Company balances between group entities are being reconciled on an ongoing basis and there is no material effect
on the profit and loss account of the current year.

4. No disclosure on divergence in asset classification and provisioning for NPAs is required by SBI with respect to RBI’s
supervisory process for the year ended 31st March 2023, based on the conditions mentioned in RBI Circular No. DOR.ACC.REC.
No.74/21.04.018/2022-23 dated 11th October 2022.

Annual Report 2023- 24 293

CONSOLIDATED FINANCIALS

Schedules
forming part of the Consolidated Balance Sheet & Profit and Loss Account for the year ended 31st March 2024

5. Provision for Wage Revision

SBI has made a total provision of H15,877.09 Crore towards arrears of wages due for revision w.e.f. 1st November 2022. On signing
of the 12th Bi-partite wage settlement and 9th Joint Note on 8th March 2024, the salary was revised during the month of March
2024 and accordingly provision of H14,134.86 Crore was utilised. The balance of H1,742.23 Crore is yet to be disbursed towards
residual salary revision and ex-gratia for pensioners/family pensioners.

6. Exceptional Items
During the year ended 31st March 2024 SBI has recognised following as exceptional items:
• Provision of H5,400 Crore for estimated liability on account of pension at uniform rate of 50% for all pensioners prospectively,
in place of existing dual rate of calculation of pension.
• Provision of H1,700 Crore on account of ex-gratia benefit and neutralisation of Dearness Relief to pre-November 2002 retirees
and family pensioners.

7. In SBI Life Insurance Company Ltd. and SBI General Insurance Company Ltd., the actuarial valuation of liabilities in respect of
life insurance policies in force, life insurance policies in respect of which premium has been discontinued but liability exists as on
31st March 2024, Claims Incurred But Not Reported (IBNR), Claims Incurred But Not Enough Reported (IBNER) and Premium
Deficiency Reserve (PDR) are determined by the Appointed Actuary based on guidelines and norms issued by the Insurance
Regulatory Development Authority of India (IRDAI) and the Institute of Actuaries of India in concurrence with the IRDAI.

8. The investments of life and general insurance subsidiaries have been accounted for in accordance with the IRDAI guidelines
instead of restating the same in accordance with the accounting policy followed by SBI. The investments of insurance subsidiaries
constitute approximately 18.90% (Previous Year 16.39%) of the total investments as on 31st March 2024.

9. The Central Board of SBI has declared a dividend of H13.70 per share @ 1370% for the year ended 31st March 2024.

10. In accordance with RBI Circular DBOD NO.BP.BC.42/21.01.02/2007-08, redeemable preference shares (if any) are treated as
liabilities and the coupon payable thereon is treated as interest.

11. In accordance with current RBI guidelines, the general clarification issued by ICAI has been considered in the preparation of
the consolidated financial statements. Accordingly, additional statutory information disclosed in separate financial statements of
the parent and its subsidiaries having no bearing on the true and fair view of the consolidated financial statements and also the
information pertaining to the items which are not material have not been disclosed in the consolidated financial statements in
view of the Accounting Standard Interpretation issued by ICAI.

12. Previous year figures have been regrouped/reclassified, wherever necessary, to conform to current year classification. In cases
where disclosures have been made for the first time in terms of RBI guidelines/Accounting Standards, previous year’s figures have
not been mentioned.

Shri Vinay M. Tonse Shri Alok Kumar Choudhary Shri Ashwini Kumar Tewari Shri Challa Sreenivasulu Setty
Managing Director Managing Director Managing Director Managing Director
(Retail Business & Operations) (Risk, Compliance & SARG) (Corporate Banking & Subsidiaries) (International Banking,
Global Markets & Technology)

In terms of our report of even date

For K C Mehta & Co LLP
Chartered Accountants
Firm Regn. No. 106237W/W100829

Shri Dinesh Kumar Khara CA Chirag Bakshi

Chairman Partner
Membership No. 047164
Place: Mumbai
Date: 9th May 2024

294
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

State Bank of India

Consolidated Cash Flow Statement for the year ended 31st March 2024

(000s omitted)
Year ended Year ended
PARTICULARS 31.03.2024 31.03.2023
J J
CASH FLOW FROM OPERATING ACTIVITIES
Net Profit/(Loss) before taxes (including share in profit from associates and net of minority interest) 90186,44,73 74488,30,41
Adjustments for:
Depreciation on Fixed Assets 3849,12,45 3695,59,86
(Profit)/Loss on sale of Fixed Assets (Net) 25,20,54 29,03,16
(Profit)/Loss on revaluation of Investments (Net) (4892,78,72) 4922,60,98
(Profit) on sale of Investments in Subsidiaries/Joint Ventures/ Associates - -
Loss on sale of Investments in Subsidiaries/Joint Ventures/ Associates - -
Provision for diminution in fair value & Non Performing Assets 12241,86,70 10826,88,16
Provision on Standard Assets (1264,47,25) 5641,50,51
Provision on non-performing Investments (604,11,07) 1483,87,59
Other Provisions including provision for contingencies (2668,30,83) 232,01,48
Share in Profit of Associates (1405,15,43) (1191,45,21)
Dividend from Associates (5,57,19) (2,66,25)
Interest charged on Capital Instruments 9661,52,37 6543,73,06
105123,76,30 106669,43,75
Adjustments for:
Increase/(Decrease) in Deposits 498001,98,04 381124,90,62
Increase/(Decrease) in Borrowings other than Capital Instruments 112581,10,52 54584,07,36
(Increase)/Decrease in Investments other than Investment in Subsidiaries / Joint Ventures / Associates (190457,10,79) (141597,38,45)
(Increase)/Decrease in Advances (528612,41,02) (484653,00,71)
Increase/(Decrease) in Other Liabilities 102500,27,51 75713,73,97
(Increase)/Decrease in Other Assets (46236,90,64) (60531,72,28)
52900,69,92 (68689,95,74)
Tax refund / (Taxes paid) (31268,26,82) (17323,72,22)
NET CASH GENERATED FROM / (USED IN) OPERATING ACTIVITIES (A) 21632,43,10 (86013,67,96)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Shares in Subsidiaries/Joint Ventures/Associates (82,16,10) -
Sale of Shares in Subsidiaries/Joint Ventures/Associates - -
Dividend from Associates 5,57,19 2,66,25
(Increase)/decrease in Fixed Assets (4175,12,62) (4043,63,15)
NET CASH GENERATED FROM / (USED IN) INVESTING ACTIVITIES (B) (4251,71,53) (4040,96,90)

Annual Report 2023- 24 295

CONSOLIDATED FINANCIALS

State Bank of India

Consolidated Cash Flow Statement for the year ended 31st March 2024

(000s omitted)
Year ended Year ended
PARTICULARS 31.03.2024 31.03.2023
J J
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of Equity shares including share premium (Net of share issue expenses) - 64
Issue of Capital Instruments 20164,64,79 19533,09,26
Redemption of Capital Instruments (14288,20,00) (2125,00,00)
Interest paid on Capital Instruments (8589,25,32) (6324,62,56)
Dividend paid (10084,81,15) (6336,72,16)
Dividend tax paid by Subsidiaries/Joint Ventures (12,40,81) (1,22,83)
Increase/(Decrease) in Minority Interest 2913,74,49 1640,85,85
NET CASH GENERATED FROM / (USED IN) FINANCING ACTIVITIES (C) (9896,28,00) 6386,38,20
EFFECT OF EXCHANGE FLUCTUATION ON TRANSLATION RESERVE (D) 775,95,81 3075,05,46
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (A+B+C+D) 8260,39,38 (80593,21,20)
CASH AND CASH EQUIVALENTS AS AT 1ST APRIL 318311,90,97 398905,12,17
CASH AND CASH EQUIVALENTS AS AT 31ST MARCH 326572,30,35 318311,90,97
Notes:
1 Components of Cash & Cash Equivalents as at: 31.03.2024 31.03.2023

Cash & Balances with Reserve Bank of India 225356,33,61 247321,04,97

Balances with Banks and money at call & short notice 101215,96,74 70990,86,00
Total 326572,30,35 318311,90,97

2 Cash Flow from operating activities is reported by using indirect method.

Shri Vinay M. Tonse Shri Alok Kumar Choudhary Shri Ashwini Kumar Tewari Shri Challa Sreenivasulu Setty
Managing Director Managing Director Managing Director Managing Director
(Retail Business & Operations) (Risk, Compliance & SARG) (Corporate Banking & Subsidiaries) (International Banking,
Global Markets & Technology)

In terms of our report of even date

For K C Mehta & Co LLP
Chartered Accountants
Firm Regn. No. 106237W/W100829

Shri Dinesh Kumar Khara CA Chirag Bakshi

Chairman Partner
Membership No. 047164
Place: Mumbai
Date: 9th May 2024

296
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Independent Auditors’ Report

To, by the management, the aforesaid Consolidated Financial

The Board of Directors, Statements are in conformity with accounting principles
State Bank of India, generally accepted in India and give:
State Bank Bhavan,
a) true and fair view in case of the Consolidated Balance
Madam Cama Road,
Sheet, of the State of Affairs of the Group as at March
Mumbai.
31, 2024;

Report on Audit of the Consolidated Financial b) true balance of profit in case of Consolidated Profit &
Loss Account for the year ended on that date; and
Statements
c) true and fair view in case of Consolidated Cash Flow
Opinion
Statement for the year ended on that date.
1. We have audited the accompanying Consolidated Financial
Statements of State Bank of India (“the Bank”) which comprise
Basis for Opinion
the Consolidated Balance Sheet as at March 31, 2024, the
Consolidated Profit and Loss Account and the Statement of 2. We conducted our audit in accordance with the Standards
Consolidated Cash Flow for the year then ended, and Notes on Auditing (SAs) issued by the Institute of Chartered
to Consolidated Financial Statements including a summary Accountants of India (the ICAI). Our responsibilities under
of Significant Accounting Policies and other explanatory those Standards are further described in the Auditor’s
information which includes: Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of the
a) Audited Standalone Financial Statements of the Bank Group in accordance with the code of ethics issued by the
which have been Audited by all the twelve Statutory ICAI together with ethical requirements that are relevant to
Central Auditors including us; our audit of the Consolidated Financial Statements, and we
b) Audited Financial Statements of 25 Subsidiaries, 7 have fulfilled our other ethical responsibilities in accordance
Jointly Controlled Entities and 18 Associates (including with these requirements and the code of ethics. We believe
14 Regional Rural Banks) audited by other Auditors; and that the audit evidence we have obtained is sufficient and
(listed in Annexure A) appropriate to provide a basis for our opinion.

c) Un-audited Financial Statements of 1 Subsidiary and 1

Key Audit Matters
Associate (listed in Annexure A).
3. Key Audit Matters are those matters that in our professional
The above entities together with the Bank are referred to as judgment were of most significance in our audit of the
the ‘Group’. Consolidated Financial Statements for the year ended March
In our opinion and to the best of our information and 31, 2024. These matters were addressed in the context of our
according to the explanations given to us, and based on our audit of the Consolidated Financial Statements as a whole
consideration of the reports of other auditors on separate and in forming our opinion thereon and we do not provide a
financial statements of subsidiaries, jointly controlled entities separate opinion on these matters. We have determined the
and associates, the unaudited financial statements and matters described below to be the Key Audit Matters of the
the other financial information of subsidiaries as furnished Bank to be communicated in our report:

Annual Report 2023- 24 297

CONSOLIDATED FINANCIALS

Independent Auditors’ Report

Sr.
Key Audit Matters How the matter was addressed in our audit
No.
Key Audit matters reported in standalone financial statements of the Bank:
i Classification of Advances, Income Recognition, Identification of and Our audit approach towards advances with reference to the IRAC
provisioning for non-performing Advances (Refer Schedule 9 read norms and other related circulars/directives issued by the RBI
with Note 3 of Schedule 17 to the financial statements) and also internal policies and procedures of the Bank includes
the testing of controls on sample basis,
Advances include Bills purchased and discounted, Cash credits,
Overdrafts, Loans repayable on demand and Term loans. These a. The accuracy of the data input in the system for income
are further categorised as secured by Tangible assets (including recognition, classification into performing and non
advances against Book Debts), covered by Bank/Government performing Advances and provisioning in accordance with
Guarantees and Unsecured advances. the IRAC norms in respect of the branches audited by us;
Advances constitute 59.94% of the Bank’s total assets. They are, b. 
Existence and effectiveness of monitoring mechanisms
inter-alia, governed by income recognition, asset classification and such as Internal Audit, Systems Audit, Credit Audit and
provisioning (IRAC) norms and other circulars and directives issued Concurrent Audit as per the policies and procedures of the
by the RBI from time to time which provides guidelines related to Bank;
classification of Advances into performing and non- performing
Advances (NPA) except in case of foreign offices, classification of c. Examination of advances including stressed advances on
advances and provisioning thereof is made as per local regulations a sample basis with respect to compliance with the RBI
or RBI guidelines, whichever is more stringent. The Bank classifies Master Circulars / Guidelines/ Judicial pronouncements;
these Advances based on IRAC norms as per its accounting policy d. We have relied on the reports of IT System Audit by IAD with
No. 3. respect to the business logics / parameters inbuilt in CBS
Identification of performing and non-performing Advances involves and CCDP for tracking, identification and stamping of NPAs
establishment of proper mechanism. The Bank accounts for all and provisioning in respect thereof.
the transactions related to Advances in its Information Technology e. We tested the mapping of advances in the CCDP application
System (IT System) viz. Core Banking Solution (CBS) which identifies software and the financial statement preparation software
whether the advances are performing or non- performing. to ensure compliance with the presentation and disclosure
Further, NPA classification and calculation of provision (except requirements as per the aforesaid RBI Circular/directions.
in case of foreign offices) is done through another IT System viz. f. We have examined the efficacy of various internal controls
Centralised Credit Data Processing (CCDP) Application Software over advances to determine the nature, timing and extent
and other processes. of the substantive procedures and compliance with the
The carrying value of these advances (net of provisions) may be observations of the various audits conducted as per the
materially misstated if, either individually or in aggregate, the IRAC monitoring mechanism of the Bank and RBI Inspection.
norms are not properly followed. g. 
In carrying out substantive procedures at the branches
Considering the nature of the transactions, regulatory requirements, audited by us, we have examined large advances/ stressed
existing business environment, estimation/ judgement involved in advances while other advances have been examined on
valuation of securities and calculation of provisions, it is a matter of a sample basis including review of valuation reports of
high importance for the intended users of the Standalone Financial independent valuers provided by the Bank’s management.
Statements. Considering these aspects, we have determined this as h. We assessed and evaluated the process of identification of
a Key Audit Matter. NPAs and corresponding reversal of income and creation of
Accordingly, our audit was focused on income recognition, asset provision;
classification and provisioning pertaining to advances due to the i. Reliance is also placed on Audit Reports of other Statutory
materiality of the balances. Branch Auditors with whom we have also made specific
communication.
j. Bank has laid down detailed Standard Operating Procedure
to ensure control over processes. We have relied on these
Standard Operating Procedures and have conducted our
testing based on these Standard Operating Procedures.

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Sr.
Key Audit Matters How the matter was addressed in our audit
No.
ii Classification and Valuation of Investments, Identification of and Our audit approach towards Investments with reference to the
provisioning for Non-Performing Investments (Schedule 8 read with RBI Circulars/directives included the understanding of internal
Note 2 of Schedule 17 to the financial statements) controls and substantive audit procedures in relation to valuation,
classification, identification of non performing investments (NPIs),
Investments include investments made by the Bank in various provisioning/depreciation related to Investments. In particular ;
Government Securities, Bonds, Debentures, Shares, Security receipts
and other approved securities. a. We understood and evaluated the Bank’s internal control
system to comply with relevant RBI guidelines regarding
Investments constitute 27.05% of the Bank’s total assets. These are valuation, classification, identification of NPIs, provisioning/
governed by the circulars and directives of the RBI. These directions depreciation related to investments;
of RBI, inter-alia, cover valuation of investments, classification of
investments, identification of non-performing investments, the b. 
We assessed and evaluated the process adopted for
corresponding non-recognition of income and provision there collection of information from various sources for determining
against. fair value of these investments;
The valuation of each category (type) of the aforesaid securities is c. For the selected sample of investments in hand, we tested
to be done as per the method prescribed in circulars and directives accuracy and compliance with the RBI Master Circulars and
issued by the RBI which involves collection of data/information directions by re-performing valuation for each category of
from various sources such as FIMMDA rates, rates quoted on BSE/ security. Samples were selected after ensuring that all the
NSE, financial statements of unlisted companies etc. Considering categories of investments (based on nature of security) were
the complexities and extent of judgement involved in the valuation, covered in the sample;
volume of transactions, investments on hand and degree of regulatory
focus, this has been determined as a Key Audit Matter. d. We assessed and evaluated the process of identification of
NPIs and corresponding reversal of income and creation of
Accordingly, our audit was focused on valuation of investments, provision;
classification, identification of non performing investments and
provisioning related to investments. e. We carried out substantive audit procedures to recompute
independently the provision to be maintained and
depreciation to be provided in accordance with the circulars
and directives of the RBI. Accordingly, we selected samples
from the investments of each category and tested for NPIs
as per the RBI guidelines and recomputed the provision to
be maintained in accordance with the RBI Circular for those
selected sample of NPIs;
f. 
We tested the mapping of investments between the
Investment application software and the financial statement
preparation software to ensure compliance with the
presentation and disclosure requirements as per the
aforesaid RBI Circular/directions.

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Sr.
Key Audit Matters How the matter was addressed in our audit
No.
iii Assessment of Provisions and Contingent liabilities in respect of Our audit approach involved:
certain litigations including Direct and Indirect Taxes, various claims
filed by other parties not acknowledged as debt (Schedule 12 read a. Obtaining an understanding of internal controls relevant to
with Note 18.13 of Schedule 18 to the financial statements) : the audit in order to design our audit procedures that are
appropriate in the circumstances;
There is high level of judgement required in estimating the level of
provisioning. The Bank’s assessment is supported by the facts of b. 
Understanding the current status of the litigations/tax
matter, their own judgment, past experience, and advice from legal assessments including the status up to the date of auditor’s
and independent tax consultants wherever considered necessary. report;
Accordingly, unexpected adverse outcomes may significantly impact c. Examining recent orders and/or communication received
the Bank’s reported profit and state of affairs presented in the from various tax authorities/ judicial forums and follow up
Balance Sheet. action thereon;
We determined the above area as a Key Audit Matter in view of d. Evaluating the merit of the subject matter under consideration
associated uncertainty relating to the outcome of these matters which with reference to the grounds presented therein and
requires application of judgment in interpretation of law. Accordingly, available independent legal / tax advice including opinion of
our audit was focused on analysing the facts of subject matter under our internal tax experts;
consideration and judgments/ interpretation of law involved.
e. 
Review and analysis of evaluation of the contentions of
the Bank through discussions, collection of details of the
subject matter under consideration, the likely outcome and
consequent potential outflows on those issues; and
f. Verification of disclosures related to significant litigations
and taxation matters.
iv Valuation of employees’ defined benefit obligations: We tested governance and controls in place over the
methodologies and the significant assumptions, including those
The Bank has recognised long-term defined benefit obligations for in relation to the use of management's experts. We examined
its employees on actuarial basis. Pension and gratuity obligations the reports of external actuarial specialist and reviewed the key
are funded by the Bank. Shortfall, if any, in Bank’s Provident Fund actuarial assumptions used, both financial and demographic, and
Scheme is also provided for on actuarial basis. The Bank makes considered the methodology applied to derive these assumptions
periodic contributions to fund administered by Trustees based on including review of input data provided for actuarial valuations
an independent external actuarial valuation carried out annually. of employees’ defined benefit obligations. Furthermore, we have
Unfunded long-term defined benefit obligations are compensated examined the sensitivity analysis on the key assumptions in
absences, silver jubilee award, leave travel concession, retirement valuing the defined benefit obligations. We also evaluated the
award and resettlement allowance. The cost of providing unfunded objectivity and competence of management's expert involved
long-term benefits is determined using the projected unit credit in the valuation of the defined benefit obligation. We assessed
method with actuarial valuations being carried out at each Balance the appropriateness of the methodology used, and tested the
Sheet date. accuracy of the calculation, to estimate the liability.
The actuarial valuations of employee benefit obligations are
dependent on market conditions and assumptions made. The key
audit matter specifically relates to the following key assumptions:
discount rate, inflation expectations and life expectancy assumptions.
The setting of these assumptions is complex and requires the
exercise of significant management judgement with the support of
third-party actuary.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Sr.
Key Audit Matters How the matter was addressed in our audit
No.
Key Audit Matters as reported by auditors of SBI Life Insurance Company Limited:
v Information Technology systems and controls (IT Controls): Principal audit procedures:
All insurance companies are highly dependent on technology due • Sample testing of key control over IT systems having impact
to significant number of transactions that are processed daily. A on financial accounting and reporting.
significant part of the company’s financial processes is heavily
reliant on IT systems with automated processes and controls over • Assessed the IT system processes for effectiveness of some
the capturing, valuing and recording of transactions. Thus, there of the key controls with respect to financial accounting and
exists a risk that gaps in the IT Control Environment could result reporting records by sample testing; and
in the financial accounting and reporting records being materially
misstated. • Our audit approach relies on automated controls and therefore
procedures are designed to test control over IT systems,
The company uses several systems for its overall financial reporting. segregation of duties, interface and system application
We have identified “IT systems and controls” as key audit matters
controls over key financial accounting and reporting systems.
because of significant use of IT system and the scale and complexity
of the IT architecture. • Reviewed the report of independent information system
auditors which has confirmed the various system control
measures adopted by the company.
vi Valuation of Investments: Principal Audit Procedures:
The company’s investment portfolio consists of Policyholders’ • We assessed appropriateness of the pricing methodologies
investments (traditional and unit linked policy holders) and with reference to IRDAI Investment Regulations, Financial
Shareholders investment. Statement Regulations, Company’s internal investment and
Total investment portfolio of the company (i.e. Asset under management valuation policy.
(AUM)) represents 99.02 per cent of the Company’s total assets. • Assessed the process and tested the operating effectiveness
Investments are made and valued in accordance with Insurance of the key controls, including the Company’s review and
Act, 1938, IRDAI (Investment) Regulations, 2016 (“Investment approval of the estimates and assumptions used for the
Regulation”), IRDAI (Preparation of Financial Statement Regulation) valuation including key authorisation and data input controls.
2002 (“Financial Statement Regulations”), Investment Policy of the
• Fair value is best evidenced by quoted market prices in an
Company and relevant Indian GAAPs.
active market. Where quoted market prices are not available,
These valuation methods used multiple observable market inputs, the quoted prices of similar products or valuation models
including observable interest rate, index levels, credit spreads, equity with observable market based inputs are used to estimate
prices, counter party credit quality, and corresponding market fair value. The calculation of estimated fair value is based on
volatility levels etc.
market conditions at a specific point in time and may not be
The portfolio of quoted investments is 39.39 per cent of the Company’s reflective of future fair values.
AUM and the portfolio of investments that are valued primarily using
• For quoted investments, the valuation was done in accordance
observable inputs is 58.80 per cent of the Company’s AUM. We do
with the independent pricing sources / market prices in an
not consider these investments to be at a high risk of significant
misstatement, or to be subject to a significant level of judgement active market.
because they comprise liquid, quoted investments. However, due to • For unquoted investments, we critically evaluated the
their materiality in the context of the standalone financial statements valuation assessment and resulting conclusions in order to
as a whole, they are considered to be one of the areas which had the determine the appropriateness of the valuations recorded with
significant impact on our overall audit strategy. reference to the assessment made by the management for
The portfolio of unquoted investments is 1.22 per cent of the such valuation.
Company’s AUM. The valuation of unquoted investment involves
judgement depending on the observability of the inputs into the
valuation and further judgement in determining the appropriate
valuation methodology where external pricing sources are either not
readily available or are unreliable.
The valuation of these investment was considered to be one of the
areas which required significant auditor attention and was one of the
matter of most significance in the financial statements due to the
materiality of total value of investments to the financial statements.

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Sr.
Key Audit Matters How the matter was addressed in our audit
No.
vii Contingent Liabilities and Litigations: Principal Audit Procedures:
• We read the various regulatory correspondences and related
The company has pending litigation matters with various appellate
documents pertaining to litigation cases and corroborated
authorities and at different forums. The same involves judgements in
accordance with applicable Accounting Standards to determine the them with our understanding of legal position as per
final outcome of such open litigation matters. various statues.
• We obtained legal opinion sought by management from the
The management with the help of its experts, as needed, have
made judgements relating to the likelihood of an obligation arising independent legal counsel including opinion of our own team
and whether there is a need to recognise a provision or disclose a to review the sustainability of the dispute. We discussed
contingent liability. We therefore focused on this area as a result of the status and potential exposure in respect of significant
uncertainty and potential material impact. litigation with the company’s internal legal team and obtaining
details regarding the progress of various litigations including
management views on the likely outcome of each litigation
and the magnitude of potential exposure.
• The various litigation matters were reviewed in order to assess
the facts and circumstances and to identify the potential
exposures and to satisfy ourselves that it is not probable that
an outflow of economic benefits will be required, or in certain
cases where the amount cannot be estimated reliably, such
obligation is disclosed by the company as a contingent liability.
Key Audit Matters as reported by auditors of SBI Capital Markets Limited:
viii Evaluation of uncertain tax positions: Principal Audit Procedures:
The company has material uncertain tax positions including matters We evaluated the Company’s processes and controls for
under dispute which involves significant judgement to determine the monitoring the tax disputes.
possible outcome of these disputes.
Obtained risk assessment of tax litigation from our internal tax
expert to assess management’s judgement and assumption
on such matters to challenge the management’s underlying
assumptions in estimating the tax provision and the possible
outcome of the disputes. They also considered legal precedence
and other rulings in evaluating management’s position on these
uncertain tax positions.

Information Other than the Consolidated Financial In connection with our audit of the Consolidated Financial
Statements and Auditors’ Report thereon Statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other
4. The Bank’s Board of Directors is responsible for preparation
information is materially inconsistent with the Consolidated
of the other information. The other information comprises
Financial Statements or our knowledge obtained in the audit
the Corporate Governance report (but does not include
or otherwise appears to be materially misstated.
the Consolidated Financial Statements and our auditors’
report thereon), which we obtained at the time of issue of If, based on the work we have performed on the Other
this auditors’ report. The Other Information also includes the Information that we obtained prior to the date of this Auditors’
Directors’ Report of the Bank including annexures in annual Report, we conclude that there is a material misstatement of
report thereon, which is expected to be made available to us this Other Information, we are required to report that fact. We
after the date of this Auditors’ Report. have nothing to report in this matter.
Our opinion on the Consolidated Financial Statements does
not cover the other information and Pillar 3 disclosures under
the Basel III and we do not and will not express any form of
assurance conclusion thereon.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Responsibilities of Management and Those Charged Auditors’ Responsibility for the Audit of Consolidated
with Governance for the Consolidated Financial Financial Statements
Statements 6. Our objectives are to obtain reasonable assurance about
5. The Bank’s Board of Directors is responsible with respect whether the Consolidated Financial Statements as a whole
to the preparation of these Consolidated Financial are free from material misstatement whether due to fraud
Statements that give a true and fair view of the consolidated or error and to issue an auditor's report that includes our
financial position, consolidated financial performance and opinion. Reasonable assurance is a high level of assurance,
consolidated cash flows of the Group in accordance with but is not a guarantee that an audit conducted in accordance
the accounting principles generally accepted in India with SAs will always detect a material misstatement when
including Accounting Standard 21-“Consolidated Financial it exists. Misstatements can arise from fraud or error and
Statements”, Accounting Standards 23- “Accounting are considered material, if individually or in aggregate, they
for Investment in Associates in Consolidated Financial could reasonably be expected to influence the economic
Statements“ and Accounting Standards 27 – Financial decisions of users taken on the basis of these Consolidated
Reporting of Interest in Joint Venture” issued by the Institute of Financial Statements.
Chartered Accountants of India, and provisions of Section 29 As part of an audit in accordance with SAs, we exercise
of the Banking Regulation Act, 1949, the State Bank of India professional judgment and maintain professional scepticism
Act,1955 and circulars and guidelines issued by the Reserve throughout the audit. We also:
Bank of India (RBI) from time to time and other accounting
principles generally accepted in India. This responsibility • Identify and assess the risks of material misstatement
also includes maintenance of adequate accounting records of the Consolidated Financial Statements, whether due
in accordance with the provisions of the Banking Regulations to fraud or error, design and perform audit procedures
Act, 1949 and applicable laws for safeguarding of the assets responsive to those risks and obtain audit evidence that is
of the Bank and for preventing and detecting frauds and sufficient and appropriate to provide a basis for our opinion.
other irregularities; selection and application of appropriate The risk of not detecting a material misstatement resulting
accounting policies; making judgments and estimates that from fraud is higher than for one resulting from error, as
are reasonable and prudent; and design, implementation fraud may involve collusion, forgery, intentional omissions,
and maintenance of adequate internal financial controls, misrepresentations or the override of internal control.
that were operating effectively for ensuring the accuracy • Obtain an understanding of internal controls relevant to
and completeness of the accounting records, relevant to the audit in order to design audit procedures that are
the preparation and presentation of the respective financial appropriate in the circumstances.
statements that give a true and fair view and are free from
• Evaluate the appropriateness of accounting policies used
material misstatement, whether due to fraud or error.
and the reasonableness of accounting estimates and
In preparing the Consolidated Financial Statements, related disclosures made by management.
respective Board of Directors of the Group Entities is • Conclude on the appropriateness of management’s use
responsible for assessing the respective Group Entity’s ability of the going concern basis of accounting and, based
to continue as a going concern, disclosing, as applicable, on the audit evidence obtained, whether a material
matters related to going concern and using the going concern uncertainty exists related to events or conditions that
basis of accounting unless management either intends to may cast significant doubt on the Group Entity’s ability to
liquidate the Group Entities or to cease operations, or has no continue as a going concern. If we conclude that a material
realistic alternative but to do so. uncertainty exists, we are required to draw attention
Those Board of Directors of the Group Entities are also in our auditors’ report to the related disclosures in the
responsible for overseeing the respective Group Entity’s Consolidated Financial Statements or, if such disclosures
financial reporting process. are inadequate, to modify our opinion. Our conclusions are

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based on the audit evidence obtained up to the date of From the matters communicated with those charged with
our auditors’ report. However, future events or conditions governance, we determine those matters that were of most
may cause the Group Entity to cease to continue as a significance in the audit of the Consolidated Financial
going concern. Statements of the current period and are therefore the Key
• Evaluate the overall presentation structure and content Audit Matters. We describe these matters in our auditors’
of the Consolidated Financial Statements, including the report unless law or regulation precludes public disclosure
disclosures and whether the Consolidated Financial about the matter or when, in extremely rare circumstances,
Statements represent the underlying transactions and we determine that a matter should not be communicated in
events in a manner that achieves fair presentation. our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest
• Obtain sufficient appropriate audit evidence regarding the
benefits of such communication.
financial information of the entities or business activities
within the Group and its Associates and Jointly Controlled
Entities of which we are the independent auditors and Other Matters
whose financial information we have audited, to express an 7. Incorporated in these consolidated financial statements
opinion on the Consolidated Financial Statements. We are are the:
responsible for the direction, supervision and performance
a) We did not audit the financial statements / information
of the audit of the financial statements of such entities
of 6052 branches (including 35 Foreign branches)
included in the Consolidated Financial Statements of
included in the Standalone Financial Statements of the
which we are the independent auditors. For the other
Bank whose financial statements/ financial information
entities included in the Consolidated Financial Statements,
reflects total assets of H47,02,753 Crore at March 31,
which have been audited by other auditors, such other
2024 and total revenue of H3,50,397 Crore for the year
auditors remain responsible for the direction, supervision
ended on that date, as considered in the Standalone
and performance of the audits carried out by them. We
Financial Statements. The financial statements/
remain solely responsible for our audit opinion.
information of these branches have been audited by the
Materiality is the magnitude of misstatements in the branch auditors whose reports have been furnished to
Consolidated Financial Statements that, individually or in us, and our opinion in so far as it relates to the amounts
aggregate, makes it probable that the economic decisions of and disclosures included in respect of these branches,
a reasonably knowledgeable user of the financial statements is based solely on the report of such branch auditors.
may be influenced. We consider quantitative materiality
b) 
We did not audit the financial statements of 25
and qualitative factors in (i) planning the scope of our audit
Subsidiaries, 7 Jointly Controlled Entities whose financial
work and in evaluating the results of our work; and (ii) to
statements reflect total assets of H5,84,146.86 Crore as
evaluate the effect of any identified misstatements in the
at March 31, 2024, total revenues of H1,37,610.16 Crore
financial statements.
for the year ended on that date, as considered in the
We communicate with those charged with governance Consolidated Financial Statements. The Consolidated
regarding, among other matters, the planned scope and Financial Statements also include the Group’s share of
timing of the audit and significant audit findings, including net profit of H1,383.94 Crore for the year ended March
any significant deficiencies in internal control that we identify 31, 2024, as considered in the Consolidated Financial
during our audit. Statements, in respect of 18 associates, whose financial
statements have not been audited by us. These financial
We also provide those charged with governance with a
statements have been audited by other auditors whose
statement that we have complied with relevant ethical
reports have been furnished to us by the Management
requirements regarding independence and to communicate
and our opinion on the Consolidated Financial
with them all relationships and other matters that may
Statements, in so far as it relates to the amounts and
reasonably be thought to bear on our independence, and
disclosures included in respect of these subsidiaries,
where applicable, related safeguards.

304
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

jointly controlled entities and associates, and our report Authority of India (“IRDAI” / “Authority”) and the Institute
in so far as it relates to the aforesaid subsidiaries, jointly of Actuaries of India in concurrence with the Authority. The
controlled entities and associates, is based solely on the auditors have relied upon Appointed Actuary’s certificate
reports of the other auditors in this regard for forming our opinion on the valuation of
liabilities for life policies in force and for policies in respect of
c) We did not audit the financial statements of 1 subsidiary
which premium has been discontinued but liability exists in
and 1 associate whose financial statements reflect
financial statements of the Company.
total assets of H8,440.76 Crore as at March 31, 2024,
total revenues of H571.25 Crore as considered in
Consolidated Financial Statements. The Consolidated Report on Other Legal and Regulatory Requirements
Financial Statements also include the Group's share 9. The Consolidated Balance Sheet and the Consolidated
of net profit of H21.21 Crore for the year ended March Profit and Loss Account have been drawn up in accordance
31, 2024, as considered in the Consolidated Financial with Section 29 of the Banking Regulation Act, 1949; and
Statements, in respect of 1 associate, whose financial these give information as required to be given by virtue
statements have not been audited by us. These financial of the provisions of the State Bank of India Act, 1955 and
statements are unaudited and have been furnished regulations there under.
to us by the Management and our opinion on the
Consolidated Financial Statements, in so far as it relates Subject to the limitations of the audit indicated in paragraph
to the amounts and disclosures included in respect of 5 to 8 above and as required by the State Bank of India Act,
these subsidiary and associate, and our report relates 1955, and subject also to the limitations of disclosure required
to the aforesaid subsidiary and associate, in so far as therein, we report that:
is based solely on such unaudited financial statements. a) We have obtained all the information and explanations
In our opinion and according to the information and which, to the best of our knowledge and belief, were
explanations given to us by the Management, these necessary for the purposes of our audit and have found
financial statements are not material to the Group. them to be satisfactory;
Our opinion on the Consolidated Financial Statements is not b) The transactions of the Bank, which have come to our
modified in respect of the above matters with respect to our notice, have been within the powers of the Bank; and
reliance on the work done and the reports of the other auditors
and the financial statements certified by the Management. c) The returns received from the offices and branches of
the Bank have been found adequate for the purposes
8. The auditors of SBI Life Insurance Company Limited and of our audit.
SBI General Insurance Company Limited, subsidiaries of
the Group, have reported that the actuarial valuation of 10. We further report that:
liabilities for life policies in force, for policies in respect of a) In our opinion, proper books of account as required by
which premium has been discontinued but liability exist as law have been kept by the Bank so far as it appears
at March 31, 2024 and the actuarial valuation of liabilities from our examination of those books and the reports
in respect of Claims Incurred But Not Reported (IBNR) and of the other auditors and proper returns adequate for
Claims Not Incurred But Not Enough Reported (IBNER) the purposes of our audit have been received from
is the responsibility of the Company’s Appointed Actuary branches not visited by us;
(the “Appointed Actuary”). The actuarial valuation of these
liabilities for life policies in force and for policies in respect b) the Consolidated Balance Sheet, the Consolidated Profit
of which premium has been discontinued but liability and Loss Account and the Consolidated Cash Flow
exists as at March 31, 2024 has been duly certified by the Statement dealt with by this report are in agreement
Appointed Actuary and in his opinion, the assumptions for with the books of account and with the returns received
such valuation are in accordance with the guidelines and from the branches not visited by us;
norms issued by the Insurance Regulatory Development

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c) the reports on the accounts of the branch offices audited associate companies and jointly controlled entities
by branch auditors of the Bank as per the provisions of incorporated in India, none of the directors of the Group
the section 29 of the Banking Regulation Act, 1949, and companies incorporated in India is disqualified as on
the State Bank of India Act, 1955 have been sent to us March 31, 2024 from being appointed as a director in
and have been properly dealt with by us in preparing terms of Section 164(2) of the Companies Act, 2013.
this report; and
c) There are no qualifications, reservations or adverse
d) 
in our opinion, the Consolidated Balance Sheet, remarks relating to the maintenance of accounts and
the Consolidated Profit and Loss Account and the other matters connected therewith.
Consolidated Cash Flow Statement comply with the
d) As per para 1.14 of the Technical Guide on Audit of
applicable accounting standards, to the extent they are
Internal Financial Controls in Case of Public Sector
not inconsistent with the accounting policies prescribed
Banks issued by ICAI, the reporting requirement as
by the RBI.
introduced by RBI regarding Internal Financial Control
11. As required by letter No. DOS.ARG.No.6270/08.91.001/2019- over Financial Reporting will apply only to standalone
20 dated March 17, 2020 on “Appointment of Statutory financial statements of Public Sector Banks (PSBs)
Central Auditors (SCAs) in Public Sector Banks – Reporting and not to consolidated financial statements of PSBs.
obligations for SCAs from FY 2019-20”, read with subsequent Accordingly, reporting is not done on the Group’s
communication dated May 19, 2020 issued by the RBI, we Internal Financial Control over Financial Reporting with
further report on the matters specified in paragraph 2 of the reference to the Consolidated Financial Statements as
aforesaid letter as under: at March 31, 2024.

a) There are no observations or comments on financial K C Mehta & Co LLP

transactions or matters which have any adverse effect Chartered Accountants
on the functioning of the Bank. Firm Registration No.106237W/W100829

b) On the basis of the written representations received CA Chirag Bakshi

from the directors of the Bank as on March 31, 2024 Partner
taken on record by the Board of Directors of the Bank Place: Mumbai Membership No. 047164
and the reports of the statutory auditors of its subsidiary, Date: 9th May 2024 UDIN: 24047164BKAKPP7295

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Annexure A: List of entities consolidated as at March 31, 2024

Sr. Sr.
Name of Subsidiary Name of Subsidiary
No. No.
1 SBI Capital Markets Ltd. 14 SBI Cards and Payment Services Limited
2 SBICAP Securities Ltd. 15 SBI–SG Global Securities Services Pvt. Ltd.
3 SBICAP Trustee Company Ltd. 16 SBI Funds Management Ltd.
4 SBICAP Ventures Ltd. 17 SBI Funds Management (International) Private Ltd.
5 SBI DFHI Ltd. 18 Commercial Indo Bank Llc, Moscow
6 SBI Global Factors Ltd. 19 SBI Canada Bank - Unaudited
7 SBI CDMDF Trustee Pvt. Ltd. (w.e.f. 25.07.2023) 20 State Bank of India (California)
8 SBI Mutual Fund Trustee Company Pvt Ltd. 21 State Bank of India (UK) Limited
9 SBI Payment Services Pvt. Ltd. 22 State Bank of India Servicos Limitada
10 SBI Pension Funds Pvt Ltd. 23 SBI (Mauritius) Ltd.
11 State Bank Operations Support Services Pvt. Ltd. 24 PT Bank SBI Indonesia
12 SBI Life Insurance Company Ltd. 25 Nepal SBI Bank Ltd.
13 SBI General Insurance Company Ltd. 26 Nepal SBI Merchant Banking Limited

Sr. Sr.
Name of Joint venture Name of Joint venture
No. No.
1 C - Edge Technologies Ltd. 5 Macquarie SBI Infrastructure Trustee Ltd.
2 SBI Macquarie Infrastructure Management Pvt. Ltd. 6 Oman India Joint Investment Fund – Management Company Pvt. Ltd.
3 SBI Macquarie Infrastructure Trustee Pvt. Ltd. 7 Oman India Joint Investment Fund – Trustee Company Pvt. Ltd.
4 Macquarie SBI Infrastructure Management Pte. Ltd.

Sr. Sr.
Name of Associate Name of Associate
No. No.
1 Andhra Pradesh Grameena Vikas Bank 11 Jharkhand Rajya Gramin Bank
2 Arunachal Pradesh Rural Bank 12 Saurashtra Gramin Bank
3 Chhattisgarh Rajya Gramin Bank 13 Rajasthan Marudhara Gramin Bank
4 Ellaquai Dehati Bank 14 Telangana Grameena Bank
5 Meghalaya Rural Bank 15 The Clearing Corporation of India Ltd.
6 Madhyanchal Gramin Bank 16 Yes Bank Limited
7 Mizoram Rural Bank 17 Bank of Bhutan Ltd. - Unaudited
8 Nagaland Rural Bank 18 Investec Capital Services (India) Private Limited
9 Utkal Grameen Bank 19 Jio Payments Bank Ltd.
10 Uttarakhand Gramin Bank

Annual Report 2023- 24 307

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

DF-1: SCOPE OF APPLICATION

“State Bank of India is the parent company to which the Basel III Framework applies. The consolidated financial statements of the
group conform to Generally Accepted Accounting Principles (GAAP) in India, comprising regulatory norms, directions & guidelines
prescribed by the Reserve Bank of India (RBI), statutory guidelines of the State Bank of India Act, 1955, the Banking Regulations Act,
1949, Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA),
SEBI (Mutual Funds) Regulations, 1996, Companies Act 2013, Accounting Standards issued by Institute of Chartered Accountants of
India (ICAI) and the accounting practices prevalent in India.”

(i) Qualitative Disclosures:

a) List of group entities considered for consolidation for the period ended 31st March 2024
The following subsidiaries, joint ventures and associates are considered for the preparation of consolidated financial
statements of SBI Group.
Sr. Name of the entity Country of Whether Explain the method of Whether Explain the method of Explain the Explain the reasons
No. incorporation the entity consolidation the entity consolidation reasons for if consolidated
is included is included difference in under only one
under under the method of of the scopes of
accounting regulatory consolidation consolidation
scope of scope of
consolidation consolidation
(yes / no) (yes / no)
1 SBI Capital Markets Ltd. India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
2 SBICAP Securities Ltd. India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
3 SBICAP Ventures Ltd. India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
4 SBICAP Trustee Company Ltd. India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
5 SBI DFHI Ltd. India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
6 SBI Payment Services Pvt. Ltd. India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
7 SBI Global Factors Ltd. India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
8 SBI Pension Funds Pvt Ltd. India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
9 SBI –SG Global Securities India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
Services Pvt. Ltd.
10 SBI Mutual Fund Trustee India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
Company Pvt Ltd.
11 SBI Funds Management Ltd. India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
12 SBI Funds Management Mauritius Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
(International) Private Ltd.
13 SBI Cards and Payment India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
Services Ltd.
14 SBI CDMDF Trustee Private India Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
Limited (Date of incorporation
25th July 2023)
15 State Bank of India (California) USA Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
16 SBI Canada Bank Canada Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
17 Commercial Indo Bank Llc, Russia Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
Moscow
18 SBI (Mauritius) Ltd. Mauritius Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
19 PT Bank SBI Indonesia Indonesia Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
20 Nepal SBI Bank Ltd. Nepal Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
21 Nepal SBI Merchant Banking Nepal Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
Ltd.
22 State Bank of India (UK) UK Yes Consolidated as per AS 21 Yes Consolidated as per AS 21 Not applicable Not applicable
Limited

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Sr. Name of the entity Country of Whether Explain the method of Whether Explain the method of Explain the Explain the reasons
No. incorporation the entity consolidation the entity consolidation reasons for if consolidated
is included is included difference in under only one
under under the method of of the scopes of
accounting regulatory consolidation consolidation
scope of scope of
consolidation consolidation
(yes / no) (yes / no)
23 State Bank of India Servicos Brazil Yes Consolidated as per AS 21 No Not applicable Not applicable Non-financial
Limitada Subsidiary: Not under
scope of Regulatory
Consolidation
24 State Bank Operations Support India Yes Consolidated as per AS 21 No Not applicable Not applicable Non-financial
Services Pvt. Ltd. Subsidiary: Not under
scope of Regulatory
Consolidation
25 SBI Life Insurance Company India Yes Consolidated as per AS 21 No Not applicable Not applicable Insurance Joint
Ltd. Venture: Not under
scope of Regulatory
Consolidation
26 SBI General Insurance India Yes Consolidated as per AS 21 No Not applicable Not applicable Insurance Joint
Company Ltd. Venture: Not under
scope of Regulatory
Consolidation
27 C - Edge Technologies Ltd. India Yes Consolidated as per AS 27 No Not applicable Not applicable Non-financial Joint
Venture: Not under
scope of Regulatory
Consolidation
28 SBI Macquarie Infrastructure India Yes Consolidated as per AS 27 No Not applicable Not applicable Joint Venture:
Management Pvt. Ltd. Not under scope
of Regulatory
Consolidation
29 SBI Macquarie Infrastructure India Yes Consolidated as per AS 27 No Not applicable Not applicable Joint Venture:
Trustee Pvt. Ltd. Not under scope
of Regulatory
Consolidation
30 Macquarie SBI Infrastructure Singapore Yes Consolidated as per AS 27 No Not applicable Not applicable Joint Venture:
Management Pte. Ltd. Not under scope
of Regulatory
Consolidation
31 Macquarie SBI Infrastructure Bermuda Yes Consolidated as per AS 27 No Not applicable Not applicable Joint Venture:
Trustee Ltd. Not under scope
of Regulatory
Consolidation
32 Oman India Joint Investment India Yes Consolidated as per AS 27 No Not applicable Not applicable Joint Venture:
Fund – Management Not under scope
Company Pvt. Ltd. of Regulatory
Consolidation
33 Oman India Joint Investment India Yes Consolidated as per AS 27 No Not applicable Not applicable Joint Venture:
Fund – Trustee Company Not under scope
Pvt. Ltd. of Regulatory
Consolidation
34 Andhra Pradesh Grameena India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
Vikas Bank scope of Regulatory
Consolidation
35 Arunachal Pradesh Rural Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
36 Chhattisgarh Rajya Gramin India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
Bank scope of Regulatory
Consolidation

Annual Report 2023- 24 309

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

Sr. Name of the entity Country of Whether Explain the method of Whether Explain the method of Explain the Explain the reasons
No. incorporation the entity consolidation the entity consolidation reasons for if consolidated
is included is included difference in under only one
under under the method of of the scopes of
accounting regulatory consolidation consolidation
scope of scope of
consolidation consolidation
(yes / no) (yes / no)
37 Ellaquai Dehati Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
38 Meghalaya Rural Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
39 Madhyanchal Gramin Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
40 Mizoram Rural Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
41 Nagaland Rural Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
42 Utkal Grameen Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
43 Uttarakhand Gramin Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
44 Jharkhand Rajya Gramin Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
45 Saurashtra Gramin Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
46 Rajasthan Marudhara Gramin India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
Bank scope of Regulatory
Consolidation
47 Telangana Grameena Bank India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
48 The Clearing Corporation of India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
India Ltd. scope of Regulatory
Consolidation
49 Yes Bank Ltd. India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
50 Bank of Bhutan Ltd. Bhutan Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation
51 Investec Capital Services India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
(India) Private Limited scope of Regulatory
Consolidation
52 Jio Payments Bank Limited India Yes Consolidated as per AS 23 No Not applicable Not applicable Associate: Not under
scope of Regulatory
Consolidation

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

b. List of group entities not considered for consolidation both under the accounting and regulatory scope of
consolidation as on 31st March 2024
(H In Crore)

Sr. Name of the entity Country of Principal activity of the Total balance % of Regulatory Total balance
No. incorporation entity sheet equity bank’s treatment sheet assets
(as stated in holding in of bank’s (as stated in
the accounting the total investments the accounting
balance sheet of equity in the capital balance sheet of
the legal entity) instruments of the legal entity)
the entity
1 SBI Foundation India A Not-for-Profit Company 348.89 99.72% Deducted from 349.60
to focus on Corporate regulatory
Social Responsibility (CSR) capital
Activities
2 SBI Home Finance Ltd. India Under winding up N.A. 26.00% Risk weighted N.A.
3 SBI Infra Management India Under winding up 3.93 100% Deducted from 3.94
Solutions Private Limited regulatory
capital
4 SBI Funds International GIFT City- India Funds Management* N.A. 100.00% N.A N.A.
(IFSC) Limited

*As on 31st March 2024, the license approval from International Financial Services Centres Authority (IFSCA) for doing business as “Fund Management
Entity” is in process. Subsequent to the approval, the capital wil be infused in the subsidiary and will be considered as group subsidiary in Consolidated
Financial Statements of SBI.

(ii) Quantitative Disclosures:

c. List of group entities considered for regulatory consolidation as on 31st March 2024
Following is the list of group entities considered under regulatory scope of consolidation:
(H In Crore)
Sr. Name of the entity Country of Principal activity of the entity Total balance Total balance Remarks
No. incorporation sheet equity sheet assets
(as stated in (as stated in
the accounting the accounting
balance sheet of balance sheet of
the legal entity) the legal entity)
$# #
1 SBI Capital Markets Ltd India Merchant Banking and Advisory Services 2,836.12 3,902.95
2 SBICAP Securities Ltd India Securities Broking & its allied services and 1,514.73 4,802.16
third-party distribution of financial products
3 SBICAP Trustee Company India Corporate Trusteeship Activities 204.17 208.23
Ltd
4 SBICAPS Ventures Ltd India Asset Management Company for Venture 230.29 310.68
Capital Fund
5 SBI DFHI Ltd India Primary Dealer in Govt. Securities 1,423.78 21,901.85
6 SBI Mutual Fund Trustee India Trusteeship Services to schemes floated by 20.56 20.86
Co. Pvt Ltd SBI Mutual Fund
7 SBI Global Factors Ltd India Factoring Activities 455.21 1,835.91
8 SBI Pension Funds Pvt Ltd India Pension Fund Manager (PFM) for 212.59 218.05
Management of assets of NPS Trust and
Point of Presence (PoP) for onboarding of
NPS subscribers
9 SBI Payments Services India Payment Solutions related to Merchant 1,459.33 2,036.26
Pvt Ltd Acquiring Business duly enabling cashless
/ digital transactions

Annual Report 2023- 24 311

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

(H In Crore)
Sr. Name of the entity Country of Principal activity of the entity Total balance Total balance Remarks
No. incorporation sheet equity sheet assets
(as stated in (as stated in
the accounting the accounting
balance sheet of balance sheet of
the legal entity) the legal entity)
$# #
10 SBI Funds Management Ltd India Asset Management Services to schemes 6,058.57 6,230.65
floated by SBI Mutual Fund
11 SBI Funds Management Mauritius Investment Management Services 1.08 2.32
(International) Private Ltd
12 SBI Cards & Payment India Credit Cards Business 11,356.13 57,470.08
Services Ltd
13 SBI-SG Global Securities India Custody and Fund accounting services 510.36 1,008.43
Services P. Ltd.
14 SBI CDMDF Trustee India Trusteeship Services to Corporate Debt 0.22 0.23
Private Limited (Date of Market Development Fund
incorporation 25th July 2023)
15 State Bank of India USA Banking Services 1,379.94 9,918.36
(California)
16 SBI Canada Bank Canada Banking Services 1,197.75 8,440.76
17 Commercial Indo Bank Llc, Russia Banking Services 760.52 7,738.76
Moscow
18 SBI (Mauritius) Ltd Mauritius Banking Services 1,522.53 11,124.66
19 PT Bank SBI Indonesia Indonesia Banking Services 1,717.49 3,778.45
20 Nepal SBI Bank Ltd Nepal Banking Services 1,223.52 13,688.36
21 State Bank of India (UK) UK Banking Services 2,859.68 19,422.12
Limited
22 Nepal SBI Merchant Nepal Merchant Banking and Advisory Services 18.64 19.55
Banking Ltd.

$ Comprises of Equity Capital and Reserve & Surplus

# In case of domestic entities as per IGAAP and in case of overseas entities as per respective local regulations

(d) The aggregate amount of capital deficiencies in all subsidiaries which are not included in the regulatory scope
of consolidation i.e. that are deducted:
Name of the Subsidiaries/ Principal activity of the entity Total balance sheet equity % of Bank’s holding in the Capital Deficiency
Country of incorporation (as stated in the accounting total equity
balance sheet of the legal
entity)
NIL

(e) The aggregate amount (e.g. current book value) of the Bank’s total interests in Insurance entities, which are risk
weighted
(H In Crore)
LONG NAME Face Book Market Excess Capital RWA Principal Total balance sheet % of Quantitative impact
Value Value Value Provision Charge activity of equity (as stated Bank’s on regulatory capital
(LICRA+IRAC the entity in the accounting holding in of using risk weighting
+IOS+RCH) balance sheet of the the total method Vs using the full
legal entity) equity deduction method
- - - - - - - - - - -

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(f) Any restrictions or impediments on transfer of funds or regulatory capital within banking group:

Overseas Banking Subsidiaries

Subsidiaries Restrictions
SBI California As per regulations, the only way to transfer capital to parent bank is to pay dividends or buyback shares or capital
repatriation to parent bank.
SBI Canada Prior permission from the regulator (OSFI) before transferring any type of capital (equity or debt) to parent bank.
SBI Mauritius Ltd. There are regulatory restrictions for the reduction of the Bank’s capital to be paid back to the shareholders including
the parent bank. Any reduction in capital can be made either through payment of dividend or reduction in stated
capital as provided in the banking act and the companies act of Mauritius. The amount to be paid is subject to SBIML
maintaining adequate capital and liquidity ratios as per the regulatory requirements.
(a) The central bank shall not grant, and no bank shall hold, a banking license unless it maintains and continues
to maintain in Mauritius, an amount paid as stated capital or an amount of assigned capital of not less than
400 million rupees or the equivalent.
(b) Every bank shall maintain, in Mauritius, capital of not less than 10 per cent, or such higher ratio as may be
determined by the central bank, of such of that bank’s risk assets and of other types of risks.
Bank SBI Indonesia The Bank maintains a minimum regulatory capital to be able to operate as a Book II bank as well as a forex bank.
However, transfer of funds as dividend to parent bank is allowed after generation of sufficient profit.
Nepal SBI Bank Ltd. Under the laws of Nepal, Assets and Liabilities of the Company are exclusive and non-transferable. Hence, the transfer
of funds or regulatory capital within the banking group is not possible.
Commercial Indo Bank Llc, There are no restrictions or impediments on transfer of funds or regulatory capital within banking group.
Moscow (CIBL)
State Bank of India (UK) Excess capital beyond the regulatory minimum can be paid back to the parent (via dividends or reduced capital) along
Limited with the approval of SBI UK Board and PRA. This will be based on the projected growth plans of SBI UK Limited and its
capital requirements.

Non-Banking Subsidiaries
Sr. Name of the Entity As advised by Non-Banking Subsidiaries
No
1 SBI Life Insurance Ltd. • As per regulations, the only way to transfer capital to the parent Bank is to pay dividends in accordance with
Section 49 of Insurance Act, 1938.
• This is subject to maintaining the minimum solvency ratio 150% in accordance with Regulatory norms.
The Board of Directors of the Company has specified a minimum limit of solvency ratio at 180%.
2 SBI General Insurance Co. • As per regulations, the only way to transfer capital to the parent Bank is to pay dividends in accordance with
Ltd. Section 49 of Insurance Act, 1938.
• This is subject to maintaining the minimum solvency ratio 150% in accordance with Regulatory norms.
The Board of Directors of the Company has specified a minimum limit of solvency ratio at 170%.
3 SBI Cards & Payment • SBI Card can return share capital to SBI only by way of buy back of shares in accordance with the provisions of
Services Ltd. Companies Act, SEBI and RBI regulations.
4 SBI Funds Mgmt. Ltd. • SBIFML can transfer capital by way of buy back subject to adherence of Companies Act, SEBI Regulations,
Articles of Association of the Company and other applicable regulations. Further, in terms of Companies Act,
wherever approval of Board / Shareholders are required, the company comply with the same.
5 SBI Mutual Fund Trustee • The Company can transfer capital by way of buy back subject to adherence of Companies Act, SEBI
co. Ltd. Regulations and other applicable regulations. Further, in terms of Companies Act, wherever approval of Board
/ Shareholders are required, the company comply with the same.
6 SBI CDMDF Trustee Pvt. • The Company can transfer capital by way of buy back subject to adherence of Companies Act, SEBI
Ltd. Regulations and other applicable regulations. Further, in terms of Companies Act, wherever approval of Board
/ Shareholders are required, the company comply with the same.

Annual Report 2023- 24 313

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

Sr. Name of the Entity As advised by Non-Banking Subsidiaries

No
7 SBI Capital Markets Ltd. • Transfer of capital from SBICAP to the parent SBI, would be subject to the below:
i. As per SEBI Merchant Bankers Regulations 1992, a category I Merchant Banker requires a minimum Net
worth of H5 Crore. Further, if any Transfer of funds leads to change in control approval from SEBI shall be
required.
ii. As per SEBI (Research Analyst) Regulations, 2014, a research analyst who is a body corporate requires a
Networth of H25 Lakh. Further, if any Transfer of funds leads to change in control approval from SEBI shall
be required.
• Article 60 of AOA of SBICAP provides that notwithstanding anything contained in these Articles but subject to
all applicable provisions of the Act or any other law for the time being in force, the Company may purchase its
own shares or other specified securities.
• SBICAP has an internal Risk policy of maintaining a minimum CAR of 15.00.
• All of the above would be subject to the approval of the Board of SBICAP.
8 SBICAP Ventures Ltd (SVL) • SVL can transfer capital by way of buy back subject to adherence of Companies Act, SEBI Regulations, Articles
of Association of the Company and other applicable regulations. Further, in terms of Companies Act, wherever
approval of Board / Shareholders are required, the company would comply with the same.
9 SBI Global Factors Ltd. • As per regulations, the only way to transfer Capital to parent bank is to pay dividends or buy back shares. There
are Regulatory restrictions for the reduction of the Company’s capital to be paid back to the Shareholders
including the parent. Any reduction in capital can be made either through payment of dividend or reduction in
stated capital as provided in the RBI Guidelines and the Companies Act. The amount to be paid is subject to
maintaining adequate capital and the liquidity ratio as per the regulatory requirements.
a) A Company cannot hold NBFC-Factors license unless it maintains and continues to maintain, an amount
paid as Net Owned Funds.
b) Every NBFC shall maintain, capital of not less than 15% of its aggregated risk weighted assets (Tier I plus
Tier II Capital, Tier I capital should not be less than 10%) on Balance Sheet and of risk adjusted value of
off-Balance Sheet items, or such higher ratio as may be determined by the central bank.
c) Every Company registered as NBFC- Factors shall maintain minimum Net Owned Fund (NOF) of H5 Crore
as required by Factoring Regulations Act, 2011.
d) Companies Act also stipulates some conditions for transfer of capital by way of buy-back of shares or
distribution as dividends.
• There are no specific restrictions on transfer of funds or regulatory capital in Articles of Association of the
Company.
• In case of excess capital beyond the regulatory minimum requirement, can be paid back to the parent (via
dividends or reduced capital) with the approval of Board and the Regulator. This will be based on the projected
growth plans and its capital requirements.
10 SBI-SG Global Securities • The transfer of Capital would be subject to maintenance of Minimum Regulatory Net worth of H500 million
Services Ltd. prescribed by SEBI. Apart from this Company as per the Board is required to maintain Charge on Capital of
H200 million (as on 31st March 2024) for Operational Risk which is calculated as per Standardised Approach
of Basel II.
• Transfer can be achieved through issue of new shares (other than shares issued on a rights basis or in a
subsequent placement), creation of option or warrants, creating new classes of shares, buy backs/ redemption/
repurchase, splits, issuance of convertible debt, bonuses, lien or encumbrances or debt restructure involving
conversion into equity which would be anti-dilutive for the parties and/or their rights as equity shareholders
and declaration of dividend by the company.

314
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Sr. Name of the Entity As advised by Non-Banking Subsidiaries

No
11 SBI DFHI Ltd. The capital can be transferred to the parent bank by way of dividends or buy back shares. The RBI instructions
for Standalone Primary Dealers (SPD) in this regard are as under:
• Any change in the shareholding pattern / capital structure of SPD shall need prior approval of RBI.
• SPDs are required to maintain a minimum Capital to Risk-Weighted Assets Ratio (CRAR) of 15 per cent on an
ongoing basis.
1) SPDs shall follow the following guidelines while declaring dividend distribution:
i. SPDs that meet the following minimum prudential requirements shall be eligible to declare dividend:
a) SPDs should have maintained a minimum CRAR of 20 per cent for the financial year (each of the
four quarters) for which dividend is proposed.
b) The net NPA ratio shall be less than six per cent in each of the last three years, including as at the
close of the financial year for which dividend is proposed to be declared.
c) SPDs shall comply with the provisions of Section 45 IC of the Reserve Bank of India Act, 1934.
d) SPDs shall be compliant with the prevailing regulations/ guidelines issued by the Reserve Bank.
The Reserve Bank shall not have placed any explicit restrictions on declaration of dividend.
• SPDs that meet the eligibility criteria specified in paragraph (1) above can declare dividend up to a dividend
pay-out ratio of 60 per cent.
SPDs having CRAR below the regulatory minimum of 15 per cent in any of the four quarters of the financial year
for which dividend is proposed shall not declare any dividend. For SPDs having CRAR at or above the regulatory
minimum of 15 per cent during all the four quarters of the financial year for which dividend is being considered,
but lower than 20 per cent in any of the four quarters, the dividend pay-out ratio shall not exceed 33.3 per cent.
12 SBI Pension Funds Pvt. Ltd. • SBI Pension Fund can return share capital to SBI only by way of buy back of shares in accordance with the
provisions of Companies Act and PFRDA Regulations.
• The only criteria is that the Company should maintain minimum Net Worth of H50 Crore and shall fulfil the
minimum eligibility criteria of the Pension Fund i.e. Reg 8 (d) the sponsor shall have Profits After Tax in at least
three of the preceding five financial years. Further, there shall be no cash loss in the last preceding five years.
• Further, as per Regulation J, any change in management, ownership, shareholding pattern, or controlling
interest of the sponsor of the pension fund exceeding one percent, but less than five percent of the paid-up
capital of the sponsor or pension fund in a financial year, shall be informed to the Authority within fifteen days
of the occurrence of such change.
• Provided that no change in excess of five percent. or more of the paid-up capital of the sponsor or the pension
fund, in any financial year, shall be made without prior approval of the Authority.
• The Capital can be paid to the parent with the Board and Shareholders approval and fulfilling the PFRDA
regulations & the provisions of the Companies Act, 2013.
13 SBI Payment Services Pvt. • There are no restrictions or impediments on the transfer of funds or Regulatory capital as per JV agreement.
Ltd. • Transfer of funds is subject to approval from the SBI Payments Board and JV partners.
14 State Bank Operations • SBOSS can transfer capital to the Holding Bank by way of dividends or buyback of shares.
Support Services Pvt. Ltd. • Further, in terms of the Companies Act, 2013 wherever approval of the Board / Shareholders is required,
the company will comply with the same.

Annual Report 2023- 24 315

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

DF-2 – CAPITAL ADEQUACY

As on 31st March 2024

Qualitative Disclosures
(a) A summary discussion • The Bank and its Subsidiaries undertake the Internal Capital Adequacy Assessment Process (ICAAP) on an annual
of the Bank’s approach basis. The ICAAP details the capital planning process and carries out an assessment covering measurement,
to assessing the monitoring, internal controls, reporting, capital requirement and stress testing of the following Risks:
adequacy of its capital • Credit Risk • Market Risk
to support current and • Operational Risk • Credit Concentration Risk
future activities • Liquidity Risk • Interest Rate Risk in the Banking Book
• Compliance Risk • Country Risk
• Pension Fund Obligation Risk • Strategic Risk
• Reputation Risk • Model Risk
• Residual Risk from Credit Risk Mitigants • Contagion Risk
• Talent Risk • Cyber Risk
• Any other applicable Risk • Underwriting Risk
• Sensitivity Analysis is conducted annually or more frequently as required, on the movement of Capital Adequacy
Ratio (CAR) in the medium horizon of 3 to 5 years, considering the projected investment in Subsidiaries / Joint
Ventures by SBI and growth in Advances by SBI and its Subsidiaries (Domestic / Foreign). This analysis is done for
the SBI and SBI Group separately.
• CRAR of the Bank and for the Group as a whole is estimated to be well above the Regulatory CAR in the medium
horizon of 3 to 5 years. However, to maintain adequate capital, the Bank has options to augment its capital resources
by raising Subordinated Debt, Perpetual Cumulative Preference Shares (PCPS), Redeemable Non-Cumulative
Preference Shares (RNCPS), Redeemable Cumulative Preference Shares (RCPS), Perpetual Debt Instruments (PDIs)
and Perpetual Non-Cumulative Preference Shares (PNCPS) besides Equity as and when required.
• Strategic Capital Plan for the Foreign Subsidiaries covers an assessment of capital requirement for growth of assets
and the capital required complying with various local regulatory requirements and prudential norms. The growth plan
is approved by the parent bank after satisfying itself about the capacity of the individual subsidiaries to raise CET 1 /
AT 1 / Tier 2 Capital to support the increased level of assets and at the same time maintaining the Capital Adequacy
Ratio (CAR).

Quantitative Disclosures
(b) Capital requirements for credit risk:
• Portfolios subject to standardised approach H3,39,198.01 Crore
• Securitisation exposures Nil
Total J3,39,198.01 Crore
(c) Capital requirements for market risk:
• Standardised duration approach;
• Interest Rate Risk H18,801.14 Crore
• Foreign Exchange H1,005.86 Crore
Risk (including gold)
• Equity Risk H15,916.69 Crore
Total J35,723.69 Crore
(d) Capital requirements for operational risk:
• Basic Indicator Approach H39,323.58 Crore
• The Standardised Approach (if applicable) NA
Total J39,323.58 Crore

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(e) Common Equity Tier 1, Tier 1 and Total Capital Ratios:

• For the top consolidated group; and
• For significant bank subsidiaries (stand alone or sub-consolidated depending on how the Framework is applied)

Capital adequacy ratios as on 31st March 2024

CET 1 (%) Tier 1 (%) Total (%)
SBI Group 10.57 12.06 14.38
State Bank of India 10.36 11.93 14.28
SBI (Mauritius) Ltd. 19.24 19.24 20.28
State Bank of India (Canada) 16.73 16.73 19.09
State Bank of India (California) 13.35 13.35 14.40
Commercial Indo Bank LLC, Moscow 6.38 6.38 6.38
Bank SBI Indonesia 66.62 66.62 67.36
Nepal SBI Bank Ltd. 12.62 12.62 16.18
SBI (UK) Ltd. 17.51 17.51 17.51

DF-3: CREDIT RISK: GENERAL DISCLOSURES

As on 31st March 2024

General Disclosures
a. Qualitative Disclosures
 Definitions of past due and impaired assets (for accounting purposes)
Non-performing assets
An asset becomes non-performing when it ceases to generate income for the Bank. As from 31st March 2006, a non-
performing Asset (NPA) is an advance were
(i) Interest and/or instalment of principal remain ‘overdue’ for a period of more than 90 days in respect of a Term Loan.
(ii) The account remains ‘out of order’ for a period of more than 90 days, in respect of an Overdraft/Cash Credit (OD/CC).
(iii) The bill remains ‘overdue’ for a period of more than 90 days in the case of bills purchased and discounted.
(iv) Any amount to be received remains ‘overdue’ for a period of more than 90 days in respect of other accounts.
(v) A loan granted for short duration crops is treated as NPA, if the instalment of principal or interest thereon remains
overdue for two crop seasons and a loan granted for long duration crops is treated as NPA, if instalment of principal or
interest thereon remains overdue for one crop season.
(vi) An account would be classified as NPA only if the interest charged during any quarter is not serviced fully within 90
days from the end of the quarter.
(vii) The amount of a liquidity facility remains outstanding for more than 90 days, in respect of securitisation transactions
undertaken in accordance with the RBI guidelines on securitisation dated 1st February 2006.
(viii) In respect of derivative transactions, the overdue receivables representing the positive mark to market value of a
derivative contract, remain unpaid for a period of 90 days from the specified due date for payment.

'Out of Order' status

An account is treated as 'out of order' if the outstanding balance remains continuously in excess of the sanctioned limit/
drawing power.
In cases where the outstanding balance in the principal operating account is less than the sanctioned limit/drawing power,
but there are no credits continuously for 90 days as on the date of Bank’s Balance Sheet, or where credits are not enough
to cover the interest debited during the same period, such accounts are treated as ‘out of order’.

Annual Report 2023- 24 317

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

‘Overdue’
Any amount due to the Bank under any credit facility is ‘overdue’ if it is not paid on the due date fixed by the Bank.

 Resolution of Stressed Assets

Early identification and reporting of stress:
Identification of incipient stress in loan accounts, immediately on default*, by classifying stressed assets as special mention
accounts (SMA) as per the following categories:
SMA Sub-categories Basis for classification – Principal or interest payment or any other amount wholly or partly
overdue between
SMA-0 1-30 days
SMA-1 31-60 days
SMA-2 61-90 days
* Default’ means non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not
repaid by the debtor or the corporate debtor. For revolving facilities like cash credit, default would also mean, without prejudice to the above, the
outstanding balance remaining continuously in excess of the sanctioned limit or drawing power, whichever is lower, for more than 30 days.

 Discussion of the Bank’s Credit Risk Management Policy

The Bank has an integrated Credit Risk Management, Credit Risk Mitigation and Collateral Management Policy in place
which is reviewed annually. Over the years, the policy & procedures in this regard have been refined as a result of evolving
concepts and actual experience. The policy and procedures have been aligned to the approach laid down in Basel-II and
RBI guidelines.
Credit Risk Management encompasses identification, assessment, measurement, monitoring and control of the credit risk
in exposures.
In the processes of identification and assessment of Credit Risk, the following functions are undertaken:
(i) Developing and refining the Credit Risk Assessment (CRA) Models/Scoring Models to assess the Counterparty Risk,
by taking into account the various risks categorised broadly into Financial, Business, Industrial and Management Risks,
each of which is scored separately.
(ii) Conducting industry research to give specific policy prescriptions and setting quantitative exposure parameters for
handling portfolio in large / important industries, by issuing advisories on the general outlook for the Industries / Sectors,
from time to time.
The measurement of Credit Risk involves computation of Credit Risk Components viz Probability of Default (PD), Loss Given
Default (LGD) and Exposure At Default (EAD).
The monitoring and control of Credit Risk includes setting up exposure limits to achieve a well-diversified portfolio across
dimensions such as single borrower, group borrower and industries. For better risk management and avoidance of
concentration of Credit Risks, internal guidelines on prudential exposure norms in respect of individual companies, group
companies, Banks, individual borrowers, non-corporate entities, sensitive sectors such as capital market, real estate, sensitive
commodities, etc., are in place. Credit Risk Stress Tests are conducted at half yearly interval to identify vulnerable areas for
initiating corrective action, where necessary.
The Bank has also a Loan Policy which aims at continued improvement of the overall quality of assets at the portfolio level,
by establishing a commonality of approach regarding credit basics, appraisal skills, documentation standards and awareness
of institutional concerns and strategies, while leaving enough room for flexibility and innovation.
The Bank has processes and controls in place in regard to various aspects of Credit Risk Management such as appraisal,
pricing, credit approval authority, documentation, reporting and monitoring, review and renewal of credit facilities, management
of problem loans, credit monitoring, etc. The Bank also has a system of Credit Audit with the aims of achieving continuous
improvement in the quality of the credit portfolio with exposure of H20 Crore. and above. Credit Audit covers audit of credit
sanction decisions at various levels. Both the pre-sanction process and post-sanction position are examined as a part of the
Credit Audit System. Credit Audit also examines identified Risks and suggests Risk Mitigation Measures.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

DF-3: Quantitative Disclosures as on 31st March 2024

(Insurance entities, JVs & Non-financial entities excluded)
General Disclosures:
H in Crore
Quantitative Disclosures Fund Based Non-Fund Based Total
b Total Gross Credit Risk Exposures 3848773.12 543475.91 4392249.03
c Geographic Distribution of Exposures: FB / NFB
Overseas 583115.33 85242.52 668357.85
Domestic 3265657.79 458233.39 3723891.18
d Industry Type Distribution of Exposures Please refer to Table “A”
Fund based / Non-Fund Based separately
e Residual Contractual Maturity Breakdown of Assets Please refer to Table “B”
f Amount of NPAs (Gross) i.e. Sum of (i to v) 85674.03
i. Substandard 15031.75
ii. Doubtful 1 10691.71
iii. Doubtful 2 13246.71
iv. Doubtful 3 18758.98
v. Loss 27944.89
g Net NPAs 21123.00
h NPA Ratios
i) Gross NPAs to gross advances 2.23%
ii) Net NPAs to net advances 0.56%
i Movement of NPAs (Gross)
i) Opening balance 91874.12
ii) Additions 23856.96
iii) Reductions 30057.05
iv) Closing balance 85674.03
j Movement of provisions for NPAs
i) Opening balance 70377.12
ii) Provisions made during the period 12303.64
iii) Write-off/Write-back of excess provisions 18129.73
iv) Closing balance 64551.03
k Amount of Non-Performing Investments 2371.28
l Amount of Provisions held for Non-Performing Investments 2025.50
m Movement of Provisions for Depreciation on Investments
Opening balance 16244.68
Provisions made during the period 369.03
Write-off 205.43
Write-back of excess provisions 6081.44
Closing balance 10326.84
n By major industry or counter party type
Amt. of NPA and if available, past due loans, provided separately 34475.35
Specific & general provisions; and -
Specific provisions and write-offs during the current period -
o Amt. of NPAs and past due loans provided separately by significant geographical -
areas including specific and general provisions
Provisions -

Annual Report 2023- 24 319

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

Table- A: DF-3 (d) Industry Type Distribution of Exposures as on 31st March 2024
(H in Crore)
Code Industry Fund Based [Outstanding-O/s)] Non-Fund
Based(O/s)
Standard NPA Total
1 Coal 7,922.35 331.79 8,254.13 7,468.71
2 Mining 14,608.29 61.64 14,669.93 3,755.91
3 Iron & Steel 79,508.32 407.09 79,915.41 46,956.89
4 Metal Products 36,170.80 294.69 36,465.49 16,270.43
5 All Engineering 39,592.18 1,845.62 41,437.80 72,160.51
5.1 Of which Electronics 7,052.44 102.50 7,154.94 5,283.36
6 Electricity 2,163.98 0.74 2,164.72 17.26
7 Cotton Textiles 24,895.57 1,077.49 25,973.06 1,877.18
8 Jute Textiles 770.35 38.31 808.66 42.78
9 Other Textiles 12,260.89 1,022.81 13,283.70 2,198.67
10 Sugar 9,509.37 223.93 9,733.30 1,153.96
11 Tea 1,457.20 61.57 1,518.77 40.74
12 Food Processing 70,598.29 4,152.54 74,750.83 5,744.98
13 Vegetable Oils &Vanaspati 5,865.04 421.97 6,287.01 4,464.61
14 Tobacco / Tobacco Products 2,390.15 10.61 2,400.76 204.91
15 Paper / Paper Products 6,387.27 202.38 6,589.65 1350.71
16 Rubber / Rubber Products 10,670.07 427.95 11,098.02 1714.22
17 Chemicals / Dyes / Paints etc. 1,00,248.76 779.55 1,01,028.31 57,978.68
17.1 Of which Fertilizers 11,445.98 13.45 11,459.43 11,490.07
17.2 Of which Petrochemicals 45,713.11 21.55 45,734.66 39,812.08
17.3 Of which Drugs &Pharma 21,628.07 385.48 22,013.55 3,215.68
18 Cement 8,847.23 691.46 9,538.69 5,307.24
19 Leather & Leather Products 2,136.67 100.13 2,236.70 214.26
20 Gems & Jewellery 9,940.87 1,260.81 11,201.68 166.44
21 Construction 54,046.44 1,032.80 55,079.24 21,882.99
22 Petroleum 91,806.29 163.79 91,970.08 23,670.06
23 Automobiles & Trucks 19,274.97 824.98 20,099.97 4,744.13
24 Computer Software 2,535.05 9.27 2,544.32 1,632.66
25 Infrastructure 4,15,416.29 16,705.64 4,32,121.93 81,716.50
25.1 Of which Power 2,21,665.84 1,996.10 2,23,661.94 41,068.28
25.2 Of which Telecommunication 32,660.50 2,211.76 34,872.26 1,586.07
25.3 Of which Roads & Ports 1,00,582.10 6,648.65 1,07,230.75 20,014.50
26 Other Industries 5,34,377.06 28,088.56 5,62,465.62 1,18,878.25
27 NBFCs & Trading 6,77,512.73 10,673.17 6,88,185.90 36,407.56
28 Residual Advances 15,22,186.62 14,762.76 15,36,949.38 25,454.66
Total 37,63,099.09 85,674.03 38,48,773.12 543475.91

320
 Table- B DF-3 (e) SBI (CONSOLIDATED) Residual contractual maturity breakdown of assets as on 31st March 2024*
(H In Crore)
INFLOWS 1 day 2-7 days 8-14 days 15-30 31 days More than Over 3 Over 6 Over 1 year Over 3 Over 5 TOTAL
days & upto 2 2 months months months & upto 3 years & years
months & upto 3 & upto 6 & upto 1 years upto 5
months months year years
1 Cash 18500.90 7.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 18508.29
Company Overview

Annual Report 2023- 24

2 Balances with RBI 1704.81 3858.64 1995.57 2979.06 3624.41 2767.16 8223.58 45122.06 56408.04 20390.28 59693.07 206766.68
3 Balances with other 56847.05 32801.23 4209.43 1246.66 3229.18 1318.57 1816.34 1410.51 2949.75 20.25 294.27 106143.25
Banks
4 Investments 18259.13 5574.31 3255.20 14663.54 21381.27 30282.37 49180.78 111058.75 321949.83 215544.59 925842.73 1716992.49
5 Advances 37784.41 26514.58 26245.86 64061.42 89754.32 60627.77 196673.36 264976.11 1467977.00 563188.43 1006721.31 3804524.60
6 Fixed Assets 0.01 0.00 0.00 7.50 15.00 15.00 15.04 90.01 183.70 4.92 43613.48 43944.66
7 Other Assets 4697.86 18861.85 11560.84 17485.44 12030.37 13383.59 16934.05 83982.94 144703.42 50172.31 83080.99 456893.67
TOTAL 137794.17 87618.01 47266.90 100443.62 130034.55 108394.47 272843.15 506640.39 1994171.74 849320.78 2119245.86 6353773.64
Responsible Approach

*Notes:
i) Insurance entities, Non-financial entities, JVs, Special Purpose Vehicles & Intra-group Adjustments are excluded.
ii) Investments include Non-Performing Investments and Advances includes Non-Performing Advances.
iii) The Bucketing structure has been revised based on the RBI guidelines dated 23rd March 2016.
Governance
Statutory Reports
Financial Statements

321
PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

DF-4: CREDIT RISK: DISCLOSURES FOR PORTFOLIOS SUBJECT TO THE

STANDARDISED APPROACH
As on 31st March 2024

Disclosures for Portfolios subject to Standardised Approach

Qualitative Disclosures

 Names of Credit Rating Agencies used, plus reasons for any changes
(a) As per RBI Guidelines, the Bank has identified CARE, CRISIL, ICRA, India Rating, Brickwork*, ACUITE Ratings and Research
and INFOMERICs (Domestic Credit Rating Agencies) and FITCH, Moody’s and S&P (International Rating Agencies) as
approved Rating Agencies, for the purpose of rating Domestic and Overseas Exposures, respectively, whose ratings are
used for the purpose of computing Risk-weighted Assets and Capital Charge.

 Types of exposures for which each Agency is used

(i) For Exposures with a contractual maturity of less than or equal to one year (except Cash Credit, Overdraft and other Revolving
Credits), Short-term Ratings given by approved Rating Agencies are used.
(ii) For Cash Credit, Overdraft and other Revolving Credits (irrespective of the period) and for Term Loan exposures of over 1
year, Long Term Ratings are used.

 Description of the process used to transfer Public Issue Ratings onto comparable assets in the Banking
Book
• The key aspects of the Bank’s external ratings application framework are as follows:
• All long term and short term ratings assigned by the credit rating agencies specifically to the Bank's long term and short term
exposures respectively are considered by the Bank as issue specific ratings.
• Foreign sovereign and foreign bank exposures are risk-weighted based on issuer ratings assigned to them.
• The Bank ensures that the external rating of the facility/borrower has been reviewed at least once by the ECAI during the
previous 15 months and is in force on the date of its application.
• Where multiple issuer ratings are assigned to an entity by various credit rating agencies, the risk weight is determined as follows:
− If there is only one rating by a chosen credit rating agency for a particular claim, then that rating is used to determine the
risk weight of the claim.
− If there are two ratings accorded by chosen credit rating agencies, which map into different risk weights, the higher risk
weight is applied.
− If there are three or more ratings accorded by chosen credit rating agencies with different risk weights, the ratings
corresponding to the two lowest risk weights are referred to and the higher of those two risk weights is applied, i.e., the
second lowest risk weight.

*The Securities and Exchange Board of India has cancelled the Certificate of Registration (CoR) granted to Brickwork Ratings India Private Limited as
a Credit Rating Agency (CRA), vide Order WTM/ASB/MIRSD/MIRSD_CRADT/20175/2022-23 dated 6th October 2022.
2. In view of the above, Regulated Entities/ Market Participants are advised by RBI, in respect of ratings/credit evaluations required in terms of any
guidelines issued by them, no such fresh ratings/evaluations shall be obtained from the above-mentioned rating agency with immediate effect. The
instructions regarding the prudential treatment of the existing ratings issued by the rating agency shall be advised separately

322
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Quantitative Disclosures as on 31st March 2024

(b) For exposure amounts after risk mitigation subject to the Standardised Approach, amount of group’s outstanding (rated and
unrated) in each risk bucket as well as those that are deducted.
Amount
Below 100% Risk Weight 3009607.47
100% Risk Weight 573697.67
More than 100% Risk Weight 808943.90
Deducted 0.00
Total 4392249.03

DF-5: CREDIT RISK MITIGATION: DISCLOSURES FOR STANDARDISED

APPROACHES
As on 31st March 2024

Credit Risk Mitigation: Disclosures for Standardised Approach

(a) Qualitative Disclosures

 Policies and processes for, and an indication of the extent to which the bank makes use of, on- and off-
balance sheet netting
On-balance sheet netting is confined to loans/advances and deposits, where the Bank have legally enforceable netting
arrangements, involving specific lien with proof of documentation. The Bank calculates capital requirements on the basis of
net credit exposures subject to the following conditions:

Where bank,
a) has a well-founded legal basis for concluding that the netting or offsetting agreement is enforceable in each relevant
jurisdiction regardless of whether the counterparty is insolvent or bankrupt.
b) is able at any time to determine the loans/advances and deposits with the same counterparty that are subject to the
netting agreement; and
c) monitors and controls the relevant exposures on a net basis, it may use the net exposure of loans/advances and deposits
as the basis for its capital adequacy calculation. Loans/advances are treated as exposure and deposits as collateral.

 Policies and Processes for Collateral Valuation and Management

The Bank has an integrated Credit Risk Management, Credit Risk Mitigation and Collateral Management Policy in place
which is reviewed annually. Part B of this policy deals with Credit Risk Mitigation and Collateral Management, addressing
the Bank’s approach towards the credit risk mitigants used for capital calculation.
The objective of this Policy is to enable classification and valuation of credit risk mitigants in a manner that allows regulatory
capital adjustment to reflect them.
The Policy adopts the Comprehensive Approach, which allows full offset of collateral (after appropriate haircuts), wherever
applicable against exposures, by effectively reducing the exposure amount by the value ascribed to the collateral. The
following issues are addressed in the Policy:
(i) Classification of credit risk-mitigants
(ii) Acceptable credit risk-mitigants
(iii) Documentation and legal process requirements for credit risk-mitigants
(iv) Valuation of collateral
(v) Margin and Haircut requirements
(vi) 
External ratings

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PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

(vii) Custody of collateral

(viii) 
Insurance
(ix) Monitoring of credit risk mitigants
(x) 
General guidelines.

 Description of the main types of collateral taken by the Bank

The following collaterals are usually recognised as Credit Risk Mitigants under the Standardised Approach:
• Cash or Cash equivalent (Bank Deposits/NSCs/KVP/LIC Policy, etc.)
• Gold
• Securities issued by Central / State Governments
Debt Securities rated BBB- or better A3 for Short-Term Debt Instrument

 Main types of Guarantor Counterparty and their creditworthiness

The Bank accepts the following entities as eligible guarantors, in line with RBI guidelines:

• Sovereign, Sovereign entities [including Bank for International Settlements (BIS), International Monetary Fund (IMF),
European Central Bank and European Community as well as Multilateral Development Banks, Export Credit & Guarantee
Corporation (ECGC) and Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)], Public Sector Enterprises
(PSEs), Banks and Primary Dealers with a lower risk weight than the counterparty.
• Other guarantors having an external rating of AA or better. In case the guarantor is a parent company, affiliate, or subsidiary,
they should enjoy a risk weight lower than the obligor for the guarantee to be recognised by the Bank. The rating of the
guarantor should be an entity rating which has factored in all the liabilities and commitments (including guarantees) of
the entity.
Information about (Market or Credit) risk concentrations within the mitigation taken:
The Bank has a well-dispersed portfolio of assets which are secured by various types of collaterals, such as: -
• Eligible financial collaterals listed above
• Guarantees by sovereigns and well-rated corporates,
• Fixed assets and current assets of the counterparty.

Quantitative Disclosures as on 31st March 2024

(H In Crore)
(b) For each separately disclosed credit risk portfolio the total exposure (after, where applicable, on- or off balance sheet 426562.69
netting) that is covered by eligible financial collateral after the application of haircuts.
(c) For each separately disclosed portfolio the total exposure (after, where applicable, on- or off-balance sheet netting) that is 142483.22
covered by guarantees/credit derivatives (whenever specifically permitted by RBI)

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

DF-6: SECURITISATION EXPOSURES: DISCLOSURE FOR STANDARDISED

APPROACH
As on 31st March 2024

Qualitative Disclosures
(a) The general qualitative disclosure requirement with respect to securitisation including a discussion of:
The bank’s objectives in relation to securitisation activity, including the extent to which these The Bank’s investment in securitisation assets
activities transfer credit risk of the underlying securitised exposures away from the bank to other (PTCs & PSLCs) with an object to optimise
entities. returns while adhering to Banks’ risk appetite,
ensure liquidity and to meet priority sector
requirements of the Bank.
The nature of other risks (e.g. liquidity risk, pipeline and warehousing risk) inherent in securitised Credit Risk, Liquidity Risk, Interest Rate Risk,
assets; Prepayment Risk, Performance/ Servicer
Risk.
The various roles played by the bank in the securitisation process (For example: originator, Investor: The Bank invests in PTCs & PSLCs
investor, servicer, provider of credit enhancement, liquidity provider, swap provider@, protection backed by financial assets.
provider#) and an indication of the extent of the bank’s involvement in each of them;
@ A bank may have provided support to a securitisation structure in the form of an interest rate
swap or currency swap to mitigate the interest rate/currency risk of the underlying assets, if
permitted as per regulatory rules.
# A bank may provide credit protection to a securitisation transaction through guarantees, credit
derivatives or any other similar product, if permitted as per regulatory rules.
A description of the processes in place to monitor changes in the credit and market risk of Bank has invested in securitisation product.
securitisation exposures (for example, how the behaviour of the underlying assets impacts Bank monitors rating migration and provides
securitisation exposures as defined in para 5.16.1 of the Master Circular on NCAF dated capital charge on the securitisation exposure.
1st July 2012).
A description of the bank’s policy governing the use of credit risk mitigation to mitigate the risks As per Bank’s internal guidelines
retained through securitisation exposures;
(b) Summary of the bank’s accounting policies for securitisation activities, including:
Whether the transactions are treated as sales or financings; Financing
Methods and key assumptions (including inputs) applied in valuing positions retained or As per FIMMDA guidelines
purchased
Changes in methods and key assumptions from the previous period and impact of the changes; Not Applicable
Policies for recognising liabilities on the balance sheet for arrangements that could require the Not Applicable
bank to provide financial support for securitised assets.
Details of Sponsorship of Off-balance sheet vehicles. Nil
Valuation with regards to securitisation exposure As per FIMMDA guidelines
(c ) In the banking book, the names of ECAIs used for securitisations and the types of securitisation Not Applicable
exposure for which each agency is used.

Quantitative Disclosures: Banking Book

(d) The total amount of exposures securitised by the bank. Nil
(e) For exposures securitised losses recognised by the bank during the current period broken by the Nil
exposure type (e.g. Credit cards, housing loans, auto loans etc. detailed by underlying security)
(f) Amount of assets intended to be securitised within a year Nil
(g) Of (f ), amount of assets originated within a year before securitisation. Not Applicable
(h) The total amount of exposures securitised (by exposure type) and unrecognised gain or losses Nil
on sale by exposure type.
(i) Aggregate amount of:
On-balance sheet securitisation exposures retained or purchased broken down by exposure Nil
type and
Off-balance sheet securitisation exposures broken down by exposure type Nil

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PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

(j) Aggregate amount of securitisation exposures retained or purchased and the associated capital Nil
charges, broken down between exposures and further broken down into different risk weight
bands for each regulatory capital approach
Exposures that have been deducted entirely from Tier 1 capital, credit enhancing I/Os deducted Nil
from total capital, and other exposures deducted from total capital (by exposure type).

Quantitative Disclosures: Trading Book

(k) Aggregate amount of exposures securitised by the bank for which the bank has retained some Nil
exposures and which is subject to the market risk approach, by exposure type.
(I) Aggregate amount of:
On-balance sheet securitisation exposures retained or purchased broken down by exposure H5,585.98 Crore
type; and
Off-balance sheet securitisation exposures broken down by exposure type. Nil
(m) Aggregate amount of securitisation exposures retained or purchased separately for: Nil
Securitisation exposures retained or purchased subject to Comprehensive Risk Measure for Nil
specific risk; and
Securitisation exposures subject to the securitisation framework for specific risk broken down Nil
into different risk weight bands.
(n) Aggregate amount of:
The capital requirements for the securitisation exposures, subject to the securitisation framework H244.20 Crore
broken down into different risk weight bands.
Securitisation exposures that are deducted entirely from Tier 1 capital, credit enhancing I/Os Nil
deducted from total capital, and other exposures deducted from total capital (by exposure type).

(o) Details of Securitisation exposure in the Banking Book: Nil

(p) Details of Securitisation exposure in the Trading Book:

i. Securitisation exposures retained or purchased as on 31st March 2024
(H In Crore)
Exposure type1 On-balance sheet Off-balance sheet Total
Vehicle/equipment loans H5363.33 Nil H5363.33
Home loans Nil Nil Nil
Personal loans 7.47 Nil 7.47
Unsecured loans H215.18 Nil H215.18
Gold/Jewel loans Nil Nil Nil
Corporate loans Nil Nil Nil
Others Nil Nil Nil
Total K5585.98 Nil K5585.98

1. Securitisation exposures include PTCs originated by the Bank as well as PTCs purchased in case of third party originated
securitisation transactions.

ii. Details of Risk weights band break-up of securitisation exposure as on 31st March 2024
(H In Crore)
<100% 100% >100% Total
risk weight risk weight risk weight
Exposure 5,585.98 - - 5,585.98
Total capital charge 244.20 - - 244.20

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

DF–7: MARKET RISK IN TRADING BOOK

As on 31st March 2024

(a) QUALITATIVE DISCLOSURES:

(1) The Bank follows Standardised Measurement Method (SMM) for computing capital requirement for Market Risk.
(2) Market Risk Management Department (MRMD) is functioning as a part of Risk Management Department of the Bank, in
terms of Governance structure approved by the Board of the Bank.
(3) MRMD is responsible for identification, assessment, monitoring and reporting of market risk associated with Treasury Operations.
(4) The following Board approved policies with defined Market Risk Management parameters for each asset class are in place:
(a) Market Risk Management Policy
(b) Market Risk Limits Policy
(c) Investment Policy
(d) Trading Policy
(e) Stress Test Policy for Market Risk
5) Risk monitoring is an ongoing process and risk positions are analysed and reported to Top Management of the Bank, Market
Risk Management Committee and Risk Management Committee of the Board.
(6) Risk management and reporting is based on parameters such as Modified Duration, Convexity, PV01, Option Greeks,
Maximum permissible exposures, Value at Risk Limits, Concentration Risk Limits, Lower and upper management Action
Triggers, in line with global best practices.
(7) Forex Open position limit (Daylight/Overnight), Stop Loss Limit, Aggregate Gap Limit (AGL), Individual Gap Limit (IGL)
as approved by the Board is monitored and exceptions, if any, is reported to Top Management of the Bank, Market Risk
Management Committee and Risk Management Committee of the Board.
(8) Value at Risk (VaR) computation and Back-Testing of VaR number is carried out on daily basis. Market Risk Stress Testing
is carried out at quarterly intervals as a complement to Value at Risk. Results are reported to Top Management of the Bank,
Market Risk Management Committee and Risk Management Committee of the Board.
(9) Respective Foreign offices monitor market risk of their investment portfolio, as per the local regulatory and RBI stipulations.
Further, Stop Loss limit for individual investments and exposure limits for certain portfolios have been prescribed.
(10) Bank has submitted Letter of Intent (LOI) to RBI to migrate to advanced approach i.e. Internal Models Approach for calculating
capital charge for market risk.

(b) QUANTITATIVE DISCLOSURES:

CAPITAL CHARGE ON MARKET RISK
The Bank maintains Capital Charge for Market Risk under the Standardised measurement method as under.
(H In Crore)
Category Total
Interest rate Risk (including Derivatives) 18801.14
Equity Position Risk 15916.69
Foreign Exchange Risk 1005.86
Total 35723.69

Annual Report 2023- 24 327

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

DF–8: OPERATIONAL RISK

As on 31st March 2024

Qualitative disclosures
A. The structure and organisation of Operational Risk Management function
• Operational Risk Management Department functions in SBI as part of the Integrated Risk Governance Structure under the
control of respective Chief Risk Officer. In SBI, Chief Risk Officer reports to Risk Management Committee of the Board (RMCB).
• The operational risk related issues in other Group entities are being dealt with as per the requirements of the business model
and their regulators under the overall control of Chief Risk Officers of respective entities.
• Policies for control and mitigation of Operational Risk in SBI.

Domestic Banking Entities (SBI)

The following Policies, Framework Documents and Manuals are in place in SBI:

Policies and Framework Documents

• Operational Risk Management policy encompasses Operational Risk Management Framework for systematic and proactive
identification, assessment, measurement, monitoring, mitigation and reporting of the Operational Risks.
• Loss Data Management Policy.
• IT Policy and Standards.
• IT Procedures and Guidelines.
• Cyber Security Policy.
• Information Security Policy.
• Business Continuity and Operational Resilience (BC& OR) Policy.
• SBGITC Business Continuity Management System (BCMS) Policy.
• Policy on Know Your Customer (KYC) Standards and Anti Money Laundering (AML)/ Combating of Financing of
Terrorism Measures.
• Policy on Fraud Risk Management.
• IT Outsourcing and Procurement Policy.
• Policy on Insurance.

Manuals
• Operational Risk Management Manual.
• Loss Data Management Manual.
• Business Continuity and Operational Resilience (BC& OR) Manual.
• Business Continuity Management System (BCMS) Plan.

Domestic Non-Banking and Overseas Banking entities

Policies and Manuals, as relevant to the business model of non-Banking entities and as per the requirements of the overseas
regulators in respect of Overseas Banking subsidiaries are in place. A few of the policies in place are – Disaster Recovery Plan/
Business Continuity Plan, Incident Reporting Mechanism, Near Miss Events Reporting Mechanism, Outsourcing Policy, etc.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

B. Strategies and Processes

Domestic Banking entities (SBI)

• To successfully embed the risk culture and operational risk management, Risk Management Committees at various levels at
Circles like RMCAOs, RMCCs, and RMCs at the Business and Support Groups (RMC-RB & O, RMC-IBG, RMC-GMU, RMC-
CAG, RMC-CCG, RMC-SARG & RMC-IT) are in place in addition to the Operational Risk Management Committee (ORMC)
and the Risk Management Committee of the Board (RMCB).
• The process of building a comprehensive database of internal and external losses due to Operational Risks as per Basel defined
8 Business Lines and 7 Loss Event Types is in place. In addition, Near Miss Events and external losses are also captured to
improve risk management practices.
• Risk and Control Self-Assessment (RCSA) is a proactive exercise conducted in workshop-based manner to identify gaps, if
any, in the existing controls and suggestions are invited for improvement of System & Controls to mitigate the Risks. RCSA
also helps in generating risk awareness among staff members. RCSA exercise is carried out across Bank Branches, CPCs
and Offices on a yearly basis. Bank also conducts theme based RCSA for Products /Processes. Based on the RCSA exercise,
Mitigation plans are prepared and implemented for activities rated as High & Critical Risks. Feasibility study is carried out by
Business owners for suggestions emanated during RCSA exercise for further improvement of System & Controls in the Bank.
• Key Indicators (KIs) have been identified across the Business and Support Groups with threshold and monitoring mechanism is
in place. KIs are being monitored at quarterly intervals by the RMCs, the ORMC and the RMCB. Top 10 KIs have been identified
during current financial year for close follow up.
• Development of internal systems for quantifying and monitoring operational risk as required under Basel II guidelines is in place.

Others
The following measures are being used to control and mitigate Operational Risks in the Domestic Banking entities:

• Book of Instructions” (Manual on General Instructions, Manual on Loans & Advances) which contains detailed procedural
guidelines for processing various banking transactions. Amendments and modifications to update these guidelines are being
carried out regularly through e-circulars/Master circulars. Guidelines and instructions are also propagated through e-Circulars,
E-Learning Lessons, Training Programs, etc.
• Updated Manuals and operating instructions relating to Business Process Re-engineering (BPR) units.
• Delegation of Financial powers, which details sanctioning powers of various levels of officials for different types of financial
and non-financial transactions.
• Training of staff-Inputs on Operational Risk is included as a part of Risk Management modules in the trainings conducted for
various categories of staff at Bank’s Apex Training Institutes and State Bank Institute of Learning and Development.
• Insurance cover is obtained for most of the potential operational risks excluding frauds, as per Bank’s policy on insurance.
• Internal Auditors are responsible for the examination and evaluation of the adequacy and effectiveness of the control systems
and the functioning of specific control procedures. They also conduct review of the existing systems to ensure compliance with
legal and regulatory requirements, codes of conduct and the implementation of policies and procedures.
• In order to ensure business continuity, resumption and recovery of critical business process after a disaster, the Bank has robust
Business Continuity and Operational Resilience Policy and Manuals in place.
• Stringent Implementation of vacation policy.

Domestic Non-Banking and Overseas Banking entities

Adequate measures by way of systems and procedures and reporting have been put in place in the Domestic Non-Banking and
Overseas Banking entities.

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PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

C. The scope and nature of Risk Reporting and Measurement Systems

• A system of prompt submission of reports on Frauds is in place in all the Group entities.
• A comprehensive system of Preventive Vigilance & Whistle Blowing has been established in all the Group entities.
• Significant risks thrown up in RCSA/RCSA-Abridged exercise at all Branches, Scenario Analysis and loss data/NMEs analysis
are reported to Top Management at regular intervals and corrective actions are initiated on an ongoing basis.
• Basic Indicator Approach with capital charge of 15% of average gross income for previous 3 years is applied for Operational
Risk, except Insurance Companies, for the year ended 31st March 2024.
• RBI has issued Master Guidelines on 26th June 2023 for implementation of revised Basel III Standardised Approach (SA) and
proposed to replace all existing approaches for calculating Operational Risk capital. However, the effective date of implementation
of these directions shall be communicated subsequently by RBI. Until then, the minimum operational risk regulatory capital
requirements shall be computed as per Basic Indicator Approach (BIA) in accordance with the instructions contained in ‘Master
Circular – Basel III Capital Regulations’ issued vide RBI circular dated 1st April 2024, as amended from time to time.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

DF–9: INTEREST RATE RISK IN BANKING BOOK (IRRBB)

As on 31st March 2024

1. Qualitative Disclosures
Interest rate risk refers to impact on Bank’s Net Interest Income and the value of its assets and liabilities arising from fluctuations
in interest rate due to internal and external factors. Internal factors include the composition of the Bank's assets and liabilities,
quality, maturity, existing rates and re-pricing period of deposits, borrowings, loans and investments. External factors cover general
economic conditions. Rising or falling interest rates impact the Bank depending on whether the Balance Sheet is asset sensitive
or liability sensitive. The Bank identifies the inherent risks associated with the changing interest rates on its on-balance sheet and
off-balance sheet exposures in the banking book from both a short-term and long-term perspective.

1.1 Structure and organisation

The Asset-Liability Management Committee (ALCO) is responsible for evolving appropriate systems and procedures for
ongoing identification and analysis of Balance Sheet risks and laying down parameters for efficient management of these
risks through ALM Policy of the Bank. ALCO, therefore, periodically monitors and controls the risks and returns, funding
and deployment, setting Bank's lending and deposit rates, and directing the investment activities of the Bank. The Risk
Management Committee of the Board of Directors (RMCB) oversees the implementation of the system for ALM and reviews
its functioning periodically and provides direction. It reviews various decisions taken by ALCO for managing interest rate risk.

1.2 Scope and nature of risk reporting and measurement systems

RBI has stipulated monitoring of Interest Rate Risk at monthly intervals through a Statement of Interest Rate Sensitivity under
Traditional Gap Analysis (IRS-TGA). Accordingly, ALCO reviews IRS-TGA on monthly basis and monitors the Earnings at
Risk (EaR) which measures the change in Net Interest Income of the Bank due to parallel change in interest rate on both
the assets & liabilities.
RBI has also stipulated to estimate the impact of change in interest rates on economic value of Bank’s assets and liabilities
through Interest Rate Sensitivity under Duration Gap Analysis (IRS-DGA), which Bank carries out on monthly basis. The
impact of interest rate changes on the Market Value of Equity is monitored through IRS-DGA by recognising the changes
in the value of assets and liabilities by a given change in the market interest rate. The change in value of equity (including
reserves) with 2% parallel shift in interest rates for both assets and liabilities is estimated.

EaR: The immediate impact of changes in interest rates is on Bank's earnings through changes in its Net Interest Income
(NII). EaR is useful in calculating the impact of the change in interest rate on the NII for a shorter period of time (impact over
a one-year period). The EaR computations include the banking book as well as the trading book.

MVE: A long-term impact of changes in interest rates is on Bank's Market Value of Equity (MVE) or Net Worth through
changes in the economic value of its liabilities and off-balance sheet positions. Although these changes in value do not pass
through earnings, they have a bearing on Bank’s capital position.
The Bank uses MVE approach as part of a framework to manage IRRBB for its domestic and foreign operations. Impact on
MVE is assessed for the overall Bank and Banking Book separately. In order to effectively monitor and manage IRRBB, the
ALM Policy stipulates separate MVE limits for overall Bank and Banking Book.

1.3 Policies for hedging and mitigating risk

The Bank has a policy for undertaking hedge transactions. Depending on the underlying and prevailing market conditions,
the Bank enters into hedge transactions for identified assets or liabilities. Derivative instruments like Interest Rate Swaps,
OIS, Forward Rate Agreements and Cross Currency Swaps are used as a hedging technique by the Bank.

Annual Report 2023- 24 331

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

2. Quantitative Disclosures
2.1 The following table sets forth, estimated impact on NII due to changes in interest rates on interest sensitive positions as on
31st March 2024, assuming a parallel shift in the yield curve.

Earnings at Risk (EaR)

(H in Crore)
Impact on NII
Impact of 100 bps parallel shift in interest rate on both assets & liability on Net Interest Income (NII) 9,047.48
Impact of 200 bps parallel shift in interest rate on both assets & liability on Net Interest Income (NII) 18,095.05

2.2 The following table sets forth, estimated impact on MVE due to changes in interest rates on interest sensitive positions as
on 31st March 2024, assuming a parallel shift in the yield curve.

Market Value of Equity (MVE)

(H in Crore)
Impact on MVE
Impact of 100 bps parallel shift in interest rate on both assets & liability on Market Value of Equity (MVE) - Banking 12,919.83
Book
Impact of 200 bps parallel shift in interest rate on both assets & liability on Market Value of Equity (MVE) - Banking 25,839.66
Book

DF-10: GENERAL DISCLOSURE FOR EXPOSURE RELATED TO

COUNTERPARTY CREDIT RISK
As on 31st March 2024

Qualitative Disclosure:
Credit Risk Management Department of the Bank uses scoring models for setting limits for amounts of counterparty exposure for
Domestic Banks, Foreign Banks, Development Financial Institution, Primary Dealers, Small Finance Banks & Payment Banks.
Credit Risk Management Department allocates the exposure limits to all business units, viz., CAG, CCG, R&DB, Global Markets & IBG,
who in turn allocate the limits among various operating units under their respective control.
Classification and recognition of collaterals
The Bank will accept, recognise and attribute value to collateral, both for internal sanctioning and/or regulatory capital relief purposes,
only when the following conditions are fulfilled:

• There is a legal certainty of enforceability and effectiveness of collateral in all relevant jurisdictions.
• All contractual and statutory requirements with respect to the loan and collateral documentation are fulfilled.
• The Bank has obtained a legal charge to the said collateral (including second/subordinate or paripassu charges, in addition to first
legal charge).
• The legal mechanism by which the collateral is pledged or transferred ensures that the Bank has the right to liquidate or take
possession of it in a timely manner, in the event of a default, insolvency or bankruptcy on the part of the counterparty or any third party.
• The Bank has clear and robust procedures for the timely liquidation of collateral to ensure that any legal conditions required for
declaring the default of the counterparty and liquidating the collateral are fulfilled and collateral can be liquidated promptly.
For the purposes of eligibility for IRB capital computation, collaterals are required to satisfy all operational criteria outlined in RBI
IRB guidelines.
Counterparty Credit Risk is the risk that the counterparty to a derivative transaction can default before the final settlement of the
transaction’s cash flow. To mitigate this risk, derivative transactions are undertaken only with those counterparties where approved
counterparty limits are in place. Counterparty limits for banks are assessed using internal models considering a number of financial
parameters like networth, capital adequacy ratio, rating etc. For corporates, the Derivatives limits are assessed and sanctioned in
conjunction with regular credit limit as part of regular appraisal.

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 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

Quantitative Disclosure:
(H In Crore)
Distribution of Notional and Current Credit Exposure Notional Current credit Exposure under
exposure Current Exposure
Method (CEM)
a) Interest rate Swaps 662479.99 3322.23 9220.57
b) Cross Currency Swaps 123745.58 1849.74 9717.46
c) Currency Options 130420.56 205.59 4107.78
d) Foreign Exchange Contracts 1196742.71 3837.18 33067.29
e) Currency Futures - - -
f ) Forward Rate Agreements - - -
g) Others (please specify product name) - NDF 81187.20 224.36 1848.11
Total 2194576.04 9439.10 57961.21
Credit Derivative transactions NIL

DF-11: COMPOSITION OF CAPITAL

As on 31st March 2024
(H in Crore)
Basel III common disclosure template to be used from 31st March 2017
Common Equity Tier 1 capital: instruments and reserves Ref No.
(with respect to
DF - 12: Step 2)
1 Directly issued qualifying common share capital plus related stock surplus (share premium) 80007.94 A1 + B3
2 Retained earnings 260048.9 B1 + B2 + B7 +
B8 + B9 (#)
3 Accumulated other comprehensive income (and other reserves) 23729.02 B5 * 75% + B6 *
45%
4 Directly issued capital subject to phase out from CET1 (only applicable to non-joint stock 0
companies)
5 Common share capital issued by subsidiaries and held by third parties (amount allowed in 3004.24
group CET1)
6 Common Equity Tier 1 capital before regulatory adjustments 366790.10
Common Equity Tier 1 capital: regulatory adjustments
7 Prudential valuation adjustments 1633.17
8 Goodwill (net of related tax liability) 1405.96 D
9 Intangibles (net of related tax liability) 0
10 Deferred Tax Assets 30.31
11 Cash-flow hedge reserve 0
12 Shortfall of provisions to expected losses 0
13 Securitisation gain on sale 0
14 Gains and losses due to changes in own credit risk on fair valued liabilities 0
15 Defined-benefit pension fund net assets 0
16 Investments in own shares (if not already netted off paid-up capital on reported balance 163.31
sheet)
17 Reciprocal cross-holdings in common equity 3.05
18 Investments in the capital of banking, financial and insurance entities that are outside the 0
scope of regulatory consolidation, net of eligible short positions, where the bank does not
own more than 10% of the issued share capital (amount above 10% threshold)

Annual Report 2023- 24 333

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

(H in Crore)
Basel III common disclosure template to be used from 31st March 2017
Common Equity Tier 1 capital: instruments and reserves Ref No.
(with respect to
DF - 12: Step 2)
19 Significant investments in the common stock of banking, financial and insurance entities 0
that are outside the scope of regulatory consolidation, net of eligible short positions (amount
above 10% threshold)
20 Mortgage servicing rights (amount above 10% threshold) 0
21 Deferred tax assets arising from temporary differences (amount above 10% threshold, net 0
of related tax liability)
22 Amount exceeding the 15% threshold 0
23 of which: significant investments in the common stock of financial entities 0
24 of which: mortgage servicing rights 0
25 of which: deferred tax assets arising from temporary differences 0
26 National specific regulatory adjustments (26a+26b+26c+26d) 1853.34
26a of which: Investments in the equity capital of unconsolidated insurance subsidiaries 1809.35
26b of which: Investments in the equity capital of unconsolidated non-financial subsidiaries 43.99
26c of which: Shortfall in the equity capital of majority owned financial entities which have not 0
been consolidated with the bank
26d of which: Unamortised pension funds expenditures 0
27 Regulatory adjustments applied to Common Equity Tier 1 due to insufficient Additional Tier 0
1 and Tier 2 to cover deductions
28 Total regulatory adjustments to Common equity Tier 1 5089.14
29 Common Equity Tier 1 capital (CET1) 361700.96
Additional Tier 1 capital: instruments
30 Directly issued qualifying Additional Tier 1 instruments plus related stock surplus (share 50626.40
premium) (31+32)
31 of which: classified as equity under applicable accounting standards (Perpetual Non- 0
Cumulative Preference Shares)
32 of which: classified as liabilities under applicable accounting standards (Perpetual debt 50626.40
Instruments)
33 Directly issued capital instruments subject to phase out from Additional Tier 1 0
34 Additional Tier 1 instruments (and CET1 instruments not included in row 5) issued by 563.3
subsidiaries and held by third parties (amount allowed in group AT1)
35 of which: instruments issued by subsidiaries subject to phase out 0
36 Additional Tier 1 capital before regulatory adjustments 51189.7
Additional Tier 1 capital: regulatory adjustments
37 Investments in own Additional Tier 1 instruments 0
38 Reciprocal cross-holdings in Additional Tier 1 instruments 155.00
39 Investments in the capital of banking, financial and insurance entities that are outside the 0
scope of regulatory consolidation, net of eligible short positions, where the bank does not
own more than 10% of the issued common share capital of the entity (amount above 10%
threshold)
40 Significant investments in the capital of banking, financial and insurance entities that are 0
outside the scope of regulatory consolidation (net of eligible short positions)
41 National specific regulatory adjustments (41a+41b) 0
41a of which: Investments in the Additional Tier 1 capital of unconsolidated insurance subsidiaries 0
41b of which: Shortfall in the Additional Tier 1 capital of majority owned financial entities which 0
have not been consolidated with the bank

334
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(H in Crore)
Basel III common disclosure template to be used from 31st March 2017
Common Equity Tier 1 capital: instruments and reserves Ref No.
(with respect to
DF - 12: Step 2)
42 Regulatory adjustments applied to Additional Tier 1 due to insufficient Tier 2 to cover deductions 0
43 Total regulatory adjustments to Additional Tier 1 capital 155.00
44 Additional Tier 1 capital (AT1) 51034.70
45 Tier 1 capital (T1 = CET1 + AT1) (29 + 44) 412735.66
Tier 2 capital: instruments and provisions
46 Directly issued qualifying Tier 2 instruments plus related stock surplus 40171.00
47 Directly issued capital instruments subject to phase out from Tier 2 1352.49
48 Tier 2 instruments (and CET1 and AT1 instruments not included in rows 5 or 34) issued by 1684.91
subsidiaries and held by third parties (amount allowed in group Tier 2)
49 of which: instruments issued by subsidiaries subject to phase out 0
50 Provisions 36344.12
51 Tier 2 capital before regulatory adjustments 79552.52
Tier 2 capital: regulatory adjustments
52 Investments in own Tier 2 instruments 104.54
53 Reciprocal cross-holdings in Tier 2 instruments 0
54 Investments in the capital of banking, financial and insurance entities that are outside the 0
scope of regulatory consolidation, net of eligible short positions, where the bank does not
own more than 10% of the issued common share capital of the entity (amount above the
10% threshold)
55 Significant investments in the capital banking, financial and insurance entities that are 14.21
outside the scope of regulatory consolidation (net of eligible short positions)
56 National specific regulatory adjustments (56a+56b) 0
56a of which: Investments in the Tier 2 capital of unconsolidated insurance subsidiaries 0
56b of which: Shortfall in the Tier 2 capital of majority owned financial entities which have not 0
been consolidated with the bank
57 Total regulatory adjustments to Tier 2 capital 118.75
58 Tier 2 capital (T2) 79433.77
59 Total capital (TC = T1 + T2) (45 + 58) 492169.43
60 Total risk weighted assets (60a + 60b + 60c) 3423514.85
60a of which: total credit risk weighted assets 2803289.38
60b of which: total market risk weighted assets 295237.14
60c of which: total operational risk weighted assets 324988.33
Capital ratios and buffers
61 Common Equity Tier 1 (as a percentage of risk weighted assets) 10.57
62 Tier 1 (as a percentage of risk weighted assets) 12.06
63 Total capital (as a percentage of risk weighted assets) 14.38
64 Institution specific buffer requirement (minimum CET1 requirement plus capital conservation 8.60
plus countercyclical buffer requirements plus G-SIB buffer requirement, expressed as a
percentage of risk weighted assets)
65 of which: capital conservation buffer requirement 2.50
66 of which: bank specific countercyclical buffer requirement 0
67 of which: D-SIB buffer requirement 0.60
68 Common Equity Tier 1 available to meet buffers (as a percentage of risk weighted assets) 5.07
National minima (if different from Basel III)

Annual Report 2023- 24 335

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

(H in Crore)
Basel III common disclosure template to be used from 31st March 2017
Common Equity Tier 1 capital: instruments and reserves Ref No.
(with respect to
DF - 12: Step 2)
69 National Common Equity Tier 1 minimum ratio (if different from Basel III minimum) 5.50
70 National Tier 1 minimum ratio (if different from Basel III minimum) 7.00
71 National total capital minimum ratio (if different from Basel III minimum) 9.00
Amounts below the thresholds for deduction (before risk weighting)
72 Non-significant investments in the capital of other financial entities 0
73 Significant investments in the common stock of financial entities 562.58
74 Mortgage servicing rights (net of related tax liability) 0.00
75 Deferred tax assets arising from temporary differences (net of related tax liability) 12066.84
Applicable caps on the inclusion of provisions in Tier 2
76 Provisions eligible for inclusion in Tier 2 in respect of exposures subject to standardised 36344.12
approach (prior to application of cap)
77 Cap on inclusion of provisions in Tier 2 under standardised approach 35041.12
78 Provisions eligible for inclusion in Tier 2 in respect of exposures subject to internal ratings- 0
based approach (prior to application of cap)
79 Cap for inclusion of provisions in Tier 2 under internal ratings-based approach 0
Capital instruments subject to phase-out arrangements (only applicable between 31st March 2017
and 31st March 2022)
80 Current cap on CET1 instruments subject to phase out arrangements 0
81 Amount excluded from CET1 due to cap (excess over cap after redemptions and maturities) 0
82 Current cap on AT1 instruments subject to phase out arrangements 0%
83 Amount excluded from AT1 due to cap (excess over cap after redemptions and maturities) 0
84 Current cap on T2 instruments subject to phase out arrangements 0%
85 Amount excluded from T2 due to cap (excess over cap after redemptions and maturities) 0

Notes to the Template

Row No. of the Particular (K in Crore)
template
10 Deferred tax assets associated with accumulated losses 30.31
Deferred tax assets (excluding those associated with accumulated losses) net of Deferred 12066.84
tax liability
Total as indicated in row 10 30.31
19 If investments in insurance subsidiaries are not deducted fully from capital and instead 0
considered under 10% threshold for deduction, the resultant increase in the capital of bank
of which: Increase in Common Equity Tier 1 capital 0
of which: Increase in Additional Tier 1 capital 0
of which: Increase in Tier 2 capital 0
26b If investments in the equity capital of unconsolidated non-financial subsidiaries are not 0
deducted and hence, risk weighted then:
(i) Increase in Common Equity Tier 1 capital 0
(ii) Increase in risk weighted assets 0
50 Eligible Provisions included in Tier 2 capital 36344.12
Eligible Revaluation Reserves included in Tier 2 capital 0
Total of row 50 36344.12

# B7: Revenue & Other Reserves is taken net of Integration & Development Fund (H5 Crore)

336
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

DF-12: COMPOSITION OF CAPITAL – RECONCILIATION REQUIREMENT

As on 31st March 2024

Composition of Capital – reconciliation requirement Step 1

(H in Crore)
Balance sheet as in Balance sheet under
financial statements regulatory scope of
consolidation
As on reporting date As on reporting date
A Capital & Liabilities
i Paid-up Capital 892.46 892.46
Reserves & Surplus 4,14,046.71 3,96,495.47
Minority Interest 15,617.96 7,589.28
Total Capital 4,30,557.13 4,04,977.21
ii Deposits 49,66,537.49 49,67,991.79
of which: Deposits from banks 10,853.22 10,853.22
of which: Customer deposits 49,55,684.27 49,57,138.57
of which: Other deposits (pl. specify) - -
iii Borrowings 6,39,609.50 6,39,994.50
of which: From RBI 98,806.56 98,806.56
of which: From banks 2,71,588.67 2,71,588.67
of which: From other institutions & agencies 1,29,822.51 1,29,822.51
of which: Others (Bonds Other than Capital Instrument Bonds) 42,703.00 43,623.00
of which: Capital instruments 96,688.76 96,153.76
iv Other liabilities & provisions 6,97,074.68 2,99,196.37
Total 67,33,778.80 63,12,159.87
B Assets
i Cash and balances with Reserve Bank of India 2,25,356.33 2,25,274.97
Balance with banks and money at call and short notice 1,01,215.97 96,725.06
ii Investments 21,10,548.23 17,04,891.95
of which: Government securities 15,54,202.70 14,27,608.59
of which: Other approved securities 37,923.56 91.80
of which: Shares 1,49,490.11 7,436.10
of which: Debentures & Bonds 2,90,917.18 2,13,917.72
of which: Subsidiaries / Joint Ventures / Associates 17,675.58 11,273.58
of which: Others (Commercial Papers, Mutual Funds etc.) 60,339.10 44,564.16
iii Loans and advances 37,84,272.67 37,83,886.26
of which: Loans and advances to banks 1,81,665.52 1,81,665.52
of which: Loans and advances to customers 36,02,607.15 36,02,220.74
iv Fixed assets 44,708.18 43,798.82
v Other assets 4,66,271.46 4,56,176.85
of which: Goodwill - -
of which: Other intangibles (excluding MSRs) - -
of which: Deferred tax assets 12,140.70 12,120.37
vi Goodwill on consolidation 1,405.96 1,405.96
vii Debit balance in Profit & Loss account - -
Total Assets 67,33,778.80 63,12,159.87

Annual Report 2023- 24 337

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

Composition of Capital – Reconciliation requirement step 2

(H in Crore)
Balance sheet as in Balance sheet under Reference
financial statements regulatory scope of number
consolidation
As on reporting date As on reporting date
A Capital & Liabilities
i Paid-up Capital 892.46 892.46 A
of which: Amount eligible for CET 1 892.46 892.46 A1
of which: Amount eligible for AT1 - - A2
Reserves & Surplus 4,14,046.71 3,96,495.47 B
of which: Statutory Reserve 1,21,026.38 1,21,026.38 B1
of which: Capital Reserves 16,727.81 16,611.89 B2
of which: Share Premium 79,115.48 79,115.48 B3
of which: Investment Reserve 3,142.84 3,142.84 B4
of which: Investment Revaluation Reserve 11,522.30 11,522.30
of which: Foreign Currency Translation Reserve 15,107.70 15,105.30 B5
of which: Revaluation Reserve on Fixed Assets 27,555.65 27,555.65 B6
of which: Revenue and Other Reserves 48,302.31 39,785.48 B7
of which: Reserves under Sec. 36(1)(viii) of Income Tax Act,1961 19,527.06 19,527.06 B8
of which: Balance in Profit & Loss Account 72,019.18 63,103.09 B9
Minority Interest 15,617.96 7,589.28
Total Capital 4,30,557.13 4,04,977.21
ii Deposits 49,66,537.49 49,67,991.79
of which: Deposits from banks 10,853.22 10,853.22
of which: Customer deposits 49,55,684.27 49,57,138.57
of which: Other deposits (pl. specify)
iii Borrowings 6,39,609.50 6,39,994.50
of which: From RBI 98,806.56 98,806.56
of which: From banks 2,71,588.67 2,71,588.67
of which: From other institutions & agencies 1,29,822.51 1,29,822.51
of which: Others (Bonds Other than Capital Instrument Bonds) 42,703.00 43,623.00
of which: Capital instruments 96,688.76 96,153.76
iv Other liabilities & provisions 6,97,074.68 2,99,196.37
of which: DTLs related to goodwill
of which: DTLs related to intangible assets
Total 67,33,778.80 63,12,159.87

338
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

(H in Crore)
Balance sheet as in Balance sheet under Reference
financial statements regulatory scope of number
consolidation
As on reporting date As on reporting date
B Assets
i Cash and balances with Reserve Bank of India 2,25,356.33 2,25,274.97
Balance with banks and money at call and short notice 1,01,215.97 96,725.06
ii Investments 21,10,548.23 17,04,891.95
of which: Government securities 15,54,202.70 14,27,608.59
of which: Other approved securities 37,923.56 91.80
of which: Shares 1,49,490.11 7,436.10
of which: Debentures & Bonds 2,90,917.18 2,13,917.72
of which: Subsidiaries / Joint Ventures / Associates 17,675.58 11,273.58
of which: Others (Commercial Papers, Mutual Funds etc.) 60,339.10 44,564.16
iii Loans and advances 37,84,272.67 37,83,886.26
of which: Loans and advances to banks 1,81,665.52 1,81,665.52
of which: Loans and advances to customers 36,02,607.15 36,02,220.74
iv Fixed assets 44,708.18 43,798.82
v Other assets 4,66,271.46 4,56,176.85
of which: Goodwill - -
of which: Other intangibles (excluding MSRs) - -
of which: Deferred tax assets 12,140.70 12,120.37 C
vi Goodwill on consolidation 1,405.96 1,405.96 D
vii Debit balance in Profit & Loss account - -
Total Assets 67,33,778.80 63,12,159.87

Common Equity Tier 1 capital (CET1): instruments and reserves Step 3

(H in Crore)
Component of regulatory Ref No. (with respect to
capital reported by bank DF - 12: Step 2)
1 Directly issued qualifying common share (and equivalent for non - joint stock 80007.94 A1 + B3
companies) capital plus related stock surplus
2 Retained earnings 260048.90 B1 + B2 + B7 + B8 + B9 (#)
3 Accumulated other comprehensive income (and other reserves) 23729.02 B5 * 75% + B6 * 45%
4 Directly issued capital subject to phase out from CET1 (only applicable to non-joint 0.00
stock companies)
5 Common share capital issued by subsidiaries and held by third parties (amount allowed 3004.24
in group CET1)
6 Common Equity Tier 1 capital before regulatory adjustments 366790.10
7 Prudential valuation adjustments 1633.17
8 Goodwill (net of related tax liability) 1405.96 D

# B7: Revenue & Other Reserves is taken net of Integration & Development Fund (H5 Crore)

Annual Report 2023- 24 339

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

DF-13: Main features of Regulatory Capital Instruments

DF-14: Full Terms and Conditions of Regulatory Capital Instruments

These disclosures i.e. DF 13 and DF 14 have been uploaded on the Bank’s website i.e.
www.sbi.co.in/portal/web/corporate-governance/basel-iii-disclosures

DF-15: Disclosure Requirements for Remuneration

Not applicable, as Private sector and foreign banks operating in India are required to make this disclosure.

DF-16: Equities - Disclosure for Banking Book Positions as on 31st March 2024
Qualitative Disclosures
1 The general qualitative disclosure with respect to equity risk, including:
• Differentiation between holdings on which capital gains are expected and those taken under other All equity investments in HTM
objectives including for relationship and strategic reasons; Category are made in Associates,
Subsidiaries, Joint Ventures and RRBs.
These are strategic in nature.
• Discussion of important policies covering the valuation and accounting of equity holdings in the Accounting and valuation policies for
banking book. This includes the accounting techniques and valuation methodologies used, including securities held under HTM category
key assumptions and practices affecting valuation as well as significant changes in these practices are detailed under Schedule 17 para
2.3(ii) of Bank’s Annual Report.

Quantitative Disclosures
1 Value disclosed in the balance sheet of investments, as well as the fair value of those investments; for H840.51 Crore
quoted securities, a comparison to publicly quoted share values where the share price is materially
different from fair value.
2 The types and nature of investments, including the amount that can be classified as:

Particulars Type Book Value

(In Crore)
Publicly traded Subsidiaries HTM 2,497.27
Associate AFS 7,810.00
Others HTM 133.66
Privately held Associates, Subsidiaries, HTM 10,982.45
JVs & Others
3 The cumulative realised gains (losses) arising from sales and liquidations in the reporting period Nil
4 Total unrealised gains (losses)13 H376.96 Crore (Unrealised loss)
5 Total latent revaluation gains (losses)14 H9,628.67 Crore (MTM Gain)
6 Any amounts of the above included in Tier 1 and/or Tier 2 capital H89.92 Crore
7 Capital requirements broken down by appropriate equity groupings, consistent with the bank’s H4.75 Crore
methodology, as well as the aggregate amounts and the type of equity investments subject to any
supervisory transition or grandfathering provisions regarding regulatory capital requirements

13 Unrealised gains (losses) recognised through the profit and loss account.
14 Unrealised gains (losses) not recognised either in the balance sheet or through the profit and loss account.

340
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

DF-17: COMPARISON OF ACCOUNTING ASSETS VS. LEVERAGE RATIO

EXPOSURE MEASURE
As on 31st March 2024
ITEM H (In million)
1 Total consolidated assets as per published financial statements 6,73,37,787.99
2 Adjustment for investments in banking, financial, insurance or commercial entities that are consolidated for accounting -42,16,189.26
purposes but outside the scope of regulatory consolidation
3 Adjustment for fiduciary assets recognised on the balance sheet pursuant to the operative accounting framework but 0.00
excluded from the leverage ratio exposure measure
4 Adjustments for derivative financial instruments 4,94,377.17
5 Adjustment for securities financing transactions (i.e. repos and similar secured lending) 18,160.84
6 Adjustment for off-balance sheet items (i.e. conversion to credit equivalent amounts of off-balance sheet exposures) 57,91,687.93
7 Other adjustments -1,78,735.62
8 Leverage ratio exposure (State Bank Group) 6,92,47,089.05

DF-18: LEVERAGE RATIO COMMON DISCLOSURE TEMPLATE

As on 31st March 2024
ITEM (H in Million)
On balance sheet exposures
1 On-balance sheet items (excluding derivatives and SFTs, but including collateral) 6,31,21,598.73
2 (Asset amounts deducted in determining Basel III Tier 1 capital) -178735.62
3 Total on-balance sheet exposures (excluding derivatives and SFTs) (sum of lines 1 and 2) 6,29,42,863.11
Derivatives exposures
4 Replacement cost associated with all derivatives transactions (i.e. net of eligible cash variation margin) 1,99,565.08
5 Add-on amounts for PFE associated with all derivatives transactions 2,94,812.09
6 Gross-up for derivatives collateral provided where deducted from the balance sheet assets pursuant to the operative 0.00
accounting framework
7 (Deductions of receivables assets for cash variation margin provided in derivatives transactions) 0.00
8 (Exempted CCP leg of client-cleared trade exposures) 0.00
9 Adjusted effective notional amount of written credit derivatives 0.00
10 (Adjusted effective notional offsets and add-on deductions for written credit derivatives) 0.00
11 Total derivative exposures (sum of lines 4 to 10) 4,94,377.17
Securities financing transaction exposure
12 Gross SFT assets (with no recognition of netting), after adjusting for sale accounting transactions 18,160.84
13 (Netted amounts of cash payables and cash receivables of gross SFT assets) 0.00
14 CCR exposure for SFT assets 0.00
15 Agent transaction exposures 0.00
16 Total securities financing transaction exposures (sum of lines 12 to 15) 18,160.84
Other off balance sheet exposures
17 Off-balance sheet exposure at gross notional amount 1,38,38,537.35
18 (Adjustments for conversion to credit equivalent amounts) -80,46,849.42
19 Off-balance sheet items (sum of lines 17 and 18) 57,91,687.93
Capital and total exposures
20 Tier 1 capital 41,27,356.52
21 Total exposures (sum of lines 3,11,16 and 19) 6,92,47,089.05
Leverage ratio
22 Basel III leverage ratio (%) (State Bank Group) 5.96%

Annual Report 2023- 24 341

PILLAR 3 DISCLOSURES
(Consolidated) as on 31.03.2024

DF- GR: Additional Disclosures on Group Risk

As on 31st March 2024

Qualitative Disclosure
In respect of Group entities *
[Overseas Banking entities and Non-Banking entities]

General Description on

Corporate Governance Practices All Group entities adhere to good Corporate Governance practices.
Disclosure Practices All Group entities adhere to / follow good disclosure practices.
Arm’s Length Policy in respect of Intra All Intra-Group transactions within the State Bank Group have been effected on Arm’s Length basis, both
Group Transactions as to their commercial terms and as to matters such as provision of security.
Common marketing, branding and use of No Group entity has made use of SBI symbol in a manner that may indicate to public that common
SBI’s Symbol marketing, branding implies implicit support of SBI to the Group entity.
Details of Financial Support, # if any No Group entity has provided / received Financial Support from any other entity in the Group.
Adherence to all other covenants of Group All covenants of the Group Risk Management Policy have meticulously been complied with by the Group
Risk Management policy entities.

Intra-group transactions which may lead to the following have been broadly treated as ‘Financial Support’ #:
a) inappropriate transfer of capital or income from one entity to the other in the Group;
b) vitiation of the Arm’s Length Policy within which the Group entities are expected to operate;
c) adverse impact on the solvency, liquidity and profitability of the individual entities within the Group;
d) evasion of capital or other regulatory requirements;
e) operation of ‘Cross Default Clauses’ whereby a default by a related entity on an obligation (whether financial or otherwise)
is deemed to trigger a default on itself.

342
 Company Overview Responsible Approach Governance Statutory Reports Financial Statements

* Entities covered:

BANKING - OVERSEAS NON - BANKING

SBI Canada Bank SBI Capital Markets Ltd.

State Bank of India (California) SBI Cards & Payment Services Ltd.
SBI (Mauritius) Ltd. SBI DFHI Ltd.
PT Bank SBI Indonesia SBI Funds Management Ltd.
Commercial Indo Bank LLC, Moscow SBI General Insurance Company Ltd.
Nepal SBI Bank Ltd. SBI Global Factors Ltd.
State Bank of India (UK) Ltd. SBI Life Insurance Co. Ltd.
SBI Pension Funds Pvt. Ltd.
SBI-SG Global Securities Services Pvt. Ltd.
SBICAP venture Ltd.
State Bank Operations Support Services Pvt. Ltd.
SBI CDMDF Trustee Pvt. Ltd.

Annual Report 2023- 24 343

NOTICE

State Bank of India

(Constituted under the State Bank of India Act, 1955)
The 69th Annual General Meeting of Shareholders of the State Bank of India will be held at the “State Bank Auditorium, State Bank
Bhavan, Madame Cama Road, Mumbai - 400021 on Wednesday, the 19th June, 2024 at 03:00 P.M. The Meeting will be held through
Video Conferencing (VC) / Other Audio-Visual Means (OAVM) 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 31st day of March
2024, 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 Auditor’s Report on the Balance Sheet and Accounts.”

Corporate Centre,
State Bank Bhavan, (Dinesh Kumar Khara)
Madame Cama Road, Chairman

Mumbai - 400021
Date: 9th May 2024

344
ANNEXURE
General instructions for accessing and participating in the Annual General Meeting through VC / OAVM facility and voting through
electronic means including remote e-voting
1. Pursuant to the General Circular No. 14/2020 dated April 08, 2020, issued by the Ministry of Corporate Affairs followed by General
Circular No. 20/2020 dated May 05, 2020 and General Circular No. 02/2021 dated January 13, 2021 and the General Circular
No.: 21/2021 dated December 14, 2021 and the General Circular No. 02/2022 dated May 05, 2022, General circular No. 10/2022
dated December 28, 2022, and General circular No. 09/2023 dated September 25, 2023 (“MCA Circulars”), Annual General
Meeting (AGM) can be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Accordingly, physical
attendance of the Shareholders at venue is not required. The Central Board of the Bank has decided to adopt the above guidelines
issued by MCA in conducting Annual General Meeting of the Bank. Hence, Shareholders can attend and participate in the ensuing
Annual General Meeting through VC / OAVM, which may not require physical presence of shareholders at a common venue. The
deemed venue for the meeting shall be State Bank Auditorium, Corporate Centre of the Bank.
2. In view of the VC facility being provided to the shareholders of the Bank, the facility to appoint proxy to attend and cast vote for
the shareholders as provided in Regulation 34 of SBI General Regulations, 1955 is not available for this Annual General Meeting.
However, the shareholders being Body Corporates are entitled to appoint authorised representatives as provided in Regulation
32 and 33 of SBI General Regulations, 1955 to attend the Annual General Meeting through VC / OAVM and participate thereat
and cast their votes through e-voting.
3. The Shareholders can join the Annual General Meeting in the VC / OAVM mode 30 minutes before and after the scheduled time of
the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the Annual
General Meeting through VC / OAVM will be made available for at least 1000 members on first come first served basis. This will
not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key
Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders
Relationship Committee, Auditors etc. who are allowed to attend the Annual General Meeting without restriction on account of
first come first served basis.
4. The attendance of the Shareholder attending the Annual General Meeting through VC / OAVM will be counted for the purpose
of reckoning the quorum under Regulation 24 of SBI General Regulations, 1955.
5. Pursuant to the provisions of Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended)
read with Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules,
2014, (as amended), and the MCA Circulars, the Bank is providing facility of remote e-voting to its Shareholders in respect of
the business to be transacted at the Annual General Meeting. Shareholders will be provided with a facility to attend the AGM
through video conferencing platform provided by National Securities Depository Limited (NSDL). The facility of casting votes by
a member using remote e-voting system as well as venue voting on 19 th June, 2024, the date of the Annual General Meeting will
be provided by National Securities Depository Limited (NSDL).
6. In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13, 2020, the Notice convening the Annual
General Meeting has been uploaded on the website of the Bank at www.sbi.co.in. The Notice can also be accessed from the
websites of the Stock Exchanges i.e. BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) at www.bseindia.
com and www.nseindia.com respectively and the Annual General Meeting Notice is also available on the website of National
Securities Depository Limited (NSDL) (agency for providing the remote e-voting facility) i.e. https://www.evoting.nsdl.com/
7. Annual General Meeting has been convened through VC / OAVM in compliance with applicable provisions of the Companies
Act, 2013 read with MCA Circulars and SEBI Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12th May, 2020.
8. In terms of Regulation 7 of SBI General Regulations, 1955, in case of joint holders, the person whose name appears first as per
the Register of Shareholders of the Bank will be entitled to vote at the Annual General Meeting provided the votes are not already
cast through remote e-voting.
9. Members who opt to be present through VC and who do not cast their vote through remote e-voting on a particular resolution
will be allowed to vote through e-voting at the Annual General Meeting for that particular resolution.

Annual Report 2023- 24 345

NOTICE

INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING ARE AS GIVEN BELOW:

• The remote e-voting period commences on 13th June, 2024 at 10.00 AM IST and ends on 18th June, 2024 at 05:00 PM IST. The
remote e-voting module shall be disabled by National Securities Depository Limited (NSDL) for voting thereafter. Once the vote is
cast by the Shareholder, the Shareholder shall not be allowed to change it subsequently.
• During the above period, Shareholders of the Bank, holding shares either in physical form or in dematerialised form as on the cut-off
date as provided in Regulation 31 of SBI General Regulations, 1955 may cast their vote by remote e-voting.
• Shareholders holding multiple folios / demat account shall choose the voting process separately for each folio / demat account.
• The portal will close as aforesaid, and the facility will be disabled immediately upon closure.
• The Bank has appointed M/s Bhandari & Associates, Company Secretaries, as the Scrutiniser to ensure that the e-voting process
is conducted in a fair and transparent manner.
• Shareholders acquiring shares between the cut-off date for E-voting and cut-off date for dispatch of the Notice for 69th AGM /
Annual Report 2023-24 and have registered their e-mail IDs with their respective DP, shall be sent communication by the Registrar
and Transfer Agent, for attending the AGM. Such shareholders may also visit Bank’s website to get the details.

How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of “Two Steps” which are mentioned below:

Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode
In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders
holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository
Participants. Shareholders are advised to update their mobile number and email ID in their demat accounts in order to access
e-Voting facility.
Login method for Individual shareholders holding securities in demat mode is given below:
Type of shareholders Login Method
Individual Shareholders 1. Existing IDeAS user can visit the e-Services website of NSDL viz. https://eservices.nsdl.com either on a Personal
holding securities in Computer or on a mobile. On the e-Services home page click on the “Beneficial Owner” icon under “Login”
demat mode with which is available under ‘IDeAS’ section, this will prompt you to enter your existing User ID and Password. After
NSDL. successful authentication, you will be able to see e-Voting services under Value added services. Click on “Access
to e-Voting” under e-Voting services and you will be able to see e-Voting page. Click on company name or
e-Voting service provider i.e., NSDL and you will be re-directed to e-Voting website of NSDL for casting your
vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.
2. If you are not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.com. Select
“Register Online for IDeAS Portal” or click at https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.
com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting system is launched, click
on the icon “Login” which is available under ‘Shareholder/Member’ section. A new screen will open. You will
have to enter your User ID (i.e., your sixteen digit demat account number hold with NSDL), Password/OTP and
a Verification Code as shown on the screen. After successful authentication, you will be redirected to NSDL
Depository site wherein you can see e-Voting page. Click on company name or e-Voting service provider i.e.,
NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” facility by scanning the QR code
for seamless voting experience.

346
 Type of shareholders Login Method
Individual Shareholders 1. Users who have opted for CDSL Easi / Easiest facility, can login through their existing user id and password.
holding securities in Option will be made available to reach e-Voting page without any further authentication. The users to login Easi /
demat mode with Easiest are requested to visit CDSL website www.cdslindia.com and click on login icon & New System Myeasi Tab
CDSL and then user your existing my easi username & password.
2. After successful login the Easi / Easiest user will be able to see the e-Voting option for eligible companies where
the e-Voting is in progress as per the information provided by company. On clicking the e-Voting option, the user
will be able to see e-Voting page of the e-Voting service provider for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting. Additionally, there is also links provided to access
the system of all e-Voting Service Providers, so that the user can visit the e-Voting service providers’ website
directly.
3. If the user is not registered for Easi/Easiest, option to register is available at CDSL website www.cdslindia.com and
click on login & New System Myeasi Tab and then click on registration option.
4. Alternatively, the user can directly access e-Voting page by providing Demat Account Number and PAN No. from
a e-Voting link available on www.cdslindia.com home page. The system will authenticate the user by sending OTP
on registered Mobile & Email as recorded in the Demat Account. After successful authentication, user will be
able to see the e-Voting option where the evoting is in progress and also able to directly access the system of all
e-Voting Service Providers.
Individual Shareholders You can also login using the login credentials of your demat account through your Depository Participant registered
(holding securities with NSDL/CDSL for e-Voting facility. upon logging in, you will be able to see e-Voting option. Click on e-Voting option,
in demat mode) you will be redirected to NSDL/CDSL Depository site after successful authentication, wherein you can see e-Voting
login through their feature. Click on company name or e-Voting service provider i.e. NSDL and you will be redirected to e-Voting website
depository participants of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password
option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository
i.e. NSDL and CDSL.
Login type Helpdesk details
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending a request at
securities in demat mode with NSDL [email protected] or call at 022 - 4886 7000
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending a request at
securities in demat mode with CDSL [email protected] or contact at toll free no. 1800 22 55 33

B) Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders holding
securities in demat mode and shareholders holding securities in physical mode.
How to Log-in to NSDL e-Voting website?
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either
on a Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/
Member’ section.
3. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on
the screen.
Alternatively, if you are registered for NSDL eservices i.e., IDEAS, you can log-in at https://eservices.nsdl.com/ with your
existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can
proceed to Step 2 i.e., Cast your vote electronically.

Annual Report 2023- 24 347

NOTICE

4. Your User ID details are given below:

Manner of holding shares i.e. Demat Your User ID is:
(NSDL or CDSL) or Physical
a) For Members who hold shares 8 Character DP ID followed by 8 Digit Client ID
in demat account with NSDL. For example, if your DP ID is IN300*** and Client ID is 12****** then your user ID is IN300***12******.
b) For Members who hold shares 16 Digit Beneficiary ID
in demat account with CDSL. For example, if your Beneficiary ID is 12************** then your user ID is 12**************
c) For Members holding shares EVEN Number followed by Folio Number registered with the company
in Physical Form. For example, if folio number is 001*** and EVEN is 101456 then user ID is 101456001***

5. Password details for shareholders other than Individual shareholders are given below:

a) If you are already registered for e-Voting, then you can use your existing password to login and cast your vote.

b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the ‘initial password’ which was
communicated to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’ and the system
will force you to change your password.

c) How to retrieve your ‘initial password’?

(i) If your email ID is registered in your demat account or with the company, your ‘initial password’ is communicated
to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the
attachment i.e. a .pdf file. Open the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL
account, last 8 digits of client ID for CDSL account or folio number for shares held in physical form. The .pdf file
contains your ‘User ID’ and your ‘initial password’.

(ii) If your email ID is not registered, please follow steps mentioned below in process for those shareholders
whose email ids are not registered.

6. If you are unable to retrieve or have not received the “Initial password” or have forgotten your password:

Click on “Forgot User Details/Password?” (If you are holding shares in your demat account with NSDL or CDSL)
a) 
option available on www.evoting.nsdl.com.

b) Physical User Reset Password?” (If you are holding shares in physical mode) option available on www.evoting.nsdl.com.

c) If you are still unable to get the password by aforesaid two options, you can send a request at [email protected]
mentioning your demat account number/folio number, your PAN, your name and your registered address etc.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.

7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.

8. Now, you will have to click on “Login” button.

9. After you click on the “Login” button, Home page of e-Voting will open.

348
Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system
How to cast your vote electronically and join General Meeting on NSDL e-Voting system?

1. After successful login at Step 1, you will be able to see all the companies “EVEN” in which you are holding shares and whose
voting cycle and General Meeting is in active status.

2. Select “EVEN” of company for which you wish to cast your vote during the remote e-Voting period and casting your vote during
the General Meeting. For joining virtual meeting, you need to click on “VC/OAVM” link placed under “Join Meeting”.

3. Now you are ready for e-Voting as the Voting page opens.

4. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which you wish to
cast your vote and click on “Submit” and also “Confirm” when prompted.

5. Upon confirmation, the message “Vote cast successfully” will be displayed.

6. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.

7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

General Guidelines for Shareholders

1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the
relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorised signatory(ies) who are
authorised to vote, to the Scrutiniser by e-mail to ‘[email protected]’ with a copy marked to [email protected].
Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) can also upload their Board Resolution / Power of Attorney /
Authority Letter etc. by clicking on "Upload Board Resolution / Authority Letter" displayed under "e-Voting" tab in their login.

2. It is strongly recommended not to share your password with any other person and take utmost care to keep your password
confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such
an event, you will need to go through the “Forgot User Details/Password?” or “Physical User Reset Password?” option available
on www.evoting.nsdl.com to reset the password.

3. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-Voting user manual for
Shareholders available at the download section of www.evoting.nsdl.com or call on.: 022 - 4886 7000 or send a request to
Ms. Pallavi Mhatre, Senior Manager, NSDL, Trade World, 'A' Wing, 4th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower
Parel, Mumbai - 400 013 at [email protected] or call on 022 - 4886 7000.
Process for those shareholders whose email IDs are not registered with the depositories for procuring user ID and
password and registration of email IDs for e-Voting for the resolutions set out in this notice:

1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share certificate
(front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by email
to: [email protected]

2. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name,
client master or copy of Consolidated Account statement, PAN (self-attested scanned copy of PAN card), AADHAR (self-attested
scanned copy of Aadhar Card) to: [email protected]. If you are an Individual shareholder holding securities in demat
mode, you are requested to refer to the login method given at Step 1 (A) above, i.e. Login method for e-Voting and joining virtual
meeting for Individual shareholders holding securities in demat mode.

3. Alternatively, shareholders / members may send a request to [email protected] for procuring user ID and password for e-Voting
by providing above mentioned documents.

4. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders
holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository
Participants. Shareholders are required to update their mobile number and email ID correctly in their demat account in order to
access e-Voting facility.

Annual Report 2023- 24 349

NOTICE

INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE ANNUAL GENERAL
MEETING ARE AS UNDER:
1. The procedure for e-Voting on the day of the Annual General Meeting is same as the instructions mentioned above for remote
e-voting.

2. Only those Members / Shareholders, who will be present in the Annual General Meeting through VC / OAVM facility and have
not casted their vote on the resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to
vote through e-Voting system in the Annual General Meeting.

3. Members who have voted through Remote e-Voting will be eligible to attend the Annual General Meeting. However, they will not
be eligible to vote at the Annual General Meeting.

4. The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the
Annual General Meeting shall be the same person mentioned for Remote e-voting.

INSTRUCTIONS FOR SHAREHOLDERS FOR ATTENDING THE ANNUAL GENERAL

MEETING THROUGH VC / OAVM ARE AS UNDER:
1. Shareholder will be provided with a facility to attend the Annual General Meeting through VC / OAVM through the National
Securities Depository Limited (NSDL) e-Voting system. Members may access by following the steps mentioned above for Access
to NSDL e-Voting system. After successful login, you can see link of “VC / OAVM link” placed under “Join Meeting” menu against
company name. You are requested to click on VC / OAVM link placed under Join Meeting menu. The link for VC / OAVM will be
available in Shareholder / Member login where the EVEN of Company will be displayed. Please note that the members who do
not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the same by following
the remote e-Voting instructions mentioned in the notice to avoid last minute rush.

2. Members are encouraged to join the Meeting through Laptops for better experience.

3. Further, Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.

4. Please note that participants connecting from Mobile Devices or Tablets or through Laptops connecting via Mobile Hotspot may
experience Audio / Video loss due to fluctuation in their respective network. It is therefore recommended to use stable Wi-Fi or
LAN Connection to mitigate any kind of aforesaid glitches.

350
5. Shareholders who would like to express their views / have questions may send their questions in advance mentioning their name,
demat account number / folio number, email id, mobile number at: [email protected] latest by 13.06.2024 by 05:00
P.M. The same will be replied by the Bank suitably.

6. Those shareholders who have registered themselves as a speaker will only be allowed to express their views / ask questions.

Determination of voting rights - Subject to the provisions contained in Section 11 of the State Bank of India Act, 1955, each

shareholder who has been registered as a shareholder for a period of not less than three months prior to the date of a general
meeting shall, at such meeting, have one vote for each fifty shares held by him or it. i.e. 15.03.2024.

Every shareholder other than the Central Government entitled to vote as aforesaid who, not being a company is present in person
or by proxy or who being a company is present by a duly authorised representative, or by proxy shall have one vote on a show of
hands and in case of a poll shall have one vote for each fifty shares held by him or it for the whole period of three months prior
to the date of such meeting. i.e., 15.03.2024.

The duly authorised person representing the Central Government shall have one vote on a show of hands and, in case of a poll,
shall have one vote for each fifty shares held by it for the whole period of three months prior to the date of such meeting. i.e., 15.03.2024.

The Scrutinisers shall, immediately after the conclusion of voting at the Annual General Meeting, first count the votes cast during
the Annual General Meeting, thereafter unblock the votes cast through remote e-voting and make, not later than two working days
of conclusion of the Annual General Meeting, a consolidated Scrutiniser’s Report of the total votes cast in favour of or against, if
any, to the Chairman or a person authorised by him in writing, who shall countersign the same.

The results declared along with the Scrutiniser’s Report shall be placed on the Bank’s website www.sbi.co.in and on the website
of National Securities Depository Limited (NSDL): https://www.evoting.nsdl.com/ immediately. The Bank shall simultaneously
forward the results to National Stock Exchange of India Limited and BSE Limited, where the shares of the Bank are listed.

Corporate Centre,
State Bank Bhavan, (Dinesh Kumar Khara)
Madame Cama Road, Chairman

Mumbai - 400021
Date: 9th May 2024

Annual Report 2023- 24 351

GREEN INITIATIVE

Dear Shareholder,

Green Initiative in Corporate Governance

In accordance with the SEBI guidelines, the Bank is issuing Annual Report in electronic form to those shareholders whose e-mail
addresses are available.
Your Bank invites you to participate in the Green Initiative by enabling to communicate with you through electronic mode i.e. e-mail. It
will not only contribute to conservation of environment, but also bring in better efficiency in communication by obviating transit delays
and losses. We request you to join us in this initiative by updating your email IDs with your Depository Participant, if your shareholding
is in demat form. Shareholders holding shares in physical form shall have to send their updated information / changes to the Registrar
& Transfer Agent (RTA), M/s Alankit Assignments Ltd. through email to [email protected]
Further, while most of you hold shares of your Bank in demat form, some of you are still retaining the shares in physical form. SEBI has
banned transfer of securities in physical form w.e.f. 1st April 2019. The Shares held by you in physical form can be easily dematerialised
i.e converted into electronic form. The various benefits derived out of dematerialisation of shares are:-

• Immediate transfer of securities.

• Reduction in risks associated with holding securities in paper form such as theft, damage due to fire, wear & tear, fake / forged
securities etc.
• Change in address recorded with DP gets registered electronically with all companies in which investor holds securities
• Eliminating the need of correspondence with each Company separately.
• Transmission of securities is done by DP eliminating correspondence with each Company
• Holding investments in equity, debt instruments and Government securities in a single account.
• Automatic credit into the demat account, of shares, arising out of bonus/ split/ consolidation/ merger etc;

If you are holding shares in physical form, please approach any Depository Participant (DP) (like SBICAP Securities Limited, phone no-
022-68545555, email - [email protected]) of your choice for opening the Demat account. Fill in the Demat Request Form (DRF)
and handover the shares certificate(s) of face value of H1 to your DP for forwarding the same to the Bank’s RTA for Dematerialisation.
Shares will get converted into electronic form and will automatically be credited to your Demat Account.
If you are receiving dividend by way of dividend warrant, you are requested to furnish/ update bank account details with DP/RTA, as
the case may be, to receive dividend directly in your bank account.
We are sure that you will appreciate the “Green Initiative” initiated by your Bank and hope that you will enthusiastically participate in
the effort.

Kind attention of shareholders is drawn to Section 38A of the State Bank of India Act, 1955 inserted with effect from 15th September 2010 by the State
Bank of India (Amendment) Act, 2010. As per the said section, dividend declared by the State Bank of India which has not been paid to a shareholder
or claimed by any eligible shareholder, within thirty days from the date of declaration shall be transferred to a special account called as “unpaid dividend
account”. Further, all unpaid dividend amount for period prior to the above amendment was already transferred to the said “unpaid dividend account.”
Any money transferred to the unpaid dividend account of the State Bank of India as above which remains unpaid or unclaimed for a period of seven
years from the date of such transfer shall be transferred by the Bank to the Investor Education and Protection Fund established under Section 125 of the
Companies Act, 2013, for being utilised for the purpose and in the manner specified in that section. In view of the above, shareholders are requested to
ensure that unclaimed / unpaid dividend if any, is claimed without any delay.

352
 APPEAL TO ALL SBI SHAREHOLDERS
All the shareholders holding equity Shares of SBI in physical form are requested to update the following
details and submit it by registered/speed post to our RTA at the following address:
M/s Alankit Assignments Limited (AAL), 205-208, Anarkali Complex, Jhandewalan Extension, New Delhi – 110055.
Phone No.: 7290071335, e-mail: [email protected].

  

FORM ISR – 1
(Circulated vide. SEBI circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated 3rd November 2021 on Common and
Simplified Norms for processing investor’s service request by RTAs and norms for furnishing PAN, KYC details and Nomination)

REQUEST FOR REGISTERING PAN, KYC DETAILS OR CHANGES / UPDATION THEREOF

[For Securities (Shares / Debentures / Bonds, etc.) of listed companies held in physical form]
Date:___ /___ /______
A. I / We request you to Register / Change / Update the following (Tick  relevant box)
PAN Postal Address
Bank Details E-mail Address
Signature Mobile Number
Demat Account Details

B. Security Details:
Name of the Issuer Company State Bank of India Folio No:
Name(s) of the Security holder(s) as per the 1.
Certificate(s)
2.
3.
Number & Face value of securities No : Face Value:
Distinctive number of securities From To

C. I / We are submitting documents as per Table below (tick  as relevant, refer to the instructions):
 Document / Information / Details Instruction / Remark
1 PAN of (all) the ( joint) holder(s)
PAN

Whether it is Valid PAN shall be valid only if it is linked to Aadhaar by 31st March 2022*
(linked to Aadhaar):

Yes

No
2 Demat Account Number

Also provide Client Master List (CML) of your Demat Account, provided by the Depository
Participant.

Annual Report 2023- 24 353

  Document / Information / Details Instruction / Remark
3 Proof of Address of the first Provide any one of the documents, only if there is change in the address.
holder • Client Master List (CML) of your Demat Account, provided by the Depository Participant
• Valid Passport/ Ration Card/ Registered Lease or Sale Agreement of Residence / Driving
License / Flat Maintenance bill.
• Utility bills like Telephone Bill (only land line), Electricity bill or Gas bill - Not more than 3
months old.
• Identity card / document with address, issued by any of the following: Central/State
Government and its Departments, Statutory / Regulatory Authorities, Public Sector
Undertakings, Scheduled Commercial Banks, Public Financial Institutions.
• For FII / sub account, Power of Attorney given by FII / sub-account to the Custodians (which
are duly notarised and / or apostilled or consularised) that gives the registered address
should be taken.
• The proof of address in the name of the spouse
4 Bank details Provide the copy of the bank statement with details of bank name, branch, account number and
IFS Code or copy of cheque leaf.
Alternatively, Bank details available in the CML will be updated in the folio.

5 E-mail address
Alternatively, the e-mail address available in the CML will be updated in the folio

6 Mobile Number
Alternatively, the mobile number available in the CML will be updated in the folio
7 Specimen Signature • Provide banker’s attestation of the signature of the holder(s) as per Form ISR – 2 in SEBI
circular SEBI/HO/MIRSD/MIRSDRTAMB/P/CIR/2021/655 dated
3rd November 2021) and
• Original cancelled cheque
8 Nomination** • Providing Nomination: Please submit the duly filled up Nomination Form (SH-13) or
• Declaration to Opt out of Nomination’ as per Form ISR–3, in SEBI circular SEBI/HO/ MIRSD/
MIRSDRTAMB/P/CIR/2021/655 dated 3rd November 2021
• Change in Existing Nomination: Please use Form SH-14 in SEBI circular SEBI/HO/ MIRSD/
MIRSDRTAMB/P/CIR/2021/655
• Cancellation of Existing Nomination: Please use Form SH-14 and Form ISR – 3

* or any date as may be specified by the CBDT

** N
 omination (Form SH-13 or SH-14) / ‘Declaration to Opt-Out of nomination’ (Form ISR – 3), has to furnished by the holder(s) separately for each
listed company.

354
Mode of submission of documents to the RTA
Please use any one of the following mode;
1. In Person Verification (IPV): by producing the originals to the authorised person of the RTA, who will retain copy(ies) of the
document(s)
2. In hard copy: by furnishing self-attested photocopy(ies) of the relevant document, with date
3. Through e-mail address already registered with the RTA, with e-sign of scanned copies of documents
4. Service portal of the RTA with e-sign with scanned copies of documents, if the RTA is providing such facility

Note

• It is mandatory for holders of physical securities in listed company to furnish PAN, full KYC details (address proof, bank details, e-mail
address, mobile number) and Nomination (for all the eligible folios).
• Upon receipt or up-dation of bank details, the RTA automatically, pay electronically, all the moneys of / payments to the holder that
were previous unclaimed / unsuccessful.
• RTA shall update the folio with PAN, KYC details and Nominee, within seven working days of its receipt. However, cancellation of
nomination, shall take effect from the date on which this intimation is received by the company / RTA.
• RTA shall not insist on Affidavits or Attestation / Notarisation or indemnity for registering / up-dating / changing PAN, KYC details
and Nomination.
• All the forms namely ISR-1, ISR-2, ISR-3, SH-13, SH-14 can be downloaded from Bank’s website through the link https:// bank.sbi/
web/investor-relations/share-holder-bond-holder-information

Authorisation: I / We authorise you (RTA) to update the above PAN and KYC details in my / our folio (s) __________, _________,
in which I / We are the holder(s) (strike off what is not applicable).
Declaration: All the above facts stated are true and correct.
Holder 1 Holder 2 Holder 3
Signature   

Name   

Full Postal address 

PIN


Annual Report 2023- 24 355

 Form ISR – 2
(see circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated 3rd November 2021 on Common and Simplified Norms
for processing investor’s service request by RTAs and norms for furnishing PAN, KYC details and Nomination)

Confirmation of Signature of securities holder by the Banker

1. Bank Name and Branch

2. Bank contact details

Postal Address

Phone number

E-mail address

3. Bank Account number

4. Account opening date

5. Account holder(s) name(s) 1)

2)

3)

6. Latest photograph of the account holder(s)

1st Holder 2nd Holder 3rd Holder

7. Account holder(s) details as per Bank Records

a) Address :

b) Phone number :

c) Email address :

d) Signature(s) :

Seal of the Bank Signature verified as recorded with the Bank (Signature)

Name of the Bank Manager :

Place: Employee Code :

Date: E-mail address :

356
 Form No. SH-13
Nomination Form
[Pursuant to section 72 of the Companies Act, 2013 and rule 19(1) of the Companies
(Share Capital and Debentures) Rules 2014] To

Name of the company:

Address of the company:

I/We …………………………………….. the holder(s) of the securities particulars of which are given hereunder wish to make nomination and
do hereby nominate the following persons to whom shall vest, all the rights in respect of such securities in the event of my/our death.
(1) PARTICULARS OF THE SECURITIES (in respect of which nomination is being made)

Nature of securities Folio No. No. of securities Certificate No. Distinctive No.

(2) PARTICULARS OF NOMINEE/S —

(a) Name :

(b) Date of Birth :

(c) Father’s/Mother’s/Spouse’s name :

(d) Occupation :

(e) Nationality :

(f ) Address :

For urgent attention of our Shareholders –

• SEBI has mandated that transfer/sale of securities held in physical form shall not be processed unless the same are held in dematerialised form
with a depository. This implies that shareholders will not be able to transfer/sell the shares held in physical form. Such shareholders are requested
to dematerialise their shares at the earliest to avoid risk as well as reap the multiple benefits of dematerialisation.
• Please also note that H1 face value share certificate was sent to the concerned physical shareholders pursuant to stock split by the Bank on
22nd November 2014 and to the erstwhile Associate Banks physical shareholders in April 2017, upon merger of these Banks with SBI. The same is
required/valid for dematerialisation. In case, H1 face value share certificate is not available, please contact Bank’s RTA.
• Physical shareholders are also requested to update, detail of PAN, KYC including E-MAIL, CONTACT No., BANK ACCOUNT and
NOMINATION, by submitting forms ISR-1, ISR-2 and SH-13 to the Bank’s RTA whose address is given hereinabove. Demat shareholders
are requested to update the same with their DP.
• As you might be aware that dividend which remains unclaimed for seven years, is required to be transferred to IEPF, therefore, please claim your
dividend by sending claim to Bank’s RTA, if unpaid, for the period from FY2016 onwards (Note: SBI has not declared any dividend during the
FYs 2017-18, 2018-19 and 2019-20). For earlier periods, same may be claimed from IEPF, as the unclaimed dividends of earlier periods has been
transferred to IEPF.

Annual Report 2023- 24 357

Notes
Notes
Notes
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