Ukraine and the conflict in Gaza and Israel, along with persistent tight labour markets could raise interest rate expectations. A divergence in disinflation speeds among major economies could cause currency movements that may put financial sectors under pressure.

India's Economic Scenario

Amidst the global challenges, the Indian economy has stayed resilient and has emerged as the fastest growing major economy of the world in FY2024 for the third successive year. The National Statistical Office's (NSO) advanced estimates placed real Gross Domestic Product (GDP) growth at 7.6% for FY2024, supported by an upturn in the investment cycle on the back of the Government's continued thrust on capital expenditure, higher capacity utilisation, underlying resilience of the services sector, double digit credit growth and healthier corporate and bank balance sheets.

FY2024 Second Advance Estimates reveal that Real Gross Value Added (GVA) in agriculture and allied activities is expected to grow by 0.7% in FY2024 (4.7% growth a year ago) on account of decline in foodgrains production during the kharif season. The industrial sector has strengthened further and is expected to grow at 9.0% in FY2024 as against 2.1% in FY2023 aided by strong activity across all sub-sectors. The services sector has maintained its momentum in FY2024 with an impetus from trade, hotels, transport, communication and broadcasting and financial, real estate and professional services. The services sector is expected to grow at 7.5% on the top of 10% growth a year ago. GST collections in FY2024 at around H20 trillion as compared to H18 trillion in FY2023 points towards robust domestic trading activity with monthly collections crossing the H2 trillion mark in April 2024.

India's external demand exhibited signs of slowdown owing to protracted geopolitical tensions. Overall, merchandise exports declined by 3.1% during FY2024, while merchandise imports weakened by 5.4%. However, the current account deficit narrowed sharply to 1.2% of GDP in FY2024 (9-month period) from 3.6% in the corresponding period last fiscal with an improvement in the net services trade and an increase in net transfer receipts.

Headline inflation has been on a moderating path during FY2024 with food price pressures interrupting the descent even as core inflation softened across its goods and services components. Industrial and farm input price pressures remain muted and organised sector wage growth stayed steady. Average CPI inflation stood at 5.4% in FY2024 as compared to 6.7% in FY2023.

Banking Business

With marked improvement in economic activities, ASCB's credit growth has remained robust in FY2024, clocking growth of 20.2% (H27.59 Lakh Crore) compared to 15.0% growth (H17.83 Lakh Crore) recorded in FY2023. Aggregate deposits grew by 13.5% (H24.3 Lakh Crore) in FY2024, compared to 9.6% growth (H15.78 Lakh Crore) in FY2023. Excluding asymmetry due to HDFC merger, ASCB's credit grew by 16.3% (H22.28 Lakh Crore), while deposits grew by 12.9% (H23.2 Lakh Crore) in FY2024. Though RBI kept the policy repo rate unchanged in FY2024, the tight system liquidity, as also gradual transmission of rates, has pushed up both the deposit and lending rates of the banks. Growth in unsecured personal loans showed deceleration post the increase in risk weights on select segments by RBI in November 2023.

Reflecting the improvement in credit offtake, excess holdings of SLR securities of SCBs has moderated to 7.7% of their net demand and time liabilities (NDTL) in FY2024 from 8.7% at FY2023. Excess SLR holdings provide collateral buffers to banks for availing funds under the LAF and are also a component of the liquidity coverage ratio (LCR). The surplus available has enabled banks to meet credit demands from various sectors prudently.

The incremental credit-deposit ratio stood at 95.9% as at end-March 2024 with incremental credit deposit ratio for H2FY2024 remaining below 100%.

The asset quality of ASCBs improved across all the major sectors during FY2024, with the overall gross NPA ratio declining to 3.0% in Dec'2023 from 4.5% in Dec'2022 and is expected to further improve as on March'24. The CRAR of SCBs stood at 15.9% in Dec'2023, above the regulatory requirements.

Digital transactions grew across different payment modes in FY2024, led by retail transactions through the Unified Payments Interface (UPI), the National Electronic Funds Transfer (NEFT) and the Bharat Bill Payment System (BBPS). Mobile transactions in the retail segment experienced consistent growth, propelled by person-to-merchant (P2M) transactions which accounted for 61.7% of the total volume in FY2024.

Outlook

The domestic economy has shown considerable strength against an otherwise volatile global economy. The Indian economy emerged as the fastest-growing major economy of the world in FY2024. Headline inflation has been on a moderating path during FY2024. The current momentum is expected to continue in FY2025 on the back of favourable

climatic conditions with probable onset of La Nina after May 2024.

The RBI monetary policy actions were largely anticipated and remained in a 'wait-and-watch' mode in FY2024. The steady drain of liquidity, advances growth outpacing deposit growth, resulted in hardening of deposit interest rates across banks. The RBI took many notable measures on the regulatory front including the review of LCR Framework, counter cyclical capital buffer and formal rollout of the Draft Disclosure framework on Climate-related Financial Risks 2024. Against this backdrop, your Bank's business has adapted quite well to the evolving situation. The healthy profit run for your Bank continues in FY2024. This places your Bank in a comfortable position to keep augmenting growth capital through internal accruals. With the continued demand for credit, banking businesses are expected to grow in double digits in FY2025.

Financial Performance

Net Profit and Operating Profit

Net profit increased by 21.59% to H61,076.62 Crore in FY2024 from H50,232.45 Crore in FY2023. The Operating Profit of your Bank for FY2024 increased by 12.05% to H93,797.18 Crore from H83,712.97 Crore in FY2023 (excluding exceptional item of H7,100.00 Crore in FY2024 and Nil in FY2023).

Net Interest Income

Net interest income increased by 10.38% to H1,59,875.83 Crore in FY2024 from H1,44,840.50 Crore in FY2023. Total interest income increased from H3,32,103.06 Crore in FY2023 to H4,15,130.66 Crore in FY2024 registering a growth of 25%. Total interest expenses increased by 36.31% from H1,87,262.56 Crore in FY2023 to H2,55,254.83 Crore in FY2024. Interest expenses on deposits increased by 36.35% from H1,62,418.05 Crore in FY2023 to H2,21,459.94 Crore in FY2024.

Other Income

Other income increased by 41.15% to H51,682.16 Crore in FY2024 from H36,615.60 Crore in FY2023.

Operating Expenses

Operating expenses (excluding exceptional item) of the Bank increased by 20.48% to H1,17,760.81 Crore in FY2024 from H97,743.13 Crore in FY2023.

Provisions and Contingencies

Total provision and contingency is decreased by 23.48% from H33,480.52 Crore in FY2023 to H25,620.56 Crore in FY2024. Major provisions made in FY2024: Provision of H9,517.63 Crore for non-performing assets (as against H9,143.93 Crore in FY2023) and Investment depreciation write back of H593.18 Crore

(as against additional provision of H1,513.84 Crore in FY2023) was made during the year. The Provisioning to Gross Non-Performing Assets ratio (including AUCA) of the Bank as on 31^st March 2024 is 91.89% (Previous Year 91.91%).

Assets and Liabilities

Total assets of your Bank have increased by 12.01% to H61,79,693.94 Crore as at the end of March 2024 from H55,16,978.53 Crore at the end of March 2023. During the period, the Net loan portfolio increased by 15.78% to H37,03,970.85 Crore from H31,99,269.30 Crore. Investments increased by 6.43% to H16,71,339.66 Crore from H15,70,366.23 Crore. The major portion of investments in the domestic market was in government securities.

31^st March 2023. Borrowings increased by 21.18% to H5,97,560.91 Crore as at the end of March 2024 from H4,93,135.15 Crore as at the end of March 2023.

Reserves and Surplus

An amount of H18,322.99 Crore (as against H15,069.74 Crore in FY2023) was transferred to Statutory Reserves. An amount of H326.21 Crore (as against H232.81 Crore in FY2023) was transferred to Capital Reserves. Drawdown of H749.08 Crore in FY2024 from (as against transfer of H4,575.43 Crore in FY2023) to Investment Fluctuation Reserve. An amount of H3,142.84 Crore (as against Nil in FY2023) was transferred to the Investment Reserve.

Dividend

Your Bank has declared a dividend of H13.70 per share @ 1370% for the year ended 31^st March 2024.

Progress of Implementation of IND AS

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

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

Core Operations

Retail Business and Operations

Retail Business and Operations (RB&O) Group is the largest business group of your Bank with 99.48% of the total branches and 96.69% of the human resources of your Bank. The group comprises of the following business verticals:

•    Retail - Personal Banking and Real Estate

•    Retail - Agri, SME and Financial Inclusion

•    Transaction Banking and New Initiatives

The above verticals manage the delivery of retail banking products, which constitutes 90.41% of the total Deposits and 55.05% of the total Loans & Advances of your Bank through 22,425 branches in 17 Circles spread all over the country. Customer centricity is the essence of your Bank, and all the branches are committed to customer delight at every step. The ever-evolving customer preferences, especially of the younger population, coupled with increased focus on enhanced customer convenience through digital initiatives, are transforming

the retail banking landscape. Your Bank's customer base is steadily increasing across the country, making Retail Banking the most prolific segment in the Bank, both in terms of deposit mobilisation and also in extending customised credit.

Your Bank continues to be one of the largest Home Loan providers in the country and market leader in Education Loans and Auto Loans. Your Bank's proactive approach towards SME financing i.e. loans for business expansion, technology adoption, modernisation, export financing, etc. plays a crucial role in fostering entrepreneurship, driving economic development, creating job opportunities. Your Bank acknowledges the contribution of agriculture in the overall growth of the country and continues to support the farmer fraternity by way of various products for Agri financing. Your Bank actively participates in the Financial Inclusion programmes and government-sponsored schemes aimed at creating a sustainable, developing, and cohesive society, and all these demonstrate its unflinching commitment to serve the society at large.

A. Personal Banking Home Loans

Your Bank is one of the largest home loan provider in the country. The residential real estate market continued to witness strong growth in housing sales and new launches, leading to a positive trend with economic growth. There were robust housing demand from customers across top cities, tier-II and tier-III cities due to the launch of government programmes such as Smart Cities Mission.

Market Share

Your Bank has been continuously outpacing the growth curve and has garnered market share of almost 26.5% among ASCBs (Mar'24). The Home Loan market share of SBI in the whole industry level is 20.48% as on Dec 2023.

PSL Portfolio

Your Bank's PSL portfolio stands at 29.52% of its total Home Loan portfolio.

Asset Quality

Your Bank's constant proactive monitoring and follow-up, soft reach out calls to the customers has resulted in restricting Net NPA in Home loans to 0.76% as on 31^st March 2024.

Auto Loan

The auto industry in India is witnessing a good demand, particularly for mid and premium segments, with waiting period for many such models and variants across Original Equipment Manufacturers (OEM). SUVs have witnessed a huge surge in demand and as per market reports, SUVs constitute 57% of India's total Passenger Vehicle sales. Your Bank is a top market player in new car loans and has taken new initiatives to provide best-in-class product and customer service, ensuring its presence at all major dealerships by increasing manpower for car loan sourcing across OEMs.

Performance

Your Bank's proactive monitoring and follow up has resulted in reduction in Auto Loan NPA to 0.38% as of Mar'24 compared to 0.43% in Mar'23.

Tie-ups with Builders

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

Education Loans

Your Bank takes pride in being the largest Education Loan provider in the country with a commanding market share of 32.37% in the loan portfolio as of Feb'24 and 38.31% in disbursement target amongst all the ASCBs.

Performance

Your Bank has disbursed C10,860 Crore. Your Bank's collateralised share stands at 50% of the loan portfolio as of Mar'24.

Personal Loans

Your Bank is a leader in Personal Loan segment and both secured and unsecured Personal loans, are amongst its most popular products. Your Bank is aggressively serving the needs of the salaried class (both government and private), pensioners and self-employed/other customers.

Performance

Personal loan 'Xpress Credit' has reached a level of C3,48,438 Crore and 'Pension Loan' reached level of C54,288 Crore as on 31^st March 2024. During the current FY, your Bank has provided personal loans (Xpress Credit and Pension Loan) to more than 4.61 Lakh customers amounting to C2,01,279 Crore.

Gold Loans

Your Bank offers general purpose personal loan against pledge of gold ornaments.

Performance

During FY2024, the portfolio witnessed a YTD growth of 13.83%, reaching a level of C32,676 Crore as on 31^st March 2024 with the Gold Loan customer base at 1.4 Million.

As per the data released by RBI on sectoral deployment of Bank Credit as on Feb'24, your Bank had a Personal Gold Loan market share of 30.57%.

Digital Personal Loan Offerings

Your Bank, with customer convenience at the fore, is offering products through platforms such as YONO and INB, to drive portfolio growth with ease of banking. Customers can avail these innovative offerings digitally, in real-time, eliminating the need for physical branch visits.

Digital Loan variants:

•    Real Time Xpress Credit Loans

•    PAPL (Pre-Approved Personal Loan)

•    PAXC (Pre-Approved Xpress Credit)

•    PAPNL (Pre-Approved Pension Loan)

•    PAPL Non-CSP (Pre-Approved Personal Loan for customers with SB Accounts)

•    Insta Home Loan Top-up

Precious Metal

i)    Sovereign Gold Bonds (SGB)

Sovereign Gold Bond Scheme was introduced by the Government of India during FY2015-16 with the objective of promoting digital gold instead of physical gold for investors. Your Bank, during FY2024, had mobilised 4,816 kg gold, amounting to C2,915 Crore under the scheme.

ii)    Gold Monetisation Scheme (GMS)

With the objective of mobilising gold, lying idle with households and institutions, the Government of India introduced the Gold Monetisation Scheme (GMS) during FY2015-16. Your Bank, during FY2024, has mobilised 2,562 kg gold, bringing the cumulative mobilisation to 20,610 kg.

iii)    Other Gold Business

a)    Metal Gold Loan (MGL)

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

b)    Sale of Gold (SOG)

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

Liability and Investment Products

•    Your Bank has opened 2.51 Regular Savings Bank Accounts per day per Branch during FY2024 as compared to 2.13 accounts during FY2023

•    SBI Green Rupee Term Deposit, a new Term Deposit Product launched on 11^th January 2024 aimed to mobilise deposits to support SBI in financing green initiatives and comply with regulatory guidelines. The product is offered for three tenors, namely 1111, 1777 and 2222 days

•    SBI We Care Deposit scheme with enhanced interest rates of 100 bps over Card rate for a tenure of 5 years and above extended to senior citizens

•    Sarvottam (Non-Callable Deposit) Term Deposit scheme with enhanced interest rate of 30 bps over card rate for one year and 40 bps for C1.01 Crore and above over card rate for 2 years

Doorstep Banking

To enhance customer convenience and

ease of banking, your Bank has extended

Doorstep Banking Services to all customers

at 1,080 Banking Centres.

Doorstep Banking services includes:

•    Cash Withdrawal

•    Life Certificate through Jeevan Pramaan

•    Pickup of Nomination Form, Standing Instructions and Fund Transfer Request

•    Pick up of Cheque Book Requisition Slip

•    Pick up of Cheques for Collection/ Clearing, IT/Govt/GST Challan with Cheque

•    Delivery of Statement of Account, Term Deposit Advice and TDS and Form 16 Certificate

•    Delivery of Pre-paid instrument/ Gift Card

•    Delivery of Demand Draft and Pay order

•    Senior Citizens of more than 70 years of age and Differently Abled Persons are being extended Doorstep Banking Services at all banking centres

•    Doorstep Banking Facility to Divyangjans at free of cost up to 3 transactions per month at all branches

Digital Savings Bank Account Opening

We have opened 60.89% Regular Saving Bank accounts through digital channels during FY2024.

Corporate and Institutional Tie-ups for Salary Package

Your Bank has a focused approach towards sourcing of Salary Package Accounts across segments i.e. Defence, Central Govt, State Govt and Corporate. Customised Salary Packages have been approved for various departments and corporates. The number of Salary Account customers has increased to 190.91 Lakh as on 31^st March 2024 with the opening of 6.31 Lakh new accounts during FY2024.

NRI Business

Your Bank is serving its 38.29 Lakh NRI clientele through 434 dedicated Specialised NRI Branches/NRI Intensive Branches in India, with your Bank's foreign offices in 29 countries and 227 Global Banks as Correspondent Banks. Your Bank also has tie-ups with 45 Exchange Houses and 5 banks in the Middle East to facilitate

remittances. A Global NRI Centre (GNC) has been set up at Ernakulam, Kerala, as a one-stop solution for the NRI customers serving them since 22^nd June 2017. To make banking easier and more convenient, your Bank will be opening a second Global NRI Centre at Patiala, Punjab for all non-financial services for NRIs.

SBI Wealth has shown exponential growth in terms of Investment AUM and Investment Active Clients during FY2024. Investment AUM has increased to C31,157 Crore and the number of Investment Active Clients has increased to 1,80,559. The number of clients also increased to 4,36,981 and the AUM increased to C3,49,182 Crore for the same period.

Your Bank has also launched Premier Banking Services to provide personalised banking and investment-related services to Corporate Salary Package (CSP) customers - Platinum category.

M/s Boston Consulting Group (BCG) has been onboarded as your Bank's consultant for the revamp of wealth and premier banking as a part of "Project Wealth". Under Project Revamp Wealth, it has been decided to have two customer segments viz. Premier (30-50 Lakh TRV+CSP Platinum) and Wealth (50 Lakh and above TRV+CSP Rhodium).

Your Bank's Integrated Wealth Management Solution (IWMS) platform became live from 26^th December 2023 and SBI Wealth Debit Card-RuPay Select variant with enhanced features have been issued.

B. Any Time Channels

1. ATMs and ADWMS

Your Bank has one of the largest ATM networks in the country, with 63,580 ATMs, including 11,256 Automated Deposit Cum Withdrawal Machines (ADWMs), as of 31^st March 2024 - with presence even in the most challenging locations including a Floating ATM at Dal Lake Srinagar, in the tea gardens of Assam, in Lachen, the last village of North Sikkim, on the islands of Andaman & Nicobar and Lakshadweep, Furthermore, in our ongoing effort to provide ATM services in the remotest locations of country, we have recently installed one ADWM at Andrott Island, Lakshadweep,

Your Bank is adopting cutting-edge technology, regularly upgrading and replacing nearly 34,350 machines including buffer quota for Safe & Secure Banking, The new machines are installed with the latest generation of Intel processors that are faster and more energy-efficient,

Your Bank is implementing suitable measures to protect the stakeholders' interests and strengthening the security of ATM cash withdrawals against skimming, cloning, etc,

2.    SWAYAM Barcode-based passbook printing kiosks

Your Bank has deployed 20,135 Barcode-based Passbook Printing Kiosks (SWAYAMs) at 17,663 branches and approximately 11 Lakh transactions are being processed daily, On an average, the SWAYAMs have been able to migrate ~3,4 Crore passbook printing transactions every month from the branch counters, Reprint functionality for the last 90 days has also been enabled,

3.    Green Channel Counter (GCC)

Your Bank has deployed 27,813 GCC terminals at 21,419 retail branches for transactions through Debit cards to promote Green Banking with facilities such as cash withdrawals, cash deposits, funds transfer within SBI accounts, Balance Enquiry, Green PIN generation/PIN change for Debit Cards and Mini Statements, Transactions are enabled on EMV-compliant GCC Terminals,

4.    Green Remit Card (GRC)

The GRC is a cash deposit card through which funds can be deposited to a predefined account of your Bank by GCCs and ADWMs, Cash deposit facilities through GRC are available 24x7 at ADWMs and are helpful, especially for migrant workers, The transaction limit for GRC is C25,000 per transaction with a monthly cap of C1,00,000,

5. Cheque Deposit Kiosk (CDK)

The CTS-enabled self-service Cheque Deposit Kiosks (CDK) facilitate customers to deposit their CTS cheques hassle-free, 2,496 CDKs have been deployed at 2,470 branches and an average of ~16 Lakh cheques are deposited every month, A receipt with details such as date, transaction ID, Beneficiary Name, cheque number and masked payee account number is generated for the depositor,

Customer Value Enhancemen

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

The revenue contribution of each product is as under:

Initiatives and performance highlights:

SBI Life

SBI Life Insurance is the No. 1 private player in Individual Rated New Business (IRNB) Premium since FY2018. IRNB has registered 12% YoY growth as on March 2024. Persistency ratio has improved from 84.13% to 86.06% YoY as on 31^st March 2024. The protection plans share for SBI Life in Individual Rated Premium stood at 6% as on March 2024. Digital sourcing of SBI Life Banca is 99.80%.

SBI Mutual Fund

SBI remains the numero uno Mutual Fund Distributor, having C1.93 Lakh Crore in Assets Under Management (AUM) as on 31^st March 2024. Further, SBIMF leads the rank amongst AMCs and has crossed C9.20 Lakh Crore as on 31^st March 2024 in AUM. Digital mobilisation of business is easing the process for customers as well as the operating personnel. 93% of Lumpsum transactions and 86% of fresh SIPs are being mobilised through the digital mode.

SBI General

Your Bank is offering Personal Accident Insurance, Health Insurance, Property Insurance and Loan Insurance. Gross Written Premium (GWP) collected in FY2024 has improved by 8.75% YoY. Health Insurance contributes major portion among general insurance products (21%).

SBI Card

With the increasing trend of the use of plastic money, your Bank is meeting customers' demand and making credit cards available to them at the remotest of the locations. In FY2024, 21.33 Lakh cards were issued.

An end-to-end Credit Card issuance journey is available on the YONO App and Internet Banking (INB). Customer Card Linking facility through Card Number and OTP has been rolled out in YONO app in FY2024.

NPS

Your Bank continues to be the leading bank in NPS registrations with a market

share of 21%. Your Bank has also qualified as the top performing Point of Presence (PoP) under the campaign launched during 1^st March 2024 to 31^st March 2024 by the PFRDA. It offers complete digital registration journey through Internet Banking (INB) and YONO App. Presently, 83.95% of the total NPS accounts are opened through digital modes.

Demat Accounts/SBI SSL

Your Bank has sourced over 13.27 Lakh Demat accounts during FY2024. An end-to-end Demat and trading account journey is available on the YONO App and INB.

Small & Medium Enterprises

The call for 'Atmanirbhar Bharat' has emphasised the contributions of MSMEs to the country's economy through manufacturing output, GDP, exports, and employment generation.

Your Bank is a pioneer and market leader in SME financing, providing a comprehensive package of products and services to the

MSMEs to meet their requirements, such as cash management, transactions and credit needs for both domestic/export sales.

With over 20 Lakh customers, the SME portfolio of C4,33,037 Crore as on 31^st March 2024 accounts for nearly 13.41% of your Bank's total domestic advances. The portfolio registered a growth of 20.53% (YoY) in FY2024. Your Bank's approach to drive SME growth rests on the following three pillars: a) Customer Convenience, b) Risk Management, and

c) Technology-based digital offerings and process improvements.

A. Customer Convenience

To provide an enhanced customer experience, your Bank has created a wide network of touchpoints for branches and other modes. The business delivery model of the Small and Medium Enterprises Centre (SMEC) comprises Asset Management Teams (AMTs), created to maintain end-to-end relationships with customers for loans up to C2 Crore. The SMECs have been strengthened in terms of manpower, resulting in improved service levels. Loans above C50 Lakh continue to be handled by Relationship Managers (SME). As on 31^st March 2024, 2,117 RMs (SME) and 864 dedicated SME Intensive Branches of your Bank are functioning pan-India. Your

Bank has also set SCF CPCs in 16 Circles. For all new proposals above C10 Crore (SME & Builder Finance) shall be handled by High Value CPCs for appraisal. As on 31^st March 2024, 330 proposals amounting to C19,914 Crore have been sanctioned.

B. Digital Offerings

Your Bank is leveraging technology in business, designing products, streamlining processes, improving delivery to monitoring. Your Bank has taken several initiatives to build an SME portfolio in a risk-mitigated manner by implementing significant changes in (i) Product suite, (ii) Processes, and (iii) Delivery to ensure Ease of Banking. The YONO Business combines all the corporate banking needs by being a one-stop solution for the company. Your Bank is increasingly deploying advanced technologies, such as Artificial Intelligence, Machine Learning and Business Analytics, to augment its product offerings, ensuring customer delight each time without exception.

Pre-Approved Business Loan (PABL) is an analytics-based product that identifies existing Current Account customers' eligibility for pre-approved loans based on their transaction history with a loan amount up to C20 Lakh sanctioned through a simplified YONO and LLMS journey.

Digital Documents Execution (DDE) was formulated under the guidance of the Ministry of Finance to provide an automated, digitised process and to ensure completion of digital contract formation, e-stamping, e-sign or its variants, as per applicable laws through authorised government agencies, thereby providing for safe and accurate financial information recording.

Project Digital Documents Execution (DDE) for PABL accounts was launched in Uttar Pradesh on 11^th August 2022. After the successful implementation in the state, it was extended to branches of 6 other states, namely, Odisha, Chhattisgarh, Tripura, Kerala, Himachal Pradesh and Meghalaya. The same has been extended to Maharashtra State (Mumbai & Maharashtra Circle) on 1^st February 2024.

The extension of the DDE facility (for PABL) to the branches located in the state of Rajasthan (Jaipur Circle) has been executed on 1^st March 2024.

The Business Rule Engine (BRE) is a single credit risk model developed for SME Loans up to C5 Crore, making the loan sanction process faster, innovative, and future-ready and enabling Straight Through Processing (STP) for all types of loan applicants, viz. New to Bank (NTB), Existing to Bank (ETB), New to Credit (NTC), Existing to Credit

objective inputs for the assessment of credit limits to greenfield projects, viz. Cash Credit, Term Loan and Non-fund-based limits to sanction authorities.

BRE has been rolled out pan-India on 7.12.2023 for loans above C10 Lakh and up to C50 Lakh in the first phase. 14,479 loans amounting to C3,869.52 Crore have been sanctioned as on 31^st March 2024 through BRE, out of which 6,461 loans to the tune of C1,397.16 Crore were new connections. Second phase for Loans above C50 Lakh and up to C5 Crore has been rolled out in the third week of March 2024.

1.    New digital product under development in collaboration with Fintech/AA/GST

•    MSME SAHAJ Seller's Invoice Financing on YONO Business by providing digital loans and financing of GST invoices

•    Seller's Invoice Financing Scheme, under GST Sahay, is an initiative by GoI that provides digital loans through the marketplace GST Sahay app

•    DIGI Sugam provides GST-based Working Capital Finance, an end-to-end digital journey offered through YONO Business

2.    Contactless Lending Platform (CLP)

Your Bank is one of the stakeholders of the SIDBI-led PSB consortium, with your Bank's path-breaking initiative, psbloanin59minutes.com, providing easy access to loans to SMEs. Instant in-principle approval generated for eligible proposals based on GST returns, IT returns and Account Statement. Using the platform, your Bank is sourcing leads from C1 Lakh to C5 Crore. In FY2024, 17,773 leads for C10,831 Crore have been sanctioned.

To promote end-to-end digitisation and to ease the credit delivery process, a new auto-renewal process for leads received from CLP has also been introduced by your Bank. This will ensure the timely renewal of good and financially satisfactory accounts without much manual intervention, as better customer experience will enable

Relationship Managers (SMEs) to focus on sales and marketing activity.

3.    Pre-Approved Business Loans (PABL)

In FY2024, your Bank has disbursed 1,05,052 PABL loans. The product caters largely to micro and small entrepreneurs with a good track record, and credit availability is made on liberal terms. During Feb'24, Partnership firms have been included under the PABL ambit. Your Bank has recorded a YoY growth of H2,794 Crore (70.80%) as of Mar'24.

4.    Supply Chain Finance

By leveraging state-of-the-art technology and branch network, your Bank continues to be a major player in Supply Chain Finance, strengthening its relationship with the Corporate world across various sectors. Your Bank has extended supply chain finance to 35,254 dealers with total sanctioned limits of over C49,261 Crore (e-DFS) and C28,092 Crore (e-VFS). In FY2024, 15 new e-DFS and 41 new e-VFS tie-ups were entered.

New e-DFS limits of C4,696 Crore to 662 new dealers and C6,335 Crore to new e-VFS vendors were sanctioned during FY2024. Your Bank has already implemented the Contactless Lending Platform (CLP) for e-DFS and e-VFS through psbloansin59minutes.com, which provides easy access for loans to dealers registered on the GST platform and for filing Income Tax returns.

Your Bank has also simplified e-VFS processes and built a front-end digital interface on CLP for better customer experience by eliminating redundant documents and implementing simplified appraisal formats. Your Bank has introduced Supply Chain Finance Centralised Processing Centres to reduce TAT during proposal processing. To ring-fence the supply chain portfolio, your Bank has put in place suitable risk mitigation measures and risk-based pricing for the Supply Chain Portfolio. Your Bank is also launching

various campaigns for onboarding dealers/ vendors and broadening the Channel Finance base.

C. Green Energy initiatives

Your Bank is committed towards its Green Energy initiatives to lower carbon footprint; many products were launched during the reporting year to achieve these objectives.

1.    Surya Shakti Solar Finance

This special product has been launched for financing 'Term Loans for Solar Projects' to business enterprises (for captive use) with a maximum loan amount of C10 Crore. The product has a comfortable repayment of 10 years. To capture the tremendous potential available under the segment, a dedicated Surya Shakti Cell has been created for centralised loan processing, and individual powers have been delegated to the Cell officials to ensure reduced TAT. MoUs have been entered with reputed companies like Tata Power Solar Systems Ltd., Waaree Energies Ltd., Mahindra Solarize Pvt Ltd., Havells India Ltd. and Redington India to finance the units having the requirement of installing Solar PV systems.

2.    Finance to Biofuel Projects

To promote the GoI initiative of Biofuels projects, a new product was launched to extend credit to all forms of Biofuels mentioned in National Policy of Biofuels 2018 viz. Ethanol, Biodiesel, Advanced biofuels, Bio-CNG, etc.

Biomass suppliers/aggregators supplying pellets/briquettes to Thermal Power Plants for substitution of coal are also financed under this product. The product has a long door-to-door repayment tenor of up to 15 years, and a Term Loan/regular working capital facility is also provided.

3.    Compressed Biogas under Satat Scheme

Under this product, finance is made available to the units that aim to set up manufacturing facilities for Compressed

Biogas. Under the Satat Scheme, loans sanctioned up to C100 Crore are considered PSL. Incentives for entrepreneurs such as reduced custom duty on imported equipment, 40% depreciation on the WDV method, and tax holiday on net income for

5    years.

D.    Export Credit

With the GoI's focus on increasing exports, MSMEs have a pivotal role in achieving this objective. Export Credit for SMEBU increased by 21.94% as of 31^st March 2024 despite several global and macroeconomic challenges in the international trade, reaching levels of C19,060 Crore. Your Bank is keen on seizing the available opportunities in the sector and has put in place strategies for maximising business potential in export finance. Various digital initiatives are in the pipeline to improve customer experiences.

Several customer digital journeys, viz. Inland LC, Import LC, Exports, Inland, A1

6    A2 remittances and Advance Payments have been made available in YONO Business. The end-to-end digital BG product, 'e-BG', has been rolled out in 25 States/UTs across India.

E.    Co-lending with NBFCs

To extend a helping hand to MSMEs that have little or no access to formal credit, your Bank has entered into a co-lending agreement with 9 NBFCs. Under the Co-lending scheme, your Bank has sanctioned 1,042 accounts amounting to C469 Crore, as on 31^st March 2024.

F.    Trade Receivables Discounting System (TReDS)

Your Bank is the first among all PSBs to register as a financier on the TReDS platform, set up to provide finance to MSMEs and has presence in all the three TReDS platforms in the country, i.e. RXIL, M1 exchange and Invoicemart. In FY2024, your Bank has crossed level of ?10,000 Crore as on 31^st March 2024, registering a YoY growth of 282.44% and a market share of 23%.

Rural Banking

Agriculture Advances

Your Bank's lending under Agriculture & Allied activities has crossed C3,00,000 Crore during this financial year, the highest for any Bank in India. Your Bank caters to the credit needs of more than 1.50 Crore farmers.

Your Bank has grown substantially in Agri Gold loans, SHG loans and Investment Credit portfolios, most of which are either risk mitigated or possess low risk. Your Bank continues to be the market leader in Agriculture Gold loans; during the year, the portfolio crossed C99,000 Crore.

In the past few years, the Government of India has been providing policy support for growth in the Agriculture & Allied sectors and improvement in Farmgate infrastructure. Your Bank is aligned with the Government's policies under various Aatmanirbhar Bharat schemes. Your Bank has sanctioned loans to 20,504 borrowers, amounting to C5,127 Crore during the current financial year under these schemes.

Further, your Bank has built a portfolio of more than C2,600 Crore during the year in two newly launched products -Agri Enterprise Loan (AEL) and Kisan Samriddhi Rin (KSR) for serving the credit needs of Agri-based Enterprises and production credit requirements of large farmers/Corporates/FPOs/Co-operatives of Farmers based on realistic cost of end-to-end farming, respectively.

Your Bank has worked strategically to reduce and control the stress in Agri portfolio and as a result, NPAs have come down during FY2024, as compared to the previous year, with single-digit Agri GNPAs % for the first time. Your Bank's Priority Sector Lending (PSL) achievement in Agriculture segment as well as sub-segments viz. Small & Marginal Farmers, Weaker sections and Non-corporate farmers have increased substantially during the year.

Financial Inclusion

Your Bank is committed to people's economic empowerment through activities focusing on financial inclusion, from opening accounts for the unserved, underserved, and underprivileged population to making basic financial services accessible and available.

Your Bank pioneered the BC/CSP (Banking Correspondent - Customer Service Point) model for providing Banking services, not restricted only to withdrawal payments. At present, 32 financial services are facilitated at these CSP outlets. The Jan Dhan Yojana, Aadhaar, Mobile (JAM) trinity has played

a transformational role in delivering the earmarked benefits through DBT (Direct Benefit Transfer) to the targeted beneficiaries without any leakage. This channel has been the key enabler in making the DBT story of our country a big success, gaining recognition globally. In the current year, ~68 Crore DBT credits have been transferred. By bringing the unbanked masses to the financially included pool, the channel has effectively promoted thrift and saving habits amongst customers, enabling their financial growth. More than 15 Crore BSBD/PMJDY accounts have been opened, with total deposits crossing C58,000 Crore.

This channel is also leading the spread of Social Security coverage by way of micro-insurance (PMJJBY & PMSBY) and Pension (APY), for large populations who are otherwise excluded from such financial products. Your Bank is the market leader in PMJJBY, PMSBY and APY amongst all Public Sector Banks. Focus on empowerment of women has always been the key priority for your Bank and participation of females in the total enrolments covered by your Bank has been more than 50% under the Social Security Schemes.

Your Bank is enhancing its last-mile reach to ensure inclusivity through more than 82,000 CSPs covering most of the country's remote locations.

Imparting Financial Literacy

Your Bank has set up 341 Financial Literacy Centres (FLCs) across the country to impart free financial literacy, credit counselling and the propagation of electronic payment systems. FLCs have conducted more than 37,000 Camps during the current year in which over 15 Lakh people participated. Furthermore, as a part of the RBI initiative to spread awareness about financial products among the rural masses, your Bank has also sponsored 595 Centre for Financial Literacy (CFL) at the block level which are also instrumental in exploring innovative and participatory approaches towards attaining financial literacy.

Rural Self Employment Training Institutes (RSETIs)

Your Bank has set up 152 RSETIs across 29 States/UTs. RSETIs act as social change agents, empowering rural youth towards sustainable livelihood through skill development and training, helping them establish their own micro-enterprises, and thereby creating rural employment. These RSETIs evolved as a specialised institution transforming rural youth from job seekers to self-employed entrepreneurs.

SBI RSETIs have trained ~11.54 Lakh candidates through ~43,000 training programmes since inception. Out of

these, 74% candidates have been settled through self-employment. Credit facility have been extended to more than 4 Lakh trained candidates.

Lead Bank Scheme

Your Bank has actively participated in Viksit Bharat Sankalp Yatra (VBSY), a nationwide outreach programme launched by Govt. of India and have covered more than 47,000 Gram Panchayats (GPs) and Urban Local Bodies (ULBs) across the country, sourcing ~3.25 Lakh PMJDY, ~7 Lakh PMJJBY, ~11.90 Lakh PMSBY and ~1.60 Lakh APY applications during the programme.

Government Business

Your Bank is at the forefront in conducting Govt. Business and is an accredited Banker to 26 major Central Government Ministries and Departments. Your Bank is the market leader in Government Business with market share of over 63% in Central Government Turnover.

Your Bank is one of the major Bankers to the Government of India and is continuously engaged in developing customised technology solutions, to keep pace with the Government's digital initiatives facilitating transition to the online mode, providing greater efficiency and transparency, resulting in ease of doing business and ease of living for the citizens.

Transaction Banking (TB) - Marketing

Current Accounts

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

Cash Management Products

Cash Management Products (CMP)

are technology-driven products/solutions that help business clients, including Corporates, Institutions, and Autonomous bodies, among others, to optimise funds management through automated solutions. Your Bank is a pioneer in offering clients a wide range of cash management products.

Your Bank's TB solutions seek to capitalise on new technologies and meet clients' bulk transaction needs, in addition to customised MIS, ERP integration and a dedicated Client Support Cell. The study and analysis of transaction patterns allow your Bank to devise unconventional ways of meeting clients' varied banking needs, such as Credit, Fund Management, Cross Selling and other services. Your Bank has a dedicated marketing team to onboard clients on CMP and Digital products and extend them post-sale support. New CMP solutions such as Aadhaar Based Mandate Registration, IMPS in e-payment, UPI-based VAN collection, NACH settlement on a T+0 basis, VAN facility in multiple accounts under a single Corporate ID and CRM for grievance redressal have been introduced for the convenience of our clients.

Corporate Banking

A. Corporate Accounts Group

Corporate Accounts Group (CAG) is a dedicated Business Unit (BU) of your Bank. It handles SBI's 'high-value corporate relationships' as a specialised and efficient delivery platform. The CAG BU has five specialised Branches located in India's top three commercial centres, namely Mumbai, New Delhi, and Chennai.

Four branches of CAG BU at Mumbai (2), New Delhi (1) and Chennai (1) are headed by General Managers and provide a comprehensive range of financial products and services exclusively to toprated corporates, including their foreign associates and subsidiaries. The fifth branch viz. Financial Institutions Branch at Mumbai is headed by the Deputy General Manager and caters to banking and related

Agri, Pharma, and IT, with a focused thrust on existing as well as new-to-bank customers.

Major Corporates, Financial Institutions and Navratna PSUs of the country are esteemed customers of the CAG BU.

The total loan portfolio of CAG BU as of 31^st March 2024 was C7.44 Lakh Crore (fund based - C5.38 Lakh Crore and nonfund based - C2.06 Lakh Crore) compared to a total loan portfolio of C6.53 Lakh Crore (fund based - C4.60 Lakh Crore and nonfund based - C1.93 Lakh Crore) as on 31^st March 2023. Demand for credit picked up in the second half of FY2024, resulting in growth of C0.78 Lakh Crore in fund-based advances at CAG BU.

B. Treasury Operations

The Global Markets Unit (GMU) carries out domestic treasury operations of your Bank and is responsible for management of funds to achieve desired risk-adjusted returns. Your Bank's Global Market portfolio comprises investments in SLR (Statutory Liquidity Ratio) Securities, Non-SLR Securities, Listed Equities, Mutual Funds, Venture Capital Funds, Private Equity, and Strategic Investments. It also offers multiple products and services that cater to the foreign exchange and risk management requirements of its customers.

During the year, global economy exhibited higher than expected resilience led by the US and several emerging market economies. China's latest data also shows improvement in economic activity. Goods inflation fell faster than expected, but tight labour markets in advanced economies have kept services inflation sticky. Many central banks in Europe, the Middle East, Africa and Latin America have lowered their interest rates this year while central banks in a few large economies, like the US Fed, have indicated interest rate cuts to begin later in 2024. Nonetheless, markets

have had to lower their expectations of aggressive rate cuts in 2024, due to the continuing strength of the economy, which has kept bond yields high. Bank of Japan (BoJ) finally exited its negative interest rate policy in March indicating confidence in the latest economic and price recovery which has allowed the NIKKEI to scale its 1989 highs. Geopolitical tensions erupted in the Middle East this year, adding to the ongoing conflict in Ukraine, and have renewed fears of supply chain disruptions in the critical Red Sea region. India remains the fastest-growing major economy in the world with the FY2024 GDP growth estimates surprising to the upside.

Rupee Markets

1. Interest Rate Markets: SLR And Non-SLR Portfolio

The Monetary Policy Committee (MPC) has held policy rates unchanged for 7 consecutive monetary policy meetings. Given the strong economic momentum, it has continued to focus on bringing inflation down. CPI inflation was at 5.09% in February 2024, well above the targeted 4% level. Even though it has been on a downward trajectory after peaking in July 2023. The 10-year benchmark yield has trended lower during the year, falling from 7.31% on end March 2023, to 7.06% at end March 2024, touching a low of 6.94% and a high of 7.40% in between. Your Bank made prudent investment decisions that boosted the portfolio yield and interest income. Your Bank managed its liquidity position effectively despite tight banking system liquidity and continues to maintain a comfortable liquidity position.

Your Bank participated in India's first online tri-party repo platform for Corporate bonds during the year, and in line with its commitment to ESG, also participated in the Government of India's green bond auctions during the year.

2.    Equity Markets

Driven by country's robust economic outlook in FY2024, the Indian markets outperformed other global emerging markets despite global headwinds. Your Bank actively participated in the rally in the equity markets, calibrating the investment book as per market dynamics. The year saw robust IPO activity, with substantial listing gains for the issuances. Your Bank actively participated in the primary market generating high returns. Your Bank remains focused on building a long-term investment portfolio, as well as on generating positive alpha through short term tactical positions. Your Bank continues to deepen its research capabilities through expansion of the research team and ongoing trainings and other skill development initiatives.

3.    Private Equity/Venture Capital Fund

Your Bank has been an active participant in the Alternative Investment space during FY2024 and has made investments in Startup focused funds and sustainability-oriented investments via direct equity participation.

Forex Markets

The GMU 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, in addition to 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 CCIL Fx Clear platform. Your Bank is also actively onboarding customers on Fx-Retail platform rolled out by CCIL. Your Bank has made further enhancements to its e-Forex¹ platform provided to customers to meet their foreign exchange requirements and is providing quotes to Fx-AII², which is a multibank Fx platform. Your Bank is

also a major player and a market maker in offshore USD-Rupee NDF market or Nondeliverable Derivative Contracts (NDDCs).

Your Bank has Treasury Marketing Units in 10 major cities and 8 satellite centres spread across the country to help customers with their requirements. They conduct meets, conferences, etc. with exporters, trade industry bodies and large corporate customers to understand their needs and explain about foreign exchange markets and the various products of your Bank. Your Bank also has a specialised desk to take care of the requirements of institutional non-resident customers.

Derivatives

Your Bank currently deals in Over The Counter (OTC) interest rate, Credit

Derivatives and currency derivatives, along with exchange-traded currency derivatives and Interest Rate Futures. Your Bank has participated in interest rate derivatives like Rupee Interest Rate Swaps (OIS), Rupee Interest Rate Futures (IRF), Foreign Currency Interest Rate Swaps (IRS), Foreign Currency to Rupee Interest Rate Swaps (Modified MIFOR), Forward Rate Agreements (FRA), Caps, Floors, Collars and Swaptions. Currency derivatives dealt by your Bank are Cross Currency Swaps (CCS), USD/INR options and Cross Currency Options and Credit Derivatives like Credit Default Swaps (CDS). These products and their customised versions are offered to your Bank's customers to hedge their interest rate, credit and foreign exchange exposures.

Post liberalisation of derivative guidelines by RBI, your Bank has started offering a larger bouquet of hedging solutions to its customers, including barrier options, and has also started trading in Swaptions.

Your Bank's "Market Risk Limit Policy" prescribes market risk parameters (Greek limits, Loss limits, cut-loss triggers, open position limits, Duration, Modified Duration, PV01, CS01 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 interbank counterparties is monitored through limits set for the purpose. These counterparties have also executed ISDA and Credit Support Agreement (CSA) with your Bank.

Keeping in line with its reputation as the largest global Bank from India, your Bank has been increasing its penetration in overseas local markets while continuing to cater to Indian diaspora and global Indian Corporates spread across various geographies. To further the quality and convenience of banking services to Indian

diaspora, the International Banking Group has established an NRI Coordination Cell to enhance synergies between domestic and international operations for serving the banking needs of expat Indians. Your Bank is also planning to venture into premium banking services overseas by creating a 'Wealth Hub' serving the Middle East and GIFT City, Gandhinagar, Gujarat. The overseas operations of your Bank are managed by a separate Business Unit -International Banking Group (IBG) headed by the Deputy Managing Director (IBG) and overseen by MD (IB, GM &T).

Global Presence

Your 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 footprint across all time zones through its 241 points of presence in 29 countries, your Bank, the State Bank of India, has gradually spread its wings across the globe to become a pioneer of International Banking among the Indian PSBs. The overseas operations of your Bank are being managed by IBG.

The IBG has continuously adapted to the multitude of heterogenous challenges including ongoing geopolitical turbulences, conflicts, bank failures

in the West, economic downturn in neighbouring countries, etc. and remained on a healthy growth trajectory while balancing the risk-return dynamics. Your Bank's international operations have maintained their profitability despite these headwinds through efficient asset liability management, cost efficiencies in liability management & overheads, exploring new income streams, enhancing digitisation, and leveraging relationships for new business. On the basis of its continuous drive to enhance value for your Bank and its stakeholders, the vision derived for IBG is as under:

The specialised departments of IBG have played a vital role in sustaining the momentum by contributing on various fronts, such as:

1. Credit Contribution: Business Driver

Your Bank is a proactive partner of Indian corporates in their global growth strategy and arranges debt in Foreign Currency by way of:

a) ECBs through syndicated deals in conjunction with other Indian and Foreign banks

IBG Credit Strategy

•    Tapping growth potential at GIFT City, Gandhinagar Branch which is growing as a global financial services hub

•    Establishing footprints in newer geographies which are demonstrating strong economic performance globally

•    Endeavouring to increase the share of non-India linked business by tapping local corporates of our foreign offices

•    Leveraging upon cross-vertical synergies and on our relationship with domestic corporates to finance their overseas operations

•    Positioning as a relationship bank with increased participation in syndicated deals as Underwriter/MLAB/Arranger

•    Enhancing engagement with local banks

•    Increased emphasis in participating in Green Loans, Social Loans and Sustainability Linked Loans

2. Trade Finances

Your Bank is supporting Indian importers and exporters by offering them a bouquet of Trade Finance products and services through an extensive, well-equipped branch network that operates in all the time zones in India and abroad.

The Global Trade Department (GTD) of IBG supports our Foreign Offices (FOs) for an orderly growth of Trade Finance portfolio, formulates policies, and innovates new products for FOs as per the market demands and changing regulatory norms. GTD also facilitates Trade Credits to Indian Corporates for their imports by playing an important role in synergising business flows between domestic and foreign offices for maximising returns. It also organises Trade-related workshops/conferences, by partnering with Trade bodies viz. BAFT (Bankers Association for Finance and Trade), GTR (Global Trade Review), etc. Workshops are also organised by partnering with ICC, FI EO, etc. to provide a platform for networking with Exporters/Regulators/Industry majors.

3. Overseas Treasury Management

The Treasury Management Group at your Bank's International Banking Group (TMG-IBG) undertakes following functions for Foreign Offices:

a.    Liquidity Management

b.    Dealing Room Operations

c.    Investments

The TMG-IBG manages the overall asset liability portfolio of IBG and also monitors the liquidity requirements and Asset Liability Management ratios.

During the current financial year, your Bank has raised more than US$2 billion longterm resources through different channels. Your Bank has done a syndication deal of US$1,000 Million (US$500 Million for 3 years and US$500 Million for 5 years). Your Bank has also raised a total of US$1,750 Million under the MTN Program.

Currently, there are five major dealing rooms at London, New York, Hong Kong, Bahrain and GIFT City, Gandhinagar, which work on a 'hub and spoke model' to help smaller Foreign Offices in their operations, In order to leverage opportunities at our GIFT City, Gandhinagar Branch, several new initiatives like SOFR and US treasury linked deposit products, Bullion Trading Membership as Trading-cum-Clearing Member were initiated in this financial year,

4. Global Payments and Services

Global Payments & Services (GP&S) facilitates Online Inward Remittances

and SWIFT-based Remittances from Overseas locations to India, Foreign Currency Cheque collection, Opening & Maintenance of Rupee Vostro Accounts (RVA)/Special Rupee Vostro Accounts (SRVA) and Asian Clearing Union (ACU) Transactions, Your Bank has tie-ups with more than 50 remittance partners for channelising inward rupee remittances from overseas to India,

5.    Retail Strategy

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

•    YONO SBI, one of the most ambitious and secure digital offering of the Bank has now been extended to customers at our various overseas offices in the form of YONO Global. It has been successfully launched in the US, UK, Canada, Mauritius, Nepal, Maldives, Bangladesh, South Africa, Sri Lanka, and Bahrain. More than 2,07,000 overseas customers have been onboarded through YONO

•    Fully Digital non-face-to-face Online account opening journeys deployed at SBIUK and at SBI Canada Bank

•    Namaste UK: The product enables Indian citizens (having long term UK visa) opening account with SBIUK before arriving in UK through YONO Global SBI UK app

•    GIC account: The product enables students travelling to Canada (for studying) to open GIC account with our SBI Canada Bank through YONO Global Canada app

•    "One View" feature of YONO Global allows our customers abroad to view their domestic SBI Accounts through YONO Global App

6.    Financial Institutions Group (FIG)

- Correspondent Relations

FIG facilitates linkages of the Bank with international stakeholders viz. Financial Institutions (FIs), Foreign Government Agencies and Developmental Financial Institutions (DFIs), etc. and works for synergy between IBG and other business verticals such as Corporate Accounts Group, Commercial Clients Group, Retail Banking Group and Global Market.

We are having 222 Correspondent Banks spread across countries. It also maintains RMAs (Relationship Management Application) established by both domestic

• 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 at improving synergies and trade flows between Domestic Offices and Foreign Offices/Correspondent Banks and trading community, by acting as a robust link between them

•    IBD facilitates growth of Export Credit by actively involving branches, trade bodies and other stakeholders

•    In a bid to facilitate the trade community, Forex Service charges are being rationalised and aligned with the market every year by IBD. IBD also facilitates IT system-related enhancements and updates in EXIM Enterprise/SWIFT

•    IBD is also actively involved in re-building skills of IB officials by partnering with ICC, FIEO, FICCI, CII, etc. and organising Trade related workshops/seminars which provide good platform for networking with Exporters/Regulators/Industry majors in addition to coordinating and liaising with Trade bodies and ICC subgroups for developing relations and strengthening ties

•    IBD has also launched the e-BG project, which is an end-to-end digital journey for Bank Guarantees. It has been rolled out in all States and Union Territories where NeSL is facilitating e-BG

8. Technology Initiatives at

Overseas Offices

Your Bank has continued the journey to

leverage technology solutions (including

Artificial Intelligence & Machine Learning) in various areas of operations vis-a-vis customer acquisition, process automation and AML-CFT/OFAC controls. Some of the highlights of initiatives undertaken at overseas offices include:

•    Roll out of automated IT system for Retail Loan Management, capturing the entire loan lifecycle from application, processing, sanctioning, disbursement and post sanction monitoring. The automation of retail loan journey will act as a business multiplier, by standardising the processes and ensuring seamless/ uniform experience to customers. This will also help to bring down the Turn Around Time (TAT), and at the same time, ensuring strict adherence to compliance standard and risk management. The process of roll out at all the foreign geographies with your Bank's retail presence has been initiated and this will be subsequently completed at all the geographies during FY2024

•    YONO has continued to be the digital pivot for servicing existing retail customers, as well as acquiring new customers. The omni-channel experience has now been widened

with a simultaneous upgrade of the Web based portal, which is similar to the Mobile Banking App - both in terms of functionalities as well as User Interface/ User Experience. The enhancements during the year include introduction of YONO Cash, ATM Card management, Online Account Opening and integration with local payment systems at multiple geographies, thus providing customers a seamless experience of You Only Need One - YONO

A significant rise in digital frauds poses a substantial risk - both to the customers, as well as your Bank. Your Bank is fully committed to ensure complete safety and soundness of the IT systems that are being used/offered to the customers. In addition to the industry standards of IT Security/Cyber Security that are being followed, we have also initiated the process of putting in place, a robust Fraud Monitoring Solution - specifically for electronic channels that are being used by the customers

Commercial Clients Group (CCG)

Your Bank's CCG vertical services the credit needs of mid and large-sized corporates, including specialised branches like the Diamond branch. The CCG vertical is headed by MD and supported by two DMDs, five CGMs, ten CCG Regional Offices (CCGROs) and three Direct branches headed by GMs. The CCG vertical is present in 29 cities, with 50 branches boasting a team of credit specialists to support large credit proposals and cater to the corporate ecosystem, promoting green finance and new-age business financing, managing associated risks and sustaining growth.

Within the CCG vertical, the CGMs are assigned as Group Relationship Owners to improve coverage quality and enable integrated views on exposure and earnings across the Group.

CCG Performance

Opening of Diamond Branch in Surat Diamond Bourse (SDB)

The Surat Diamond Bourse (SDB), located in DREAM City, Surat, exclusively promotes the diamond, gems and jewellery industry. It is the world's largest diamond trading hub with 4,500 offices of diamond traders

and manufacturers. Your Bank has recently opened a Specialised Diamond Branch in SDB and is authorised as Forex Category 'B' Branch for handling forex business. As a one-stop solution for diamond, gems

and jewellery manufacturers and traders with their offices in SDB, the Branch is also authorised as a Designated Branch for Metal Gold Loan and Sale of Gold (Wholesale).

Project Finance and Structuring Strategic Business Unit

Your Bank's Project Finance and Structuring Strategic Business Unit (PF&S SBU) deals with the appraisal, structuring and syndication of funds for large projects, with a certain threshold on minimum project cost:

1.    Infrastructure sectors, such as power, roads, ports, railways, airports, etc.

2.    Non-infrastructure projects in industries such as refinery, metals, fertilisers, cement, oil & gas, and glass, amongst others

The PF&S SBU also supports other verticals by vetting large ticket term loan proposals. To strengthen the policy and regulatory framework for financing infrastructure, it provides inputs from lenders' perspective to various ministries of Central/State Governments and RBI. It gives inputs/suggestions on draft agreements and contracts like Model

Concession Agreements and broader infrastructure finance issues faced by various stakeholders.

The growth projections for the Indian economy are the highest for any large economy; it is expected to be one of the top three economic powers in the world over the next few years. Infrastructure is at the forefront of economic development in India. The government has further hiked the budgetary allocation towards capital expenditure from C10 Lakh Crore in FY2024 to C11.11 Lakh Crore.

The Government of India has introduced various initiatives to strengthen the economy, such as the National Infrastructure Pipeline (NIP) with targeted investments of US$1.4 Trillion, the National Monetisation Pipeline (NMP), and Performance Linked Schemes (PLI). The need to ramp up infrastructure on a large and sustainable scale has resulted in new

projects, particularly in sectors such as renewables, roads, city gas distribution, etc. There is a requirement for funds to finance various projects planned by the government, such as the construction of 2 Lakh km national highway network by 2025, increasing the number of Airports to 220 by 2025 and the development of 35 Multi-Modal Logistic Parks, among others. By leveraging the vast resources and expertise available within the SBI Group, PF&S SBU can offer the entire gamut of project financing-related services - funding as well as off-Balance Sheet items - for any project size across sectors.

Your Bank is well-positioned to garner a bigger pie of business opportunities and maintain its leadership position in the project lending space based on effective connect with clients, industry, Government Ministries, and Authorities supported by specialised marketing endeavours.

Stressed Assets Management

Stressed Assets Resolution Group (SARG) ranks among the most significant verticals of your Bank. Resolution of Stressed Assets by SARG presents the following latent income generating avenues for your Bank:

•    Cash recovery in NPA and Technically written-off accounts (AUCA)

•    Reduction in Loan Loss Provisions

•    Contribution to your Bank's bottom line

• Unlocking the lendable funds for credit growth

Industry-wise Distribution of the NPA Portfolio (31^st March 2024)

Major NPA accounts are from sectors like Power, Telecom, Trading, Roads & Ports, Infrastructure (Others), etc. Apart from the above, remaining portion of gross NPA is from AGRI/PER/MSMEs. The GNPAs from Agri Segment & Personal Segment (35% & 11% of Total GNPAs respectively) also form part of Others in the pie chart shown above.

Innovation for Resolution of Stressed Assets

Resolution under IBC is a market-oriented mechanism where competing bidders for a particular Stressed Corporate Debtor strive to bring better valuation and higher recovery.

The transfer of eligible assets to NARCL is also being monitored by SARG and the requisite enablers are in place to ensure smooth migration of identified assets. Robust IT initiatives have been rolled out, including LITMAS (Litigation Management System), to monitor legal recourse undertaken in the Stressed Accounts for expediting resolution. It will further strengthen the transparency and efficiency of the process. Wilful Defaulter Management System (WDMS) Application has also been developed for digitalisation of Wilful Default examination process for better monitoring and achieving operational excellence.

Redesign Studio

1. Opening of Branches and RACPC during FY2024

•    A total of 137 Brick & Mortar Branches have been opened during FY2024

•    Total 32 branches opened in Unbanked Rural Centre during the current financial year

•    Number of RACPCs/RACCs opened during FY2024 are 73

2.    IFRDS 2.0 (Interest and Forex

Rate Display System)

•    The IFRDS portal was developed inhouse as a utility portal for display of interest rates at all branches in 2020. The system is controlled and monitored centrally by BRNWM, CC ensuring uniformity

•    Interest and forex rates are displayed on television screens/PC Monitors connected through intranet at all branches

•    Rates are now also displayed in regional languages in addition to Hindi and English

3.    Colour Coding Concept

(Leveraging High Potential Branches)

Dashboard inaugurated by the

Chairman on 26^th October 2023

•    To differentiate branches based on performance under various parameters, such as business, efficiency, compliance, customer service, etc. by segregating under distinct cohorts

•    Branches are categorised as Diamond, Emerald and Pearl based on continued achievement of business targets, long standing high value relationships, audit ratings, high market share. The branches will then be colour-coded based on the ability to leverage business potential

•    To provide a level playing field to various types of branches, cohort-based ranking and segregation is done. Branches more than five years old are considered for categorisation, making this an effective tool for drawing up business strategies, increasing market potential and proper resource allocation

4.    Accessibility for Divyangjans

•    91.64% of your Bank's branches have been made accessible for Divyangjans as of March 2024

•    87.78% are accessible through ramp, with 3.86% of the branches made accessible through alternate solutions such as portable ramp, provision of services on the ground floor as well as space at ATM

•    Doorstep Banking services with three free transactions in a month as an additional measure for Divyangjans

•    Availability of wheelchairs at branches where Divyangjan customers are registered

5.    Facelifting of Premium and

Reputed Educational Institutions

during FY2024

•    Facelift of premier and reputed educational institutions like IITs, IIMs, AIIMs, etc. undertaken with a focus on providing digital offerings

•    307 branches at reputed institutions across the country like IITs, IIMs, AIIMS, IIITs, NITs, medical institutions, ISB, XLRI, etc. are identified with account opening Tabs and INB kiosk being provided

6.    First Time Right (FTR) Approach

•    In the account opening process, your Bank has adopted "First Time Right" approach for early activation of accounts. It has ensured optimum utilisation of the resources by avoiding recurring rectifications and follow ups

•    With regular monitoring, the rejections have come down to less than 2% in case of individual accounts and to less than 5% in case of non-individual accounts. Resultantly, average TAT of customers account activation has come down to less than 1 day for both individual and non-individual accounts

7.    Process Rationalisation and

Automation

•    Existing processes at Liability Centralised Processing Cells (LCPCs) have been revamped to remove the bottlenecks, provide technology-based enablers, improve productivity, reduce effective TAT and ensure compliance with the regulatory guidelines. Your Bank has taken the following important initiatives during FY2024 to finetune the procedures at LCPCs

- Upfront validations in CKYC application to avoid technical failure/ rejections

-    Upfront CKYC search facility to check CKYC number availability of the customers

-    Automation of CKYC return handling. Approximately 85 Lakh records have been returned by CERSAI as suggestions/probable matches, out of which approximately 68 Lakh records were auto updated

8. Digi Vault Application

•    Digi Vault envisages digitisation of customer loan documents and integration of various applications storing customer documents to provide view/access to the internal auditors and other intended users. Your Bank has completed all the three phases of the application i.e. facility to upload the loan documents, integration of Account Opening Forms (AOF), housing loan documents and loan processing documents

•    The application helps in reduction of cost to your Bank by facilitating off-site audit by providing remote document access to the auditors and also helps in speeding up the audit process

Support and Control Operations

Human Resources and Training

Your Bank believes that investing in employees will ultimately result in a stronger, effective and more valuable workforce. The committed and motivated human capital is the core strength to ensure that your Bank continues to maintain its legacy of achieving higher business goals year after year.

Your Bank always aspires to improve Employee Value Proposition and recognises the importance of aligning its strategies with the ever-changing aspirations of the workforce to increase efficiency, transparency and promote participative work culture in the organisation.

The summarised HR profile of your Bank as on 31^st March 2024 is as under:

Productivity Enhancement Initiatives

Your Bank has conducted an Employee Engagement Survey "Abhyuday". This initiative was a step towards achieving the vision of your Bank to "Be the Bank of Choice for a Transforming India". The survey drew overwhelming response from more than 95% of eligible employees wherein more than 1.89 Lakh employees voiced their opinion. The survey results have provided us with comprehensive insights into our employees' perspectives on the performance, culture, relationships, processes and policies of your Bank.

Your Bank has launched a new generation and future-ready cloud-based Human Resource Management System (HRMS) HRMS SaaS solution to meet the diverse need of Human Capital and to provide the HR services to the employees and pensioners in a seamless digital mode through web and mobile application. The new HRMS solution is equipped with latest technology, AI, ML and internal social network and will enable your Bank to increase operational efficiency of HRMS processes by automation of various processes with enhanced security framework.

For a Bank with a large footprint and diversified set of roles operating in different geographical regions, specialised skills are particularly important to meet the aspirations of the customers. To ensure deep domain knowledge and to foster expertise, your Bank has defined career paths for its officers in Scale-II to V through

Job Families concept. This enables deep specialisation in the banking domain and ensures that employees with sufficient exposure to these skills offer best-in-class services to our esteemed customers.

Your Bank has aligned the job families to succession planning to ensure sufficient talent in pipeline for succession to critical positions in the senior leadership. The key outcome of the process is to identify, develop and train talent so that any succession risk could be better managed for business continuity.

Your Bank adopts a Branch Manpower Model for manpower planning and ensures 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, etc.

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 required assurance and stability to the branches and other units to actively focus on business activities, during major part of the year.

Performance Management System

Your Bank has a robust Career Development System (CDS) for transparent, objective, and credible data-backed performance evaluation of employees' performance. The system ensures objectivity, business orientation, performance visibility and greater alignment between individual and organisational goals. The outcome of the performance evaluation is used in all the key processes, like promotion, incentives, posting and exposures to ensure performance improvement.

Your Bank reviews the policy and process related to Career Development System at annual interval to ensure that our HR practices stays in sync with the best industry practices. In this direction, your

Bank has introduced the concept of Performance Improvement Plan for helping employees to elevate performance in Team Performance Key Result Area (KRA) tc foster team spirit and collaboration, KRA Grouping Concepts for aligning individua KRAs with organisational goals and Net Promoter Score-based KRAs have also been introduced,

Your Bank continues to strive to increase the share of objective data-driven assessment in overall performance evaluation, At present, 89% of total employees covered under Career Development System are being evaluated based on data driven objective KRAs, The objective KRAs are mapped to all the category of employees up to the apex level i.e. Deputy Managing Directors,

Recruitment

The recruitment strategy of your Bank is tailored to suit the evolving landscape in banking, It typically involves a mix of traditional methods like job posting and modern techniques like social media recruitment and leveraging job portals with a view to attract talent with the right skill sets and aligned with your Bank's vision, mission and values,

Being the largest public sector bank in the industry with a robust career advancement policy, attracting the top talent from the market is not a challenge for your Bank, As part of its recruitment process, your Bank reaches out to a broader pool of candidates using digital platforms widely, Advertisements are published on job portals and in our social media handles, Making use of social and digital media in the hiring process has enabled your Bank to reach out to a larger pool of tech-savvy aspiring candidates,

Your Bank has recruited Probationary Officers, Circle Based Officers, and Junior Associates for entry-level positions, Your Bank is also actively recruiting specialised talent on a lateral and contractual basis in Information Technology (IT), Information Security, Risk, Credit, and Marketing among others to meet the demands of the fast-changing business landscape and also the regulatory requirement,

Gender Diversity

Gender sensitivity and inclusiveness have always been the cornerstone of your Bank's HR policy, Out of the total work force, the representation of women is 27% as on 31^st March 2024. Women employees are employed across all geographies and levels of hierarchy,

Reservations and Equal Opportunity

Your Bank meticulously follows the GoI directives on Reservation Policy for SC/ ST/OBC/EWSs/PWD, Your Bank has representation of SC, ST, OBCs and Persons with Benchmark Disabilities (PwBD) among all the cadres of its workforce, Your Bank has implemented reservation to Economically Weaker Sections in direct recruitment w,e,f, 1^st February 2019 in

terms of the GoI guidelines, Similarly, the Reservation in Promotion for PwBDs up to the lowest rung in Group-A i,e, up to JMGS-I has been implemented since 17^th May 2022,

Reservation Cells have been established under HR Department at Corporate Centre as well as at all 17 Local Head Offices of your Bank, At Corporate Centre, two high ranking officials of the rank of General Manager are designated as Chief Liaison Officer for SC /ST/PwBD and OBC, All 17 Circles have a recognised State Bank of India SC/ST Employees Welfare Associations (SEWA) for conducting Quarterly Structured/Core Committee Meetings,

Your Bank is conducting Workshop on Implementation of Reservation Policy of GOI for its Chief Liaison Officer (CLOs), Liaison Officers (LO) and HR Officials annually, Your Bank has also created a Portal for lodging grievances of SC/ST/ OBC/PwBD employees for quick redressal and better oversight,

Pre-recruitment Trainings were conducted for SC/ST/OBC candidates during FY2024 as under,

Industrial Relations and Staff Welfare

Your Bank places significant emphasis on maintaining healthy industrial relations by fostering open communication channels between management and employee representatives through periodical coordination meetings with staff and officers' federations, By encouraging transparency and inclusivity, your Bank cultivates a culture of trust and collaboration, essential for fostering harmonious industrial relations,

Your Bank has prioritised compliance with labour laws and regulations as a cornerstone of its industrial relations strategy, By adhering meticulously to legal frameworks governing employment practices, your Bank mitigates the risk

of legal disputes and penalties. This commitment to compliance not only safeguards your Bank's reputation but also promotes trust and stability among stakeholders, leading to enhanced productivity and organisational resilience.

Care and Assistance for Retired Employees

Your Bank recognises the contribution of its ex-employees whose dedicated lifelong services brought your Bank to its present height. Your Bank has implemented 'Project SBI Cares' for automation and streamlining of various pre-retirement and post-retirement benefits and processes through its HRMS portal.

Your Bank's e-pharmacy scheme for eligible retirees provides doorstep delivery of medicine at a very attractive price without any delivery charges. Starting with Policy year 2024-25, the retirees can select their preferred e-pharmacy vendor from a list of empanelled vendors.

Retirees of SBI now have an option to subscribe to Mediclaim policies of your Bank in online mode through the HRMS portal, thereby avoiding the hassle of visiting the branch, queuing up for premium payment, etc.

The retirees also have an option of downloading their Pensioner ID Card from the HRMS portal. The format of the Pensioners ID card is now uniform across all the circles and comes with a QR code containing details of the retiree.

Your Bank has also provided an option under the 'Project SBI Cares' to retirees of your Bank for opting in for Organ Donations.

Training and Development

Developing an Organisation-wide Learning Culture

The prevailing banking environment is marked by technological advancements and evolving market dynamics, which has made it imperative for the Bank to transcend traditional models and embrace a culture that values and prioritises learning.

A learning culture is not merely a series of training programmes but a holistic approach towards knowledge enhancement that permeates every facet of the Bank.

The training initiatives undertaken by the robust channel of our 6 Apex Training Institutes (ATIs) and 51 State Bank Institutes of Learning & Development (SBILDs) during the year to ingrain a learning culture in our employees are detailed as follows:

Shaping the competencies and skillsets to develop an agile workforce

Your Bank was able to touch around 1.57 Lakh employees through different learning modes like classroom training and webinars. Your Bank undertook the following training programmes to ensure upskilling of the workforce to meet the changing customer expectations and emerging business challenges:

Building new recruits' capabilities:

In addition to our regular onboarding training for new recruits, the Management Development Program (MDP) for POs/ TOs was extended up to two weeks. It helped them to learn and provide real life insights into the challenging life of a Banker and enhance their resilience and endurance, learn about teamwork, task delegation, stress management and maintaining a positive mindset. In FY2023-24, total 14,199 (including Probationary Officers, Trainee Officers, Circle-Based Officers, and Junior Associates were covered under onboarding training, and 6,487 employees were administered assessment examinations.

Precision trainings: Initiated in FY2023, the specialised trainings for first time and critical role holders under precision trainings continued in FY2024, covering around 7,500+ officials in various roles. Some of these trainings are highlighted below:

a. Institutionalisation of Samanvay & First Time Branch Managers: Due to high user acceptability and compelling training feedback, two training programmes viz. Samanvay - First Time Regional Managers

and First Time Branch Managers were institutionalised to be conducted every year.

b.    First Time Service Managers:

Considered as the key resource person for not just mobilising business and maintaining good housekeeping at the branch but also developing strong customer relations, a comprehensive programme was rolled out for Service Managers to empower them with requisite knowledge and skill sets which would enable them to emerge as game changers.

c.    Programme for CMs (HR) and Managers (HR) of Circles: A 3-day programme was introduced for your Bank's Circle HR functionaries operating at grassroot level to develop the expertise required in discharging their duties in an efficient manner and attain the necessary conceptual clarity of various functional aspects related to their role.

Institutionalisation of Mid-Career Certification: Introduced in FY2023, this CVC-mandated programme was institutionalised in FY2024 by making enhancements in the existing programme structure and preparing a roadmap till FY2027 to cover all SMGS - V & IV officials. In FY2024, 2,300+ SMGS-V officials completed Mid-Career Training.

Orientation Programme for JIBOs and IBOs: A two-week orientation programme for junior and middle management officers proposed to be posted abroad was conducted to acquaint them with the processes/regulations overseas and to groom them in becoming your Bank's brand ambassadors at the overseas locations. Emerging Leadership Development Programme: A five-day classroom programme on 'Emerging Leadership Development' was arranged at IIM Indore to suitably upskill the newly promoted DGMs (204 DGMs) to tackle the diverse challenges faced by them due to the transformation in the financial services sector.

Digital Leadership Program: For

CGMs, GMs and DGMs (total 412

officials) was conducted at ISB Mohali & Hyderabad campuses to keep up with the ever-changing regulatory compliance requirements, navigate the disruptive impact of technology, and tackle the growing complexities, specialisation, and diversification within the banking sector.

Director Development Program: The

Financial Services Institutions Bureau (FSIB), in collaboration with IBA and other stakeholders, had designed and launched a Directors Development Program (DDP) 2023. M/s Egon Zehnder delivered the program in partnership with Harvard Business Publishing (a wholly owned subsidiary of Harvard Business School). It was designed as a nine-month journey (Module I for 15 hrs, Module II for 4-5 days, and Module III for 4-5 days) through both online and offline delivery modes. The programme was attended by one of your Bank's Non-Executive Directors. Contemporary learnings

Your Bank initiated the following learning interventions to equip the workforce with the latest industry trends:

ESG (Environmental, Social, and Governance) trainings: Exclusive webinars were curated and conducted for employees to discuss the importance of ESG, the basic terminologies associated with ESG and its implementation in day-today banking. Furthermore, ESG aspects like Renewable Energy Financing (Ethanol, CBG, Solar, Wind, etc.), reducing carbon footprint are being covered in Risk Management programmes for the employees.

E-learning modules on trending topics:

Comprehensive MOOC e-lessons were designed on New-Age Skills covering Artificial Intelligence/Machine Learning, Anti-Bribery Anti-Corruption policy, Code of Ethics and CRISIL modules on Credit, Risk & Wealth Management for the employees to impart knowledge on emerging industry practices.

Program on Start-up ecosystem was conducted for 50+ Branch Heads of Start-up branches and RMSMEs of select branches. The programme covered the aspect of understanding startups with respect to sustainable business model.

Imbibing the Global Best Practices to gain the First Mover Advantage

External Training Abroad

Top Management Officials in the rank of DMD and above were deputed for external training programmes at top-notch institutes/business schools like London Business School, Harvard Business School, Wharton Executive Education and Centre for Creative Leadership, USA to enable them to understand global trends in various domains and hone their leadership skills.

Leveraging Digital

Virtual channels of learning have become a necessity for the next normal. To facilitate on-the-go learning among employees and ensure their uninterrupted skilling, your Bank has curated a host of digital learning tools such as bite-sized learning modes which are published at regular intervals in the form of audio/video podcasts, one-pager knowledge snippets on banking, economics and risk, short educational videos on cyber awareness, various agri products and operational risk.

Apart from these micro capsules, Case Study Discussion Board (having 1.21 Lakh unique visitors) for virtual community discussions on banking topics, Quiz platforms like My Quest Today (1.12 Lakh participants in FY2023-24) on latest banking & financial developments and askSBI, the internal search engine of the Bank are also available for the employees to enable self-paced learning.

Role Based Learning

With the perspective of skilling the employees as per their role, under the Mandatory Learning guidelines, Role Based Certification (e-RBC) was rolled out during the year for employees. Apart from the completion of role aligned certification, employees were prescribed to complete 6 mandatory e-lessons. As on 31^st March 2024, a total of 1,78,614 eligible employees (96.03%) had completed their mandatory e-learning, with 98.89% of eligible Officers and 94.47% of eligible Award Staff completing the Certification. Furthermore, 99.47% of eligible Officers and 97.71% of eligible Award staff had completed all their specified e-lessons. In addition to the mandatory e-lessons, your Bank has a repository of 700+ in-house e-lessons for knowledge enrichment of employees.

Learner's Helpline for Real-time Resolution

Gyan Setu: A dedicated Call Centre for resolving non-technology-related queries from staff members within your Bank has been dedicated to all the staff members. The strategic vision behind Gyan Setu is to offer authentic, real-time support to our staff, particularly those in operations to significantly enhance the overall customer experience.

Azadi Agyanta Se: A HR helpline was also rolled out for the Bank's HR functionaries operating at Circles to provide guidance & resolution on critical HR matters.

Knowledge Exchange

To further deepen the learner driven culture, your Bank rolled-out the following initiatives:

Dissemination to ground force: The top

management officials i.e. DMDs hosted a knowledge sharing session for employees to share their experience and learnings from the external trainings attended by them abroad.

Leading from the top: Interactive sessions were taken by the top executive officials in the grade of CGMs & above in various in-classroom/virtual training programmes to share the corporate goals, concerns, initiatives, and expectations from operating functionaries.

Faculty visits at internal institutes: To get a third eye-view on the training delivery techniques and gain insights on the nuances of training delivery, programme development and overall infrastructure management, ATIs faculty visits to SBILDs and vice versa was rolled out during the year.

Diversity Equity Inclusion (DEI) Interventions

Specialised training programmes for VI/HI employees were conducted in collaboration with SBI Foundation. The training sessions covered a range of topics that were geared towards improving the skills and knowledge of the employees and aimed to provide them with the necessary tools to excel in their roles.

Programme for Women Managers:

To nurture the female workforce, your Bank re-introduced the programme for Women Business Leaders such as Branch Managers, Regional M anagers, CPC Heads and DGMs (B&O), to enable them to discharge their role in this volatile banking environment, with renewed energy and enthusiasm while maintaining a healthy work-life balance.

Gender Sensitivity Webinars: Apart from the re-introduction of an exclusive in-classroom training programme for Women Managers, exclusive webinars on POSH/Garima Policy were conducted for all the employees to spread widespread awareness on gender parity.

'Samya': To embed gender sensitivity in our organisational DNA, the diversity and inclusion initiatives by State Bank Staff College under 'Samya' were institutionalised during the year. The initiatives include 'Samya 2.0 - A Time to Ponder': Fortnightly caselets, 'Samya -Leave No One Behind': Monthly webinars and Samya - Annual Magazine.

Transition to Retirement (TTR) Programme is a flagship programme of the Bank for all officials due for retirement along with their spouse, with the objective to help them manage the paradigm shift in their life after retirement. The TTR for AGM and below rank officials was carried out at our SBILDs and the officials in grade of TEGS-VI and above at SBIL. The contents of the programme have been altered in line with contemporary requirements to incorporate the themes of Post-Retirement Career Prospects, Cyber Security Awareness, Spiritual Well-being, etc. Pre-promotion trainings: Being an equal opportunity employer, your Bank conducts pre-promotion trainings for SC/ ST/OBC category employees to bridge their knowledge gaps before they appear for their promotional exams. Total 24,062 staff were imparted training which included 9,551 Award Staff, 5,609 Scale I and 8,902 Scale II officials.

Achieving Service Excellence

Your Bank took the following learning initiatives to facilitate a superlative customer experience delivery by the employees: Soft Skills & Customer Centricity: While soft skills session on customer centric behaviour is a part of all the major training programmes, exclusive webinars were conducted on your Bank's grievance redressal mechanism and compensation policy to spread its awareness among the employees

Grooming the missed opportunity segment: To unlock the true potential of the mediocre, under-achievers, a transformative performance improvement plan titled Sankalp was rolled out with a focus on skill enhancement, motivation, and fostering a growth mindset. The programme aimed to sensitise them on their roles and responsibilities and ignite a renewed sense of purpose among them to achieve their professional as well as personal goals.

Employee Engagement

Yes, I Can Bring Change: The

annual success stories campaign was implemented in FY2023 to gather the most creative, inspiring and implementable stories of transformation from our employees, irrespective of their grades. During FY2024, the originators of the top 5 success stories were invited to SBI's Corporate Office at Mumbai and bestowed Certificates of Excellence by the Chairman and Top Management. The other success stories originators were also felicitated at Circle/Local Head Office levels.

Prerak: This generation-aligned two-day programme was conducted for the seasoned employees of your Bank in the age bracket of 41 years and above. Around 31,800+ employees were sensitised on their crucial role in acting as a bridge to ensure seamless knowledge sharing with the new generation, create a base for effective changeover and understand the emerging challenges in the banking industry. The programme also recognised the stellar contributions made by the

group in maintaining your Bank its leading position over the years.

SBI Wizards 2023-24: Positivity is a potent tool for improving staff members' resilience and coping skills. This attribute benefits both the organisation and the employees equally. With this perspective, your Bank has been organising a family quiz 'SBI Wizards' since 2020-21. Top 6 teams participated in the grand finale for FY2024 at Corporate Centre, Mumbai in presence of Chairman and other Top dignitaries. The event generated great enthusiasm among the employees and garnered appreciation from all employee grades.

Coaching Interventions

Samunnati & Quality Circle: To

augment the competency of our workforce, these participative one-to-one coaching interventions were rolled out during the year in 259 critical branches. Under the initiative, our faculty hand holds these branches with an aim to align the training to business and make them self-reliant in problem solving/service improvement.

Sarthak: With an idea of the safety, reputational integrity & investor confidence in the Bank, it is essential that the process of "Audit & Compliance" is not merely a tickbox exercise but results in transformational changes in our work culture. This coaching intervention was rolled out during the year to improve the rating, generate risk awareness, and inculcate the habit of "doing things right the first time - every time" at the grassroots.

Training to Value Chain Partners

Your Bank conducted trainings for Business Correspondents, CSP Operators on various FI & Digital products with special emphasis on Social Security Schemes. Furthermore, orientation programmes were also conducted for 5,562 Feet-on-Street (attached to SBOSS). Exclusive training programmes are also conducted

for Home Loan Counsellors (HLCs) and SBI Cap Securities Ltd (SSL) executives on a regular basis.

Expanding Footprints

Customised training programme for Local Based Officers (LBOs) of Nepal SBI Bank Ltd. was curated and conducted during the year. The programme was a perfect blend of core functional and behavioural inputs. The programme was well received by the participants as they had an enriched learning experience. The training added value in terms of their job knowledge and honing appropriate skillset for improved efficiency at their workplace.

Industry Connect

DFS "Chintan Shivir": State Bank Academy, Gurugram organised the event of Department of Financial Services (DFS) titled "Chintan Shivir". The event brought together key stakeholders from the financial industry, government officials, and experts in the field. The workshop featured insightful panel discussions, engaging presentations, and interactive sessions.

Integrated Workshop on renewable

sector: Two-day integrated workshop on renewable energy industry was conducted at State Bank Academy, Gurugram. A total number of 36 officials from different BUs (SMEBU, CCG, PFSBU, CFU, CRD) attended the program. The sessions in the program were taken by industry experts such as Mr. Gagan Sidhu, Director, CEEW (Council on Energy, Environment and Water), Mr. Vivek Sen, Director, Climate policy initiative and Mr. Vikrant Sharma, Deputy Director, National Institute of Solar Energy (NSE).

Interaction with Agri Industry Leaders:

To equip the participants with latest developments in the field of Agriculture and other related areas, interactions with various industry leaders were arranged at State Bank Institute of Rural Banking (SBIRB), Hyderabad like Shri Vijay K.

Vijayaraghavan, Chairman, Sath Guru Management Consultants Pvt. Ltd., Dr. V. M. Choudhary, Group Director, ISRO, Dr. Padmaja, Principal Scientist, ICRISAT, Hyderabad, etc.

Sustainability at Core

Your Bank has incorporated sustainable practices in various facets of banking including the training infrastructure. All 6 ATIs have obtained IGBC certifications with 4 institutes being Platinum rated and 2 being Gold rated. Amongst SBILDs, we have 4 institutes with Platinum rating and 1 each with Gold and Silver rating. Under Sustainable Development Goals, our training institutes are equipped with Solar Power Plants, Rainwater Harvesting Plants, Sewage Treatment Plants, Food Waste Composting Plants, Organic Waste Converter (OWC) Machine, Vermicomposting & Energy Saving Buildings. Many training institutes are 'Plastic Free Zones' and outdoor activities such as walkathons, cleanliness drive, tree plantations, etc. are carried out at the institutes to spread awareness on sustainable environment among the participants.

Milestones

ET HR Future Skills Awards: Your Bank was bestowed two prestigious L&D awards in FY2024 under 'The Economic Times HR World Future Skills Awards' - in Gold Category for 'Best L&D Leaders and in Bronze Category for 'Diversity & Inclusion Learning Initiatives'.

Pre-recruitment glimpse of an SBIan:

Your Bank launched a video to attract potential talents to the Bank and increase visibility of the Bank. The video showcases employment in SBI as a way of life and highlights the Bank's culture and offerings. The video has been made available in various social media platforms and is also displayed during new recruits' interviews and other relevant events.

Learning Snapshots for FY2024

The average training hours per employee during FY2024 were 48.49. The grade-wise and gender-wise bifurcation of training hours is as follows:

Digital Transformation and e-Commerce

Over the years, your Bank has been deploying wide spectrum of technological capabilities enabling digital transformation by revamping the back-end and enhancing the front end experience for customers. Your Bank's vast network of branches coupled with digital banking platforms have kept your Bank in the leadership position and enabled the Bank to introduce more customer centric, intuitive & seamless products and services.

In this fast-changing digital era, your Bank is constantly innovating itself using transformative technologies to provide the right solutions to our diverse clientele, to provide great customer experience and in improving efficiency of staff. As part of digital initiatives of the Bank, your Bank is not only creating seamless digital products across assets and liability segments with innovative features, but also redesigning the back-end processes through end-to-end digitisation initiatives.

Aiming at becoming "Banker to every Business", your Bank's YONO Business (yonoB) platform (available on both desktop and mobile app) has integrated digital offerings that are designed for enhanced customer experience and convenience to do transaction banking for our business customers (Proprietors to Large Corporates). YONO Business offers a whole range of banking needs -

Trade Finance, Forex, Cash Management, Corporate Internet Banking, API Banking, Pre-Approved Business Loans (PABL), Cash Management and Supply-chain finance for corporate customers across categories, from emerging start-ups to the biggest conglomerates. Many more customer journeys are being designed which includes VKYC Based Current Account opening for Sole Proprietors, Trade Lifecycle, UPI Quick transfer, Forex rate booking, Revamped App, WhatsApp banking etc.

To support the Trade customers, your Bank has undertaken complete overhaul of existing Trade Finance and International Banking Businesses ecosystem by setting up 2 Global Trade Finance Centres at Kolkata & Hyderabad to achieve operational excellence, by making best use of digital offerings and improve market share. Your Bank is also working towards automation of many processes through real time integration with internal as well as external systems, introduction of AI/ ML driven processes, re-imagined UI/ UX architecture to improve customer satisfaction by improving response times and provide more personalised experiences. Your Bank has also integrated with all the three TReDS exchanges in the country - RXIL, Ml Exchange and Invoicemart to have real-time data access, enhanced risk management, better monitoring and effective supervision on the TReDS business.

YONO

Your Bank's digital platform YONO, launched in 2017, has celebrated its 6^th anniversary and is very well accepted by our customers. The testimony of the same is our 7.4 Crore+ registered user base since the app launch.

YONO encompasses Banking, Investment, Insurance and Shopping needs of customers as well as enables to complete banking transactions with simple, minimum click journeys like Opening a Savings Bank Account, Transfer of funds, Apply for Personal loan, Car loan, etc. digitally with the convenience of operating from anywhere, 24/7.

Apart from the above, your Bank has launched several digital customer journeys on YONO for enhancing the convenience of our customers on a continuous basis such as Issuance of Virtual Debit Card, end-to-end instant Credit Card issuance, YONO for Every Indian - making available UPI functionalities to all Indian citizens, enhanced Whatsapp banking services etc.

To keep pace with the evolving digital banking ecosystem, your Bank is developing the next generation technology platform 'Only YONO - The New Digital Bank' (YONO 2.0) with certain key capabilities such as consistent Omnichannel experience across all digital channels, hyper-personalised customer experience, AI-based models for business, Preventive Risk Management, etc.

Your Bank is actively engaging with FinTechs/Start-ups with unique strength of focused product, solution and segment depth in niche areas to build key customer journeys, build digital capabilities, and to offer best digital journeys with faster time-to-market. To stay closer to the FinTech community, your Bank is also regularly participating in various Fintech conferences such as the Global Fintech Fest (GFF) 2023 (jointly organised by NPCI, Payments Council of India (PCI), and Fintech Convergence Council (FCC)) at the Jio Convention Centre, BKC, Mumbai from 5^th-7^th September 2023. Your Bank along with its JVs has showcased several products and services at the GFF pavilion attracting many FinTechs/Start-ups.

Information Technology

Enterprise Integration Services

Your Bank's Enterprise Integration Services (EIS) department has channelised multiple heterogeneous applications like YONO, INB, Mobile Banking etc. by automating their processes through light-weighted API layer. EIS's robust integration architecture and highly secured APIs (complying Industry Standards), has reduced third party application development time by utilising generic APIs integrating multiple channels. EIS has automated processes for Account Opening, Pre-Approved Personal Loan (PAPL), Real Time Xpress Credit (RTXC), YONO CASH by internally orchestrating CBS transactions. EIS is a single-point integration layer for external entities like NSDL, UIDAI, NESL etc. with SBI. EIS has provided APIs for DigiLocker which is a flagship initiative of Ministry of Electronics and Information Technology providing a document wallet to citizens to access authentic documents/certificates in digital format from the source of truth thereby promoting the vision of paperless governance.

Network Infrastructure Improvement

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

Enterprise Short Messaging Service (SMS)

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

Meghdoot is designed to meet the challenges posed by the rapid technology requirements and substantial data processing loads through a combination of innovative strategies and cutting-edge technology. Meghdoot has been a runaway success, with just 5% footprint in the data centre space, and hosting around 50% of the workloads thus minimising carbon emissions and contributing to a greener and more eco-friendly operations.

Our initiative supports hybrid cloud architecture by providing seamless connectivity to public cloud services. This flexibility allows your Bank to leverage the advantages of both private and public cloud environments as needed to fulfil our commitment of providing efficient services and solutions to customers.

Your Bank's CRM Solution helps to build and maintain strong and loyal relationships with the existing and prospective customers. It has been implemented and continuously getting enhanced as an employee facing business interface to meaningfully engage with customers throughout the lifecycle of sales, service, and marketing.

CRM Solution has customised Lead modules for all Business Units and other critical departments, integrated with other sources such as Online Customer Acquisition

Solution (OCAS), YONO, Loan Origination System (LOS), Loan Life-cycle Management System (LLMS), Retail Loan Management System (RLMS), Retail Assets Acquisition Solution (RAAS), Bank's website, Contact Centre, etc. It also has a sophisticated and advanced Complaint Module, i.e. CRM-CMS wherein the customer's entire trail of previous complaints and other details are captured in the application giving ease to users and customer for complaint lodgement, tracking and resolution.

Software Factory

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

Channels and Operations

Payment System (PS)

Your Bank holds a significant share in NEFT remittances, SBI has processed 204.39 Crore transactions, constituting over 14,07% of the market share, SBI is a significant player in RTGS remittances and has processed more than 6,80 Crore transactions involving more than C405.51 Lakh Crore,

Your Bank holds a significant share in CTS Clearing with 7,89 Crore inward transactions with 10,18% market share and 5,62 Crore outward transactions with 7,24% market share, Value-wise inward clearing transactions amount to C10,14 Lakh Crore with a market share of 12,33%

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, Chennai Metro, Kanpur Metro, MMRDA Line 2A & 7, Agra Metro, MMRC Line-3 Metro, MBMC City Bus and Himachal Road Transport Corporation (HRTC) State Bus Transport projects to implement qSPARC technology on the RuPay platform,

and outward transaction amount to C8,01 Lakh Crore with a market share of 9,74%,

Your Bank uses the SWIFT messaging system for cross-border financial message transmission, SBI has processed 41,33 Lakh financial messages, SBI has fully complied with all the 24 mandatory controls and 8 advisory controls prescribed by the SWIFT for Customer Security Compliance Framework,

ATM

Your Bank's ATM department is PCIDSS Compliant, a benchmark security standard for the payment card industry, It stands tall, serving 22,87 Crore active Debit card users as on 31^st March 2024,

Your Bank has issued 9,1 Lakh prepaid cards in these projects,

Proactive Risk Management (PRM):

Your Bank has deployed fraud monitoring solution i,e, PRM, for monitoring of suspicious and fraudulent transactions, committed on various digital channels, Presently, PRM is integrated with ATM Cash, PoS, E-COM, Retail INB, Corporate INB, Merchant INB, YONO, YONO-Lite, UPI, Kiosk Banking and FASTag,

CMP & SCFU

Your Bank's Cash Management Product (CMP) is serving the big-ticket Corporates and Government clients for their payables and receivables through modules like Payments, Collections, Mandate, etc, generating both Fee & Float Income for your Bank, The current application is in operation since 2015-16 and handling an annual turnover of C120 Lakh Crore, Your Bank has taken the revamp exercise, which is likely to be operationalised by Sept'24, with an objective to bring off-the-shelf tool with regular product innovation and will be consolidated suite/single transaction banking platform for all modules,

Supply Chain Finance

Supply Chain Finance application caters to invoice financing of Major Industry customers of your Bank. Electronic dealer Finance (e-DFS) and Electronic Vendor Finance Scheme (e-VFS) are flagship Supply chain Finance products contributing significantly to the SME business of your Bank. With technological advancements, spread of digital technologies and emergence of FinTechs, SCFU finance landscape has changed. The tech platform architecture has been upgraded by your Bank using microservice-based architecture with enhanced user experience to support the business need. SCF Revamp application is leveraging Tanzu Kubernetes platform hosted on Banks internal cloud Meghdoot, for auto scaling, self-healing cluster orchestration. Application integrated with your Bank's centralised DevOps CI/CD platform for automated deployments and has real time application monitoring facility.

HRMS