Mr A K Purwar, CMD, State Bank of India receiving the Skoch Challenger Award for Social Impact conferred on State Bank of India from Mr. Montek Singh Ahluwalia, Deputy Chairman, Planning Commission
Given the size and customer base of SBI (100 million customers) any change in SBI impacts a large part of India and its people. While the private sector banks with their sophisticated technology are still largely catering to the creamy layer alone, it is SBI that is bringing the benefits of such technology infusion cutting across all kinds of customers. Including those, virtually at the bottom of the banking services pyramid. Its current technology infusion program and shift to core banking is not only making it better positioned in the corporate market but also impacting thousands of SMEs, small entrepreneurs and millions of consumers giving them a competitive edge similar to what is available to customers of MNC or private banks. Given the size of SBI, the ramifications are not just economic but go beyond and border at driving social transformation.