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State Bank of India
Industry :  Banks - Public Sector
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As on: Jun 10, 2023 02:45 AM

I. Economic Backdrop and Banking Environment

1. Global Economic Scenario

The recovery of the global economy was hampered in Q4 of 2021, due to the resurgence of omicron variant which led many countries to re-impose lockdowns, travel restrictions and other containment measures which disrupted economic activities and supply chains. The domestic economic scenario has also been affected by geo-political events. RBI has lowered the FY23 GDP growth forecast to 7.2% from the earlier guidance of 7.8%. While possible upside could emanate from sustained domestic demand, Government's thrust on capex, a normal monsoon and healthier corporate balance sheets, the heightened geo-political tensions do pose downside risks to GDP growth.

Towards the end of FY 2022, the Russia- Ukraine conflict has led to heightened financial volatility. Price of crude and other commodities spiralled to multi-year highs. Amidst unsettled financial market conditions, demand for safe havens increased, thereby increasing the price of gold while diversification of reserves by central banks anchored other assets and currencies too. Meanwhile, emerging markets continue to witness capital outflows, as the US Fed accelerated its tapering of asset purchases, recently raised the Fed funds rate twice, and signalled aggressive rate hikes. Against this backdrop, global growth is expected to moderate to 3.2% in 2022.

Meanwhile, inflation is likely to remain elevated in the near term, and inflationary pressures are likely to subside in the later part of the year. The recent lockdown in China is a grim reminder of the brittle recovery and the necessity of adhering to appropriate measures to check the unabated spread of the virus.

The Russia-Ukraine conflict and lockdowns in China as part of its zero- tolerance approach towards the pandemic are weighing down on the global trade dynamics. This has led the WTO to slash the global goods trade growth forecast to 3% in 2022 from its previous forecast of 4.7%.

Prolonged situation in Ukraine along with unanchored inflation expectations and supply disruptions pose a significant downside risk to global growth prospects. With growth clouded by risks and uncertainty, it is imperative for countries, especially the developing ones, to continue to strengthen their digital and health infrastructure. All countries also need to focus on tackling climate change and growth-enhancing policy interventions to promote inclusive development and reforms that broaden economic activity.

2. India?s Economic Scenario

The recovery in real GDP growth with the ebbing of the second wave lost some momentum in H2FY2022 with the emergence of the Omicron variant which was fortunately short lived. However, India's economy grew by 8.7% in FY2022 as against the NSD's earlier estimate of 8.9%.

Gross Value Addition in agriculture and allied activities expanded by 3.3% in FY2022, supported by adequate monsoon, good reservoir levels and improved soil moisture, which helped rabi acreage increase by 1.5% over the previous year. Food grain production touched a new record in FY2022, with both Kharif and Rabi output exceeding the final estimates for the year.

Industrial activity lost some momentum in the second half of FY2022, as manufacturing was affected by supply- side shortages and input cost pressures. Mining activity was supported by coal and natural gas, offsetting the contraction in crude oil production. Hence, industrial GVA decelerated sharply from 23.1% in H1 to 0.9% in H2.

Services sector activity grew by 7.1% in H2 and crossed its pre-pandemic level. The contact-intensive services, viz., trade, hotels, transport, and communication, inched towards normalisation, though their rebound was held back by the Omicron variant.

Merchandise exports and imports remained buoyant in FY2022. Exports at $42.2 billion in March 2022 touched a new record and remained above $30 billion for the 13th consecutive month. During FY2022, merchandise exports at $419.6 billion surpassed the target of $400 billion. The $300 billion mark in exports was achieved in FY12, and it took almost a decade to add an incremental $100 billion in exports.

Merchandise imports reached an alltime high of $60.7 billion in March 2022 and remained above $50 billion for the seventh consecutive month. Overall, India's merchandise exports increased by 43.8% in FY2022 vis-a-vis a decline of 6.9% in FY2021, while imports grew by a whopping 55.1% in FY2022 compared to a 16.9% contraction in FY2021. India recorded a current account deficit of 1.2% of GDP in April-December 2021 against a surplus of 1.7% in April- December 2020.

Though CPI inflation is projected to average below 6.0% in FY2023 by RBI, there remain several risks to this forecast. The risks could emanate from a further hardening of global crude and other commodity prices due to geopolitical tensions, longer supply chain disruptions, a larger pass-through of input cost pressures and volatility in the global financial markets induced by an affirmative normalisation of monetary policy by the advanced economies. An early end to supply chain disruptions, a muted pass-through to output prices, correction in global commodity prices and, an easing of geopolitical tensions would help in containing inflation within the projected levels.

As per RBI estimates, real GDP is expected to grow by 7.2% in FY2023. Upside to growth could emanate from sustained expansion in domestic demand, a boost in private investment activity, buoyed by the Government's thrust on capital expenditure, a normal monsoon and healthier corporate balance sheets.

3. Banking Environment

The COVID-19 pandemic was the first significant test of the global financial system since the global financial crisis of 2008. Globally and in India, the banking and non-banking sectors have weathered the COVID-19 disruptions reasonably well, supported by cogent policy measures, which helped maintain the soundness of the banking and financial system. The timely policy interventions both by the Government and the RBI helped alleviate the stress experienced by individuals, MSMEs, corporates and lenders by making credit available on easy terms.

With the gradual return of normalcy, signs of recovery became visible in H1 of FY2022 during the festive season. ASCB credit grew by 9.6% in FY2022, compared to 5.6% growth in FY2021. Retail loans have emerged as the primary driver of bank credit in FY 22 and have now the largest share (28.4%) in the outstanding credit of ASCBs, displacing industrial loans (26.7%).

However, ASCB's aggregate deposits growth slowed to 8.9% in FY2022, compared to 11.40% in FY2021, due to the base effect, lower interest rates and a flight to capital markets / digital asset classes in the expectation of higher returns. Amidst improving credit offtake, growth in banks' holdings of G-secs decelerated, pulling down their excess SLR investments to 9.6% of net demand and time liabilities (NDTL) as of March 25, 2022, from 11% as at the end of March 2021.

The asset quality of ASCBs improved during FY2022, with the non-performing assets (NPA) ratio declining to 6.5% in December 2021 from 6.8% a year ago.

Digital transactions continued to register robust growth in FY2022. Retail payments expanded strongly across the payment modes. UPI witnessed near 100% growth in volume and value of transactions. RTGS, NEFT, IMPS, and NACH also demonstrated remarkable growth. Transactions under the Bharat Bill Payment System (BBPS) clocked a triple-digit increase in volume.

4. Outlook

Towards the end of FY2022, the buildup of tension between Ukraine and Russia and the subsequent sanctions have led to supply chain risks becoming more pronounced. Increase in prices of agricultural commodities, energy products, metals and other essential commodities have had a cascading impact on the global economy and consequently the banking sector. The build-up of inflation has prompted aggressive rate hikes in advanced economies.

Considering these developments, the Monetary Policy announcement by RBI in April 2022 highlighted considerable risks that need constant monitoring and warrant concrete actions while keeping rates unchanged. This was, however followed by an off-cycle policy rate and CRR hike by RBI in early May 2022.

The normalisation of LAF corridor through the introduction of Standing Deposit Facility (SDF) and subsequent rate hike in May 2022 clearly indicate that the interest rate cycle is turning. In the G-Sec market, yields have gone up since the rate hike announcement in May 2022.

India's GDP growth for FY2023 has been projected at 7.2%, which is among the highest in the world. Nonetheless, there is uncertainty on how the demand will pick up during this financial year. Private final consumption is still below the prepandemic year and may see some erosion in the current year due to higher inflation. However, investment demand has picked up gradually and there has been substantial increase in new investment announcements amounting to '19 trillion in FY2022. Further, sectors benefiting from Production Linked Incentive (PLI) scheme are also expected to see an increase in capex in FY2023. Going forward, good prospects of Rabi output augur well for rural demand. The recent opening of precautionary vaccine dose for all segments of the population is also a positive development.

In this backdrop, the Bank's business needs careful assessment. Your bank has calibrated its business strategy in tandem with evolving needs, constantly adopting best practices while prioritising the safety of hundreds of millions of customers and our people, without compromising on delivery of uninterrupted services since the outbreak of the pandemic. Yet the emergence of geopolitical risks alongside the recurrent bouts of COVID-19 infections have again underscored the need to be on guard and re-evaluate the adequacy of contingency buffers to cover unanticipated losses.

The conflict in Ukraine has also opened up opportunities for India notably in agriculture sector. Further, free trade agreements with Australia and the UAE are also expected to create a number of growth opportunities. Reordering of global supply chains also presents a unique opportunity to India, a proposition that holds tremendous potential.

To sum up, the outlook on the economy and the Bank's business will depend upon the evolving geopolitical situation and its impact on global commodity prices and logistics. Opening up of the economy has reduced the need for a fresh stimulus package and the current momentum appears sustainable. Thus, for the Bank it is imperative that business keeps adapting to the new operating environment.

II. Financial Performance

Net Profit and Operating Profit

The Net profit increased by 55.19% to '31,675.98 crore in FY2022 from '20,410.47 crore in FY2021. The Operating Profit of your Bank for FY2022 increased by 5.22% to '75,292.37 crore from '71,554.15 crore in FY2021 (Including exceptional item of '1,539.73 crore from stake sale from SBI Life in FY2021).

Net Interest Income

Net interest income increased by 9.03% to '1,20,707.59 crore in FY2022 from '1,10,710.00 crore in FY2021. Total interest income increased from '2,65,150.63 crore in FY2021 to '2,75,457.29 crore in FY2022 registering a growth of 3.89%. Total interest expenses increased from '1,54,440.63 crore in FY2021 to '1,54,749.70 in FY2022. Interest expenses on deposits during FY2022 recorded a decline of 0.83%,compared to the previous year.

Other Income

Other income (excluding exceptional item) decreased by 3.32 % to '40,563.91 crore in FY2022 from '41,956.64 crore in FY2021.

Operating Expenses

Operating expenses (excluding exceptional item) of the Bank increased by 4.03% to '85,979.13 crore in FY2022 from '82,652.22 crore in FY2021.

Provisions and Contingencies

Total provision and contingency decreased by 29.22% from '51,143.68 crore in FY2021 to '36,198.00 crore in FY2022. Major provisions made in FY2022: Provision of '14,086.85 crore for non- performing assets (as against 27,244.35 crore in FY2021) and Investment Depreciation of '3,440.10 crore (as against '3,014.50 crore in FY2021). The Provisioning to Gross Non-Performing Assets ratio (including AUCA) of the Bank as on 31st March, 2022 is 90.20% (Previous Year 87.75%). PCR (excluding AUCA) as on 31st March 22 is 75.04% (70.88% as on March 21).

Assets and Liabilities

Total assets of your Bank have increased by 9.99% to '49,87,597.41 crore as at the end of March 2022 from '45,34,429.63 crore at the end of March 2021. During the period, the loan portfolio increased by 11.61% to '27,33,966.59 crore from '24,49,497.79 crore. Investments increased by 9.60 % to '14,81,445.47 crore from '13,51,705.21 crore. A major portion of the investment in the domestic market was in government securities.

Your Bank's aggregate liabilities (excluding capital and reserves) rose by 9.97% to '47,07,509.35 crore as on 31st March 2022 from '42,80,554.44 crore as on 31st March 2021. The deposits rose by 10.06% and stood at '40,51,534.12 crore as on 31st March 2022 against '36,81,277.08 crore as on 31st March 2021. The borrowings increased by 2.10 % to '4,26,043.38 crore as at the end of March 2022 from '4,17,297.70 crore as at the end of March 2021.

Reserves and Surplus

An amount of '9,502.79 crore (as against '6,123.14 crore in FY2021) was transferred to Statutory Reserves. An amount of '538.16 crore (as against '1,465.12 crore in FY2021) was transferred to Capital Reserves. An amount of '4,647.87 crore in FY2022 (as against '1,928.20 crore in FY2021) was transferred to Investment Fluctuation Reserve.


Your Bank has declared a dividend of '7.10 per share @ 710% for the year ended March 31, 2022.

Progress of Implementation of IND AS

Steering Committee headed by Managing Director (Stressed Assets, Risk & Compliance) has been monitoring implementation of Ind AS in the Bank. Your Bank is already geared up for implementation of Ind AS. However, implementation of Ind AS in Banks has been deferred by RBI until further notice.

III. Core Operations

1. Retail & Digital Banking Group

Retail and Digital Banking is the largest business vertical of the Bank, with 99.45% of total branches and 98.15% of the entire human resource of your Bank and comprising eight strategic business units. Your Bank is committed to customer delight at all its branches. The ever- evolving customer preferences, especially amongst the younger population is transforming the retail banking landscape.

Your Bank's customer base is steadily increasing across the country, making Retail Banking the most prolific segment of your Bank, both in terms of deposit mobilisation and extending customised credit. Your Bank continues to be the most prominent Home Loan provider in the country and the largest dispenser of Education Loans, demonstrating its steadfast commitment to serving society.

Your Bank continues to be at the forefront of the digital banking domain with a steady stream of technology-driven innovations across various channels - digital, mobile ATM, internet, social media and branches. It has a multi-channel delivery model offering its customers a wide choice.

A. Personal Banking

1. Home Loan

Your Bank continues to be the Largest Home Loan provider in the country. Even though outbreak of the 2nd wave of pandemic affected real estate badly, resumption of activities with relaxations in lockdowns pan India has helped in gathering momentum.

The HL/HL related portfolios of your Bank has grown from about '1 lakh crores in 2011 to '5.62 lakh crores as on 31.03.2022. The Home loan portfolio accounted for 23.87% of whole Bank advances. Your Bank has disb rsed close to '1.46 lakh crore of Home loans and Home related loans during FY 2022.

Market Share: Your Bank have been continuously outpacing the growth curve and garnered market share of 35.3% in home loans among ASCBs.

Affordable and PSL: Your Bank's affordable housing portfolio stands at 58.19% of its total home loan portfolio, while PSL stood at 34.15%.

Central Nodal Agency (CNA) for PMAY subsidy: Your Bank has been nominated as CNA by Ministry of Housing and Urban Authority(MOHUA), the only commercial bank in the country (other CNAs are HUDCO & NHB). As CNA for PMAY-CLSS scheme, your Bank has processed over 64,272 subsidy claims aggregating to '1,500 crore, earning income of '17.10 crore during FY 2022.

Asset Quality: Maintaining healthy Asset Quality was a challenge amid Covid-19 pandemic of the economy. Your Bank's constant proactive monitoring and follow up, soft reach out calls to customers resulted in NPA in HL falling below Mar'21 level to 0.50% by end of March 2022.

Based on RBI's Covid Relief forbearance/ dispensation of moratorium & restructuring of retail loans, your Bank provided relief by way of restructuring 74,003 home loan accounts in the 2nd Phase.

Initiatives: Your Bank has always been instrumental in customizing and developing sustainable, creative solutions and continuously striving towards making SBI the ‘No. 1 Choice of Customers? for home loans. Towards sustainable development goals, financing of cost of rooftop Solar Photo Voltaic System as part of project cost is now included in Home Loans.

Digitisation of Loan Journey: Retail Loan Management Solution (RLMS) and Vendor Verification Module (VVM) were introduced in loan processing to ensure uniform underwriting standards, seamless delivery & end to end digitisation of the product to ensure customer delight.

In-house developed contactless digital platforms like YONO & Online Customer Acquisition Solution (OCAS) / Retail Assets

Acquisition Solution (RAAS) are being promoted extensively as resource tools to maximise Home Loan business and boost Bank's market share further.

Document Management Solution (DMS) is an initiative to digitise and centralise the maintenance of Home Loan documents, to increase customer convenience which is rolled out in all CPCs.

Tie-Ups with Builders: Onboarding maximum projects under Builder Tie Up (BTU) provides much-needed leg-up fillip to Home Loan portfolio and improves sourcing quality besides considerably improving TAT. Your Bank has so far approved 8,578 residential projects (RERA approved) with penetration of 22.47% in these Tied Up projects.

2. Auto Loans

Your Bank took various initiatives to maintain volumes and market share, focusing on customer delight and convenience. Your Bank has entered into tie-up with India's two largest OEMs, MSIL & HMIL, by which an eligible customer can generate an instant in-principle sanction letter while booking the Car on the OEM platform. Your Bank was No. 1 on both platforms among all financiers. A new Car Loan journey on YONO was started for customers not maintaining an account with SBI. 13% of total disbursements are from a pre-approved suite. With a focus on sustainability and supporting the environment, your Bank has been offering loans for Electric PVs at a concessionary interest rate and with an extended loan tenor. In two-wheeler financing, your Bank has developed an e2e digital product, "SBI-Easyride" where the customer does not need to visit branch for the sanction of loan and disbursement.

3. Education Loans

Your Bank takes pride in being the largest Education Loan provider in the country. Your Bank has helped 76,301 deserving students realize their dreams by providing financial assistance of '10,291 crore during the year. 40% of the loans were extended to girl students (up from 37% in March 2021). To broaden the scope of Education Loans, book quality business and enhance customer satisfaction, your Bank has taken the following steps:

• Shortlisted 235 top-rated premier and reputed institutions for extending Education Loans under the Scholar Loan scheme at relaxed norms and concessional interest rates.

• Penetration through Flagship product "Global Ed-vantage Education Loans" for studies abroad was improved by extending Doorstep services in select cities.

• To ensure better tracking of loan applications and faster loan sanctioning, your Bank's Loan Origination System (LOS) was integrated with GOIs Vidya Lakshmi Portal (VLP).

4. Personal Loans

Personal Loans are amongst the most popular products in your Bank, and your Bank is a leader in this market segment. Your Bank is aggressively catering to the needs of the salaried class (both government and private), pensioners and self-employed/other customers. Your Bank is also extending loans to Salaried customers of other Banks through SBI Quick Personal Loans. As of 31.03.2022, the Personal Loan portfolio (Xpress credit and Pension loan) reached '2,85,448 crores with a YTD growth of 28.06% ('62,119 crores). The growth is contributed primarily by the flagship product Xpress credit ('54,934 crores), which had YTD 28.49% growth.

Your Bank launched a new unsecured Personal Loan product, "SBI KAVACH LOAN", in June 2021 for customers requiring funds for Covid treatment wherein we offered loans up to '5 lakhs at concessional rate of interest. We extended 1,80,056 loans amounting to '3,686 crores under these product.

5. Consumer Durable Loans for e-Commerce Purchases:

Your Bank offers two e2e products, namely POS EMI Loan and Online EMI Loan. While POS EMI loan is being provided through Pine Labs POS machines at various shops, malls, stores, and showrooms, your Bank has entered into a tie-up with Bill Desk and PayU to offer Online EMI Loan at select online shopping portals. These products are available to 1.11 crores pre-approved customers based on their account behaviour and other AI/ML technology parameters.

6. Liability and Investment Products

The total deposits at your Bank grew by 10.06% during FY2022.

The total Term Deposits grew by '2,21,926 Crores (11.53%) during FY2022.

The total Savings Bank Deposit grew by '1,43,123 Crores (10.45%) during FY2022.

CASA Deposits of your Bank grew by 7.78% during FY2022. Your Bank opened 98.75 lakhs new regular Savings Bank accounts during the Financial Year.

7. Doorstep Banking Services

In a move towards customer convenience and ease of banking, your Bank is extending Doorstep Banking Services through agents to all customers at the top 100 banking centers for 5 key services including cash deposits & withdrawal, pick up cheques, Statement of Account, TD Advice. Additional two new services for pick up of Nomination Form and Fund Transfer request were added during the current FY.

However, Senior Citizens more than 70 years of age and Differently Abled Persons are being extended Doorstep Banking Services at all banking centres. Registration for Doorstep Banking Services is also made available through the YONO Lite app.

8. Video Customer Identification Process (V-CIP)

To bring the banking facility closer to customers, your Bank offers the opening of Savings Bank accounts digitally through the V-CIP process from the comfort of the home, office & convenience and more than 6 lakhs customers have joined us through V-CIP up to March 2022.

9. Corporate and Institutional Tie-ups for Salary Package

This year, your Bank focused on opening Salary Package Accounts for Corporate, Defence, Railways and State Govt employees through Corporate Salary Relationship Managers. The total Salary Account customer base as of Mar'22 reached more than 179 lakhs with the opening of 4.77 lakhs new Salary Package Accounts during FY2022. 1,291 new Corporate tie-ups were established during the current FY. 292 dedicated and customized Salary Package Microsites have been created for employees of various entities to create awareness about benefits availabe to them under CSP.

10. Digital Personal Loan Offerings

While offering products on multiple platforms for portfolio growth with higher profit margins, your Bank has kept in mind customer convenience with Ease of Banking and delivered the following variants through YONO. Customers can avail of the offerings on a 24X7 basis, without any physical documentation and branch visit.

• PAPL (Pre-Approved Personal Loan)

• PAXC (Pre-Approved Xpress Credit)

• PAPNL (Pre-Approved Pension Loan)

• INSTA Top-up for Xpress Credit

• Insta Pension Loan

The Bank has sanctioned 11.40 lakh digital loans involving '21,118 crores during FY2022 compared to 11.60 lakh digital loans involving '15,997 crores during FY2021.

11. NRI Business

As of 31 March 2022, your Bank has around 36 lakh NRI Customers, who are being catered through 450 dedicated Specialized NRI Branches / NRI Intensive Branches in India, our foreign offices in 30 countries, 227 Global Banks as Correspondent Banks and tie-ups with 45 Exchange Houses and five Banks (in the Middle East) to facilitate remittances. To provide a one-stop service to NRI Customers‘ a Global NRI Centre (GNC)' has been set up at Ernakulam for all nonfinancial services of the Bank.

Your Bank is leading in the NRI Banking space in India with a market share of 22.38% (as of Jan 2022).

Your Bank has launched the following services in FY 2021-22 for the benefit of NRI clientele:

• The Daily limit for Forex Outward remittances through FX-Out (INB Channel) from NRE Account is enhanced from '10 lacs to '18 lacs per day.

• IMPS facility extended for NRI Customers for instant financial transactions in Internet Banking and Mobile Banking.

• Interest Certificate available to NRI Customers over INB for the previous two years (both financial and calendar years).

12. Precious Metals

Sovereign Gold Bonds (SGB): The Government of India introduced a sovereign Gold Bond Scheme during FY 2015-16 to promote Digital Gold. Your Bank, during FY 2021-22, mobilized 3,052 Kg Gold ('1452 Crores) under the scheme.

Gold Monetization Scheme (GMS):

To mobilize gold lying idle in households and institutions, the Government of India introduced Gold Monetization Scheme during FY 2015-16. During FY 2021-22, your Bank mobilized 2,901 Kg Gold.

Other Gold Business

Metal Gold Loan (MGL): In addition to mobilizing Gold under GMS, Bank offers Metal Gold Loan to jewellers engaged in manufacturing gold ornaments for domestic and export purposes. During FY 2021-22, your Bank extended Metal Gold Loans of 15.94 MT amounting '7,461 crore.

Sale of Gold (SOG): The Bank also offers the Sale of Gold (SOG) Scheme to Jewellers/Traders. During FY 2021-22, your Bank sold 2.7 MT Gold under the Scheme.

13. Wealth Management Business

The Bank's Wealth Management Services are offered at 74 major centres across the country through a network of 172 Wealth Hubs and five e-Wealth Centres.

SBI Wealth has shown exponential growth in terms of Investment AUM and clients during FY2022. The Investment AUM has increased from '8,592 Crore to '14,317 crore, and the number of Clients increased from 2,55,196 to 2,97,246. The AUM of Clients also increased from '2,07,167 Crore to '2,52,061 Crore for the same period.

SBI Wealth has been chosen as one of the Best Brands of 2021 by The Economic Times.


1. ATMs and ADWMs

Your Bank has one of the largest ATM networks in the country, with 65,030 ATMs, including Automated Deposit and Withdrawal Machines (ADWMs), as of 31st March 2022. Your Bank has its ATM

SBI also has set up (Mobile ATMs), which help extend customer service during emergencies and calamities like floods, cyclones, lockdowns, among others. These mobile ATMs are also sent to various sites like Army Base, Housing societies, Govt. Office locations, IT-Tech Parks among others.

Bank's market share in the number of installed ATMs and ADWMs is 29.8% and handles the highest share of cash (34%). On average, ~1.32+ crore transactions are recorded every day at your Bank's ATMs and ADWMs.

Your Bank adopts cutting-edge technologies and regularly upgrades and replaces the ATMs for Safe & Secure Banking.

To strengthen the security of ATM cash withdrawals against skimming, cloning, and theft of cards by fraudsters, your Bank has implemented 24x7 OTP verification feature for all cash withdrawal transactions of '10,000 and above, apart from processing each transaction through the more secure EMV Chip of the card.

presence throughout the country, even in the most challenging locations. These include a floating ATM at the Dal Lake, Srinagar; on the jetties of Ernakulam and Vypeen in Kerala; in the Tea Gardens of Assam; and on the islands of Andaman & Nicobar, and Lakshadweep among others.

SWAYAM Barcode based passbook printing kiosks: Your Bank has installed 19,500 SWAYAMs (Barcode based passbook printing kiosks).

Green Channel Counter (GCC): Your Bank has deployed GCC terminals at retail branches for transactions through Debit cards to promote Green Banking. Transactions facilitated are- cash withdrawal, cash deposit, funds transfer within SBI accounts, Balance Enquiry, Green PIN generations and PIN Change and Mini Statement. Transactions are enabled only on EMV compliant GCC Terminals.

Green Remit Card (GRC): The GRC is a cash deposit card through which funds can be deposited to a pre-defined account of your Bank by GCCs, CDMs and ADWMs. Cash deposit facilities through GRC are available 24*7 at CDMs and ADWMs and are helpful, especially for migrant workers. The transaction limit for GRC is '25,000 per transaction with a monthly cap of '1,00,000.

Cheque Deposit Kiosk (CDK) and Smart CDK: The CTS enabled selfservice Cheque Deposit Kiosks (CDK) facilitate customers to deposit their CTS cheques hassle-free. The kiosks have been deployed at 2,500 branches where outward clearing cheques are more than 50 per day. A receipt with a scanned copy of cheques and details such as cheque number and payee account number is generated for the depositor. Smart CDK functionality in YONO applications facilitates customers to deposit cheques in bulk (10 cheques at a time) from the convenience of their location and deposit cheques in CDK through reference number.

2. Positive Pay System

As per RBI directives, your Bank has implemented the Positive Pay System (PPS) for all cheque payments (Cash/ Transfer/Clearing) effective from 1st January 2021. This is a measure to prevent frauds perpetrated through cheque tampering/alteration. Positive Pay System involves re-confirming critical details of the cheque by drawer to the Bank, which would be cross-checked with the presented cheque at the time of payment processing. Registration for availing PPS can be done through any of the Bank's Branches or alternate channels, viz. RINB, CINB, Mobile Banking (Yono Lite), YONO (Mobile App) and providing details of cheque on issuance can be done through the same channels and SBI Quick (SMS) additionally. As of 31st March 2022, more than 49 lakhs of your Bank's customers have opted for Positive Pay System.

3. Setting up of Cyber Cell

To combat Cybercrimes, the Ministry of Home Affairs has rolled out a cybercrime reporting Portal with a dedicated email and a helpline number 1930 to report cybercrime incidents by the Victims. To support this new initiative of the Government of India, Cyber Crime Cells have been set up at all 17 Circles, for attending to customer complaints in respect of cyber frauds. As of 31st March 2022, 89,871 complaints have been attended, and '9.40 crore are placed under ‘hold' or ‘saved'.

4. Customer Value Enhancement

Your Bank is a Corporate Agent of SBI Life Insurance Co. Limited and SBI General Insurance Co. Limited. It has a Distribution Agreement with SBI Mutual Fund, SBI Cards & Payment Services Limited and SBI Cap Securities Limited to distribute their products. Your Bank also distributes mutual fund products of UTI Mutual Fund, Tata Mutual Fund, Franklin Templeton Mutual Fund, L&T Mutual Fund, ICICI Mutual Fund and HDFC Mutual Fund. In addition, all branches are authorized to open NPS accounts under National Pension Scheme.

Initiatives and successes for FY2022 are mentioned below:

SBI General

The current year has witnessed significant migration of transactions over digital channel. During the year approx. 51 lakh PAI policies were mobilized through YONO. Health Insurance contributes 20% of the total premium mobilized.

SBI Cards & Payment Services Limited

Your Bank is leveraging technology for customer segmentation, which has resulted in the sourcing of approximately 16.54 lakh cards through SBI branches in FY2022. Card issuance through digital journey has been received very well by customers and is on a rising trend.

SBI Pension Funds Pvt. Ltd.

Your Bank has upgraded its systems to provide end-to-end digitization for instant NPS account opening. Your Bank mobilized over 1.75 lac NPS accounts during FY 22 with a market share of 22%.

SBICAP Securities Limited (SSL)

Bank has sourced over 7 lakh Demat and Trading accounts, contributing more than 85% business mobilization of SSL. An e2e Demat and Trading account journey has been launched on YONO.

5. Internet Banking and E-Commerce

YONO is a flagship mobile banking and lifestyle app and one-stop-shop offering, not just financial services but also a gamut of investment, insurance, and shopping solutions. With a Digital-First approach, it is part of Bank's continuous endeavour to provide innovative digital banking solutions to all customers across the country.

YONO has crossed many milestones with 111.74 million downloads and 48.35+ million registrations, till 31.03.2022, with increasing momentum in adoption and progressively higher user engagement.

Key Performance Highlights of YONO for FY2022:

SIM Binding feature was implemented on YONO App on 22.08.2021 to enhance the security features. This feature will ensure that the App will function only on the device where the SIM of the Bank's Registered Mobile number is present.

Customer Onboarding: Significant momentum was observed in new customer onboarding, with ~96% of eligible savings accounts being opened through the YONO platform.

NPS account opening through YONO mobile app has been launched on 27th Sept 2021. It is a complete end-to-end process wherein the customer is not required to submit the physical form to CRA (Central Recordkeeping Agency). PRAN is generated instantly. 49,051 accounts have been opened, during the year which represents 29.60% of accounts opened at the Whole Bank level.

YONO Krishi: YONO Krishi, a comprehensive multi-lingual platform for agriculture segment customers, launched in 2019, is an initiative by the Bank to make our farmer customers future-ready by offering them constant digital innovations pertaining to their agricultural needs. By the end of FY2022, more than 24 lakhs YONO Agri Gold Loans amounting to ~Rs.37,500 crore were sanctioned through YONO Krishi.

Simplified KCC Review through the YONO process was launched in August 2020, wherein the customer can get their KCC account reviewed online without visiting the branch in a paperless, presence less manner.

SAFAL (Simple and Fast Agriculture Loan) - A Pre-approved loan, first of its kind in the Agriculture segment, was launched in September 2021. The product is available for farmers engaged in Dairy activity and associated with Corporates under Tie up through an arrangement with Bank. Farmers can avail of loans up to Rs.3.00 Lakh without collateral security through this simplified, digitized process with minimal documentation. 316 SAFAL loan accounts amounting to '1.69 crore, and 34 Corporates have been onboarded by the end of FY2022.

Online marketplace: In FY2022, 111 merchant partners were live on the B2C Market Place platform (including Mitra and Mandi), witnessing 6 lakh+ transactions amounting to ~'1,255 crore + worth of Gross Merchandise Value during the FY2022. This platform generated more than 20,000 auto loan leads for your Bank.


Your Bank is a pioneer and market leader in SME financing with 829 SME intensive & dedicated branches across India. With over 18 lakh customers, the SME portfolio of Rs.3,05,517 crore, as of 31st March 2022, accounts for nearly 10.83% of your Bank's total advances. Your Bank has always held SMEs as an important segment, considering their role in the Indian economy and for their contribution to the country's manufacturing output, exports, and employment generation. Being committed to providing innovative and straightforward financial solutions, your Bank's approach to drive SME growth rests on the following three pillars:

a) Customer Convenience,

b) Risk Mitigation, and

c) Technology-based digital offerings and process improvements.

1. Customer Convenience

To build and sustain the momentum for transforming India, the Bank has created the highest number of touchpoints in branches and other channels. To enhance the ease of business for the Small and Medium Enterprises, your Bank has modified its existing delivery model of the Small and Medium Enterprises Centre (SMEC) and created Asset Management Teams (AMTs) to maintain end-to-end relationships with the customers for loans up to Rs.50 lakh. Loans above Rs.50.00 lakhs are handled by the Relationship Manager (SME) for better customer connect. As of 31st March 2022, 1,810 RMs (SME) were active across India.

To focus on improving our connection with customers and strengthening our SME business, 104 Assistant General Managers (SME) have been posted across all zonal offices.

2. Digital Offerings

Your Bank is leveraging technology in every aspect of the value proposition from business, designing products, streamlining processes improving delivery to monitoring. Furthermore, it has taken several initiatives to build an SME portfolio that is risk mitigated. It has implemented significant changes in

(i) Product suite,

(ii) Process

(iii) Delivery to ensure Ease of Banking.

Loan Life-Cycle Management, Online Loan Application and Online Lead Status:

Your Bank hosts an online loan application and tracking facility for MSME borrowers on the corporate website. Loan Organisation Software (LOS-SME) and Loan Lifecycle Management (LLMS) adopt uniform credit dispensation standards to ensure quality and preserve corporate memory.

Customer Relationship Management (CRM):

Your Bank has introduced a CRM system as an integrated platform to engage with customers throughout their lifecycle, enhance understanding of customers' requirements and strengthen the customercentric approach of the Bank. The CRM portal has been designed to generate leads in CRM applications through various channels, better monitoring mechanism of leads at multiple stages, and booking increased business with lower TAT through customer connect. The Customer 360 view is also available in CRM, apart from lead monitoring.

Contactless Lending Platform (CLP):

State Bank of India in collaboration with SIDBI and other PSBs has developed a Contactless Lending Platform (psbloansin59minutes. com) for loans to MSME. CLP provides easy access for loans to SMEs registered on the GST platform and filing Income Tax returns. Using the platform, your Bank is sourcing leads for loan requirements from '1.00 lakh to '500.00 lakh. In FY2022, 7,661 MSME loans have been sanctioned, amounting to '2,526.90 crore.

Project Vivek

Project Vivek heralded a paradigm shift in your Bank's appraisal system from traditional Balance Sheet based funding to a more objective appraisal system of leveraging cash flow and other information sources bringing objectivity to better risk assesment. It reduces Turn Around Time (TAT), resulting in a better customer experience. In FY2022, 35,589 proposals were processed under Project Vivek. Further, technical enhancements were done to the project during the year to improve the underwriting process. The simplified Automated Quick Renewal process under Project Vivek is being popularised to simplify the process of renewal of Fund Based Working Limit.

SME Gold Loan

Your Bank has introduced a simplified product, viz., SME Gold Loan, to provide short term credit support to MSME Units against the security of Gold Ornaments/ jewellery with simplified assessment and easy sanction. MSME units bridge their liquidity gaps with ease.

Pre-Approved Business Loan (PABL)

Your Bank has launched a simplified PABL product - An analytics product for sanctioning loans up to '10 lakhs for current account customers. Your Bank also launched the Digital Retailer Finance programme. A total of 1,800 retail traders supported a pilot run.

SME Finance For CAs under CLP

This is simplified, scoring based product available on the Contactless Lending Platform (CLP). Under the product, collateral free loans are offered to CAs and covered under CGTMSE with EBLR linked pricing.

COVID-19 Enablers

In line with the RBI's regulatory package, sanctions are given under GECL to ensure prompt disposal and release of funds. GECL scheme will continue till 31st March 2023.

Your Bank is also participating in the Sanjeevani scheme for SME loans for the healthcare sector for existing hospitals, nursing homes, clinics and medical colleges.

Your Bank also participates in disbursing Aarogyam Healthcare Business Loans, which covers the entire healthcare ecosystem under the product. The stakeholders included are hospitals, nursing homes, diagnostic centres, pathology labs, manufacturers, suppliers, importers, and logistic firms engaged in critical healthcare supply.

Competitive Rates of Interest

Your Bank has linked all floating rate loans to Micro, Small and Medium Enterprises (MSMEs) to External Benchmark w.e.f. 1st October 2019.

Trade Receivables Discounting System (TReDS)

The Bank was the first among all PSBs to register as a financier on the TReDS platform, set up to provide finance to MSMEs. We have presence on all the three TReDS platforms in the country, i.e. RXIL, M1 exchange and Invoicemart. Your Bank has been actively participating in the online biddings on the platform and has been offering very competitive rates for the benefit of MSMEs. In FY2022, 14,208 Bills aggregating '2,668 crore were discounted.

Supply Chain Finance

Leveraging Bank's state-of-the-art technologies and vast branch network, your Bank continues to be a significant player in Supply Chain finance by strengthening its relationship with the corporate world across various sectors. Your Bank has extended supply chain finance to over 31,000 dealers and over 12,260 vendors with total sanctioned limits of over '38,680 crore (e-DFS) & '5,825 crore (e-VFS). Thirty-seven new tie-ups were established during the financial year, including CG Power & Industrial Solutions Limited, Skoda, Honda India Power Limited, Bajaj Auto Limited, Nestle India Limited, Ambuja Cement Limited, Trident Limited, and Tata Consumer Products Limited, among others. New e-DFS limits of '5643 crore were sanctioned in this financial year up to 31st March 2022. To ring-fence the supply chain portfolio, your Bank has put suitable risk mitigation measures and risk-based pricing for the Supply Chain Portfolio. Being the country's largest lender, your Bank has also undertaken a leadership role in implementing proactive measures to support the dealers availing of the e-DFS facility during the covid pandemic related business slowdown. Your Bank has simplified e-VFS processes and built a front-end digital interface for a vendor to enhance customer experience.

3. Business Partnerships and Tie-ups

Warehouse Receipt Finance: Your Bank has introduced a Warehouse Receipt Financing scheme (WHR) for financing against Warehouse Receipts issued by collateral managers having a tie-up with the Bank. Under the scheme finance is extended to traders/ owners of goods/ manufacturers etc. Further, WHR issued by Central Warehousing Corporation (CWC) and State Warehousing Corporation (SWC) would also be eligible for WHR finance. SBI has also tied up with repositories NERL & CCRL for financing against e-NWR and NEML (a subsidiary of NCDEX) for the e-auctioning of NPA/stressed accounts under WHR Financing scheme.

3. Rural Banking - Agri Business

Your Bank's lending under Agriculture & Allied activities has crossed the milestone of '2,27,000 crore during this financial year, catering to more than 1.42 crore farmers. During the year, the Agriculture Gold loan portfolio has increased to '73,601 crore in FY2022 from '66,878 crore in FY2021.

Under Atmanirbhar Bharat schemes viz. Agri Infrastructure Fund (AIF), Animal Husbandry Infrastructure Development Fund (AHIDF) and PM Formalization of Micro Food Processing Enterprises (PM FME), your Bank has disbursed loans to 1,400 borrowers amounting to '806 crore.

Credit disbursements to the farmers over the years are as follows:

Flow of Credit to Agriculture

(Rs. in crore)

Year Target Disbursement % Achievement
FY2019 1,16,315 1,56,385 134
FY2020 1,27,947 1,77,473 139
FY2021 1,74,468 1,98,268 114
FY2022 1,92,500 2,19,396 114

1. Micro Credit:

Your Bank has won the National Award for the Highest SHG bank linkages consecutively for 2017-18, 2018-19, 201920 and 2020-21 instituted by the Ministry of Rural Development, New Delhi.

Your Bank has the second-highest market share in SHG loans outstanding among all banks, with outstanding loans of '24,023 crore to 8.71 lakh SHGs as of

31.03.2022. covering more than 85 lakh women members. SBI's market share of loans under the National Rural Livelihood Mission is the second-highest among PSBs, which is 25.80% as of 31.03.2022.

Since the inception of Deendayal Antyoday Yojana (DAY-NRLM), your Bank has financed 29,35,453 SHGs under Bank- SHG Linkage and disbursed '66,821 crore up to 31.03.2022.

Your Bank has disbursed '882 crore under the e-Mudra scheme for Microfinancing enterprises up to '50,000 since inception. In the Current Financial year, 1,24,763 loans have been sanctioned, and '562 crore have been disbursed up to 31.03.2022.

Your Bank has launched "PM SVANidhi Loans" with effect from 02.07.2020 to support the livelihoods of street vendors during the Covid-19 pandemic. In FY 2021-22, we have disbursed 3,48,041 loans, amounting to '406 crore to Street Vendors under both tranche I & II, as of 31.03.2022.

2. Digital step, collaborations:

Currently, your Bank has an Agri Gold loan and KCC review on YONO Krishi digital platform. Your Bank has launched YONO Krishi SAFAL Dairy during the year, an end-to-end digital product for financing dairy farmers. Your Bank has also embarked upon digitising all the journeys in Agriculture.

To address high volume and low- value ticket loans in Agri-Business with a digital optimisation strategy, your Bank is onboarding AgriTech-BCs with differentiated Business Models. These AgriTechs will help source, service, and collect Agri and Microcredit products.

To enhance our reach to the unserved & underserved populace, we have signed MoUs with seven NBFC MFIs under the Co-lending model.

Your Bank has executed agreements with 19 National Business Correspondences (BCs) and 42 State Level BCs to collect repayments in Standard overdue accounts. 57,145 Customer Service Points (CSPs) have been mapped with 14,657 branches for collection on 31.03.2022.

3. Financial Inclusion (FI)

Your Bank has aligned its business goal with national priorities, and focused attention is given to a range of financial inclusion activities. SBI has made impressive strides toward financial inclusion through a vast network of Business Correspondents (BCs) and Customer Service Points (CSPs). As of 31st March 2022, your Bank has 68,016 CSPs providing access to around 26 banking products and services in unbanked areas while reducing footfalls in the branches. The BC/CSP channel has recorded ~54.44 crore transactions amounting to Rs.2,87,857 crore during FY2022.

The BC/CSP channel is increasingly becoming one of the most crucial drivers of financial inclusion initiatives of the Bank. The channel has opened 14.20 crore BSBD accounts with Rs.42,450 crore deposits and has brought the unbanked/ under-privileged section of the society under the ambit of the formal Banking system. To fulfil the needs of social security measures, low-cost microinsurance products (PMJJBY, PMSBY) and pension schemes (APY) are provided to the unorganised sector in a significant way, covering around 10 crore customers.

4. Imparting Financial Literacy (FLCs)

Your Bank has set up 341 FLCs across the country to impart free financial literacy, credit counselling, and the propagation of electronic payment systems. Furthermore, as a part of the RBI initiative to propagate awareness of financial products among the rural masses, your Bank has also set up 189 Centre for Financial Literacy (CFLs) at the block level, which will be scaled up to 235 in the near future.

5. Rural Self Employment Training Institutes (RSETIs)

Your Bank has set up 152 RSETIs spread across 26 States and 3 Union Territories. RSETIs act as social change agents, empowering rural youth towards sustainable livelihood through skill development and training, helping them establish their micro-enterprises, thereby creating rural employment and wealth creation. During the ongoing pandemic, the Bank's customer service points across the country served under challenging terrains/conditions to meet the financial requirements of the people in need.

4. Government Business

Your Bank is at the forefront in conducting Government Business and is an accredited banker to major Central Government Ministries and Departments. SBI is the market leader in Government Business, with a market share of over 63% in Central Government Turnover.

Particulars (Rs. in crore) FY2021 FY2022
Government Turnover 50,77,446 55,18,281
Commission 3,618 3,713

It is a matter of pride that SBI is one of the significant bankers to the Government of India. Your Bank is continuously engaged in developing customized technology solutions to keep pace with the Government's digital initiatives facilitating the transition to the online mode, providing greater efficiency and transparency, resulting in ease of doing business and ease of living for the citizens. SBI is actively engaged in implementing Social Security Schemes of the Government of India, namely PM Kisan Samman Nidhi Yojana, Pradhan Mantri Kisan Maandhan Yojna, and PM Garib Kalyan Yojna for PMJDY Women Beneficiaries. The key initiatives for FY2022 include:

PM Kisan Samman Nidhi Yojana: As an accredited Bank to the Ministry of Agriculture & Farmers Welfare, your Bank facilitated the distribution of Rs.62,439 crore under the scheme.

Direct Benefit Transfer (DBT): All the major schemes of Direct Benefit Transfer (DBT) of GOI and State Governments are being implemented through your Bank on a pan India level. State Bank of India is the sole banker for processing the Direct Benefit Transfer of LPG subsidy (DBTL).

Ministry of Rural Development: Your Bank has successfully onboarded Haryana, Assam & Rajasthan State Governments on e-Tendering Solution for collecting EMD by NRIDA (National Rural Infrastructure Development Agency). The onboarding process for Pradhan Mantri Gram Sadak Yojna is in process. All the remaining State Governments are scheduled to be onboarded in a phased manner.

Ministry of Defence (MoD): Ministry of Defence has launched a SPARSH portal for centralized processing pension of Defence pensioners. Your Bank has entered into an agreement with MoD for providing various services to defence pensioners on the SPARSH portal through our 446 (defence pensioner intensive) branches.

Armed Forces Battle Casualties Welfare Fund (Maa Bharti ke Sapoot): Ministry of Defence has planned to launch ‘Maa Bharti Ke Sapoot' to raise funds for Defence Personnel. Your Bank has opened an account in the name of "Armed Forces Battle Casualties Welfare Fund" to receive online donations from the citizens through SBI Payment Gateway.

Ministry of Railways: The Ministry of Railways developed an exclusive Portal for e-Freight. SBI has integrated SB MOPS with their Portal. For collecting receipts, the Ministry of Railways has developed e-Receipts Systems (MERS). SBI has integrated with MERS through SB MOPS to collect the funds and has provided a seamless system for the settlement of funds.

Department of Posts: MoU has been executed for the Centralized Integrated Payment System (CIPS) to take care of entire Postal Payments.

Centrally Sponsored Schemes (CSS) under Single Nodal Account mechanism:

Govt. of India has issued directions for implementing the Single Nodal account (SNA) mechanism (subsidiary accounts of implementing agencies (IA) with allocated limits) for monitoring the utilization of funds released under Centrally Sponsored Schemes (CSS). Your Bank has onboarded TCS to develop a new application for CSS under the SNA mechanism as per GOI guidelines.

Pension Payments: Your Bank has been administering pension payments to 52.96 lakh pensioners. New pension accounts of 3.40 lakh pensioners have been added in FY2022. Your Bank has launched a Video Life Certificate facility for pensioners which allows pensioners to submit their Life Certificates through video.

Small Savings Schemes: Your Bank services more than 85.04 lakh PPF accounts, 22.74 lakh Sukanya Samriddhi Yojana (SSA) accounts and 11.69 lakh Senior Citizen Savings Schemes (SCSS) accounts, making it the highest among all the authorized banks. During FY 2021-22, 4.62 lakh PPF accounts, 2.43 lakh SSA accounts and 1.40 lakh SCSS were added.

Online extension of PPF accounts: This feature has been rolled out to customers to renew their PPF accounts online. The facility has been rolled out for sending an SMS alert to the PPF customers reminding them of the account renewal if they wish to extend.

5. Digital & Transaction

Banking (D&TB) - Marketing

D&TB Marketing, erstwhile known as the Transaction Banking Unit (TBU), leverages the latest technology to provide clients with comprehensive transaction-related products and solutions. The objectives of TB business in your Bank are to adopt new technology initiatives catering to clients' bulk transaction requirements and other value additions like customised MIS, integration with ERP, and a dedicated single point Client Support Cell, among others. Study and analysis of transaction patterns enable your Bank to develop non-traditional techniques for assessing other Banking requirements like Credit, Fund Management, Cross-Selling and other services for clients.

Technology advancements are continuously implemented towards backend processes and robust customer service delivery channels. The key to customer satisfaction is delivery, and to deliver the finest services to our clients, your Bank has added new solutions like VAN based Cash & Cheque Collections, Digi Voucher & NACH off-us.

Your Bank has a multi-channel delivery model, which allows it to offer its clients a choice to carry out transactions through any channel, at any time and any place. Your Bank offers a wide range of TB products to Corporates, MidCorporates, Government Departments, Financial Institutions, NBFCs, Insurance Companies, Banks, Mutual Funds and SME Clients to facilitate their fund management requirements.

The Corporate customers are serviced by a dedicated team comprising of several sub-teams focused on specific areas to facilitate specialisation and tailored product offerings to clients. Your Bank was recognised as "Best Cash Management and Transaction Bank in India" by Asian Banker Magazine, Singapore, under Transaction Finance Awards 2021.

Current Account (CA) balances contribute directly to the profitability of your Bank by reducing the Cost of Deposits (COD) and improving Net Interest Margin (NIM). CA remains a critical component of the CASA deposits. SBI has a bouquet of CA products which are competitive in the market and meet the requirements of different customer segments. Your Bank has taken various initiatives to improve the CA business, and they include:


• Training on YONO Products, CKYC & Online Current Account opening held for RMCAs (Relationship Manager Current Accounts).

• High-value Current Accounts (CAs) mapped to RMCAs.

• SSL executives being provided for Feet on Street (FOS) support.

• Updation of the KRAs in line with the revised role.

• Two days of training for soft/ hard skills at SBICB Hyderabad for RMCAs, including 4-days training for navratna centre RMCAs.


• Revised AOFs, which are more User- friendly.

• Online CA Opening facility.

• CKYC for Digital transmission of AOF & KYC documents. It will help in improving TAT in the CA opening. SOP, Trainings, SMS, emails for the same.

• Functionality for Back-end conversion of CAs to CCOD for compliance with RBI guidelines.

• CIC Report (for compliance with RBI guidelines) made available for operating functionaries.


• Integration of MCA SPICe Form for CA opening (Under development).

• Shubharambh Start-up Current Account for Start-up entities.


• Enhanced CA visibility on SBI Corporate Website.

• Mobiliser Code for mapping of Marketing Executives.

• CA Re-imagined Journey through YONO business to simplify CA opening process.

As on Mar 2022, Daily Average Balances in Current Accounts have positive YOY growth of Rs.23,938 crore (12.96%) from '1,84,669 crore (March 2021) to Rs.2,08,607 crore (March 2022).

SBIePay: SBI is the only bank in India to have its own ‘Payment Aggregator Services' (SBIePay), which was launched in March 2014. Unlike other banks, which rely on the services of private aggregators, SBI has an in-house aggregator, which, when coupled with SBI's own PG services, gives SBI the security and a distinct cost advantage over other aggregators and banks. Additionally, Government merchants prefer having their data handled by SBIepay over private aggregators.

Your Bank has on-boarded over 1391 merchants, including Central/State Govt. Departments, Universities, Charitable trusts, private Merchants/ institutions, among others. Your Bank is integrated with 40 significant Banks for INB transactions. It uses SBI PG for Debit and Credit Cards of VISA, Master and Rupay, and Prepaid Card, directly integrated with Amex and PayPal. It also has Cash & Cheque (Branch Payment), NEFT & UPI, and UPI QR Code as a payment mode. The link-based payment option has been rolled out for merchants to accept online payments without needing a Website.

Merchant on-boarding on SBIePay registered a YoY growth of 73.87% by on- boarding 346 merchants in FY2022 over 199 merchants in FY2021. YoY growth in Fee Income went up by 70.71% from '26.1 crore in FY2021, to '44.45 crore in FY2022. The turnover in transaction value registered a Y-o-Y increase of 55.30%, with transactions amounting to '84,934 crores in FY2022 over '54,690 crores in FY2021.

SBI e-pay plans: Increasing payment options by integrating with Payment Wallets, Channels.

• On-boarding large Corporates, Private merchants & Universities with large transaction volumes.

• Integrating with typical Portals/ Technology service providers for continuous business through a single integration.

• Digital on-boarding of a merchant with the online upload of merchant KYC and on-boarding agreement.

• Validation of GSTIN & PAN while on- boarding the merchants digitally

YONO Business

YONO Business is an integrated platform (available on both mobile App and desktop) designed to serve a whole range of banking needs -Trade Finance, Forex, Cash Management, Internet Banking and Supply-chain finance - for corporate customers across categories, from the biggest conglomerates to emerging startups.

Key Performance Highlights of YONO Business (as of 31st March 2022):

• YONO-B platform adoption: 17.53 lakhs Corporate Users have used YONO Business by the end of FY2022.

• Customer Onboarding: 1,39,413 New to Digital customers were onboarded till FY2022 through the YONO Business portal.

• Import LCs: Processed issuance of 23,883 Import LCs amounting to '1,67,279 crores with 66% being Digital LCs, a jump from 7% in FY2019.

• Forex Rate Booking: Facilitated forex booking of more than '23,602 crore with 23,618 transactions by the end of FY2022.

• PABL/PABL-POS: 13,372 of PreApproved Business Loans (PABLs) amounting to '551.92 crores were opened by the end of FY2022.

• YONOB Mobile App Adoption: The registered user base of the YONOB mobile App is 6.19 lakhs by the end of FY2022. Total downloads since 1st July 2020 (date of launch) are 20.01 lakh.

• Current Account Opening: Facilitated online requests for the opening of 1,01,248 current accounts by the end of FY2022.

• API Banking: API Sandbox environment has been created where customers can explore the sandbox and subscribe for UAT and production. Payment APIs enable posting from the customer's ERP to Bank's CBS via YONO Business. Two types of Payment APIs are available: STP (direct posting) and non-STP (request initiated from customer's ERP and approved by corporate checker in YONO Business).

6. Corporate Banking

A. Corporate Accounts Group (CAG)

Corporate Accounts Group (CAG) is a dedicated Business Unit (BU) of your Bank. It handles SBI's ‘high-value credit' portfolio as a specialised and efficient delivery platform. The CAG BU has four specialised Branches headed by General Managers located in India's top three commercial centres, namely Mumbai (2), Delhi (1), and Chennai (1).

In SBI, CAG BU is a one-stop-shop that provides a wide range of financial products and services exclusively to toprated corporates, including their foreign associates and subsidiaries. The business model of CAG BU is based on the relationship management concept, and each client/business group is mapped to a relationship manager who spearheads a cross-functional client service team consisting of highly skilled credit and operations functionaries.

The relationship strategy is anchored on delivering integrated and comprehensive solutions to the clients, including structured products within a specified time frame. The prime objective of the plan is to make SBI the first choice of top corporates. A regular review of each corporate relationship by senior management sets the benchmark for relationship management in CAG BU.

Apart from various core credit products, CAG BU offers an array of customer- specific products like Cash Management Product, Treasury and Forex products and Merchant Banking products in association with other SBUs and subsidiaries of SBI such as SBI Capital Markets Limited and SBI Gilts Limited, amongst others.

Client Service Teams at CAG Branches also aid customers in the selection and delivery of a wide variety of products and services offered by SBI's associates and subsidiaries listed below:

• For Capital Market Requirements - SBI Capital Markets Limited (SBICAPS)

• For Treasury and Investments - SBI Gilts Ltd and SBICAP Securities Limited

• For Investments - SBI Mutual Fund Limited

• For General and Life Insurance - SBI General Insurance Company Limited and SBI Life Insurance Company Limited

• For Receivables factoring - SBI Global Factors Limited

• For Custodial Services Banking to Foreign (FII, FPI, FVCI) & Domestic Institutional Clients - SBI Societe Generale Global Securities Services Pvt. Limited (SBI-SG)

To align with the changing banking landscape, your Bank has created two specialised units within CAG BU:

Corporate Solutions Group (CSG) - looking at 360? banking requirements of corporate customers in significant sectors, namely FMCG, Auto, Agri, Pharma, and IT, to cover their entire ecosystem and with a focused thrust on existing as well as new- to-bank customers.

Financial Institutions Group (FIG) - to address credit, transactional, general banking and non-banking requirements of Financial Institutions such as Insurance Companies, Brokerage Firms, Banks (Private and Foreign), Mutual Funds, FDI and FPI entities.

The total loan portfolio of CAG BU as of 31st March 2022 was '6.18 lakh crore (fund based - '4.02 lakh crore and nonfund based - '2.16 lakh crore) compared to a total loan portfolio of '5.42 lakh crore (fund based - '3.61 lakh crore and nonfund based - '1.81 lakh crore) as on 31st March 2021. Demand for credit has picked up in the second half of FY2022, resulting in '0.76 lakh crore net credit growth at the CAG BU. Major top corporates of the country and Navratna PSUs are esteemed customers of the CAG BU.

B. Treasury Operations

Global Markets performs domestic

Treasury Operations of your Bank and is responsible for deploying surplus funds to achieve desired risk-adjusted returns. Global Markets' portfolio comprises investments in SLR (Statutory Liquidity Ratio) and Non-SLR Securities, Publicly Traded Equities, Venture Capital Funds, Private Equity, and Strategic Investments. Additionally, it offers multiple products and services that cater to its customers' foreign exchange and risk management requirements.

Interest Rate Movements & SLR and Non-SLR portfolio

Global Markets manages your Bank's domestic Investment Portfolio and maintains regulatory requirements of CRR (Cash Reserve Ratio) and SLR (Statutory Liquidity Ratio). COVID-19 pandemic continued to significantly impact economies and financial markets worldwide, with geopolitical tensions further exacerbating market sentiment.

One of the primary features of FY 2021-22 has been rising global inflation, mainly due to higher commodity prices and supply chain and logistics disruptions. In India, CPI has remained above RBI's target of 4% throughout the year and has continued to rise steadily above 6% in the last few months, mainly due to upward pressure on crude, edible oil prices and other commodity prices.

During FY 2022, RBI continued to take various monetary measures to support economic growth. To facilitate Government's extensive borrowing programme during the first half of the year, RBI introduced G-Sec Acquisition Program (G-SAP). RBI also continued unconventional measures viz., Targeted Long-Term Repo Operations (TLTROs) for Small Finance Banks, Liquidity Facility for All India Financial Institutions (AIFIs), asymmetric Open Market Operations (OMOs), simultaneous Sale and Purchase of securities, etc. With ample liquidity in the banking system, the earlier relaxation in CRR requirements was gradually withdrawn, starting from March 2021. Relaxation to avail funds under Marginal Standing Facility (MSF) by dipping into the Statutory Liquidity Ratio (SLR) up to an additional one per cent of Net Demand and Time Liabilities (NDTL), i.e., cumulatively up to 3 per cent of NDTL, was also made available till 31st December 2021. RBI also undertook Variable Rate Reverse Repo operations of different tenors under the Revised Liquidity Management Framework to manage durable and transient liquidity.

The fiscal deficit for FY 2022-23 is estimated at 6.40% of GDP as against 6.90% (revised estimates) in FY 2021-22. The Centre has announced a record gross borrowing of '14.31 lakh crore as against market expectations of about '12.50 lakh crore resulting in a sharp rise in bond yields. Following monetary and liquidity tightening by major Central Banks, along with high inflation numbers, the Indian 10-year benchmark bond yield closed at 6.84% on 31st March 2022.

Your Bank has prudently managed the excess liquidity position and is well placed to handle the expected moderation in liquidity. Your Bank has invested in a mix of high-quality corporate bonds and Government securities while maintaining low-interest-rate sensitivity in preparation for a rise in yields.

Equity Markets

Global and domestic Central Bank liquidity and swift economic recovery from the second wave of COVID-19 helped our equity market outperform global indices in the first half of the financial year. However, equities corrected in the second half of the year as market participants weighed inflationary pressures, commodity prices, a slowdown in growth, hawkish FED, and geopolitical tensions. Indian equities posted decent returns in the current financial year, with the Nifty 50 index recording 18.88% year-on-year gains and ending the year with the second- best returns in seven years. The domestic benchmark equity index Nifty 50 traded between a high of 18,604 and a low of 14,151 during the FY2022.

Your Bank actively participated in the rally in equity markets, calibrating the investment book as per market dynamics. The year also saw a flurry of IPOs, including new-age tech companies, with solid listing gains. Your Bank's active participation in the primary market, including InvITs and REITs, has proven fruitful, generating high returns. Your Bank manages the equity portfolio by realigning the book according to market movements while keeping a tab on domestic and global macros towards achieving substantial risk-adjusted returns.

Private Equity / Venture Capital Fund

Your Bank has been an active participant in the Alternative Investment space during FY 2021-22 and has supported startups through direct equity participation.

During the year, your Bank sanctioned investments of more than '1,500 crore in Private Equity / Alternative Investment Funds.

Forex Markets

Global Markets handles the foreign exchange business of your Bank, providing solutions to the customers for managing their currency flows and hedging risks through options, swaps, and forwards and providing liquidity to markets. Your Bank is a leading player in USD-Rupee Spot and USD-Rupee Forward markets and has a high market share in merchant foreign exchange flows. Your Bank is the leader in providing liquidity in the CCIL Fx Clear platform. The volume traded in Currency Futures puts your Bank in the bracket of leading client Banks of exchange houses. Your Bank is actively onboarding customers on the Fx-Retail platform rolled out by CCIL, through which customers will benefit from transparent and competitive pricing. Your Bank has made FX-All and e-Forex trading platforms available to customers looking at their requirements.

Last year, RBI allowed Indian Banks to participate in the offshore USD-Rupee markets, also known as the NDF market or Non-deliverable Derivative Contracts (NDDCs). Accordingly, your Bank has started participating in the offshore USD-Rupee market and is a significant player. India's merchandise trade volumes showed robust growth of 49.80% Year- on-Year during FY 2021-22, which has also improved merchant volumes for your Bank.


Your Bank currently deals in Over The Counter (OTC) interest rate and currency derivatives, along with exchange-traded currency derivatives and Interest Rate Futures. The interest rate derivatives traded by your Bank are Rupee Interest Rate Swaps (OIS), Rupee Interest Rate Futures (IRF), Foreign Currency Interest Rate Swaps (IRS), Foreign Currency to Rupee Interest Rate Swaps (MIFOR), Forward Rate Agreements (FRA), Caps, Floors and Collars. Currency derivatives dealt by your Bank are Cross Currency Swaps (CCS), USD / INR options and Cross Currency Options. These products and their customised versions are offered to your Bank's customers to hedge their interest rate and foreign exchange exposures. Your Bank also uses derivatives for trading and balance sheet hedging purposes.

Your Bank has smoothly completed the transition from LIBOR to Alternative Reference Rates (ARRs) for all LIBOR settings, phased out from 31st December 2021. For the last few months, your Bank has been actively spreading awareness amongst customers about the transition. The Bank has started ARR-based products like FCNR(B) loans, PCFC / EBR loans from 1st January 2022.

Derivative transactions carry market risk: the probable loss your Bank may incur due to adverse interest and exchange rate movements. It also carries credit risk, the probable loss that your Bank may incur if the counter parties fail to meet their obligations. Your Bank's "Policy for Derivatives" approved by the Board prescribes market risk parameters (Greek limits, Loss limits, cut-loss triggers, open position limits, Duration, Modified Duration, PV01, amongst others) as well as customer eligibility criteria (Credit Rating, sanctioned limits, and CAS rating as per Customer Appropriateness and Suitability policy) for entering into derivatives transactions. Risk on inter bank counter parties is monitored through limits set for the purpose. These counter parties have also executed ISDA with your Bank.

Your Bank has various committees and departments to monitor multiple types of risks. The Asset Liability Management Committee (ALCO) oversees the efficient management of liquidity risks. Market Risk Management Department (MRMD) identifies, measures, and monitors market risks associated with derivative transactions. MRMD also 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.

The accounting policy for derivatives has been drawn up in accordance with RBI guidelines.

C. International Operations

In its endeavour to become a truly International Bank, the focus of your Bank has been realigned to enhance its penetration in overseas local markets along with India based business to support Indian Diaspora and global Indian Corporates spread across various geographies. A separate Business Unit manages the Overseas operations of your Bank - International Banking Group (IBG), headed by the Deputy Managing Director (IBG) and overseen by the MD (IB, T&S).

Overseas Subsidiaries/ Joint Ventures Share Holding (%)
State Bank of India (California) 100.00
SBI Canada Bank 100.00
State Bank of India (UK) Limited 100.00
Commercial Indo Bank LLC 60.00
SBI (Mauritius) Limited 96.60
Bank SBI Indonesia 99.34
Nepal SBI Bank Limited 55.00
Foreign Non-Banking Subsidiary
SBI Servicos Limitada, Brazil 99.99
Joint Associate
Bank of Bhutan Limited 20.00

Global Presence: The Bank's first global footprint was with the branch of Bank of Madras in Colombo, Sri Lanka, in July 1864 (First amongst Indian Banks). With a presence across all time zones through its 227 locations in 30 countries, the State Bank of India has gradually spread its wings across the globe. It has become a pioneer of International Banking among the Indian PSBs. IBG is managing the overseas offices of SBI.

During FY2022, your Bank continued consolidating its overseas network by rationalising operations with suboptimal performance and improving cost efficiencies. Your Bank has closed an overseas Subsidiary-Bank SBI Botswana Ltd, and the Ilford branch of its subsidiary-SBI UK Ltd., has been merged with the East Ham branch. During this period, your Bank has not opened new branches/offices because of its focus on consolidation and the prevailing global scenario due to the Covid 19 Pandemic. Overall IBG had 227 offices at the end of FY 2022 with 55 branches/ offices, 8 subsidiaries with 161 branches/ offices, along with 6 representative offices & 5 managed exchange JV/ Associates.

Resilience by your Bank during a pandemic: Your Bank continues to exhibit its stability in overseas geographies by building upon its business volumes despite heterogeneous challenges encountered in new variants of the Covid pandemic.

IBG adapted well to optimize its cost of resources given the liquidity flush in the market by substituting its high- cost resources with various low-cost alternatives by diversifying its liability base. It has also leveraged its digital offerings, such as SBI YONO, by launching in new geographies to improve penetration through contactless offerings to raise retail deposits.

Despite various pandemic related challenges, IBG has maintained its focus on business by registering a good growth in its overseas credit portfolio (over 15%) during the year while maintaining asset quality. Besides meticulous credit monitoring, IBG has been agile in managing assets showing signs of stress to minimize the possibility of losses on account of further deterioration in asset quality. Further, it has maintained its connection with the clientele through various outreach initiatives with exporters, and banks, among others, to reinforce the existing relationships and forge new ones.

IBG has maintained profitability during the year despite the shrinking of spreads and challenges in credit growth. It has exhibited marked improvement in vital parameters such as Net Interest Income, Non-Interest Income, and Operating Profit, among others, on a YoY basis. It is continuing to leverage new income streams such as Merchant Banking and Receivables Financing, among others, to supplement its profitability.

The specialized departments of IBG have played a vital role in sustaining the momentum by contributing on various fronts:

Credit Contribution & Business Driver:

While your Bank is an active partner of Indian corporates in their global growth strategy, by arranging debt in Foreign Currency by way of ECBs through syndicated deals in conjunction with other Indian and Foreign Banks and bilateral arrangements, it has been increasing its presence in Local Credits by partnering with Local/ Global Banks. Your Bank sanctioned Foreign Currency loans to the tune of USD 7.69 billion to Indian related corporates and USD 16.72 billion to overseas entities by 31.03.2022.

Sustainability: Foreign offices have participated in the credit facilities having sustainability linked pricing to the extent of USD 1 billion.

Trade Finance: Your Bank offers a bouquet of Trade Finance products and services to exporters and importers through an extensive, well equipped branch network that operates in all the time zones in India and abroad. The objective of the Global Trade Department (GTD) of IBG is to support Foreign Offices (FOs) for orderly growth of the Trade Finance portfolio, formulate policies and innovate new products for FOs as per the market demands and changing regulatory norms. GTD facilitates Trade Credits to Indian Corporates for their imports by centralized handling of the Quote process and plays an essential role in synergizing business flows between Domestic and Foreign offices to maximize returns. It also organizes trade-related workshops/ Conferences, by partnering with Trade bodies viz., BAFT (Bankers Association for Finance and Trade), GTR (Global Trade Review). Workshops are also organized by partnering with ICC, FIEO among others, to provide a platform for networking with

Exporters/ Regulators,/ Industry majors. The trade finance business portfolio constitutes ~ 31% of the IBG advances portfolio. SBI has been awarded "The Best Trade Finance Provider (India)-2022" for the tenth consecutive year by Global Finance Magazine.

Overseas Treasury Management:

Treasury Management Group (TMG) at International Banking Group undertakes the following functions for Foreign Offices:

• Liquidity Management

• Dealing Room Operations

• Investments

TMG-IBG manages the overall liquidity portfolio of IBG and also monitors ALM ratios. TMG is the nodal department for raising Long and Medium-Term Funds through Bond Issuance (MTN/ Standalone 144A) and Syndicated Loans. In addition to this, TMG also utilizes various means of borrowings to keep the cost of resources in check. To optimize the cost of resources during FY2022, the TMG has prepaid some of the high-cost borrowings and replaced them with lower-cost funds. TMG is actively engaged with Multilateral / Supranational entities in arranging foreign currency finance/refinance at competitive pricing.

During the FY2022, Bank has issued Formosa bonds to the tune of USD 300 Mio in January 2022 at the tightest pricing ever for a 5-year bond issued by any Indian Bank. This was also the first Formosa issuance by any commercial bank in India.

TMG also manages the Investment Book of your Bank's foreign operations, which currently stands at ~USD 7.06 Bn. These investments provide stable interest income for IBG and also help in the maintenance of liquidity ratios. The department also monitors and provides guidance to dealing rooms at important centres and facilitates Money Market, Forex and Derivative functions at FOs.

Currently, there are five main dealing rooms in London, New York, Hong Kong, Bahrain and IFSC Gift City that work on a hub and spoke model to help smaller Foreign Offices in their operations. Your Bank is also working to develop IBU Gift City as another fund-raising centre. In FY2022, your Bank has expanded the business of trading in Rupee Non-Deliverable Forwards (NDF) through Hong Kong, Singapore and IFSC BU (Gandhinagar), Your Bank is looking forward to expanding this activity to other centres as well.

TMG has coordinated the LIBOR transition activities at your Bank. Your Bank has successfully met the transition timeline of 31st Dec 2021 for transition to ARRs other than USD LIBOR. All the branches' domestic and foreign offices are ready to offer products linked with ARR and have started offering ARR related products from 1st Jan 2022.

Global Payments and Services: Global Payments & Services (GP&S), a unit under International Banking Group (IBG), comprises three branches/offices viz., Global-Link Services (GLS), International Services Branch Mumbai (ISBM), and International Services Branch Ernakulam (ISBE). It facilitates online inward remittances from overseas locations to India, Foreign Currency Cheque collection, Opening & Maintenance of Vostro Accounts, Asian Clearing Union (ACU) transactions etc. The highlights of the year are:

• Tie-up with 45 Exchange Companies and five Banks for channelising inward Rupee remittances from overseas to India.

• During FY22, GP&S handled 55,467 Export bills (in USD and Euro) on behalf of domestic branches and 16,500 Foreign Currency Cheque collections aggregating to USD 14.98 billion.

• During the same period, GP&S handled 9.666 million online inward remittance transactions amounting to USD 6.693 billion, received from various global centres.

• 164 Vostro Accounts for different Correspondent Banks/ Exchange Companies/ SBI Foreign Offices are maintained.

• Pan India Nodal Office for handling ACU transactions for SBI.

Retail Strategy: Your Bank has been a "window to India" for NRIs residing in different parts of the world through its specialized retail and remittances products. The notable achievements for the year are:

YONO SBI, one of the most ambitious and secure digital offerings of the Bank, has now been extended to customers at our overseas offices. It has been successfully launched in the UK, Canada, Mauritius, Nepal, Maldives, Bangladesh, South Africa, Sri Lanka, and Bahrain with non-face to face account opening facility operational in UK and Canada. We are planning to launch SBI YONO in Singapore and USA during FY23. More than 83,000 overseas customers have been onboarded through YONO.

"Namaste UK" product of YONO SBI UK has been launched, enabling prospective Indian Expats to open an Account with SBI UK, even before landing in the UK from India itself. A similar product has also been launched in Canada for Student GIC accounts for Indian students enrolled in Canadian universities. We plan to launch a similar product in Singapore in the coming months.

"One View" feature of YONO Global allows Foreign Offices customers to view their Domestic SBI Accounts through YONO Global App, practically merging all enquiry features of Domestic YONO SBI with Global version. More than 3900 SBI Foreign Office customers are already using this feature.

Financial Institutions Group (FIG) - Correspondent Relations: The Group facilitates linkages of your Bank with international stakeholders viz. Financial Institutions (FIs), Foreign Govt. Agencies and Developmental Financial Institutions (DFIs), among others, facilitate synergy between IBG and other business Verticals such as Corporate Accounts Group, Commercial Clients Group, Retail Banking Group, and Global Markets.

FIG functions as a pivot in maintaining and reviewing Correspondent Banking relationships with a network of 224 banks in 56 countries. It also supports RMAs (Relationship Management Application) established by domestic and foreign offices, and your Bank has 4,255 RMA's with 845 Banks in 116 countries as of now. FIG adopts a data-driven approach through its FI CRM (Financial Institutions - Customer Relationship Management) application, which provides a 360-degree view of engagements with partner banks.

FIG strives to make SBI the preferred global Banker for all Indian Public sector and private sector banks by utilizing the SBI network's wide presence and product capabilities in 30 countries. FIG leverages on the relationships with domestic and foreign Financial Institutions for business development in areas of Cross border Trade finance, Syndicated Loans, Treasury and forex solutions and other transaction banking activities.

The relationship value is factored in the Bank's decision-making process, including raising resources, opening new Nostro/Vostro accounts, and strategic tie- up arrangements with banks.

IB-DOMESTIC: Your Bank is well equipped to provide a wide range of products and services to exporters and importers through an extensive branch network that operates domestically and internationally. International Banking- Domestic (IBD) serves as a single point of contact between the Domestic Offices and Foreign Offices in areas related to Trade Finance and International Banking. IBD aims to improve synergies and trade flow between Domestic Offices and Foreign Offices/ Correspondent Banks and the trading community by forming a strong link between them.

IBD facilitates the growth of Export Credit by actively involving branches, trade bodies & other stakeholders. As a result, your Bank's Export Credit portfolio (outstanding credit) witnessed an increase of 32.98% as of 31st March 2022 (YoY basis).

To facilitate the Trade community, Forex Service charges are being rationalized and aligned with the market every year by IBD. IBD also enables system-related enhancements and updates in Exim Enterprise/SWIFT.

Centralized Co-ordination Cell Foreign Bank Guarantee (CCC-FBG) for processing Inward and Outward Foreign Bank Guarantee has been exclusively set up under the aegis of IB-Domestic to provide a one-stop solution to Correspondent Banks/ Foreign Offices/ Domestic Banks/ Domestic Offices seeking Domestic/ Foreign Bank Guarantees based on their counter guarantees.

IBD is instrumental in improving FEMA compliance across your Bank. The department ensures timely submission of RBI/FEMA related returns and issuing instructions concerning revisions in FEMA/ RBI guidelines.

Technology Initiatives at Overseas Offices: Your Bank continues to leverage technology solutions to automate processes, enhance customer experience and manage risk. Your Bank has been consistently leveraging digital channels to provide an omnichannel experience to Bank's customers across all geographies. YONO Global App has emerged as the prime fulcrum for providing banking services to retail customers. With almost 50% of the custom i to access banking services, the platform has evolved with enhanced features such as online account opening and real-time payments enabled via QR Codes, bill payments, among others

Your Bank has also embarked upon a complete revamp of its e-Banking web platform following the latest functionalities and industry standards. This has been completed across six geographies during the year. Aiming to achieve dual objectives of cost-saving and increased efficiency, consolidation of back-office processes has gained momentum with the migration of jobs from 2 more geographies, i.e., Canada and Singapore (in addition to the UK and Bahrain). Your Bank has ensured that all the compliance aspects - including data privacy and proper governance for these services are provided by entering into internal service level agreements as per industry standards.

With Compliance remaining the principal focus, your Bank has ensured the roll-out of regulatory prescribed IT developments as per defined time frames across all geographies. These include card tokenization and online refund functionality in Bahrain. Other developments include online customer consent registration for data sharing and Go-AML reporting for AML-CFT controls.

Your Bank has embarked upon automation of Regulatory reporting through a state-of-the-art centrally provisioned reporting system at its foreign offices/ subsidiaries during the year. It plans to complete the roll-out by FY2023. Your Bank has completed online integration with Singapore's real-time immediate payment system, namely G3-FAST. It will enable payment processing on a real-time basis (24x7x365), maximizing the ability to deliver innovative and commercially attractive products while minimizing settlement risk.

7. Commercial Clients Group (CCG)

Commercial Clients

The CCG vertical handles the credit needs of medium & large corporate clients , with funding requirements of above '50 cr. CCG has 51 branches spread across the country, including 3 direct branches headed by GMs. The vertical also includes specialised branches catering to specific industries like Diamond, Ceramics and Capital market. The mandate of the vertical is to cater to the complete needs of this segment of corporate clients, manage the associated risks and sustain growth.

The vertical is headed by the Deputy Managing Director and overseen by the MD (CB & GM), and 5 CGMS manage the portfolio, (including 1 CGM for Project Finance) and 1 CGM overseeing Operations. CGMs in the CCG are assigned as the group relationship owners to improve the quality of coverage and enable an integrated view of exposure and earnings amongst others across the entire group. The business model of the CCG is also based on the Relationship Management concept with each Relationship team headed by a Relationship Manager & supported by skilled credit analysts and operating functionaries. The Relationship team is hence equipped to handle the entire customer requirement and draws upon the skill sets available in various SBUs where required to fully meet customer requirements. CCG has also formed the Centralised Resolutions Team handling the specialised requirements of customers requiring resolution due to the pandemic as well under the June 7 2019 RBI guidelines and for the monitoring of the approved resolution plan for customers with exposure more than '200 crores. Timely and comprehensive intervention is the most important aspect for resolution.

Some key initiatives to promote Export Credit Growth were taken during the year. These include:

Extension of T-Bill Rates to Rupee Export Credit: External Benchmark (T-Bill Rate) linked interest rates are extended to WCL and LC Bill Discounting facilities to encourage top-rated borrowers to increase utilisation of limits. Considering the present competitive market, the T-Bill rate linked to interest rates has also been extended to rupee export packing credit facilities.

Exporters? Meet: Various exporters' meets were conducted across India to increase exporters' awareness of the banking facilities offered by SBI.

TRRACS Software: Your Bank has introduced Trade Regulatory Reporting and Compliance Solution (TRRACS) Software, which has led to a reduction in pending EDPMS/IRMs/Export advances entries over a period of time, and we could succeed in the removal of these entries substantially, enhancing customer satisfaction.

Apart from these initiatives, a Digital Interface on Pricing and Knowledge (DIPAK), a pricing tool, has been made available to operating functionaries and sanctioning committees to enable data-driven pricing of corporate loans. This has been actively used in all the branches of CCG and has helped the vertical in better pricing of products.

Project Finance and Structuring SBU

Your Bank's Special Business Unit, known as Project Finance and Structuring Strategic Business Unit (PF&S SBU), deals with the appraisal and arrangement of funds for large projects in infrastructure and other sectors such as Power, Roads, Ports, Railways, Airports, and Refinery amongst others. It also covers other noninfrastructure projects in industries such as Metals, Fertilisers, Cement, Oil and Gas, and Glass, amongst others, with a certain threshold on minimum project cost. The PF&S SBU also supports other verticals for vetting their significant ticket term loan proposals. To strengthen the policy and regulatory framework for financing infrastructure, it provides advice to various Ministries of Government of India and the RBI with respect to lenders' views on new policies, Model Concession Agreements and broader issues being faced in infrastructure finance.

There has been a step up in investment in the infrastructure sector by the government along with various initiatives, sectoral reforms and incentives, such as the National Infrastructure Pipeline (NIP), National Monetization Plan (NMP), Performance Linked Schemes (PLI), Disinvestment of Public Entities, Sustainable Lending, Gati Shakti, and National Single Window Systems (NSWS). This has resulted in an inflow of new projects, particularly in sectors such as City Gas Distribution, Road, Power Renewables, Metro Rail, Green Hydrogen, and Warehousing, among others.

Based on sustained liaising with Government Ministries, Authorities, and specialised Marketing endeavours, your Bank is well poised to garner more business opportunities and maintain a leadership position in the infrastructure lending space. Your Bank is closely monitoring all the projects under implementation and expects to tide over the impact of the COVID-19 pandemic through the short to medium term.

Your Bank has also set up an experienced team of ‘Structuring Specialists' to support deal structuring for significant proposals across lending, bonds, International Banking, and Structured/Mezzanine Finance.

8. Stressed Assets Management

Today, SARG stands as one of the most important verticals of your Bank, and the GNPA of your Bank is on a course of a downward journey. Resolution of stressed assets by SARG presents the following latent income generating avenues for your Bank:

• Cash recovery in NPAs and AUCA

• Reduction in loan loss provisions

• Contribute to your Bank's bottom line.

• Unlocking the capital for credit extension.

The movement of NPAs in the Bank and recovery in written-off accounts during the last five financial years:

Particulars FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Gross NPA 2,23,427 1,72,750 1,49,092 1,26,389 1,12,023
Gross NPA 10.91% 7.53% 6.15% 4.98% 3.97%
Net NPA 5.73% 3.01% 2.23% 1.50% 1.02%
Fresh Slippages + Increase in O/s 1,00,287 39,740 54,510 29,332 26,776
Cash Recoveries / Up- gradations 14,530 31,512 25,781 17,632 21,437
Write-Offs 40,196 58,905 52,387 34,403 19,705
Recoveries in AUCA 5,333 8,345 9,250 10,297 7,782
PCR (Incl. AUCA) 66.17% 78.73% 83.62% 87.75% 90.20%
PCR (Excl. AUCA) 50.38% 61.86% 65.21% 70.88% 75.04%

Coming out of challenges posed by pandemic aftermath, your Bank is taking all pre-emptive measures by extending assistance to its borrowers to face the new challenges & continue as performing assets. However, the current level of NPA has significantly come down over the years due to consistent recovery efforts including:

• Insolvency and Bankruptcy Code (IBC) 2016 for resolution of stressed assets has provided Bank with a time-bound, transparent, and effective mechanism to tackle stressed assets. Resolutions have been achieved in some of the high-value NPA accounts referred to the NCLT under the code. The cases referred to NCLT for resolution are monitored at a specialised NCLT cell at SARG. A total of 994 cases (whole Bank) were referred to the NCLT on 31st March, 2022, out of which 773 cases have been admitted. Furthermore, 152 cases have been resolved, including some high-value accounts from RBI's 1st & 2nd reference lists.

• The OTS/Compromise route is also explored to recover sticky loans from eligible cases. Bank's Board approved OTS scheme for various products, nondiscretionary and non-discriminatory, is also offered to all qualified borrowers for maximising resolutions.

• RBI's 7th June, 2019 circular on a prudential framework for resolution of high-value distressed assets has provided a new avenue for time-bound resolution of these accounts. Your Bank is actively exploring resolution under this model.

• In non-NCLT cases, recovery is explored through action under the SARFAESI Act and suit filing in DRTs and courts. The sale of mortgaged properties is explored through the common e-Auction platform https:// ibapi.in (‘eBKray - Indian Banks Auctions Mortgaged Properties Information) under the aegis of IBA.

Sector Specific Targeted Approach:

The Stressed Assets Resolution Group (SARG) focussed on prioritising the resolution of NPAs through a sector- specific approach. Currently, the vertical is headed by the Deputy Managing

Director and overseen by the Managing Director (R, C & SARG) and two Chief General Managers overseeing the sector- wise portfolio and a CGM (Operations) monitoring the credit portfolio of accounts with an outstanding up to '50 crore and accounts under liquidation. The Account Management Teams function under the guidance of six General Managers. As of March, 2022, SARG has 17 Stressed Assets Management Branches (SAMBs) and 47 Stressed Assets Recovery Branches (SARBs) across the country, covering 56% and 88% of your Bank's NPAs and AUCA, respectively.

Compromises and NCLT: Apart from normal recovery, a significant portion of the recovery at SARG comes from compromises and NCLT. The vertical also introduces special OTS schemes (non- discretionary and non-discriminatory) from time to time. A team has been set up to look after the sale of assets to Asset Reconstruction Companies (ARCs) on a Cash or Security Receipts (SR) basis.

Innovation in the Resolution of Stressed Assets: SARG introduced specific innovative methods and gave first-mover advantage to your Bank in areas such as arranging mega e-Auction of a large number of properties on a Pan- India basis. For this purpose, the Bank is also making extensive use of a common landing platform for PSBs (https://ibapi. in ‘eBKray' - Indian Banks Auctions Mortgaged Properties Information).

Resolution under IBC is a market-oriented mechanism where a higher number of bidders for a particular stressed corporate debtor result in better valuation and maximisation of recovery for lenders. Hence, a marketing team has been set up at SARG to reach out to a broader investor base and showcase our stressed asset undergoing resolution under/ outside IBC.

The transfer of eligible assets to NARCL is also being monitored at SARG with requisite enablers already implemented to ensure the smooth migration of identified assets. Around 22 accounts with aggregate exposure of approximately '17,000 crore are proposed to be transferred to NARCL in phases.

Various new IT initiatives have been rolled out, including LITMAS (Litigation Management System), to better monitor legal recourses undertaken in the stressed accounts for expediting recovery. It will further strengthen the transparency and efficiency of the process.

IV. Support and Control Operations

1. Human Resources and Training

A. Human Resources

Your Bank believes in and acknowledges the critical role of its employees in achieving its present and future organisational goals. SBI recognises the employees' focussed efforts to steer the Bank's performance to greater heights even during the turbulent period of the Covid Pandemic. The human capital of your Bank has demonstrated high motivation and spirit to face the new age challenge on the front of technology.

The Human Resources (HR) policies focus on making your Bank an employee- oriented, profitable and growing business organisation over a more extended period of time.

The summarised HR Profile of the Bank as of 31st March 2022 is as under:

Category FY2021 FY2022
Officers 1,08,772 1,11,549
Associates 1,00,796 99,259
Subordinate 36,084 33,442
staff & Others
Total 2,45,652 2,44,250

Productivity Enhancement Initiatives

Your Bank adopts a branch-based model for manpower planning to ensure optimal utilisation of Human Resources. The model is based on the productivity parameters at the branches like identified work drivers of operations, transaction load factors, number of advance accounts, feedback from the operating units and organisational structure, among others.

Your Bank has streamlined its promotion and transfer process, and these are now completed in the first quarter of a financial year. This gives the branches and other units the required assurance and stability to actively focus on business activities during the major part of the year. In FY2022, despite the challenges posed by the Covid-19 pandemic, the promotion process was completed within the stipulated time.

Your Bank's Career Development System (CDS) under project "Saksham" ensures a transparent, credible data-backed performance evaluation process for the assessment of employee performance. The system ensures accountability, performance, visibility, and greater alignment between individual and organisational goals.

Specialised skills are critical to success for a bank with a large footprint and diversified roles. Your Bank has defined seven Job families and career paths, viz. Credit and Risk, Sales, Marketing and Operations, HR, Finance and Accounts, Treasury & Forex, IT and Analytics for its officers in Scale-II to V to ensure deep domain knowledge and foster expertise.

Your Bank has put a policy on succession planning for the senior leadership positions to ensure a smooth transition at all the critical executive-level placements. Succession planning exercise has been completed for essential profiles of all DMDs, CGMs, and GMs during FY2022.

"SBI GEMS", a mechanism to promote recognition and develop organisational memory of such recognition, is in place in your Bank.


Your Bank is actively recruiting specialised talent on a lateral and contractual basis in Wealth Management, IT, Information Security, Risk, Credit, and Audit, among others to meet the demands of the fastchanging business landscape and the regulatory requirements.

Your Bank is making extensive use of digital platforms in the recruitment process to reach out to a broader pool of candidates. Recruitment notifications and advertisements are published on Linkedin, naukari.com, iim.jobs, among others besides publishing recruitment notification on Facebook & Instagram handles. The use of social and digital media in recruitment process has enabled Bank to reach out to a larger pool of tech- savvy and aspiring candidates. Bank has also tied up with professional bodies such as ICAI to reach out to a good talent pool of candidates for specialist positions.

Your Bank has formulated a comprehensive policy for engagement of its retired employees on a contractual and short term basis for identified assignments such as marketing, recovery of stressed assets, digital initiatives, risk management, audit and compliance, ATM monitoring, and channel management, among others. This will facilitate filling the skill gap and help the Bank reduce its expenses to income ratio.

Gender Diversity: Gender Sensitivity and Inclusiveness have always been the cornerstone of your Bank's HR policy. Out of the total workforce, the representation of women is 26.55% spread across all geographies and levels of hierarchy.

Reservations & Equal Opportunity:

Your Bank meticulously follows the GOI directives on reservation policy for SC/ ST/OBC/EWSs/PWD. The Bank has a representation of SC, ST, OBCs and differently-abled persons among all the cadres of its workforce. Your Bank has implemented reservations applicable to "Economically Weaker Sections" in direct recruitment from 1st February 2019 in terms of the GOI guidelines.

Representation as of 31st March 2022

Cadre Total SC ST OBC EWS DAPs*
Officers 1,11,549 20,366 9,419 25,764 246 2,415
Clerical 99,259 15,750 7,686 25,987 693 2,475
Sub staff 33,442 8,101 2,164 8,662 0 206
Total 2,44,250 44,217 19,269 60,413 939 5,096

* Differently Abled Persons

Industrial Relations & Staff Welfare:

Your Bank has a harmonious relationship with the staff and officers' federations. Your Bank has been continuously emphasising a healthy work environment, mutual respect and empathy at the workplace to foster a healthy and happy workforce. Your Bank took several transformative initiatives during the year for Staff Welfare to ensure that your Bank remains at the forefront of banking in India and your Bank's employees are equipped to meet the challenges of tomorrow.

COVID-19 Pandemic: The 2nd wave of covid pandemic hit the country hard at the beginning of FY2022 and took a heavy toll on lives, which included many SBI employees. However, it did not deter the unwavering spirit of the Bank's committed frontline staff, who ensured to deliver uninterrupted financial services across the length and breadth of the country by fine tuning its existing model of work, even with reduced staff strength due to pandemic related restrictions and associated lockdowns. Your Bank has undertaken an intensive vaccination drive pan India for all employees and their family members by arranging vaccination camps in association with reputed hospitals, health care providers and local authorities. The proactive vaccination drive has achieved almost 100% of eligible employees getting partially vaccinated and more than 90% fully vaccinated. For the sake of the national cause, around 2.50 lakh employees voluntarily came forward on the occasion of the 66th Foundation Day of the Bank and donated an amount of Rs.62.62 crore to the PM CARES Fund. This shows your Bank's unwavering commitment to supporting the nation in its fight against the Covid-19 pandemic. This was the second time in successive years that State Bank Employees have contributed to the PM CARES Fund. Last year, they also contributed '100 crore for the same cause.

Care & Assistance for Retired Employees: In compliance with GOI and RBI directives, your Bank has implemented a revision in family pension payable at a uniform rate of 30% without any cap. An "Audio Visual guide" demonstrating the step-by-step process of submitting a video life certificate on "Jeevan Pramaan Portal" has been launched to help the pensioners. Your Bank has also extended the facility of submitting a "video-based life certificate" through the "MyHRMS" app to SBI family pensioners.

B. Training: Changing the Game

The objective of training in your Bank has always been to enhance the workforce's knowledge, skills, and attitude, for superior business performance and customer orientation. The Strategic Training Unit (STU) of your Bank has introduced significant game-changers into the training eco-system to create a smarter and more impactful learning journey for your Bank's employees. The initiatives taken during the year by our six top-notch Apex Training Institutes (ATIs) and 50 State Bank Institutes of Learning and Development (SBILDs) have been successful and much appreciated.

Creating Unique Programmes for High Impact Learning

"Samarthya" Engagement Programme for Young Employees: Your Bank launched Samarthya, an engagement programme for all young employees in the age group of 35 or below, in December 2021. The programme has been designed for blended learning through a unique new hybrid channel - "Smart Classroom". Both Officers and Clerical staff attend the programme as a group, promoting rich cross-pollination of perspectives and ideas. Over 67,000 employees are to be trained under the programme, and 72% have been covered in FY2022. The programme's objective is to impart to the young employees, a clearer picture of the ethical and professional standards expected of them together with a positive service orientation, so that they genuinely epitomise our legendary organisation that has been serving India for more than 200 years.

"Leadership Lessons": Your Bank

organised a series of interactive, virtual Power talks by top management and eminent external luminaries, for newly promoted GMs/ DGMs. For grooming and strengthening the leadership skills of the newly promoted officials by learning from the experiences and perspectives of top management and eminent industry/ leadership experts.

"Specialised Training Programmes":

Your Bank organised Specialised Training Programmes for 130 Top Executive Grade officials in the specialised areas of International Banking & Global Market, Human Resources and Digital Banking & IT, to prepare future leaders in these domains.

Pioneering Learning Channels for Uninterrupted Skilling Smart Classrooms: The Smart Classroom infrastructure has been newly created at Administrative, Regional and Local Head Offices of your Bank throughout the country. It has opened up new training capacities while working around the pandemic disruptions. More than 400 Smart Classrooms impart training to more than 2,000 employees a day. A Smart Classroom is a classroom where virtual pedagogy-based training is provided to a small group of employees based in a geographic region. It combines elements of online learning and peer presence/ interactions in a focused classroom-like situation, for greater engagement and training efficacy.

Audio learning: A fillip was given to Podcast based learning through "SBICB- on-Air" podcasts on General Banking with 59 episodes & more than 15,000 listens and "Gurukul Vani" on topics related to Credit, Risk, NPA, etc., with more than 54,000 listens.

e-Panel Discussions: With the advent of social distancing, your Bank has convened 23 e-panel discussions for the current knowledge needs of the employees with participation from renowned industry experts and top management.

Theme-based Fridays: Under this initiative, theme based webinars on topics in different domains are conducted every Friday. The Themes have been designed to best suit the requirements of the operational staff in the context of the current banking environment. Twenty-seven such webinars were conducted with an average participation of 225 staff.

Multi Theme Portal of Virtual Case Study Discussion Board (CSDB): The multitheme functionality of CSDB was launched this year. Case studies on several themes are hosted on the portal every fortnight, and employees compete to complete a quiz and answer questions based on the Case Study. Peer learning is promoted through a virtual "Discussion Board". The host ATI also arranges for an e-panel discussion with panellists from the respective vertical, external speakers and faculty. Since its commencement in 2020, more than 97000 employees have participated in the initiative

Focus on Quality for Deep-rooted Learning

Revamp of RBCs: 42 mandatory internal Role-Based Certifications (RBCs) have been designed and placed on SharePoint and the mobile platform for anywhere, anytime accessibility. These e-Role Based Certifications are followed by an entirely case study-based certification examination for a deeper understanding and practical application of the concepts. 98% of the eligible officers and 97% of the eligible award staff cleared their e-RBCs during the year.

Massive Open Online Courses (MOOC) such as e-Lessons: In addition to the repository of elective e-learning content, which is available to employees, in FY- 2021-22, four new mandatory e-lessons on relevant subjects have been developed in a new MOOC format for enhanced engagement and user interest. 95% of eligible employees have completed these e-lessons.

Research: The Research wings at ATIs partnered with BUs for studies on the financial and industry trends and carried out studies on learner interest and training efficacy to ensure the alignment of training to business needs. A total of 70 studies were undertaken in FY2022.

External Academic Connect: Your

Bank creates exclusive programmes for prestigious organisations, which helps us keep abreast of external developments, hones the training skill of faculty and also catalyses interchange of ideas, all of which distils into better training quality for SBI employees. Bank's clientele range from Regulatory bodies and Government departments to Public and Private Sector Banks, Corporates- both domestic and international, and reputed B-Schools.

Contemporary Content Aligned with User Needs

Gender Equity: Samya 2.0 by ATI is a collection of interventions which reinforce gender parity and sensitivity in the workplace. During the year, the highlights of the initiative were 10 case-let based quizzes, 10 webinar programmes for employees, an e-compendium on situation analysis and an annual magazine putting forth the views of women leaders in your Bank.

Inclusiveness: A week-long specialised training programme for Visually Impaired (VI) & Hearing Impaired (HI) employees working from home was conducted, in collaboration with SBI Foundation to ensure their engagement even when exempted from attending office. Twenty- three such programmes were conducted during FY2022.

Aspirational Courses: 10 Aspirational Courses have been designed by different ATIs, to encourage employees to enrich their knowledge and skills beyond role objectives. The aim is to help employees in future career progression, by giving them the means to upgrade themselves with knowledge and skills in areas that may be related/unrelated to their current role.

Upholding Corporate Concerns: Your

Bank cares deeply about providing excellent customer service and creating safe workplaces. Comprehensive training support in the form of customised content design, training to Faculty /mentors for impactful delivery and effective programme delivery is ensured for sustaining User Department Projects such as Project "Utkarsh" on Customer Service and Project "Maitreyi" on Mentoring the Mentors for equipping the identified senior women officers to guide the younger women employees, understand their problems and help them resolve conflicts.

Quality at Core: The objective of "Quality at Core" was to create a sustainable independent troubleshooting mechanism at 691 identified branches, leveraging the tenets of the Quality Circle (QC) Concept to resolve problems related to banking and operations. The SBILD Faculty guides them in the implementation of the projects. In FY2022, all branches under the intervention have successfully implemented two projects each.

Online Assessment Centre: To gauge the competencies of senior officials of the Bank, an Online Assessment Centre/ framework was developed to assess and evaluate the leaders' competencies viz-a- viz organisational competency framework, followed by sharing of Individual Developmental Plans (IDPs) and a guided development journey. In FY2022, 2233 assessments were completed, IDPs shared with the officers, and their Development Journeys (DJs) initiated.

Family-friendly event to foster positivity:

SBI Wizards, an annual quiz competition in which family members of employees also participate, is in its second year. More than 16000 families registered for this annual mega-event.

Leveraging Digital for Self-motivated learning

Continuous self-learning was implemented using exciting content, delivered through online modes; on an average 10,000 employees participate every month in the daily quizzing portal, My Quest Today. Further, several users registered for Gamified learning App- Play2Learn, crossed 69,000 and askSBI - the in-house search engine was used by 92.74% of branches of your Bank in FY2022.

Creating a Distinctive External Identity Tie-up with NSE: SBI has a robust inhouse training infrastructure, world-class digital learning content and proficiency to deliver specialised training on diverse subjects. To explore the avenues of association to market in-house content/ courses, your Bank was invited by NSE Academy to host SBI's E-Learning content on their digital platform. SBI entered into an agreement with NSE Academy in June 2021 to host courses on their NSE Knowledge Hub.

MOU with edX: As a part of an agreement with edX, your Bank is offering its Massive Open Online Courses (MOOCs) on the edX platform. In FY2022, 25 courses were hosted on the edX platform, in different domains, taking the total number of faculty-developed courses hosted by SBI on edX, to 37 with 29,000+ learners worldwide.

Apprenticeship- Contributing to Nation Building: Your Bank has engaged more than 2455 apprentices under the Apprentices Act, 1961. After completing their Basic Training, they are now undergoing a year-long on-the-job training (OJT) at our branches across the country.

Growing Sustainably

Your Bank believes in responsible consumption to positively impact the world. ATIs & SBILDs use clean energy using solar plants and employ water conservation and rainwater harvesting systems; many have captive Sewage Treatment Plants (STPs) with recyclers and vermicomposting for recycling biodegradable wastes. We also maintain all ATIs & SBILDs as "Plastic Free Zones" where single-use plastic is not used. Four of six ATIs are certified as Green Buildings by Indian Green Building Council, with three rated Platinum and one Gold.

Milestone & Recognition State Bank Staff College (SBSC), Hyderabad celebrates its Diamond Jubilee: Established on December 2, 1961, in Hyderabad, SBSC is one of the earliest such training institutes in the country. For the past six decades, Staff College has trained generations of bankers within the State Bank of India and officers from other banks in India and abroad. The institute also conducts training programmes for educational institutions and government officials. Most of the Top Management of State Bank of India, over the years, received their initial grooming at State Bank Staff College. The Staff College celebrated its Diamond Jubilee, in a commemorative function, held at its premises at Begumpet, Hyderabad. The event was graced by Chairman.

Your Bank won Gold in the prestigious ET Human Capital Awards under the category ‘Excellence in Creating a Culture of Continuous Learning and Upskilling'.

2. Information Technology

A. Network Infrastructure Improvement:

Your Bank has taken several initiatives during the year to ensure smooth operations and customer satisfaction. Your Bank has been working on upgrading the ATM connectivity by arranging 4G connectivity to off-site ATMs. Your Bank is relentlessly working to improve the network experience and minimise branch isolations. Your Bank has arranged Alternate Secondary Links to the branches and offices to reduce the impact due to the link failures. Several unreliable and high- latency network links have been replaced with low-latency wired and terrestrial wireless links. Your Bank has devised to receive early warnings and insights related to complex cybersecurity threats and comply with the regulatory requirement per RBI Cyber Security Framework by arranging a honeypot solution. Your Bank, in its endeavour to better manage its network operations, has established an advanced AI/ ML and Analytics based Network Operating Centre.


YONO, the path-breaking and secure digital offering of your Bank, launched on 24th November 2017, has already crossed 111.74 million downloads and has touched 16.62 million logins in a day. With the user- friendly interface, attractive branding, round the clock availability, and new innovative features in the App, YONO has helped the Bank reposition its Brand image as New Generation Bank, with a sustainable competitive advantage having various unique and state of the art technological features. YONO is a single touchpoint and one-stop solution for various Banking, Financial & Lifestyle needs of the customer through a convenient, intuitive, and user- friendly omnichannel interface through a Mobile App (both android & iOS) offering customers one view for an enhanced digital experience.

Customers can conveniently avail of pre-approved loans without visiting the branch, involving little to no paperwork. They can also access various financial products from the Bank's Joint Venture Companies comprising SBI Life, SBI Caps, SBI Cards, SBI Mutual Fund and SBI General Insurance. YONO Cash, a game-changer functionality, allows the customers to make cardless withdrawals from SBI ATMs and PoS.

YONO Krishi is a comprehensive multilingual platform for agriculture segment customers offering simplified finance for Agri Gold Loan, KCC Review, SAFAL Dairy (Pre-Approved Agri Loan), advisory/market intelligence related service (Mitra), Market linkages through online Market Place for agri-products (Mandi), Bachat (Financial Super Store for farmers investment and insurance needs).

YONO has always been committed to providing enhanced user experience to customers, obviating the need to visit the brick-and-mortar branch and continuously strives to offer new, secure, convenient, responsive, and innovative financial solutions to the customers. During the FY2022, your Bank has provided transformational journeys. These include Insta Plus Video KYC Account Opening, SBI Easy Ride Pre-Approved 2-wheeler Loan, NPS Account Opening, SAFAL Dairy Pre-approved Agri Loan, Online Demat and Trading Account Opening, Car Loan New to the Bank (NTB), SIM Binding during App Registration, Government schemes through YONO, SBI Kavach Personal Loan scheme etc. and 86 other enhancements.

C. Channels & Operations

1. Payment Aggregator and

Payment Gateway (e-Pay & PG)

Your Bank works both as a payment aggregator and payment gateway. A unique PCIDSS certified secured platform facilitates seamless e-commerce transactions between businesses, merchants, Customers and financial institutions for various payment modes. The platform is provided through Bank's Payment Aggregator (SBI e-Pay) and Payment Gateway (SBIPG) applications by integrating with thousands of Merchants at the one end and many Payment Channels such as Banks, Wallets and

Cards at the other end. SBIePay (Bank's Payment Aggregator Solution) is PCIDSS, and ISO27001:2013 certified.

During the financial year, SBIePay has added 343 new merchants, including prestigious merchants such as Central Power Research Institute, Indian Institute of Information Technology, Nagpur, Uttar Pradesh Metro Rail Corporation Ltd., Kanpur Metro, etc. As of 31-03-2022, 1,502 merchants were integrated with SBIePay.

Following significant developments were rolled out during the year:

• Added UPI QR code as a payment channel.

• Launched a Ticketing system for tracking and monitoring complaints.

• TXN initiation API for merchants to initiate Transaction via server-to-server call will avoid MITM attack.

SBIPG, a PCIDSS certified application, processes all card-based transactions of Payment Aggregators, SB Collect, SBI- MOPS and YONO. SBIPG added 10074 sub-merchants during the financial year. As of 31-03-2022, 68,714 sub-merchants are integrated with SBIPG.

Following significant developments were rolled out by SBIPG during the year:

• BEPG Phase 2 with SI and EMI features for RUPAY Cards.

• SBIMF Integration with IPAY PG.

2. Payment System (PS)

Your Bank holds a significant share in N EFT remittances. Your Bank has processed 130.17 crore transactions, constituting over 17.93% of the market share. Under RBI's Indo-Nepal Remittance scheme, the limit for remittance to Nepal has been enhanced to '2.00 lakhs per Transaction.

Your Bank is a significant player in RTGS remittances and has processed more than 5.36 crore transactions involving more than '297.87 lakh crore.

Your Bank holds a significant share in CTS Clearing with 14.92 crore transactions and 21.49% market share. Value-wise clearing transactions amount to '16.71 lakh crore with a market share of 26.14 %.

Your Bank uses the SWIFT messaging system for cross border financial message transmission. Your Bank has processed 32.88 lakh financial messages. Your Bank has fully complied with all the 22 mandatory controls and 9 advisory controls prescribed by the SWIFT.

Your Bank is in the process of centralisation of NACH processing of all variants of NACH.

3. Payment Solutions Debit Cards: Debit Cards: E-mandate on debit cards for recurring transactions was rolled out in October 2021, which allows the customers to authorise your Bank to perform the same value transaction at a stipulated frequency in their account during the mandate period. A new "Jandhan" debit card with a contactless feature has been rolled out.

Rupee Prepaid Cards: Your Bank provides Rupee denominated Prepaid Cards like Gift Card, e-Z Pay Cards, Imprest Cards, and Achiever Cards, among others, targeted for various customers and business segments.

NAV-eCash Card: Your Bank has developed an innovative NAV-eCash prepaid card with a dual-chip interface (EMV and offline chip) to facilitate both online and offline transactions. The dualchip cards are also suited to organisations that need to undertake online and offline transactions depending on the availability of internet connectivity.

State Bank Foreign Travel Card (SBFTC): SBFTC is an EMV chip and PIN compliant prepaid card in foreign currencies providing safety, security, and convenience to outbound travellers (valid worldwide except in India, Nepal and Bhutan). SBFTC is available as a Single currency and Multicurrency card. It is available in nine currencies - US Dollar, British Pound Sterling, Euro, Canadian Dollar, Australian Dollar, Japanese Yen, Saudi Arab Riyal, Singapore Dollar, and UAE Dirham.

SBI FASTag: Bank has issued more than 20 lakh SBI FASTag to corporate and retail customers. Toll transactions through the SBI FASTag have crossed a mark of 7.70 crore, and the total transaction amount has crossed the '1,251 crore level in FY 2021-22.

Metro and Transit Projects: Your Bank has participated in various metro and transit projects to digitise micropayments rapidly. Your Bank has been awarded Nagpur Metro, Noida Metro and MMRDA Lines 2A and seven metro projects to implement qSPARC technology on the RuPay platform. Bank has issued 1,05,000 prepaid cards in metro projects. This year Bank has been awarded Chennai metro and Kanpur metro for Card Issuance, Acquiring and AFC implementation/ integration.

Merchant Acquiring Business (MAB): In line with the Government of India's efforts to promote a less cash economy, your Bank has expanded its digital footprint across the country, including aspirational areas such as Ladakh, J&K and North east, by deploying more than 24 lakh Merchant Acceptance Touch Points. It includes 9.24 lakh PoS terminals, 4.73 lakh Bharat QR code and 10.50 lakh merchants on BHIM- Aadhaar-SBI application downloads.

Your Bank has also had asset lite acceptance models like SoftPOS (YONO Merchant App), allowing merchants to self-onboard on the app to accept payments. Various value-added services like DCC/EMI, Pre- Approved Business Loan (PABL) are being focused upon for customer convenience

Your Bank continued efforts to onboard merchants from premium segments like Oil Marketing Companies (OMCs), retail chains, lifestyle stores, and holiday resorts apart from consolidating the existing business. Your Bank has tied up with major corporations and government departments to migrate their operations from cash to digital mode.

4. Branch Operations

Branch & CPC Redesign Department is continuously working for improvement in customer experience at the Branch. Ensuring uniformity of branches in ambience and customer service is a significant focus area. Many projects have been initiated to provide end to end digitization of products and services for customer delight.

Image-Based Processing at Liability CPC & Video KYC Based Account Opening: For opening new accounts in most customer categories (Individual & Non-individual) more quickly and efficiently, image-based processing has been initiated in the year 2021-22. For the convenience of customers to open an account from the comfort of their home or office, a new account opening facility through Video KYC (Know Your Customer) was launched on 22.04.2021. Around 6.40 lakh accounts were opened till March 2022.

5. Foreign Office

YONO Global Mobile Application: In a quest to increase Digital footprints across the geographies, your Bank has launched YONO Global, keeping in mind the Digital Transformation and new Digital Banking Offerings for Retail Customers at SBI's Foreign Offices (FOs)/Subsidiaries. Your Bank has rolled out YONO Global mobile Banking in six more FOs this FY, i.e., Canada, Bahrain, South Africa, Bangladesh, Sri Lanka and Nepal, taking the tally to 9 Countries.

Yono Global Web Portal: Your Bank has introduced Yono Web Portal (Internet Banking) for retail customers of foreign offices/subsidiaries. The new portal has been made live for 6 foreign Offices, viz. UK, Mauritius, Maldives, Sri Lanka, Bangladesh & US. Yono US Web portal for Corporate Customers has been rolled out for SBI New York & Chicago branches, which has replaced the locally hosted ACI Worldwide application with enhanced customer experience.

Treasury Application Upgrade: During the year, your Bank has upgraded the Treasury application to its latest version and added a few new modules. The key benefits of the upgrade available to all foreign offices are as follows:

• It supports derivative products such as currency options and future and equity trading.

• Stress Testing Module, covering both Sensitivity and Scenario Analyser modules.

• Collateral Management Module.

• Generation of a dual set of reports as per Ind-AS and Indian GAAP and ability to comply with future Ind-AS requirements for accounting etc.

• Calculation of Modified Duration of perpetual bonds having call/put option.

• Generation of NOOP report on a realtime basis.

LIBOR to ARR/RFR Transition: Because of the evolvement of the global ecosystem with the Introduction of Alternate Reference Rates (ARR) to replace LIBOR, your Bank took the initiative to implement the ARR regime (Over Night Reference Rate/ Term Rates) in its Core Banking, Treasury and Trade Finance operations at its Foreign Offices and Subsidiaries.

Your Bank has upgraded its Trade Finance Application for all Foreign Offices and Subsidiaries in line with the SWIFT upgrade for Bank Guarantee / SBLC related messages.

6. ATM

Your Bank's ATM department is PCIDSS Compliant, a benchmark security standard for the payment card industry. It stands tall, serving 25.34 crore active debit card users on 31st Mar' 2022. Following new facilities have been rolled out during the fiscal year:

• TLS 1.2 implementation has been completed in all ATMs in record time to strengthen the security between ATMs & networks. MAC (Message Authentication Code) has been piloted successfully to enhance security between End Points (ATMs) and Switch.

• As per RBI directions, facility to customers to set limits either on ATM or through IVR.

• Digitization of Payments (Offline mode) onboard INS-Vikramaditya warship.

• Green PIN for Prepaid Cards (both INR and FTC)- Pin generation requests can be raised for all Prepaid cards from any delivery channels, viz. PCMS Customer Portal, SBI ATM & Branches.

• Generation of Debit card PIN at Branch through CBS-SSO- To assist in Generation of Green PIN through Branch for illiterate customers, those who are unable to generate the same using other channels.

• Acceptance of Domestic Rupay Card for Electronic Transfer at Singapore POS devices.

• Dispatch status of a Debit card can be enquired through Bank's IVR.

• Domestic Rupay cards can be accepted at Nepal ATMs/POS devices.

• Tap & Pay Transaction enabled on Jio Phone with tokenised Debit Card.

• Green Pin facility is made available on Prepaid Cards for both INR and FTC cards.

7. Internet Banking

Your Bank's Internet Banking provides a seamless online experience, offering secure and diverse banking services to 977 lakh Retails Users and ~32 lakh Corporate Users.

Many new services were rolled out for Retail customers like the Introduction of login OTP, Positive Pay System - Registration Through Alternate Channels, Relationship Managers details in INB for HNI Customers, Remittance to NEPAL via RINB, Online PPF account opening, Online PPF Extension, Online Nomination for existing PPF Accounts, Enhancing the International fund transfer FXOut Limit to eighteen lacs, Enabling IMPS transactions for NRI customers in INB, Digilocker Integration and Photo and Signature upload for NPS Registration.

Many new services were rolled out for Corporate customers in Corporate Internet Banking, and YONO Business. Some of them are:

(i) enhancement of SARAL transaction limit from 10 lakhs to 25 lakhs,

(ii) online current account opening for all non-personal entities,

(iii) SME Gold Loan lead generation,

(iv) PABL-POS and Digital Local Short Credit facility for NTPC etc.


State Bank Multi-options Payment System will facilitate collection through various modes using the site to site integration with e-commerce and other merchant entities. Total active direct Merchants integrated through MOPS are 542.

Significant changes implemented are Merchant UI Revamp (MOPS Page), Sponsor Bank API eMandate; eMandate for repayment of EMIs and various integrations with Govt entities and eCommerce merchants.

SBI UNI PAY (BBPS: A one-stop solution for all bill payments) - Your Bank has developed a SBI Unipay application for Bill payments through BBPS services hosted by NPCI, which has gone live in July 2021. In the SBI Unipay platform, your Bank provides the facility of BBPS and Non- BBPS bill payments.

9. YONO Business

Your Bank's Yono Business offering for MSMEs, Corporate and Government customers is designed to focus on three pillars of the digital transformation:

• One Bank One Platform, building an omnichannel digital platform integrating CMP, Corporate INB, e-Trade, e-Forex and Supply Chain Finance under Single Sign-On.

• Digital bank offering seamless end-to- end digitised customer journeys.

• New Age Banking to future proof the technology priorities such as API banking.

It digitally serves various Banking interface requirements of all types of non-individual entities, right from a small proprietorship/ MSME to large multinational corporates to Central and State Governments.

Amongst other facilities and features for non-individual customers, it provides:

• Simplified and intuitive onboarding journey for new Digital customers.

• The existing legacy documentation process has been replaced with a new omnibus process, eliminating multiple visits to Branches. Digital onboarding for a walk-in customer through the YONO Business Branch interface.

• Additional Product offering for existing customers.

• Corporate user management as an end-to-end digital journey to Corporate Administrator for user management, ensuring security and convenience.

• Intuitive Dashboard made available to Corporates with features such as Consolidated real-time account positions of A&L, Fund flow position, alerts and notifications like LC due date, and instalments due date, amongst others.

• Reimagined import LC journey and Forex rate booking in less than 15-20 minutes without the requirement to visit the branch

D. Mobile Banking

Your Bank's Mobile Banking department is the largest alternate channel in volumes. It handles various critical customer-facing mobile applications/Services like UPI, Yono Lite SBI, Yono Business, SBI Quick, and SBI Secure OTP. The above apps enjoy an excellent reputation among customers and are known for their ease of use and outstanding user experience.

1. Unified Payments Interface (UPI): Unified Payments Interface (UPI) is one of the flagship applications of your Bank that powers multiple bank accounts into a single mobile application with an Interoperable facility, merging several banking features, seamless fund routing and merchant payments by leveraging a single Payment Platform (i.e. UPI). During F.Y. 2021-22, on 31st March 2022, your Bank has recorded the successful processing of peak volume of UPI transactions, approximate 150 Million in a single day. This year, the following vital facilities were introduced for customers through BHIM SBIPAY(UPI).

a. UPI Prepaid Voucher (PPV)


A DFS (GOI) initiative for Covid-19 vaccination, was launched by Honorable PM on 02.08.2021. This functionality was also further extended to other schemes.

• SBI Credit Card application through SBI BHIM Pay for Android users.

• BHIM SBI Pay Merchant App: Independent App for onboarding merchants on the UPI platform for Android users.

• Per NPCI guidelines, per transaction limit enhancement with a cap of '2 lakhs for a specific category of merchants.

• Unified Dispute & Issue Resolution (UDIR) for a reduction in customer complaints and enhanced user experience.

b. Yono Lite:

Yono Lite has a total user base of 1.92 crore as of 31.03.2022. Following developments have been done in Yono

Lite mobile banking app during the year:

• Uploading statement to Digilocker.

• SIM Based registrations - To enhance customer security and prevent application misuse.

• If Remote Access applications are installed on a mobile device, disallowing the Yono Lite app will obviate fraudsters' frauds.

• Biometric functionality enables the user to log in using Fingerprint (Android & iOS) and FaceID (iOS).

• Purchase of Google Play Recharge Codes - customers can use these codes for in-app purchases from Google Play Store.

• Purchase Gift Vouchers for online shopping.

c. SBI Quick:

SBI Quick has a total user base of 2.99 crore as of Mar 22. Following developments have been done in SBI

Quick mobile banking app.

• MOD Balance through SBI Quick.

• Bank Holiday Calendar for 2022.

E. Executive Support System

1. Customer Relationship Management (CRM)

Your Bank's CRM Solution helps build and maintain solid and loyal relationships with existing and prospective customers.

CRM Solution has customised Lead modules for all Business Units and other critical departments, integrated with other sources such as OCAS, YONO, LOS, LLMS, Bank's website, etc. It also has a sophisticated and advanced Module, i.e., CRM-CMS, wherein customers' entire trail of previous complaints and other details are captured in the application giving ease to users and customers for complaint lodgement, tracking and resolution.

• The platform has been made available over Bank registered mobile devices securely to enable Bank employees to perform certain services anywhere. A few customer-centric projects initiated during the year were;

• Enrichment of Customer 360 for one view of Retail as well as Corporate Customers/ product recommendations and CRM Leads through Analytics based outputs

• Creation of complaint management functionality for the handling of YONO Interbank and YONO Cash unauthorised transactions in CRM- CMS

• Revamping of complaint module in CRM-CMS for routing and autoescalation to Internal Ombudsman

• Redesigning of IVR and Agent journeys in consultation with Contact Centre/ their vendors

• Functionality for assignment of OCAS Housing Loan leads to SSL for specified centres (Mumbai Metro & Bengaluru circles)

• SME Lead generation through SMS/ Missed call channel (Ease 3.0)

• Sourcing of leads in CRM online through portals of some automobile manufacturers

2. Data Warehouse

To align with Bank's vision, a state-of-the- art Data Architecture, "Next-Gen Data Warehouse", is under implementation, facilitating ever-increasing business data demands and regulatory reporting with a focus on Data Quality and Data Integrity. This architecture will enable Value Creation (both top line and bottom line) for the Bank through Advanced-Data Analytics while adhering to Governance, Security and Compliance.

3. Data Governance

Being a data-driven Organisation, your Bank has taken various steps for efficient management of Data with close partnership of Business and IT stakeholders. The already established top-driven Data Governance framework, which is institutionalised up to the operating level, is being leveraged to drive all the Data Governance initiatives to ensure that the Data Asset of the Bank is future ready to support the Bank in its digital transformation while complying with Regulatory guidelines. To further percolate the message of "Data Trust" and for promoting Data Literacy across the Organisation, your Bank is conducting many activities, among which is the celebration of "Data Governance Day" on 1st June every year.

4. Analytics

Your Bank has built a solid and pioneering competency in Analytics, AI and ML. It utilises these next-gen technologies to reimagine Customer Service, Marketing, Risk Mitigation and Strategy. Some highlights of FY'22 in this area are:

Digital Lending: Two new End-to-End Digital Loan Journeys were introduced, viz., Pre-approved Two-Wheeler Loan (SBI Easyride) and Pre-approved Business Loan (PABL) for PoS customers of our subsidiary SBI PSPL. Loans worth ~ '21,935 Cr. sanctioned digitally through Analytics-based products in FY2022.

Risk Mitigation: Tool to identify Related Party Transactions were built to detect diversion of funds. Single Officer Branch Monitoring Solution rolled out in pilot mode to alert when anomalies arise.

Operational efficiency: Cost-to-Income Ratio tool was launched to prescribe branch-level changes in product mix and expenditures to maximise profits. Early Warning System (EWS) model was integrated with Contact Centre to facilitate Outbound Calls to reduce stress in loan accounts.

Responsible AI: Adopted a robust Data and Model Governance Framework in line with global standards to ensure readiness for upcoming laws/regulations. Fairness, Ethics, Accountability & Transparency (FEAT) document and Explainable AI were adopted to ensure ethical model building.

Technology Related: Your Bank adopted next-gen capabilities such as Deep Learning, Cloud-Based Services, Prescriptive Analytics, and Real-Time Analytics in line with the board-ratified "Roadmap for Analytics." The pioneering Project Shikhar Model combining risk, activation and spend analysis into a single, holistic model was adopted, resulting in issuance of four million cards by your Bank's subsidiary SBI Cards under this programme.

Accolades Received:

• Achieved a "High Maturity" Score in the global "ITScore for Data & Analytics" Assessment of Gartner

• Awarded the "South Asia Award for Project Management" by PMI for its Credit Card Cross-sell Model

• IDC Industry Innovation Award: Data Intelligence Award for Pre-approved Business Loan Product

• IDC Industry Innovation Award: Green Tech/Sustainability Award for Footfall Rationalization Model

F. Core and Special Projects

The significant developments rolled out in the current financial year in the area of customer service during FY 2021-22 are as under: Hindi Printing: Development has been rolled out to enable the Printing of Passbooks, Statement of accounts etc., in Hindi language as per the customers' requirements.

Improvement in SMS delivery: A facility for SMS alerts in 13 languages has been enabled. Customers may now register for SMS alerts in their preferred language, viz. Assamese, English, Bengali, Gujarati, Hindi, Kannada, Maithali, Marathi, Malayalam, Punjabi, Tamil, Telugu, Odia. Following initiatives have been taken to address delays in SMS delivery.

• Multi-streaming of SMS outflow from CBS to Delivery Platform.

• Infrastructure upgraded for handling a higher volume of SMS.

• SMS generation and transmission processes in CBS were modified to handle higher volumes.

1. Special Projects

Your Bank has initiated several special projects to ensure customer convenience. A few of them are mentioned below CKYC for Non-Individual CIFs and CKYC for FI-Legacy CIFs: Now, all types of CIFs, viz. Individual, Non-individual, and FI have been covered under CKYC. Given the increased volume of digitisation, one more alternative scanning solution (in addition to Signzy), CKYC Document Classification and Upload (CDCU), an improved AI- based scanning solution, was launched on 03.08.2021.

PENSION: Functionality of Video Life Certificate launched on 01.11.2021, to facilitate pensioners in submitting Life Certificate through Video Calling from their home.

Functionality for uploading Family pension- related documents through the Pension application has been made available on 10.12.2021. Now, a family pensioner can approach any branch to submit documents.

TRS: Your Bank provides Form16 through RINB & TRS (TaxCPC) Portals. In Dec 2021, Bank successfully integrated with the Digilocker App of the Government of India for delivering Form16 through the App, wherein Form 16 can be pulled in the ‘Issued Document' section of Digilocker.

GBSS - TIN(Tax Information Network) 2.0- Replacement for OLTAS: New Module is rolled out in GBSS Application for Direct Tax Collection, having real-time integration with TIN2.0 & PFMS and RBI for Settlement & Reporting.

GBSS - New FSLO Commission module for state government transaction commission settlement: GBSS -FSLO module has been rolled out, which will facilitate major head-wise submission of returns to RBI for a claim of commission for multiple State Government modules in the GBSS application.

SBI FASTag -recharge through PhonePe: Integration of the FASTag application with Bill Desk for recharge through Phone Pe has been completed. Phone Pe Customers can now recharge their SBI FASTags directly from the application by entering their vehicle number in the FASTag recharge option.

Easycollect: Easy collect application integration with Edelweiss Tokio Life Insurance Co. Ltd has been rolled out. Edelweiss Tokio policyholders can now remit renewal premium through any of the SBI branches by making use of the Easycollect application GCC - Development of Application for new GCC terminal "Move 2500":

• GCC application has been modified for bringing compatibility with newly introduced GCC terminal devices "Move 2500" and existing devices.

• Two Audit Variants of IAD, viz. Home Office Audit and Concurrent Audit System for Foreign Offices are automated.

• HOA: The FOA Department at IAD conducted the Audit of Foreign Offices (of the Bank) on 6th July 2021.

• CASFO: A "Web-Based Solution for Concurrent Audit for Foreign Offices" was rolled out on 28th July 2021.

2. IT- Corporate and SME Loans

Your Bank has developed an in-house application to capture the entire journey of Corporate and SME Loans through the Loan Life Cycle Management System (LLMS). The entire life cycle of the credit process is automated, leading to standardisation of the credit process, enhanced risk management and improved user experience and TAT. During FY2022, the following significant new offerings were initiated under the LLMS:

Integration with National Portal: LLMS has been integrated with National Portal, where leads for Credit Linked Government Schemes flow from National Portal to LLMS. National Portal gives In-principle approval of "GO" based on the scheme- specific Rule Engine Parameters set by respective banks on the National Portal. It improves TAT for government-sponsored schemes and enhances transparency.

Integration with Contactless Lending Platform: LLMS has been integrated with the Contactless Lending Platform (CLP), where SME customers apply through the CLP website, and qualified leads are forwarded to LLMS. It saves time and ensures a shorter TAT leading to better customer fulfilment.

3. IT Retail Loans (RL)

IT Retail Loans caters end-to-end credit processes, i.e. Pre-Sanction and postsanction processes, through seven applications, i.e. LOS (PB), RLMS (Retail Loan Management System), LOS (Agri), OCAS (Online Customer Acquisition System), RAAS (Retail Asset Acquisition System), OPAS (Online Project Approval System) and LAMS (Loan Account Management System).

Major rollouts in FY2021-22:

• Image-Based Processing for Home Loan Journey, which is uniform for BPR & Non-BPR Branches

• SBI KAVACH Personal Loan to Covid patients for treatment.

• Top Up Gold Loan for existing gold Loan borrowers on security value.

• Real-Time Xpress Credit, an online loan approval through the YONO platform.

• Xpress Credit for Covid Warriors at concessional pricing.

• Integration with National Hunter for Auto Loans and Education Loans. It helps fraud checking from the existing database of Hunter.

• Integration with National Portal for subsidy processing of Home Loan and Education Loan

• Integration with CERSAI for online registration of immovable security.

Loan Account Management System (LAMS): New application for loan collection was launched in April 2021, where tele-callers and Bank officials record the follow-up calls to delinquent account holders. During the current year, all bank staff, Contact Centre and CSPs have recorded 2,54,89,155 follow ups in the application.

4. Customer Service

Your Bank has a robust online Complaint Management System (CMS), where customers can lodge their complaints, feedback and suggestions online through Bank's website www.bank.sbi. In addition to this, Contact Centres operate 24*7*365/366 in different geographical areas, servicing Bank's customers in Hindi, English and ten major regional languages.

To improve the quality of resolution of customer grievances, your Bank has established Circle Complaints Resolution Centres (CCRC) in all Circles. Your Bank has also established Circle Call Centres manned by its staff for handling any issue beyond the purview of Bank's regular Contact Centres to ensure a better customer experience. Proper and timely resolution of customer grievances is your Bank's high focus area. It is conducting a Root Cause Analysis of major areas of complaint and is utilising the findings for product and process improvement. It has also conducted a Customer Satisfaction Survey and a Depositor Satisfaction Survey and is working towards enhancing the customer experience based on the findings. Countrywide E-Town hall meetings at 523 centres were conducted to connect with customers and feedback was collected from the customers on products and processes.

To enhance the level of knowledge of the frontline staff and enhance customer experience, your Bank has introduced a mass knowledge enhancement programme, "Project Utkarsh", for its employees during the year. It has also introduced the "Customer Service Index" for categorizing branches on the basis of the level of customer service, which serves as a motivational factor for branches.

Your Bank is in the process of leveraging the CRM Tool to use analytics and artificial intelligence. SBI believes that these digital tools and technology can completely transform the customer experience in the days to come. It has onboarded two easy to remember 8-digit Contact Centre Toll- Free numbers (18001234 and 18002100) for ease of customers. It has also introduced a simplified IVR Menu (5*5) for seamless, intuitive navigation to enhance customer experience. Your Bank has introduced six more Registered Mobile Number based services (on a pilot basis in two telecom Circles) from the Contact Centre (a total of 11 services), which have helped the clientele in these testing times.

Your Bank is also driving the PSB Doorstep Banking services, which provide ease of banking to customers. They can avail of several doorstep services, such as Account Statements, Cash withdrawal facility, and Life Certificate submission, among others, through the DSB Services.

G. Financial Inclusion and

Government Schemes (FI&GS)

During the COVID-19 period, the Kiosk Banking Channel played a very important role in disbursement of government subsidies when movement to bank branches was restricted. Under the 9th and 10th Instalment of PM Kisan Samman Nidhi, SBI processed 2.45 crore and 2.50 crore transactions, respectively, as Destination Bank in a single day on 09/08/2021 01/01/2022.

To enhance customer convenience and customer delight, the following new facilities were introduced during the FY 2021-2022:

• Cheque Book request and Stop Cheque request at CSP outlet: Facility to request for issuance of new cheque book and stop cheque request has been enabled at CSP outlet.

• ATM Card Blocking at CSP outlet: The facility of ATM card blocking at the CSP outlet has been enabled, giving customers one more avenue for ATM card blocking.

GOI Social Security Schemes related initiatives: Following initiatives for increasing coverage under social security schemes of GOI were rolled out:

• Revised Enrolment Forms to capture additional information about customers and nominees at CSP outlets.

• Development of a floater screen in the Kiosk channel to prompt uncovered customers to get PMJJBY and PMSBY cover, thus increasing coverage.

• SMS intimation to uncovered DBT/ DBTL Beneficiaries for getting enrolled in PMJJBY/PMSBY/APY

Voice Prompt has been enabled in Kannada, Oriya, Gujarati, Marathi, Bangla and Malayalam in addition to Hindi, English, Tamil and Telegu while performing transactions at CSP outlets. It acts as a risk mitigant for illiterate/semi-literate customers as they can hear the details of the transactions being performed in their accounts.

H. Trade Finance (TF)

Your Bank caters to our customers' e2e Trade Finance requirements - both Inland & Cross Border.

Eximbills Enterprise (EE): EE is the centralised technology platform facilitating Trade Finance transactions, with average daily transactions ranging 15,000 - 16,000.

EDPMS/IDPMS reconciliation percentages are 96.88 and 95.41 by the end of FY2022, respectively, which is the best ever achieved.

Customer Enterprise (CE/ e-Trade):

SBI e-Trade, also known as Customer Enterprise (CE), is a unique digital platform. It is a One-Stop, centralised application, seamlessly integrated with Eximbills Enterprise and Core Banking System to satisfy the needs of corporate customers for their Domestic Trade Finance & International Trade Finance.

Centralised SWIFT Interface Gateway (CSIG): CSIG is a centralised messaging system for cross border transactions over the SWIFT network. It is an integrated web- enabled messaging software that runs centrally and is accessed by the interface channels and branches, facilitating the electronic exchange of financial and nonfinancial messages

Fintra TFS (Trade Finance Solution)

Project: As part of the digitalisation and redesigning of trade finance processes, your Bank is centralising the processing of Trade Finance in two GTFCs (Global Trade Finance Centres) at Kolkata and Hyderabad. The project was pilot launched in November 2021 with the Inland LC module and is expected to be completed by FY 2022-23.

Three-way Reconciliation Utility for SWIFT Transactions (TRUST): This application acts as an outward SWIFT message aggregator and reconciliation system having appropriate control frameworks. It does a post-transaction check to ensure that underlying accounting entries exist in the Bank's books of accounts for all outward SWIFT messages sent. It also facilitates the daily independent Concurrent Audit for checking if the SWIFT messages generated from the source applications are reconciled 100% for all financial and non-financial messages.

3. Risk management

A. Risk Management Overview

Risk Management at your Bank includes risk identification, risk assessment, risk measurement and risk mitigation, with its main objective being to minimise the negative impact on profitability and capital.

Your Bank is exposed to various risks that are an inherent part of any banking business. The major risks are Credit Risk, Market Risk, Liquidity Risk, and Operational Risk, including IT Risk.

An independent Risk Governance Structure, in line with international best practices, was put in place in the context of separation of duties and ensuring the independence of risk measurement, monitoring and control functions. The various risks across your Bank and the SBI Group are monitored and reviewed through the Executive Level Committees and the Risk Management Committee of the Board (RMCB), which meets regularly. Risk Management Committees at the operational and business unit levels are also in place.

1. Credit Risk Mitigation Measures:

Your Bank has put in place robust credit appraisal and risk management frameworks for identifying, measuring, monitoring, and controlling the risks in credit exposures. The industrial environment is scanned, researched, and analysed in a structured manner by a dedicated team to decide its outlook, Credit Rating threshold based on outlook and probability of default for industry and growth appetite for 38 identified industries and sectors, which constitute close to 73% of your Bank's total advances (excluding retail and agriculture). Events such as a change in Government policies or regulatory guidelines, power shortage, and supply chain issues in these industries are monitored continuously, and special studies for its implications are conducted, which are shared with the business groups to enable them to make informed credit decisions. Considering the increasing climate change risk, impact analysis on emission-intensive industries such as power, hydrocarbon, iron and steel, construction, automobile and coal is conducted to align your Bank's lending strategy towards low-carbon sectors. Furthermore, knowledge sharing sessions are conducted to benefit the operating staff at various levels. Additionally, a monthly and quarterly dashboards covering the top 15 industries are provided to business units detailing the developments in these critical industries and sectors to keep them updated on the latest information/ developments.

Your Bank has an industry concentration Limit Framework to ensure against concentration risk, monitored quarterly. The framework has been made more robust to capture business opportunities arising from Government initiatives like Performance Linked Incentive (PLI) schemes and negative developments, including Environment, Social and Governance (ESG) Risk.

Your Bank uses various Internal Credit Risk Assessment Models and Scorecards for assessing borrower-wise Credit Risk. Models for internal credit ratings of the borrowers were developed in-house. They are reviewed through cycles of comprehensive validation and backtesting frameworks, including external validation/ review. Considering the ESG risk, Bank has put in place an Environment, Social and Governance (ESG) rating model, which rates large borrowers on various objective ESG criteria.

Your Bank also has a ‘Dynamic Review of Internal Rating' Framework, which facilitates early identification of stress and triggers the appropriate mitigation mechanisms.

Your Bank has a framework for Risk- Adjusted Return on Capital (RAROC), and the Customer level RAROC calculation has also been digitised.

Further, behavioural models for monitoring and scoring retail borrower performance have been developed and hosted on credit risk data mart.

Your Bank conducts stress tests every half-year on its Credit Portfolio. Stress scenarios are regularly updated in line with RBI guidelines, industry best practices and changes in macro-economic variables.

RBI has allowed your Bank to participate in the parallel run process for Foundation Internal Ratings Based (FIRB) under the advanced approaches for credit risk. The data under a similar run of FIRB is being submitted to RBI. Models for estimation of Probability of Default (PD), Loss Given Default (LGD) and Exposure at Default

(EAD) are hosted in a credit risk data mart for computation of IRB capital.

The Bank carries out a Risk-Return Analysis of critical portfolios at periodical intervals to assess the adequacy of return vis-a-vis the risk associated with the exposures. The Bank has also initiated measures for objective and sustained assessment of evolving risk of corporate exposures. In this regard, Bank has devised a framework for Integrating a Dynamic Review of Internal Rating with Early Warning Signal Triggers and has completed the IT implementation of the framework. The framework is presently being experimented with real-life scenarios, and the Bank proposes a full- fledged roll-out in FY2023.

2. Market Risk Mitigation Measures

Your Bank's Market Risk Management identifies and measures risks, control measures, monitoring, and reporting systems. Market Risk is managed through a well-defined Board-approved Investment Policy, Trading Policy and Market Risk Management Policy, and Market Risk Limit Policy that caps risk in different trading desks or various securities through trading risk limits/triggers for effective and judicious management of investment funds. These risk measures include Position Limits, Gap Limits, tenor restrictions, and sensitivity limits, namely, PV01, Modified Duration, Value-at-Risk (VaR) Limit, Stop Loss Trigger Level, NOOP, Forex Daylight Limit, LMAT, UMAT and Options Greeks are monitored on an end-of-day basis.

Value at Risk (VaR) is a tool used for monitoring risk in the Bank's Trading Portfolio. The Enterprise-level VaR of your Bank is calculated and backtested daily. The stressed VAR for Market Risk is also computed daily. This is supplemented by a Board-approved Stress Testing Policy and framework that simulates various Market Risk scenarios to measure stress losses and initiate remedial measures.

The Market Risk Capital Charge of your Bank is computed using the Standardised Measurement Method (SMM), applying the regulatory factors.

Your Bank undertakes risk-adjusted performance analysis of its domestic and overseas portfolios. It also analyses the credit rating migration of non-SLR bonds as a tool for decision making.

Your Bank has initiated suitable measures to ensure a smooth transition from LIBOR to Alternate Reference Rate (ARR). The relevant IT changes, tools for valuation of models like RICS and curves for the pricing for the newly introduced Alternate Reference Rates (ARR) have been incorporated into the system.

The newly introduced Bilateral Netting guidelines have been incorporated into Bank's operating guidelines. Going forward, this may reduce the counter party exposure amount and capital requirement for Counter party Credit Risk for the Bank.

Your Bank has a Model Risk Management Framework that enables Bank to assess, measure, monitor and mitigate Model Risk.

3. Enterprise Risk

Mitigation Measures

Enterprise Risk Management aims to put a comprehensive framework to manage and align risk with strategy at the whole Bank level. It encompasses global best practices such as establishing a Risk Appetite Framework, Risk Culture Assessment Framework, and Material Risk Assessment.

As part of your Bank's vision to transform the role of risk into a strategic function, a Board-approved Enterprise Risk Management (ERM) Policy is in place.

The Risk Appetite Framework incorporates limits for significant risks with monitoring parameters. To promote a strong risk culture in your Bank, a Risk Culture Assessment Framework is being operationalised in a phased manner. As part of the Material Risk Assessment Framework, periodic analysis of risk- based parameters for Credit Risk, Market Risk, Operational Risk and Liquidity Risk, amongst others, is presented to the Enterprise and Group Risk Management Committee (EGRMC) / Executive Committee of the Central Board (ECCB).

Your Bank conducts a comprehensive Internal Capital Adequacy Assessment Process (ICAAP) exercise on a yearly basis with respect to adequacy of Capital under normal and stressed conditions at solo and group level.

In the ICAAP, besides the Pillar 1 risks, such as Credit Risk, Market Risk and Operational Risk, Pillar 2 Risks, such as Liquidity Risk, Interest Rate Risk in Banking Book (IRRBB), Concentration Risk and others are also assessed, and capital is provided where required. New and emerging risks are identified and discussed in the ICAAP.

Your Bank is committed to reducing the carbon footprint of its operations. Accordingly, the Bank has developed Climate Change Risk Management Policy which will serve as a guidepost in supporting its journey towards a low carbon and climate-resilient future.

Your Bank is committed to addressing climate change concerns by identifying and managing climate-related risks and opportunities. The policy aims to integrate climate-related risk (and opportunity) considerations within day-to-day operations, lending portfolios and overall decision-making.

4. Group Risk Mitigation Measures:

Group Risk Management aims to establish standardised risk management processes in group entities. Policies relating to Group Risk Management, Group Liquidity and Contingency Funding Plan (CFP), maintaining arm's length requirements for intra group transactions and exposures are in place. Regular monitoring of the consolidated prudential exposures and group risk components is implemented. All group entities where SBI has 20% or more stake and management control, including non-banking entities, carry out the ICAAP exercise. A Group ICAAP Policy is in place to ensure uniformity.

5. Basel Implementation:

The RBI guidelines on Basel III capital regulations have been implemented. Your Bank is adequately capitalised as per current requirements, including maintaining the required level of Capital Conservation Buffer (CCB). Your Bank is identified as D-SIB by the regulator, and it is necessary to keep additional Common Equity Tier 1 (CET1) of 0.60% of RWAs from 1st April 2019.

B. Internal Control

Internal Audit (IA) in your Bank is an independent activity and has sufficient standing and authority within your Bank. The IA Department, headed by a Deputy Managing Director, works under the guidance and supervision of the Audit Committee of the Board. Your Bank's IA function works in close coordination with the Risk Management and Compliance Department to evaluate the effectiveness of controls, and assess compliance with controls and adherence to internal processes and procedures. The IA function undertakes a comprehensive risk-based audit of the operating units of your Bank, in line with regulatory guidelines relating to Risk-Based Supervision.

Keeping pace with rapid digitalisation in your Bank, the IA function has initiated technological interventions for providing enhanced efficiency and effectiveness through system driven and analytics- based audits.

Few key initiatives include the following:

• Web-based, online Risk Focused Internal Audit (RFIA) for assessing compliance with controls at a granular level

• Analytics-based, continuous assessment of compliable controls through remote evaluation of enormous data

• System-driven, analytics-based offsite monitoring of transactions

• Concurrent Audit of business units to ensure contemporaneous scrutiny of compliances

• Early review of sanctions to assess the quality of loans of '1 crore and above

• Online self-audit by branches for selfassessment by branches and vetting by controllers

As part of RFIA, IA Department conducts various audits, viz. Credit Audit, Information Systems Audit, Cyber Security Audit, Home Office Audit (Audit of foreign offices), Concurrent Audit, FEMA Audit, Audit of Outsourced Activities of your Bank, Expenditure Audit and Compliance Audit.

Your Bank has created a new department viz., "Corporate Centre Audit (CCA) Department" at Internal Audit Department (IAD) w.e.f. 01.04.2019 to strengthen the overview of the Audit of its aggregate risk assessment processes. In addition, it undertakes various audits, such as Thematic Audit, Validation Audit, Veracity Check in compliance of the RBI Directions & Regulatory guidelines, and other requirements emanating from various Business Units and departments at Corporate Centre. The CCA Department is also engaged in the validation of RBI-Tranche-III-DCTs (Data Collection Tranches), Risk Assessment Report (RAR) and Risk Mitigation Plan (RMP) observations.

Branch Audit: The IA Department undertakes a comprehensive risk-based audit of the operating units of your Bank, in line with regulatory guidelines relating to Risk-Based Supervision. The domestic branches are broadly segregated into four groups (Group I Special, Group I, Group II and Group III) based on business profile and advances exposures. Your Bank has initiated a system driven process for identifying branches for Audit, whereby analytical algorithms are deployed to identify units displaying significantly different behavioural patterns. This enables your Bank to step in with a prioritised audit to identify the causative factors at these outlier branches and flag the underlying problem areas for early intervention. During FY2022, the IA Department has completed RFIA of 10,614 units of Domestic Branches & Central Processing Centres (CPCs) as of 31st March 2022. Further, Evidence- Based Compliance Testing (EBCT) was completed in 3,260 branches identified under Trigger Based Audit (TBA).

Credit Audit: Credit Audit is an integral part of the ‘Risk Focused Internal Audit' system. It aims to identify risks inherent to the businesses of the counterparty and measure the effectiveness of the control systems for monitoring inherent risks. It also suggests remedial measures for controlling credit risks for the high- value loan portfolios. ‘Credit Audit Division' (CAD) provides assurance to the ‘Management' and the ‘Board' on the quality of the Bank's credit portfolio. It recommends corrective actions for improving credit quality, administration, and skills for the staff handling large advances with exposures of above '20 crores annually.

Early Review of Sanction: A review of all eligible sanctioned proposals with total domestic credit exposure of above '1 crore (exposure of US$ 1 mio & above for IBG) is carried out under ‘Early Review of Sanctions' (ERS). ERS captures the critical risks in sanctioned proposals at an early stage and apprises the Business Units of such critical risks for mitigation thereof. ERS facilitates in improving the quality of sourcing, pre-sanction and sanction processes. ERS activity is centralised, and proposals are reviewed by in-house officers/Chartered Accountants. The entire ERS process is system driven and done through the Loan Lifecycle Management Solution (LLMS).

FEMA Audit: The branches that are authorised to deal (Authorised Dealers) in Foreign Currency transactions, including Trade Finance Centralised Processing Cells - TFCPCs, are subjected to FEMA audit. All branches in CAG/CCG/TFCPCs and "A" & "B" category branches not linked to TFCPCs are audited once a year. Around 20% of branches linked to TFCPC are also audited along with the linked

TFCPC, depending on the risk perception volume of Forex operations of the linked branches. 452 such branches and units were subjected to FEMA Audit as of 31st March 2022.

Information Systems Audit, Cyber Security Audit, Information Systems Concurrent Audit and Audit of IT Outsourced Activities: Your Bank's branches are subjected to Information System audits ("IS Audits") to assess the IT-related risks as part of the RFIA of the branch(es). IS Audit of Centralised IT / Corporate Centre establishments is also carried out by a team of qualified officials, including IS auditors appointed through lateral recruitment.

During the FY2022, the following exercises were carried out up to 31st March 2022:

• Information Systems Audit of 116 Auditee Units

• Cyber Security Audit has been conducted in Q4 for FY2022 as per the Cyber Security Policy of your Bank.

• Information Systems Concurrent Audit of 23 GITC Departments of your Bank every month.

• Audit of 419 IT Outsourced Activities.

Foreign Offices Audit: Foreign Offices are subjected to Home Office Audit in addition to Internal Audit conducted locally at the respective centres by reputed Internal Audit Firms and Local Based Officers under the oversight of the Internal Audit Department. Home Office Audit due at 34 Foreign Offices and Management Audit due at 4 Representative Offices, 5 Subsidiaries and 5 Regional / Country Head Offices during FY 2021-22, are deferred to FY 2022-23 due to restrictions imposed on account of COVID-19 pandemic. However, these offices were subjected to Internal Audit by reputed Internal Audit Firms as per approved periodicity.

Concurrent Audit System (CAS):

Concurrent Audit System in your Bank covers advances and other risk exposures as prescribed by the Regulatory Authority. Branches are categorised as Extremely High Risk; Very High Risk; High Risk; Medium Risk; and Low Risk based on the Risk Categorisation model developed by the Bank according to the instructions from RBI. All Extremely High Risk, Very High Risk and High-Risk branches are covered under Concurrent Audit. Concurrent Auditors are also placed at all Centralised Processing Centres to ensure monitoring of transactions contemporaneous with their occurrence. Concurrent Auditors also cover Currency Chest Branches, Treasury Operations, and other Special Outfits. Your Bank has covered 3,137 Branches / Auditee Units under Concurrent Audit during FY 202122 as of 31st March 2022 by deploying 1,814 Chartered Accountant Firms, 467 Retired experienced Bank Officers and 28 Regular Officers.

Offsite Transaction Monitoring System (OTMS): For the purpose of monitoring the transactions offsite, alerts are generated and flagged to the business units for corrective actions. Presently, there are 61 scenarios embedded in the system against which the transactions are scrubbed at regular intervals, wherein inconsistent transactions are flagged by the system for affirmation of the related compliances. The scenarios are periodically reviewed and enlarged, depending upon the need and specific triggers.

Legal Audit: Legal Audit in your Bank covers scrutiny of the loans and security- related documents of loans amounting to '5 crore and above. The legal Audit is a control function, carried out through a panel of advocates, and 10% of such accounts are examined by the internal auditors on a sample basis to ensure that there are no shortcomings in the documents or creation of security in favour of your Bank. The legal Audit Process was automated in Loan Life Cycle Management System (LLMS) w.e.f. 01.07.2021. As of 31st March 2022, a Legal audit was carried out for 14,907 accounts.

Audit of Non-IT Outsourced Activities:

Your Bank recognises the need of service providers engaged by your Bank to be as compliant with the legal and regulatory requirements as your Bank itself. Therefore, the Audit of Outsourced activities is conducted at regular intervals to assure that adequate systems and procedures are in place to mitigate legal, financial, and reputational risks arising from the outsourced activities.

Audit of outsourced activities in your Bank covers audits of vendors (NonIT) engaged in providing ATM services, Corporate Business Correspondents (BC), Individual Business Correspondents (BCs) and Customer Service Points (CSPs), Recovery and Resolution agents, Cash Management Services, Cheque Book Printing, Collateral Management, Marketing of Loan proposals, Registrar and Transfer Agents, Document Archival Centre, and Cash Efficiency Project amongst others. During FY2022, your Bank has completed the Audit of 36,196 CSPs as per the audit plan for FY2022. With respect to other outsourced activities (other than CSPs) audit of 639 vendors has been completed as of 31st March 2022.

RFIA of Corporate Centre Departments:

CC Audit Department assesses the aggregate risk and maintains oversight of risk residing at the macro level. The risk assessment covers inherent risks, control risks, residual risks and gaps in governance and oversight. It also assesses the degree of compliance with regulatory and statutory requirements. Audit reports provide a fair and reasonable assurance to the Top Management and Board, on the direction and trend of aggregate risk in your Bank.

Management Audit: The core function of Management Audit is to assess the effectiveness of control and governance process at the apex level in accomplishing overall corporate objectives. Management Audit covers Circle's Local Head Offices, Regional Rural Banks sponsored by your Bank and select Corporate Centre departments. In its endeavour to enhance the effectiveness of Management Audit, in the current financial year 2021-22, your Bank has reviewed the audit process by redefining rating methodologies, risk weightages and parameters used for Management Audit.

C. Compliance Risk Management

Regulatory and Statutory compliances are being accorded the highest priority. Your Bank has, over the years, developed necessary tools to track compliance risks and ensure timely remediation. Compliance Policy and Group Compliance Policy are reviewed annually to meet the Regulators' expectations.

Compliance Risk Management Committee comprising Senior Executives from business verticals and support functions, maintains oversight on all compliance- related issues. The Committee meets regularly and extends necessary guidance to all the internal stakeholders to ensure regulatory compliance. The Compliance function also reviews all products and policies to ensure adherence to Regulatory guidelines.

To take the compliance culture up to the grassroots level, regular workshops and interactions are held across the Bank. Compliance testing is also broad-based by involving Regional Offices pan India for their assessment and timely remediation of risks arising out of non-compliance.

To exhibit its zero-tolerance to noncompliance, your Bank has introduced metrics to check the compliance level at branches to monitor and counsel the non-compliant branches and reward the compliant ones. Bank has also initiated steps to meet the regulatory expectations on Data Protection.

D. KYC / AML-CFT Measures

Your Bank has been taking comprehensive steps to implement KYC norms/ guidelines across the Bank. Bank has a Board approved Policy on Know Your Customer (KYC) Standards, Anti-Money Laundering (AML) and Combating of Financing of Terrorism (CFT) Measures, in line with the extant RBI Master Direction on KYC.

The Policy incorporates Bank's approach to KYC, AML and CFT issues. The Policy contains your Bank's framework for Customer Acceptance, Risk Management, Customer Identification and Monitoring of Transactions. Bank has taken steps to implement the Prevention of MoneyLaundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, as amended from time to time.

Your Bank has been carrying out the ‘Money Laundering (ML) and Terrorist Financing (TF) Risk Assessment' exercise periodically to identify, assess and take adequate measures to mitigate its money laundering and terrorist financing risk for clients, countries or geographic areas, products, services, transactions, or delivery channels, etc.

Your Bank has put in place a robust system containing a combination of manual and system enabled methodology to ensure KYC compliance. No account is opened in an anonymous or fictitious/benami name or where the Branch/Business unit cannot apply appropriate Customer Due Diligence (CDD) measures. Bank does not open accounts for transacting in or settling transactions of virtual currencies. However, while implementing the Policy, Bank takes care that it does not result in denial of banking services to those financially or socially disadvantaged.

Your Bank has launched a Video KYC facility to facilitate contactless customer onboarding. New customers can open fully functional accounts using this process without visiting any Branch.

AML CFT Deptt of the Bank ensures ongoing due diligence through transaction monitoring. Bank follows a risk-based approach wherein Customers are categorized as low, medium and high risk based on the assessment and risk perception. Bank takes care of filing obligatory reports to Financial Intelligence Unit- India (FIU-IND). Timely notifications are also filed on priority in cases of accounts suspected of having terrorist links.

Your Bank conducts special Audits on KYC to ensure compliance with KYC/ AML/CFT matters.

Several initiatives are put in place to bring greater awareness amongst the staff. Training personnel in KYC/AML/ CFT areas is an ongoing process in our Bank. Employee training programmes are regularly conducted to adequately train staff in KYC/AML/CFT matters.

AML-CFT Day is being observed on 2nd November every year wherein pledge is taken on that day at all branches/ processing centres and Administrative Offices. Similarly, 1st August is observed as KYC Compliance and Fraud Prevention Day.

E. Insurance

Your Bank is procuring insurance policies, covering your Bank's assets and other risks. Insurance coverage includes cash and valuables, Properties of the Bank, Fraudulent transactions under Debit Card/ Electronic banking, Cyber Risk, amongst others.

F. Premises

SBI has always incorporated environmental management practices in its functioning as a responsible corporate. Your Bank has initiated varied initiatives with an intent and commitment to a greener world, much in alignment with national priorities.

We are happy to share that we have achieved a milestone for getting green building ratings of IGBC to our nine prestigious buildings during this financial year, making it a total of 18.

We are also happy to shift our Corporate Office, State Bank Bhavan, to 100% Green Energy, through which we can offset around 52 tonnes of Carbon Dioxide every year. This is one step toward our future goal to become Carbon Neutral by 2030.

4. Official Language

Leveraging technology in rendering Banking Services in Hindi and other Indian Languages

SBI is committed to propagating the use of the Official Language in the Bank through multiple channels set up by the Bank. Your Bank has taken innovative steps to propagate the use of Official Language in reaching out to customers and has earned many laurels for the organization.

Your Bank is committed to rendering banking services in Hindi and other Indian languages. It has a comprehensive and well-designed digital platform to suit the expectations of Digital India. Various products are being made available in Hindi and different regional languages.

Because of technological up-gradation, a new and better version of the Hindi Passbook and Account Statement Printing has been made available in Hindi in core banking. This facility of issuing Passbook and account statements etc., in Hindi, has been implemented all over India.

SMS alerts of transactions in CBS to the Bank?s customers extended to 13 Indian languages: Oriya, Gujarati, Kannada,

Tamil, Assamese, Punjabi, Bengali, Maithili, Marathi, Malayalam and Telugu in addition to Hindi and English. This will enable about 90% of the country's population to be covered with SMS alerts in their mother tongue.

Yono Lite app for mobile banking has been made available in 12 Indian languages, and the Yono Krishi app is now available in 10 Indian languages, including Hindi, Tamil, Telugu and Malayalam. Our Banking website onlinesbi is available in 14 Indian languages. SBI Quick app has been made available in 14 Indian languages.

The Bank's corporate website bank.sbi is available in Hindi and English.

Our call centres are currently providing solutions to customers in 13 languages, with more than 80 per cent of the questions being responded to in Indian languages.

Celebration of Hindi fortnight at the national level and World Hindi Day at the international level

To popularize the use of Hindi among the staff members of your Bank in India, Hindi fortnight was organized from 14th to 30th September 2021 at the national level. World Hindi Day was celebrated on 10th January 2022 in the Branches abroad, wherein various Hindi programs and competitions were held to spread the usage of Rajbhasha in the Bank.

Government of India?s Rajbhasha Kirti Puraskar for Best implementation of Official Language among the Public Sector Banks Bank has been awarded the Government of India's coveted Kirti Puraskar for Best implementation of Rajbhasha among Public Sector Banks for the year 2020-21.

The award was given by the Honorable Union Minister for Home Shri Amit Shah.

Rajbhasha Ratna & Rajbhasha Yodha Award by "Ashirvaad", a renowned Literary and Cultural Organization.

For propagating the usage of Official Language Hindi, the Rajbhasha Ratna award was conferred by "Ashirvaad", a renowned Literary and Cultural Organization to DMD (HR) & CDO Shri Om Prakash Mishra. The award was given by the Honorable Governor of Maharashtra, Shri Bhagat Singh Koshyari. Rajbhasha Yodha award was conferred on your General Manager (Rajbhasha & Corporate Services), Shri Dinesh Pruthi.

Awards from the Town Official Language Implementation Committee to SBI.

The Town Official Language Implementation Committee, constituted under the Chairmanship of the State Bank of India, Bhubaneswar, Rajkot and Jabalpur, were awarded first prize for their outstanding performance in implementing official language policy in their respective towns. Similarly, your Administrative Offices at Nizamabad and Surat bagged 2nd Prize for implementation of Rajbhasha, while Administrative Office Patna was awarded the Third Prize for best implementation.

5. Marketing and Communications

The Marketing and Communications (M&C) Department is responsible for Bank's branding, product marketing, and corporate communications initiatives. The Department adopts a contemporary marketing approach to give impetus to the digital initiatives and connect with young India. It endeavours to develop and implement integrated marketing strategies to address the business challenges of different divisions of the Bank, including Indian and overseas operations. This Department comprises domain skilled professionals and specialists drawn from various relevant fields - media, marketing communications, digital marketing, advertising, and public relations.

Throughout the Pandemic, even though the branches and ATMs were functioning uninterruptedly, the focus of the M&C department was to promote your Bank's digital initiatives for the safety of customers and staff. Bank undertook various initiatives to increase the download and consistent use of SBI's digital banking channels like YONO, SBI BHIM Pay, Yono Lite, etc. The M&C department engaged with Bank's customers to increase the awareness of alternate channels and their safe usage. Bank also undertook various brand/marketing initiatives like "I am the I in SBI", "Har Tyohar Shubh Shuruat", "Easy-Ride", etc. and campaigns such as #HumSabkaSBI, #BankerToEveryIndian, #SbiAapkeSaath etc. on various social media platforms for creating customer awareness about Bank's products and services.

The M&C team launched major marketing campaigns for products such as Home Loans, Personal Loans, Current Accounts, NRI Services, and Digital Products, among others. The Department also initiated one of its kind, Media-outreach programme for the customers and took the products and services of the Bank to every corner of the Country. Various media channels such as print, social media, digital platforms, websites, and ATMs, among others, were used for the campaigns. The Department also promoted Bank's several sustainability initiatives and CSR activities through various media platforms.

Along with the other marketing initiatives, Bank plans to further promote its various digital initiatives and its flagship product YONO. The thrust of the M&C Department is to constantly redefine and reinvent all its marketing initiatives to stay relevant and act as a change catalyst for State Bank of India to retain the glory of being one of the most vibrant and trusted brands

6. Vigilance Mechanism

There are three aspects to the vigilance function- Preventive, Punitive and Participative. Based on past experiences/incidences, system/process improvements are being undertaken continuously by leveraging technology, and the guidelines of your Bank are being streamlined as a preventive vigilance measure.

During this year Vigilance, Awareness Week was observed from 25th October 2021 to 1st November 2021, with the theme "Independent India @ 75: Self Reliance with Integrity; mJrTT YUrT @ 75: mTrqfTOT me DTrCTfvTYTjcn' I" As a part of an observance of Vigilance Awareness Week, "Integrity Pledge" has been administered to all staff members. All channels of your Bank, such as SBI Times, ATMs, CDMs, Internet Banking, Facebook, Twitter, Instagram, and LinkedIn, are used to create awareness among employees and the public on the theme of Vigilance Awareness Week (VAW).

During the VAW, we hosted a conference of CVC with the Top Management of your Bank. The Commission was presented with the elaborate Preventive Vigilance measures your Bank took. The Chief Vigilance Commissioner also launched the Vigilance Bulletin 2021. Commission also appreciated various efforts undertaken by your Bank.

We also hosted a meeting of the Department of Financial Services (DFS), Central Vigilance Commission (CVC) and CMDs of all Public Sector Banks on 01st October 2021 to discuss the staff accountability framework and ABBFF Committee.

The Commission, in consultation with RBI and DFS, has extended the scope of ABBFF to cover all fraud cases involving an amount of Rs.3.00 crores and above and examine the role of all levels of officials / Whole Time Directors (including exofficials / ex-WTDs) in all Public Sector Banks, with cut off date of 06.01.2022. Earlier, only fraud cases above Rs.50.00 crores were referred to ABBFF.

The DFS, in consultation with CVC, also issued a new framework of staff accountability examination in all the cases up to Rs.50.00 crores vide their letter dated 29.10.2021. DFS also advised all banks to frame the staff accountability policy within this framework, effective from 01.04.2022.

The Vigilance Department has conducted 609 preventive vigilance programs, 122 EO/PO/IO training, and 42 Investigation officers training, covering 10,250 officers. In addition to conducting suo- moto investigations in complaint prone branches and branches where the RFIA Auditor observed serious irregularities, we have started conducting Suo-moto investigations in High-Risk & Very High- Risk branches identified by AI/ML engine to ensure and improve the preventive vigilance measures.

1338 cases have been closed during FY2022, compared to 1029 cases during the previous year, FY2021, which is an impressive improvement of case closures over the last year by 23%.

7. Asset and Liability Management

Efficient Management of Assets and Liabilities (ALM) is vital for banks' sustainable and qualitative growth. ALM of the Bank aims to strengthen the Balance Sheet by pro-actively reviewing the market dynamics, capturing the signals emanating therefrom and ensuring value creation while conforming to the regulatory requirements.

As part of sound Risk Management practices, your Bank has constantly reviewed its Internal Policies on ‘Deposits', ‘Asset and Liability Management', ‘Stress Test on Liquidity and Interest Rate Risks', and ‘Contingency Funding Plan' and efficiently adapted to changes in market conditions. Bank has been carrying out Stress Tests and Reverse Stress Tests to cover the eventual risk that may crop up as a worst-case scenario.

Studies are conducted at regular intervals to assess the behavioural pattern of customers (embedded options available to customers) to impart proper treatment to the non-contractual assets & liabilities items while evaluating liquidity position. Behavioural analysis is carried out at half-yearly intervals to ensure accurate positioning of outflows/inflows in liquidity and interest rate sensitivity statements that may arise due to Off-Balance Sheet (OBS) exposures and the impact of probable loan losses. The prevailing assumptions relating to non-contractual assets & liabilities items are periodically reviewed, back-tested and updated based on the outcomes of the latest studies.

The stock of High-Quality Liquid Assets (HQLA) and cash outflows are effectively monitored daily under a dynamic market environment to ensure the maintenance of LCR as prescribed by the Regulator and Bank's internal policy benchmarks. Your Bank has proactively implemented the NSFR guidelines of RBI, measuring the long-term resilience of the Bank in terms of liquidity, much before the submission (Regulatory) mandate.

Your Bank identifies the inherent risks associated with changing interest rates on its Balance Sheet (On/Off) exposures from short-term and long-term perspectives. For this purpose, the impact on Earnings at Risk (EaR) and Market Value of Equity (MVE) is assessed with pre-defined tolerance limits, enabling the Management to initiate appropriate preventive steps in a likely scenario of erosion NII / Net Worth.

To encourage branches to garner stable funds and assess their profitability based on the cost of funds, a matched maturity- based Funds Transfer Pricing was adopted by your Bank. The Bank constantly strives to ensure an adequate monetary policy transmission through its benchmark lending rates.

The Asset Liability Management Committee (ALCO) of the Bank monitors and manages Liquidity and Interest Rate Risks by modulating the asset-liability mix in the Balance Sheet and recalibrating the pricing of liabilities & assets from time to time. ALCO, among other areas, reviews the Interest Rate scenarios, the pattern of growth of liability products, credit growth, competitive advantages, evolving liquidity conditions, adherence to the regulatory prescriptions etc., regularly.

With automation of Regulatory Reports/ Returns pertaining to ALM, your Bank is well-positioned in monitoring and compliance regarding Liquidity and Interest Rate Risk Management.

8. Ethics & Business Conduct

The Ethics and Business Conduct department of your Bank is responsible for carrying out initiatives to strengthen and integrate ethics and morality in all the operational areas of the Bank. With this objective, the Department has carried out a host of activities in the previous financial year.

FY2022, like the previous year, was marked by disruptions caused by the second and third wave of COVID. However, by constant integration of the digital platforms in all operations, it was ensured that the entire gamut of activities of the Department continued unaffected and uninterrupted. In addition to the existing initiatives, a new email broadcast series was started based on the anecdotes of the exemplary ethical standards demonstrated by distinguishing personalities. Your Bank has framed Conflict of Interest Policy to mitigate ethical risks and sensitize the staff where individual interest is unduly affecting the business dealings. To submit disclosures to SEBI under the essential Indicators, i.e., Business Responsibility & Sustainability Reporting (BRSR), your Bank has formulated Anti-Bribery & Anti Corruption Policy which explains the relevant principles and rules for preventing bribery and corruption and safeguarding the larger organizational interests.

To further deepen the roots of ethics and to gauge the level of awareness among the employees related to risk and ethics culture of the Bank, a survey was conducted, in which over 90% of the employees participated. The survey shows that the vast majority of the employees are aware of the risk and ethical culture of the Bank.

Your Bank is highly committed to nurture an inclusive, secure and safe environment for its women employees. Your Bank has a dedicated Garima (POSH) framework, which covers the entire process cycle comprising awareness, escalation and empowerment on matters relating to gender sensitivity and sexual harassment. The Department is the nodal point for overseeing the complaints under Garima POSH of the entire Bank, including timely handling of appeals by the aggrieved parties. A mentoring program for newly joined women employees was launched during the year to ensure their smooth transition towards Bank's culture imbibing ethics and values. To create awareness among employees related to Garima POSH, comprehensive handbooks were released for their quick and easy reference. Amid Covid disruptions, your Bank has regularly conducted webinars on Ethics & Garima POSH for the concerned target groups to spread awareness and inculcate the Values of the Bank.

In the area of Discipline Management, your Bank has framed a comprehensive Staff Accountability Policy to promote a healthy environment of compliance with the laid down rules, regulations, norms and systems & procedures in order to safeguard the interest of the Bank and its stakeholders. The Staff Accountability Policy is aimed to protect the employees for their bonafide actions and at the same time to make them accountable for any wrongdoing or any inaction on their part. The Policy has also been reviewed subsequently to align it with the Staff Accountability Framework issued by DFS, GOI. The Ethics and Business Conduct Department of your Bank is not stopping at this point; the journey is perennial and continuously strives to demonstrate ethics of the highest standard through various efforts.

9. Corporate Social Responsibility

CSR is one of the activities through which your Bank plays the role of a responsible corporate citizen. The CSR at SBI aims to integrate economic, environmental and social objectives to implement national priorities for social development. The aim of CSR policy in your Bank is "To participate in activities that benefit community development, social responsibility and environmental sustainability, and reach out to socially & economically disadvantaged sections of society."

Most CSR activities are undertaken in rural and urban slums, where the downtrodden people live and need help in medical, education, food, and shelter, among others.

The donations are not made based on caste, creed, religion and region. Donations are made to the underprivileged sections of the society, who are financially weak and need support from the donors for their sustenance. The beneficiaries of your Bank include needy people from all sections of the community. Your Bank supports NGOs/Trusts, which work to uplift these sections of society. Its focus is on improving the socio-economic wellbeing of the society, particularly of the less fortunate and underprivileged members and enabling them to live up to the potential that they all possess.

CSR spend during FY 2022

1 Total CSR Budget for FY 2022 '204.10 Cr.
2 Allocation to SBI Foundation '102.56 Cr.
3 CSR expenditure by your Bank through Circles & Departments '101.54 Cr.

Banks Fight against COVID

Your Bank has undertaken various activities to fight against Covid-19 through SBI Foundation. SBI Foundation allocated an amount of '71 Crore. Initiatives include:

Short-term interventions:

• Distribution of food & ration kits, healthcare equipment like PPEs, masks, and oximeters.

• Raising awareness

• Vaccination drives

• Creating COVID care centres

Operational mid-term interventions:

• Installation of oxygen plants

• Upgradation of healthcare infrastructure

• Mobile & community testing, among others.

Innovative long-term interventions

• Genome sequencing

• Capacity building of healthcare workers

• Indigenously designed healthcare solutions & technology, among others.

Supporting Women Empowerment Activities

• Setting up Bharosa Centre at Karimnagar, Telangana, to provide integrated support and assistance to women and children affected by violence, both in private and public spaces, under one roof.

• Supported Sachhi Saheli, New Delhi, for sensitizing menstruating women and girls from slum areas in Delhi to deal with menstruation in a healthy, hygienic, and effective manner.

• Supported Samaj Shakti Society, Tripura, for procurement of sewing machines and other tailoring equipment.

• Supported Silver Lining society, New Delhi, towards procuring infrastructure, which helps enhance the quality of service provided to blind girl beneficiaries residing and getting educated at their NGO.

• Provided nutritional kits and medical items to the needy women and children of most marginalized households in Dharmashala, Rait and Nagrota blocks of Kangra District, Himachal Pradesh.

Supporting Health Care

• Supported various trusts like Dhanvantari Charitable Hospital- Bengaluru, Shanukhapriya Trust- Mumbai, Shanmukhananda Trust- Mumbai, Prasanthi medical Services and research Foundation-Ahmedabad, in procurement of different medical instruments required for the hospitals and health centres run by them.

• Supported Govel Trust, Chennai, for the purchase of Medical Equipment. Govel Trust runs Aravind Eye Hospitals, which provides large volume, high quality, and affordable eye care.

• Supported Sparsh Hospice, Centre of Palliative Care, Hyderabad. The donation is utilized for Palliative Care for terminally ill cancer patients for whom treatment to cure is no longer effective.

• Your Bank has supported various Trust Hospitals by donating ambulances,


5 setting up Operation Theatre, ICU rooms, and donating medical equipment.

Supporting Education

• Supported Tata Steel Foundation -

t Mumbai in setting up digital-based

classrooms for children in remote and 5 tribal areas of Odisha and Jharkhand.


y • Donated to the needy students in Thiruvananthapuram under the scheme "Vidyakiranam".

? • Supported Matrubhan Society,

^ Bhubaneshwar in budling mobile science and maths- lab.

• Support for setting up Smart Classrooms in various Kasturba


, Schools in Uttar Pradesh.

3 • In addition to the above, your Bank has undertaken various other activities, including donating vehicles, computers, and school infrastructure.

f Swachh Bharat, Environment r Protection and Sanitation

• Supported procurement and installation of High Mast Solar Lights in the 27 Gram Panchayats of Khurda District, Orissa.

• Supported World Wild Fund (WWF) for nature, Hyderabad for setting up solar- based deep-well pumping systems to provide water to Wildlife in deep


5 Nallamalla Forest (Nagarjuna Sagar Srisailam Tiger Reserve).

In addition to the above, your Bank has undertaken various other activities, including installing solar power units, among others.

Welfare activities for the Persons with Disabilities


l Various initiatives have been undertaken to uplift persons with disabilities through multiple organizations such as Lakshya Sadhana Society, Hyderabad Rajasthan Mahila Kalyan Mandal, Ajmer, Astha - 5 Delhi, Helpers of Handicapped - Kolhapur, 5 Assisted Living for Autistic Adults (ALFAA)-

r Bengaluru among others.

Tribal Welfare

Your Bank undertook various measures to benefit Tribal people through Societies like NEDAN Foundation, Kokrajhar and Buddhist Culture Society, Itanagar.

Animal Welfare

Your Bank has adopted tigers and other endangered animals for their welfare for one year through various Zoological parks and animal shelters.

Supporting Sports and Athletes

Supported Inspire Institute of Sport, Vijayanagar, Karnataka, for procurement of Sports and fitness equipment. Donated to "Project Mumbai" for procuring specially designed wheelchairs for the differently- abled sportspersons to enable them to participate in wheelchair basketball competitions.

Employee Volunteer - SBI Children?s Welfare Fund

With the concept of "Charity begins at home", Your Bank established a Trust in 1983 -SBI Children's Welfare Fund, an initiative by the staff members. The Trust was created by the voluntary contribution from the Staff of your Bank towards the betterment of the underprivileged and Orphan children. The interest earned on the corpus of the fund is utilized to extend grants to Institutions engaged in the welfare of disadvantaged children, viz. orphans, differently-abled, needy and deprived, among others.

I. Sustainability at SBI

"Sustainability" has been identified as one of your Bank's Core values. Your Bank has been performing on the Sustainability front through a multi-fold approach, viz. management of social and environmental risks in strategic decision making and development of innovative products and services. Your Bank has entrusted the Deputy Managing Director (HR) and Corporate Development Officer to oversee the Bank's overall sustainability vision.

To enhance Sustainability practices in your Bank in a formalized manner, a Board-approved "Sustainability and Business Responsibility (BR) Policy" has been put in place. As per Global Reporting

Initiative (GRI) framework, a Sustainability Report is being published annually. For reporting on ESG (Environment, Social and Governance) parameters by listed entities, your Bank is also endeavoring to adapt to the "Business Responsibility and Sustainability Report (BRSR)" framework.

Sustainability Initiatives of your Bank

Your Bank's effort has been to align the Sustainability initiatives with the National priorities focusing on achieving much- desired Sustainable Development Goals (SDGs). Some of the key initiatives already undertaken and in contemplation inter- alia include:

Recognizing the concerns of Climate change as a Corporate Social obligation, your Bank has charted a Carbon Neutrality strategy intending to achieve the status of a Carbon Neutral organization by the year 2030 in a phased manner. Installation of solar systems at Bank's owned premises, Energy-efficient lighting and air conditioning systems at Bank's premises are being taken up continuously. Your Bank also has its windmills installed for captive use, having an aggregate capacity of 15 MW.

New loan offerings to help the cause of Climate Action and the already introduced unique loan products like E-Rickshaw Loan and Green Car Loan. "Surya Shakti- Solar Finance" and "Finance to Bio-Fuel Projects" have been made available. Recognizing Climate Change as one of the crucial risks the world faces today, your Bank, has developed its Climate Change Risk Management Policy.

In line with the country's vision for scaling up Renewable Energy (RE) power generation, your Bank is also facilitating RE financing in a big way. Your Bank has availed lines of credit from multilateral agencies viz the World Bank, among others for onward lending to RE Power developers. The FY 2021-22 saw the dual listing of SBI's Green Bonds worth USD 650 million on the India International Exchange and the Luxembourg Stock Exchange.

Your Bank's offices, branches and other establishments are working towards adopting a green ecosystem. As of now, 18 premises of the Bank have been certified by Indian Green Building Council (IGBC) under different categories (Platinum, Gold or Silver). Nearly 500 Bank premises now have Solar power installations, and more than 3000 ATMs are backed by solar power. Additionally, 326 rainwater harvesting sites at the Bank's various premises have been set up. Your Bank is also striving to shift the power requirements of its large establishments from existing fossil fuel-based to green sources. Under this initiative, Bank's two prominent establishments- Corporate Office Building in Mumbai and the Mumbai Metro Local Head office have successfully transitioned to the green energy platform. Your Bank also has an Electronic Waste (e-Waste) Management Policy to handle such waste effectively.

During FY2022, more than six lakh trees were planted by your Bank countrywide.

Your Bank has also taken digitization in a big way by integrating its digital strategy with its overall business strategy. Enhanced digitalization is poised to bring greater ease of business and strengthen the sustainability agenda by positively impacting the triple bottom line of Planet, People and Profit. Bank's flagship digital app - YONO, has contributed immensely towards reduced paper usage, apart from significantly facilitating business conduct and enriching customer usage. It is estimated that the Pre-Approved Personal Loan (PAPL) accounts opened through the YONO app have avoided approximately 383 lakh sheets of paper during FY 202122. Further, to motivate your Bank's digital channel customers, SBI is offering Green Reward Points. These can be redeemed for credit to SBI Green Fund, the proceeds of which will be utilized for sustainable activities like Tree plantation, installation of water harvesting units, construction of Bio-toilets, and Covid care activities, among others.

During the current financial year, your Bank observed various days having Sustainability relevance, viz. World Environment Day, International Yoga Day, World Soil Day, and Earth Hour. Further, "Joy of Giving Week-Daan Utsav" was observed throughout the Bank, through which donation activities were carried out for marginalized sections of the society. Further, with an intent to positively engage with employees, an online Quiz was launched for their continued sensitization on ESG and SDGs related matters. Additionally, a suitably crafted innovative engagement programme for young employees called "Samarthya" was also launched, highlighting the importance of ethical and professional standards in successfully discharging roles and duties.

In addition to the above, your Bank has been taking several initiatives directed towards community development in general, imparting financial literacy, widening the net of financial inclusion and better human capital management.

V. Subsidiaries

SBI Capital Markets Limited (SBICAPS)

(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit / (losses) Mar 2022
SBI Capital Markets Ltd. 58.03 100% 620.10

SBI Capital Markets Limited (SBICAPS), a 100% owned subsidiary of your Bank, is one of India's leading domestic Investment Banks, registered with SEBI as a category-I Merchant Banker and a Research Analyst. Incorporated in 1986, SBICAPS offers its clients the entire bouquet of investment banking and corporate advisory services. These services include Project Advisory, Loan Syndication, Structured Debt Placement, Mergers and Acquisitions, Private Equity, Restructuring Advisory, Stressed Assets Resolution, IPO, FPO, Rights Issues, Debt and Hybrid Capital raising. SBICAPS is also involved in fundraising through new products such as Real Estate Investment Trusts (REIT) and Infrastructure Investment Trusts (InvIT) in line with Government's Asset Monetisation Plan. Headquartered in Mumbai, SBICAPS has 5 Regional Offices across India (Ahmedabad, Chennai, Hyderabad, Kolkata and New Delhi) and 4 wholly-owned subsidiaries - SBICAP Securities Limited, SBICAP Ventures Limited and SBICAP Trustee Company Limited and SBICAP (Singapore) Limited.

Ranked No.1 - India Borrower Loans - Mandated Lead Arranger - market share of 22.6% (March 2022) as per Bloomberg League Table.

On a standalone basis, SBICAPs posted a PBT of '601.66 crores during FY2022 against '573.11 crores during FY21 and a PAT of '339.70 crores for FY2022 as against '273.25 crores for FY2021. On a consolidated basis, the Company has posted a profit after tax of '620.10 crores against '527.10 crores in the previous year.

During the financial year, the Company completed and has been involved in several marquee transactions such as Debt syndication for Numaligarh Refinery, Financial Debt Resolution of Dewan Housing Financial Corporation Limited, maiden Bond issuance of Vadodara Municipal Corporation, - Pre-IPO Advisory & IPO of Life Insurance Corporation of India etc.


SBICAP Securities Ltd (SSL), one of the essential players in the broking industry, started operations in 2006 to provide primary and secondary capital market access to retail customers and became the broking arm of the State Bank of India (SBI) Group.

SSL has 4 main verticals - Retail Broking, Retail Sales, Retail Assets and Retail Distribution and it has showcased its strength across all these verticals.

In broking, SSL currently serves more than 26 lakhs customers through the state of the art trading platforms on the mobile app, website and dealer terminal. SSL offers its customers a variety of products and services to choose from - such as Equity, Derivatives, Mutual Funds, and Currency.

The Company is acquiring new Demat accounts through the Bank channel and the Open Market channel, through Digital account opening journey. In Retail Assets, SSL is the captive sourcing arm of the State Bank of India and is contributing to Bank's overall Home Loan and Auto Loan business.

SSL is also a one-stop third party distribution arm for mutual funds, bonds, insurance, Sovereign Gold Bonds, Corporate Deposits etc through a strong IFA network. The retail Distribution vertical is being ably supported by all other business verticals in selling/cross-selling these products to the clients.

We launched the new "SBI securities" mobile & web trading app in September 2021 and have also revamped backend trading systems for robust support to the latest web and mobile trading platforms.

The Company posted a net profit of '232.89 crore during the year ended FY2022 as against '207.70 crore in FY2021.


SBICAP Ventures Ltd (SVL), a wholly- owned subsidiary of SBI Capital Markets Limited, presently manages Neev Fund I (Neev), SVL SME Fund (NEEV II) & SWAM IH Investment Fund I (SWAMIH). The Company is also the investment manager for two Funds of Funds: Self Reliant India (SRI) Fund and the UK India Development Cooperation Fund (UKIDCF).

Neev is SEBI registered Category-I AIF with a mandate to invest in infrastructure development of eight low-income states. SVL is a general partner in the Fund with '63.64 Cr investment, 12.61% of fund size.

SVL SME Fund is a SEBI registered Category I AIF, which had its first close in June 2021 at '480 Cr with a drawable corpus of '145 Cr. The Fund has made three investments aggregating to '127 cr in the first year.

SWAMIH is a SEBI registered Category-II AIF, which first closed on 6th December 2019 at '10,037.50 crores with the Government of India, PSBs and institutions as investors in the Fund. It has the mandate to provide last mile funding to stalled housing projects. The Fund has also received a soft commitment from GOI to invest an additional '5,000 Cr in the Fund.

SRI Fund was set up in Oct 2021 by National Small Industries Corporation (NSIC) on behalf of the Ministry of MSME with a corpus of '10,000 Cr. Up to March 2022, final approval has been given for 23 investments in daughter funds amounting to '3,465 Cr.

SVL has earned a gross revenue of '91.75 Cr for FY2022 as against '79.77 Cr for FY2021. SVL has posted a net profit of '32.28 Cr for FY2022 as against '37.04 Cr for FY2021.


STCL, commenced the Security Trustee business on 1st August 2008, is active in providing security trustee services for high-value lending to infra projects and large and medium corporates and is the No.1 Security Trustee in the industry. They also perform the role of a Debenture Trustee for the Debentures / Bonds issued by Corporates. STCL also provides other related services like Share Pledge Trustee, Escrow Trustee, AIF and InvITs.

STCL posted a Net Profit of '15.71 Crores during FY2022 against '12.98 crores in FY2021.

Further, STCL has developed the new product ‘Virtual Data Room (VDR)', which provides cloud storage and an easily retrieval facility.


SSGL is a wholly-owned subsidiary of SBI Capital Markets Limited. It commenced business in December 2012. SSGL is in the process of voluntary winding up of operations. The process of surrendering the license to the Monetary Authority of Singapore (MAS) has been completed.

SBI Cards & Payments Services Limited (SBICPSL)

(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit / (losses) Mar 2022
SBI Cards and Payment Services Limited 652.63 69.20% 1,616

SBI Cards and Payment Services Limited ("SBI Card") is a non-banking financial company that offers an extensive credit card portfolio to individual cardholders and corporate clients, which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all primary cardholders' segments in terms of income profile and lifestyle. It has diversified customer acquisition channels to engage prospective customers across a broad spectrum.

Performance Highlights (FY2022):

• Profitable operations: PAT '1,616 Cr, achieved 64 % YoY growth, ROAA at 5.4% up by 156 bps YoY, ROAE at 22.8% up by 621 bps YoY

• Market share: Cards in force 18.9%, Spends 19.2%, Transactions 19.8% [as per RBI report available till Feb' 22]

• Growing Portfolio: Cards-in-Force of 1.38 Crore at 16% YoY, Spends '186,353 Cr at 52% YoY, Receivables '31,281 Cr at 25% YoY

• Asset quality: GNPA @ 2.22%, NNPA @ 0.78%, total management overlay at '51 Cr

• Healthy CAR @ 23.8%, T-1 @ 21.0%

Awards and recognitions:

• Recognised as Super Brand 2021 in the credit card category.

• Recipient of the ‘Reader's Digest Trusted Brand' award for 2021 in the Credit Card Category.

• Received ISO 31000 compliance and COPC certification

• Silver Stevie Award for back-office customer service and Bronze Stevie Award for the best return on customer service investment categories.


(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit / (losses) Mar 2022
SBI DFHI Ltd. 131.52 72.17% 142.06

SBI DFHI Limited, one of the largest standalone Primary Dealers (PD) with pan

India presence, 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 and non-G-Sec debt instruments. As a PD, its business activities are regulated by the RBI.

The Company posted a Net Profit of '142.06 crore as of 31st March 2022, as against '251.67 crore as of March 31, 2021. The total balance sheet size was '13,079.28 crore as of March 31, 2022, as against '10,013.90 crore as of March 31, 2021.

SBI General Insurance Company Limited (SBIGIC)

(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit / (losses) Mar 2022
SBI General Insurance Company Ltd. 151 69.96% 131

SBI General is one of the fastest-growing private general insurance companies, with a commitment of carrying forward the legacy of trust and security along with vision to become the most trusted general insurer for a transforming India. SBI General, incorporated in 2009 as a public limited company, was originally a joint venture between the State Bank of India (SBI) and IAG International Pty Limited, a subsidiary of Insurance Australia Group Limited. Out of the 74% stake in the Company, 4% stake was divested in 2018. Further, IAG, the erstwhile JV partner of 26%, had made a complete exit in March 2020 by divesting its entire stake to Napean Opportunities LLP (16.01%) and Honey Wheat Investments Ltd (9.99%).

SBI General has expanded its presence from 17 branches in 2011 to over 137 branches pan-India. To date, The Company served around 8.7 crore customers through a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. The Company has also entered into strategic partnerships with India's leading automobile manufacturers and brokers to create long-term sustainable value.

SBI General focus on serving three key customer segments, viz. - Retail Segment, Corporate Segment and SME Segment; and are future-ready to serve the growing needs of Indians with new age processes and services at affordable prices.

SBI General registered a growth rate of 11% with a market share of 4.15% in FY2022 and ranked 7th amongst private insurers and 12th in the overall industry. SBI General has generated a net profit of '131 Cr in FY2022.

Awards and Recognitions:

• Asia's Best General Insurance Company for Rural Presence, 2021 by Insurance Alerts.

• Ranked No. 1 under General Insurance by YouGov Finance Purchase Rankings for 2021,

• Insurer of the Year in the Non-Life category at FICCI Insurance Industry Awards,

• ‘One of the 50 Most Trusted Brands, 2021', for epitomising Excellence in the BFSI Industry' by Marksmen Daily in partnership with NDTV 24*7.

• ‘Responsible Business of the Year' at SABERA 2021.


(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit / (losses) Mar 2022
SBI Global Factors Ltd. 137.79 86.18% 25.26

SBIGFL is a leading NBFC providing factoring services for Domestic and International trade. The Company's services are especially suitable for MSME sector clients to free up resources locked in book debts and provide necessary liquidity.

The company reported Profit After Tax (PAT) of '25.26 crore for the year ended March 2022 against '18.47 crore for the year ended March 2021. The turnover for the year ended March 2022 is '4,773 crores compared to a turnover of '4,352 crore in March 2021.

Turnover in TReds for the year ended March 2022 is '1,737 crore, as against '982 crore in the previous year ended in March 2021.

SBI Life Insurance Company Limited (SBI Life)

(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit / (losses) Mar 2022
SBI Life Insurance Company Ltd. 555 55.48 1506

SBI Life has a multi-channel distribution network comprising an expansive bancassurance channel, including State Bank of India, the largest bancassurance partner in India, an extensive and productive individual agent network comprising 146,057 agents as of 31st March, 2022, as well as other distribution channels, including direct sales and sales through corporate agents, brokers, insurance marketing firms and other intermediaries.

The Company has proven its market leadership in the period ended 31st March, 2022, with the pole position in Individual New Business Premium, Individual Rated Premium, Total Rated Premium and Total New Business Premium among private insurers. During FY2022, more than 19.2 lakhs of individual new policies were issued. Leveraging wider reach achieved through its network of 952 offices, SBI Life has systematically brought large rural areas under insurance reach.

The Company witnessed a 23.4% growth in Total New Business Premium (NBP) vis-a-vis the industry growth of 12.9%. The market share of SBI Life in Total New Business Premium (NBP) among all private players as of 31st March 2022 is 22.0%. Total New Business Premium of the Company for the period ended 31st March 2022 stands at '25,457 crores. Individual New Business stands at '16,501 crores, and Group New Business Premium stands at '8,958 crores, for the period ended 31st March 2022.

SBI Life witnessed a PAT of '1,506 crores in FY22 against '1,456 crores in FY21. The AUM of the Company crosses '2.6 trillion mark and recorded a growth of 21% at '2,67,409 crores as of 31st March 2022 as compared to '2,20,871 crores as of 31st March 2021.

For FY2022, the Indian Embedded Value (IEV) stands at '39,625 crores, Value of New Business (VoNB) stood at '3,704 crores for FY22. VoNB margin stood at 25.9%.

Awards and Recognitions:

• ‘Gold' in Editor's Choice Awards for ‘Customer Orientation in Life Insurance' at the 20th Outlook Money Awards 2021

• ‘Gold' Honour' at DIGIXX Awards 2021 for Digital Marketing Excellence in Technology for MConnect Life Mobile Application

• ‘Golden Peacock National Training Award' (GPNTA) by Golden Peacock Awards

• "Bronze" award under the ‘Rural Health Initiative category by the Integrated Health & Well-Being Council (IHWC)

• "Insurer of the Year - Life Category" at the FICCI Insurance Industry Awards 2021

• Best CSR Initiative" at InsureNext Awards by Banking Frontiers

• "Best HR Initiatives' at InsureNext Awards by Banking Frontiers

• "Best Risk Management Practices" at InsureNext Awards by Banking Frontiers

SBI Funds Management Limited (SBIFML)

(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit / (losses) Mar 2022
SBI Funds Management Ltd. 31.50 62.59 1070.65

SBI Funds Management Limited (formerly known as SBI Funds Management Pvt. Ltd.) is the Asset Management Company (AMC) of SBI Mutual Fund. It is the market leader in the industry and is positioned among the fastest-growing AMCs in the country. In the financial year 202122, under the Mutual Fund segment, it has grown 28.3% against the industry average of 19.5%. If the last three years are considered, SBIFML has achieved a CAGR of 31.6% against the industry average of 16.1%, indicating its consistent performance. It has one of the largest investor bases, with over 107 lac live investor folios, including 31.50 lac new folios added. The fund house has 22.79 lac active folios under the direct investor category and over 2.1 lac folios under the institutional investor category, including 1240 superannuation funds. SBIFML has maintained its top leadership position in the passive fund category (ETF) with a dominant market share of 51.6%.

The Company's Average Assets Under Management (AAUM) during the quarter ended March 2022 was '6,47,067 crore, with a market share of 16.86%, as against '5,04,455 crore and 15.71% respectively achieved during the corresponding period in the previous year. On a standalone basis, SBIFML has posted a net profit (PAT) of '1070.65 crore during the year against '862.76 crore earned last year.

The Company has a wholly owned foreign subsidiary viz. SBI Funds Management (International) Private Limited is based in Mauritius, which manages offshore funds. SBIFML also manages Alternative Investment Funds (AIF) and provides Portfolio Management Services (PMS) to institutions and individuals as part of its domestic business.

SBI Payment Services Private Limited (SBI Payments)

(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit / (losses) Mar 2022
SBI Payments 4.50 74% 142.36

SBI became the first PSB to form an exclusive JV, i.e., SBI Payment Services Pvt. Ltd. (SBI Payments), for merchants acquiring business and holding a 74% stake in the Company. The Company's objective is to create a state-of-the-art acceptance ecosystem in all geographies of the country and enable the merchants to accept payments digitally across various form factors.

SBI Payments is one of the largest acquirers in the country, with more than 2.45 million Merchant Payment Acceptance Touch Points and over 9.24 lakhs PoS machines as of 31st March 2022, distributed across geographies (Tier 1 to Tier 6). During the financial year, the Company launched acceptance for payment of vaccination and scholarship through the YONO SBI Merchant application (a Soft PoS solution). In addition to existing channels for merchant onboarding, the Company has started partnering with significant Payment Facilitators to expand its reach PAN India.

SBI Pension Funds Private Limited (SBIPFPL)

(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit/ (losses) Mar 2022
SBI Pension Funds Private Limited. * 18 92.52% 51.98

*SBI Capital Markets Limited and SBI Funds Management Limited hold 20% equity each in the Company.

SBIPFPL is one of the three PFMs appointed by the PFRDA for the management of Pension Funds under the NPS for Central Government (except Armed Forces) and State Government employees, and one of the seven PFMs appointed for the management of Pension Funds under the Private Sector.

The Company's total Assets Under Management (AUM) as of 31st March 2022 is '2,82,476 crores (YoY growth of 26.89%). The Company maintains a leadership position amongst PFMs in terms of AUM with a market share of 38.35%.

The Company has earned the highest ever PAT of '51.98 cr. in FY 2021-22 due to an increase in Investment Management Fee by PFRDA w.e.f. 01.04.2021.

SBI SG Global Securities Services Private Limited (SBI-SG)

(Rs. in crore)

Name of the subsidiary company Ownership (SBI Interest) % of ownership Net Profit / (losses) Mar 2022
SBI SG Global Securities Services Pvt. Ltd. 52 65% 100.19

SBI-SG, a joint venture between SBI and Societe Generale, with 65% holding by SBI, commenced commercial operations in 2010 to offer high quality custodial and fund administration services to complete the bouquet of premier financial assistance provided to its premium clients by the SBI Group.

Assets under Custody (AUC) stands at '12,70,299 Cr as of 31.03.2022, while the Assets Under Management (AUM) is '8,99,880 Cr as of 31.03.2022. The Company's Net Profit stands at '100.19 Cr for the FY22 as against '87.02 Cr for FY21.

SBI-SG has been rated as the "Best subcustodian" in the Cross Border Client category - 2021, as well as Rated no. 2 in the Domestic Client Category and Best Fund Administrator in India & Global Outperformer in the Global Custodian magazine's Agent Banks and Emerging Markets Survey - 2021.

SBI Foundation

SBI Foundation was established by the State Bank of India as a section VIII company under the Companies Act (2013) to undertake the CSR Activities of SBI and its subsidiaries in a planned and focused manner.

Through SBI Foundation, your Bank is making a paradigm shift in the socioeconomic development of the country by creating an inclusive, sustainable and self-sufficient ecosystem through which marginalised and underserved communities from across the country can lead healthier and prosperous lives without discrimination based on region, religion, caste, creed or gender. For FY2022, 105 projects were sanctioned, with a budget of '168.09 crore.

COVID-19 Response

During FY 2021-22, 62 projects for '99.37 Cr were sanctioned towards Covid 19 and healthcare initiatives like COVID Care centres/ICU facilities, Genome Sequencing, upgrading health infrastructure, Initiatives in partnership with NGOs, and other initiatives like UPI based prepaid vaccination vouchers, vaccination hesitancy removal, etc.

Multiple initiatives were undertaken to support the setup of nationwide ICU beds, Oxygenated beds, Covid-19 care centres, Isolation centres, among others. 6 oxygen generation plants along with 550 Oxygen Cylinders and 84 oxygen concentrators were also provided. An Oxygen Pipeline Extension (2000 LPM) and Oxygen Monitoring System to equip 115 beds with oxygen supply was installed at Dr. Hedgewar Charitable Hospital: to improve and strengthen the health infrastructure in the region in preparedness for a possible third COVID-19 wave.

Healthcare Flagship Programmes

Various healthcare initiatives like Organ Donation, Mobile Medical Units, Nucleic Acid Amplification testing, Aspheris machine in Blood Bank, ECG screening for Foetal Heart abnormality, Cleft surgeries and Neuro Rehabilitation centre were taken.

Project Gift Hope, Gift Life: Through this project, SBI Foundation, in partnership with MOHAN Foundation, aims to improve the organ donation rate in India from deceased donors through organ donation helpline, training healthcare personnel, strengthening organ donation programme in Manipur, Karnataka, Chandigarh (UT), Andhra Pradesh & Maharashtra, promoting support group for organ failure patients, and raising awareness and pledging among citizens.

Project NAT: The Nucleic-Acid

Amplification Testing (NAT) has been setup , which aims to introduce advanced blood testing technology at Tata Memorial Centre run Tata Memorial Hospital in Mumbai to test 30-35,000 blood donor samples to improve blood transfusion safety for approx. 50,000 cancer patients. This will allow blood transfusions to be safer for patients, reduce morbidity or mortality due to TTIs (Transfusion Transmitted Infection), and increase the rate of detection of TTI in blood samples tested by NAT as compared to the existing ELISA method.

Recognising the needs of the marginalised, SBI Foundation undertakes projects from various thematic areas in an attempt to address the most pressing issues affecting our communities. Here are some of the CSR activities undertaken by your Bank through the SBI Foundation.

SBI Youth for India Fellowship

SBI Youth for India is a 13-month rural fellowship program which provides a framework to India's bright young minds from urban areas to join hands with rural communities in their struggles & aspirations. Our grassroots 14 partners NGOs facilitate this journey of rural immersion also in the selection of meaningful projects to solve the rural issues. The application process for 2022-23, i.e 10th batch of fellows has begun on 4th March 2022. 74 fellows from the 09th batch (2021-22) have finalized their rural project for implementation across the 15 states of our country.

SBI GRAM SEVA Programme: "SBI Gram Seva" is a flagship program of the SBI Foundation, commenced in Aug 2017, which aims for holistic and sustainable rural development like digitisation, promotion of quality education, improvement in primary health services etc. in the adopted villages. During the financial year, SBI Foundation has sanctioned 5 more projects under the Gram Seva program by commencing the third phase of SBI Gram Seva program by adopting 25 new villages from NITI Aayog's aspirational Districts in five more States- Andhra Pradesh, Chhattisgarh, Madhya Pradesh, Odisha, and Rajasthan. With this, SBI Foundation has achieved the milestone of adopting 100 villages under the SBI Gram Seva program. The program has so far impacted 20322 families and 1,13,010 beneficiaries across 100 villages in 16 states.

The SBI Gram Seva programme has gradually transformed these adopted villages into model village clusters in respective locations in the last five years. The programme has also been able to bring the desired behavioural change and community participation to the fore. In a nutshell, through the Gram Seva program, SBI Foundation has been working towards building self-reliant (Atma Nirbhar) villages, in line with Mahatma Gandhi's philosophy of Gram Swaraj. During the Financial Year 2021-22, an impact assessment of the programme was conducted by Madras School of Social Work (MSSW), Chennai, and they rated the programme quite high in terms of a comprehensive strategy, effective implementation, social returns on investment (SROI), and the sustainability aspects of the programme. The programme has also garnered appreciation and awards from various forums, media, and others. With an impactful presence across 16 States of the country, the Gram Seva programme has reaffirmed the SBI Foundation's commitment to the upliftment of marginalised communities, thereby continuing SBI's long-held legacy of being the Bank for rural India.

SBI Sanjeevani- Clinic on wheels: SBI

Foundation started ‘SBI Sanjeevani- Clinic on wheels', a mobile medical unit in South Sikkim during FY 2016-17, to provide primary healthcare services to the rural communities. The project has improved the quality of life of the communities in the remote villages by providing doorstep medical services.

During the current financial year, taking into consideration the current crisis in healthcare due to the Covid-19 pandemic, SBI Foundation has up-scaled the project to 10 States, Arunachal Pradesh, Bihar, Chhattisgarh, Haryana, Karnataka, Madhya Pradesh, Mizoram, Nagaland, Telangana, and Uttarakhand, with an estimated outreach of over 2 lakh beneficiaries across 250 remote villages. The project has been well-received by the communities, and local Health departments are also supporting the initiative.

Centre of Excellence for Persons with Disabilities (CoE):

Centre of Excellence for Persons with Disabilities (PwD), established in 2017, primarily works on empowering PwDs through skill enhancement to make significant and measurable improvements. CoE conducted 27 Special Online training programs (of one-week duration) for 651 employees with disabilities, of which 24 Programs for 599 SBI employees with disabilities. Three online training programs of 5 days duration were conducted for 52 officers with disabilities of Telangana Grameena Bank and Indian Overseas Bank. Two offline training programs of 5 days duration were conducted for 61 visually impaired officers of Andhra Pradesh Grameena Vikas Bank. The program's primary focus is the advocacy of the rights of persons with disabilities, sensitization, and addressing the accessible needs of PwDs. So far, CoE has conducted six webinars attended by 168 participants from PSBs. Four sensitisation workshops were conducted for the HR officials of Union Bank of India. During the year 2021 -22, CoE also sanctioned 8 projects with a total grant amount of '9.36 Cr focusing in the area of disability including project: "Techtonic Grand Challenge for Assistive Technology Start-ups" with a project cost of '1.00 Cr.

Rehabilitation treatment of People with Disability (PwD)- An initiative to support rehabilitation services to 2000 PwDs suffering from traumatic brain and spinal injuries through 7,000 rehabilitation sessions, one on one consultation sessions with medical experts, and awareness programmes to educate the masses about the scourge of Traumatic Brain Injury (TBI).

Upgradation of Clinical Services of Dr. S.R. Chandrasekhar Institute of Speech and Hearing: SBI Foundation has partnered with Bangalore Speech and Hearing Trust to support the project "Upgradation of Clinical Services of Dr.

S.R. Chandrasekhar Institute of Speech and Hearing at Bangalore to enable the institute to provide clinical services to the persons with Speech, Hearing, Language and Communication disorders. The project will benefit more than 4700 beneficiaries from economically backward and rural areas of the Bengaluru District.

School For Potential Advancement and Restoration of Confidence (SPARC India): ): SBIF has partnered with SPARC India to ensure inclusive education in government primary schools in Lucknow which aims to develop 20 primary schools into inclusive schools for Children with Disabilities (CwDs), build capacity, undertake advocacy and sensitise relevant stakeholders for a period of 2 years.

Events: CoE celebrated Global Accessibility Awareness Day (GAAD), International Day of Persons with Disabilities (IDPD) and World Braille Day.

Education Programmes

Thirteen projects for '22.53 Cr were sanctioned to support various initiatives like Prambhik Bhasha Shikshan Programme, Transforming schools and anganwadis in Ladakh, web-based literacy project, Mathematics education with Khan Academy, Toy Bank, Effective governance through School Complexes, Setting up Mini Science centres, Quality education in Middle School grades, Capacity building of teachers and educational stakeholders, Inclusive education for children with Neurodevelopment disorder, support National Integrity and Educational Development Organisation (NIEDO), Tata Institute of Social Sciences (TISS) to build a coherent school mental health system for improving mental health outcomes of adolescents in India and support the ‘Model School' initiative for renovating 11 Government Schools and providing a conducive and comprehensive learning environment for the students.

Livelihood & Entrepreneurship

Eight projects at a financial cost of '13.60 Cr were sanctioned to support initiatives like SBIF Revolving Fund to provide Incubation support to social enterprises, Integrated Fish Farming promotion, Mega

Watershed construction, Wadi Agriculture and incubation support to 15 start-ups, Training of 5000 youths in Banking Financial Services Insurance (BFSI) industry Job Roles and TISS Prayas to re-integrate and rehabilitate the socially excluded and stigmatised population in criminal and juvenile justice system etc

Women Empowerment Reintegration of Survivors of Trafficking and Violence through Skills Training, Education, and Sustainable Livelihood:

An initiative for reintegrating survivors of trafficking and violence into society by providing them with relevant training, education, and sustainable livelihood opportunities in the Thane district, Maharashtra.

Promotion of Sports

Two projects for '48.90 lakhs were sanctioned to support 13 Athletes in partnership with Abhinav Bindra Foundation Trust and Karnam Malleswari Foundation.

Sustainability & Environment

Five projects worth '6.84 Cr were sanctioned to plant fruit-bearing trees, securing a vital tiger corridor between Melghat, Satpura Tiger reserves, support the conservation of Red Panda species in the Khangchendzonga landscape and innovative Public-Private Partnership (PPP) model for dry waste management at Aurangabad, Maharashtra to ensure maximum segregation.

Awards and Accolades:

Name of the Award Category Organization/ Agency
CSR Foundation of the Year Winner Large CSR BOX
Environment - Winner Small CSR Box
Organ Donation - Winner Valuable Contribution Economic Times (TOI)
Jury Recognition for Healthcare (Covid) Healthcare Indian Chamber of Commerce

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. Our extensive network of sponsored Regional Rural Banks (RRBs) is well placed to play a more significant role and has a great potential to address this scenario. Regional Rural Banks have a distinct competitive advantage due to their large account base and decades of trustearning service tradition, resulting in close proximity to the rural customers.

SBI has sponsored 14 Regional Rural Banks operating at regional levels in 14 different States. These RRBs have a combined branch strength of 4,725 spread across 217 Districts as of 31st March 2022.

The sponsored RRBs of SBI are on the CBS platform and offer Banking services on par with other commercial banks operating in the country. The Banks have adopted the best practices and are well placed to handle the ever-evolving demands of customers, particularly in Rural and Semi-urban spaces, through their customer-centric approach.

Business Highlights of FY2022:

The aggregate deposits and advances of the 14 RRBs sponsored by the Bank as of 31st March 2022 stood at '1,13,502 crore and '73,755 crore, respectively, as against '1,05,628 crore and '66,551 crore as on 31st March 2021.

During the year under review, despite the persistently challenging macroeconomic environment and covid pandemic, the RRBs improved their business, with

deposits growing by 7.46% and advances by 10.82% on YoY as of 31st March 2022. RRBs expanded their housing and gold loan exposure by 19.08% and 30.87% (YoY), respectively, as a planned strategy to diversify the portfolio.

The RRBs together have posted a Net- Profit of '1,659.53 crore during the year as against a Net-Profit of '1,004.28 crore as of 31st March 2021 despite providing substantial provision for the pension of '1,245.02 crore as of 31st March 2022. The RRBs continue to focus on improving earnings from their core banking business, strengthening the fee income streams and maintaining control of operating costs.

The combined Gross Non- Performing Assets ratio of the RRBs has decreased to 4.64% as of 31st March 2022 against 5.44% as of 31st March 2021 despite the challenging economic situation due to the covid-19 pandemic. The Net NPA stands at 1.22% as against 2.16% as of 31st March 2021.

Business per employee during the year improved to '10.76 crore as of 31st March 2022 as against '10.09 crore as of 31st March 2021.

Significant Developments in FY2022:

The year under review witnessed several significant events, some of which are listed below:

The 14 RRBs with 4,725 branch networks are expected to work more efficiently in the upcoming years, thanks to the introduction of Asset Management Hubs (AMHs) - a centralised credit processing system.

To counter the competition from new-age Banks in the geography and have a digital presence, seven RRBs have launched a mobile app for digital account opening with a video KYC facility. This facility is being implemented in all 14 RRBs sponsored by SBI.

To improve treasury yields and returns, the engagement of SBI Fund Management Limited (SBIFML) for non-discretionary Portfolio Management Services (PMS) for RRBs is approved. 12 RRBs are onboarded, and the remaining 2 RRBs are in process.

Mobile App for digital account opening is also introduced in the BC channel in 09 RRBs, and this will be implemented in all RRBs.


Sr. Name of the Associate No. Country of Incorporation

Group?s Stake (%)

Current Year Previous Year
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

$$ We have infused Bank?s share of additional capital in these 04 RRBs (i. Ellaquai Dehati Bank, ii. Jharkhand Rajya Gramin Bank, iii. Mizoram Rural Bank, iv. Utkal Grameen Bank) on 10.03.2022, which is now held under Share Capital deposit A/c. This will be accounted for in the Share Capital of respective RRBs after the infusion of the proportionate stake by other stakeholders, i.e. Gol and respective State Govt.

VI. Management Discussion & Analysis (MDA)

In terms of compliance with the SEBI (Listing Obligations & Disclosure Requirements) (Amendment) Regulations 2018, following ratios have changed by more than 25%, as per details given below:

(in %) Mar 21 Mar 22 Variation (bps)
% Change
Net Profit Margin 6.61 10.02 341 51.59
ROE 9.94 13.92 398 40.04

Net Profit Margin:

The Net Profit has registered YoY growth of 55.19% (from a profit of '20,410 Cr in FY21 to Net Profit of '31,676 Cr during FY22) as against YoY growth of only 2.39% in Total Income (from '3,08,647 Cr in FY21 to '3,16,021 Cr in FY22).

Return on Net worth:

The Net Profit has registered YoY growth of 55.19% (from a profit of '20,410 Cr in FY21 to Net Profit of '31,676 Cr during FY22) as against YoY growth of 12.04% in Net worth of the Bank (from '2,14,666 Cr in FY21 to '2,40,502 Cr in FY22).

VII. Responsibility Statement

The Board of Directors hereby states:

i. that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii. that they have selected such accounting policies and applied them consistently and made judgements and estimates as are reasonable and prudent, so as to give a true and fair view of the state of affairs of your Bank as on the 31st March 2022, and of the profit and loss of your Bank for the year ended on that date;

iii. that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Banking Regulation Act, 1949 and State Bank of India Act, 1955 for safeguarding the assets of your Bank and preventing and detecting frauds and other irregularities,

iv. that they have prepared the annual accounts on a going concern basis,

v. that the internal financial controls had been laid down, to be followed by your Bank and that such internal financial controls are adequate and were operating effectively; and

vi. that proper system had been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

VIII. Acknowledgement

During the year, Shri Anil Kumar Sharma was nominated as Director on the Board u/s 19 (f) of SBI Act 1955 w.e.f. 13th April 2021 vice Shri Chandan Sinha. Shri Prafulla P. Chhajed was nominated as Director on the Board u/s 19 (d) of SBI Act 1955 w.e.f. 21st December 2021. Dr. Pushpendra Rai retired from the Board on 05th February 2022 consequent upon completion of his term. Shri Sanjay Malhotra was nominated as Director on the Board u/s 19 (e) of SBI Act 1955 w.e.f. 16th February 2022 vice Shri Debasish Panda.

The Directors place on record their appreciation for the contributions made by Shri Chandan Sinha, Dr. Pushpendra Rai and Shri Debasish Panda, to the deliberations of the Board.

The Directors welcome Shri Anil Kumar Sharma, Shri Prafulla P. Chhajed and Shri Sanjay Malhotra, the new Non-executive Directors on the Board.

The Directors also express their gratitude for the guidance and co-operation received from the Government of India, RBI, SEBI, IRDA and other government and regulatory agencies.

The Directors also thank all the valued clients, shareholders, Banks and financial institutions, stock exchanges, rating agencies and other stakeholders for their patronage and support and take this opportunity to express their appreciation for the dedicated and committed team of employees of the Bank.

For and on behalf of the
Central Board of Directors
Date: 13th May, 2022 Chairman