State Bank of India (SBI) is taking action to reduce its percentage of bad loans which has reached 5.73%, SBI managing director and group executive A Krishnakumar said.
SBI said all zones have been directed to tighten the recovery of debts and reduce non-performing assets (NPAs) substantially.
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"Even the major clients including the airline operators will not be spared and legal action has been already initiated," Krishnakumar told reporters.
Krishnakumar said SBI has decided on principle to consolidate the subsidiaries of SBI, but he didn’t disclose further details.
"Every year, till financial 2015-16, we want to open 1,000 branches across the country, apart from the 15,550 branches we already have," he said.
"This year we have so far opened 700 branches and 300 branches will be opened before March 2014."
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By GlobalDataHe said 35-40 per cent staff would retire, or take retirement in the next five years. He said 50% of the new recruits of the bank were women, and the bank was preparing to start more all-women branches in the country.
SBI chairperson Arundhati Bhattacharya recently inaugurated 27 ‘all-woman branches’ of the lender in the Chandigarh region.
