Mission Statement, Vision, & Core Values (2025) of State Bank of India.

An Overview of State Bank of India

General Overview of State Bank of India

The State Bank of India (SBI), established in 1955, has evolved into the largest public sector bank in India. With a legacy spanning over 200 years, its origins trace back to the Bank of Calcutta, founded in 1806. Throughout its journey, SBI has expanded its portfolio to include a wide range of financial services such as retail banking, corporate banking, investment banking, and wealth management. As of 2024, SBI operates over 22,000 branches across India and has a global presence in 35 countries.

In 2024, SBI's total assets were reported at approximately ₹45 trillion, with the bank generating revenues of around ₹5 trillion. The bank’s customer base has grown to over 500 million, reflecting its significant market penetration and ability to cater to diverse financial needs.

Financial Performance in Latest Reporting Period

In the fiscal year ending March 2024, SBI reported record-breaking revenue driven primarily by its retail banking segment. The bank’s total operating income increased by 15%, reaching over ₹5 trillion, with net profit soaring to ₹1.2 trillion, marking a growth of 20% year-over-year.

The significant growth can be attributed to the rise in retail loan disbursements, which accounted for approximately 60% of total loan growth. Gross Non-Performing Assets (GNPA) ratio improved to 3.5%, reflecting effective credit management and asset quality enhancement.

The following table summarizes key financial metrics for SBI for the fiscal year ending March 2024:

Leadership in the Industry

SBI stands as a leader in the Indian banking industry, commanding a 22% market share in the total banking assets of the country. Its strong digital presence, through the YONO platform, has revolutionized customer engagement and service delivery, making banking more accessible for millions.

Moreover, SBI’s diversified product offerings and extensive branch network position it favorably against competitors. The bank's commitment to innovation and customer-centric solutions contributes significantly to its sustained success in the ever-evolving financial landscape. Investors and stakeholders are encouraged to explore SBI's strategic initiatives to appreciate its standing as a premier banking institution.

Mission Statement of State Bank of India

Mission Statement Overview

The State Bank of India (SBI) articulates its mission statement to reflect its strategic goals and objectives. The mission is not just a statement; it serves as a guiding principle, directing the bank's operations and interactions with its customers, stakeholders, and employees. As of 2024, SBI aims to maintain its position as a leader in the banking sector while emphasizing customer-centric services, innovation, and financial inclusion.

Core Component 1: Customer Commitment

One of the primary components of SBI's mission statement is its commitment to customers. SBI strives to offer tailored financial solutions that meet the diverse needs of its clientele. This focus is evident from their customer satisfaction metrics.

• Customer Satisfaction Score (CSAT): SBI recorded a CSAT of 85% in 2023.
• Net Promoter Score (NPS): The NPS for SBI was 40, indicating strong customer loyalty.

These statistics underline SBI's focus on enhancing customer experience, promoting a relationship-based banking approach, and fostering trust among customers.

Core Component 2: Innovation and Technology

SBI recognizes that innovation is critical to maintaining competitiveness in the financial sector. The mission emphasizes adopting cutting-edge technology to enhance service delivery. In 2023, SBI made significant advancements in digital banking.

• Mobile Banking Users: The bank reported over 100 million registered users on its mobile banking platform.
• Investment in Digital Infrastructure: SBI allocated ₹6,500 crore for upgrading its IT infrastructure and digital services in the financial year 2023-2024.

This commitment to innovation is showcased through the bank's digital initiatives, including the launch of AI-driven financial advisory services and improved cybersecurity measures.

Core Component 3: Financial Inclusion

SBI's mission statement also highlights the importance of financial inclusion. The bank aims to provide access to banking services for unbanked and underbanked populations. This is supported by several initiatives and statistics.

• Banking Outreach: SBI has established over 22,000 branches across India, with a focus on rural and underserved areas.
• Pradhan Mantri Jan Dhan Yojana: SBI has opened over 10 million accounts under this government scheme, contributing significantly to national financial inclusion efforts.

The bank’s dedication to financial inclusion is also evident from its efforts in promoting microfinance and providing credit to small and medium enterprises (SMEs).

Performance Metrics Table

Vision Statement of State Bank of India

Vision Statement Overview

The State Bank of India (SBI) aims to be the most trusted and preferred bank, focusing on excellence in customer service while contributing to the financial inclusion of the nation. As of 2024, SBI's vision statement emphasizes its commitment to innovation, sustainability, and social responsibility.

Customer-Centric Approach

SBI's vision underscores a dedication to superior customer service. The bank has set a target to achieve a customer satisfaction score of 90% by the end of 2024, reflecting its commitment to understanding and meeting customer needs effectively.

Digitization and Innovation

As digital transformation accelerates, SBI envisions leveraging technology to enhance operational efficiency. The bank's digital transactions grew by 50% year-over-year, with over 1.5 billion digital transactions recorded in the financial year 2022-2023.

Sustainable Banking Practices

SBI aims to integrate sustainability into its core operations. The bank has committed to reducing its carbon footprint by 30% by 2025 and has already financed more than $10 billion in renewable energy projects as of 2023.

Financial Inclusion

One of the primary components of SBI's vision is promoting financial inclusion. As of 2024, the bank has opened over 200 million basic savings accounts under the Pradhan Mantri Jan Dhan Yojana, targeting underserved populations across India.

Community Engagement

SBI's vision also includes enhancing community engagement through various CSR initiatives. As of 2023, SBI has invested over ₹1,000 crores in community development projects, focusing on education, health, and rural development.

Global Presence

In addition to its domestic operations, SBI aims to strengthen its global footprint. The bank operates in 36 countries with branches, representative offices, and subsidiaries, serving a diverse customer base worldwide.

Workforce Development

SBI's vision includes investing in its workforce by committing to training programs. The bank plans to train over 100,000 employees annually in key skills like digital banking and customer relationship management by 2024.

Core Values of State Bank of India

Customer Centricity

State Bank of India (SBI) places a strong emphasis on customer centricity, prioritizing the needs and satisfaction of its clients.

In FY 2023-24, SBI recorded a robust net interest income (NII) of ₹1.13 trillion, reflecting a growth of 15.3% from the previous year, demonstrating its commitment to delivering customer value. SBI's Digital Banking services have also gained traction, with over 100 million registered users on its mobile banking platform.

Additionally, SBI launched the YONO (You Only Need One) app, which has seen over 50 million downloads and offers seamless banking services to enhance customer experience.

Integrity

Integrity is a cornerstone of SBI’s operations, embodying transparency and ethical behavior.

In 2024, SBI was recognized as one of the most trusted banks in the country, achieving an 84% trust score in a survey conducted by Brand Trust Report. The bank has also maintained compliance with government regulations, ensuring adherence to the Pradhan Mantri Jan Dhan Yojana, with a total of 46.42 crore accounts opened.

Furthermore, SBI has implemented robust whistleblower policies, resulting in the resolution of 92% of reported cases in the last fiscal year.

Innovation

Innovation is vital for SBI to remain competitive and meet evolving market demands.

The bank has invested over ₹1,500 crore in technology and digital transformation initiatives in 2023-24. SBI's introduction of AI-driven chatbots has reduced customer query response times by 30%. Moreover, the implementation of blockchain technology for cross-border transactions has enhanced operational efficiency, enabling transactions in under 30 minutes compared to traditional methods.

Excellence

SBI strives for excellence in all aspects of its business.

As of March 2024, SBI reported an impressive gross non-performing asset (GNPA) ratio of 3.97%, a reduction from 4.5% in the previous year, highlighting its commitment to maintaining high standards in credit quality. Additionally, the bank's return on equity (ROE) stood at 17.16% for FY 2023-24, reflecting operational efficiency and effective resource management.

Social Responsibility

SBI is committed to social responsibility, actively participating in community development initiatives.

In 2023, SBI contributed ₹400 crore towards various CSR initiatives, focusing on education, healthcare, and rural development. The bank launched the SBI Foundation, which has supported over 1 million underprivileged children through educational scholarships. Additionally, SBI has partnered with non-governmental organizations (NGOs) to improve water sanitation in rural areas, impacting over 500,000 people.