{"id":17294,"date":"2020-08-25T00:26:16","date_gmt":"2020-08-25T00:26:16","guid":{"rendered":"https:\/\/bengalnewstimes.com\/?p=17294"},"modified":"2020-08-25T00:26:16","modified_gmt":"2020-08-25T00:26:16","slug":"no-harm-in-privatising-some-public-sector-banks-says-sbi-chief","status":"publish","type":"post","link":"https:\/\/bengalnewstimes.com\/?p=17294","title":{"rendered":"No harm in privatising some public sector banks, says SBI chief"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"article-image\">\n<figure><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-2064159\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/08\/1-836.jpg\" alt=\"Kumar said closure of any enterprise, be it public or private, is against the interest of the common man and taxpayers.\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"lazy lazy-hidden size-full wp-image-2064159\" data-lazy-type=\"image\" src=\"https:\/\/images.financialexpress.com\/2020\/08\/1-836.jpg\" alt=\"Kumar said closure of any enterprise, be it public or private, is against the interest of the common man and taxpayers.\" width=\"660\" height=\"440\" srcset=\"\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-2064159\" src=\"https:\/\/images.financialexpress.com\/2020\/08\/1-836.jpg\" alt=\"Kumar said closure of any enterprise, be it public or private, is against the interest of the common man and taxpayers.\" width=\"660\" height=\"440\" srcset=\"https:\/\/images.financialexpress.com\/2020\/08\/1-836.jpg 660w, https:\/\/images.financialexpress.com\/2020\/08\/1-836-300x200.jpg 300w, https:\/\/images.financialexpress.com\/2020\/08\/1-836-620x413.jpg 620w, https:\/\/images.financialexpress.com\/2020\/08\/1-836-401x267.jpg 401w, https:\/\/images.financialexpress.com\/2020\/08\/1-836-440x293.jpg 440w, https:\/\/images.financialexpress.com\/2020\/08\/1-836-80x54.jpg 80w, https:\/\/images.financialexpress.com\/2020\/08\/1-836-313x209.jpg 313w\" sizes=\"auto, (max-width: 660px) 100vw, 660px\"\/><\/noscript><\/noscript><span class=\"article-caption\">Kumar said closure of any enterprise, be it public or private, is against the interest of the common man and taxpayers. (File image)<\/span><\/figure>\n<\/div>\n<p><a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">State Bank of India<\/a> chairman Rajnish Kumar on Monday said ownership of the banks \u2013 whether they are in the private sector or government entities \u2013 does not matter, the primary concern is the governance issue in the banks. He said there is no harm in privatising some of the public sector banks.<\/p>\n<p>Answering queries after delivering the seventh G Ramachandran Memorial Lecture, organised by the Southern India Chamber of Commerce and Industry through video conferencing, Kumar said he has always held the view that ownership of a bank is not an issue, the imprtant thing is how it is being governed.<\/p>\n<p>Apparently referring to the Centre\u2019s decision to bring down its stake in select PSUs, he said: \u201cWe have a badly governed private sector, or well governed public sector. We have both.\u201d<\/p>\n<p>Kumar said closure of any enterprise, be it public or private, is against the interest of the common man and taxpayers. \u201cAfter the consolidation of the PSU banks recently, there are six large public sector banks which can take care of the social sector commitment of the country. Not only that, the current economic situation is different from the 1970s when nationalisation of banking sector was completed,\u201d Kumar said.<\/p>\n<p>On digital banking, the <a target=\"_blank\" href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/state-bank-of-india-stock-price\/\" rel=\"noopener noreferrer\">SBI<\/a> chief said mobile banking may become the most-preferred banking channel, even more than internet banking. It is set to overtake internet banking in the days to come. \u201cOut of 100 transactions at SBI, only nine transactions are being made in branches. While transactions at ATMs at the time of demonetisation were around 55%, now they are down to around 30%; and digital, mobile banking has seen a rise from 25-30 to 55% now,\u201d he said.<\/p>\n<p>The internet banking and mobile banking are going to make a major splurge. The model also makes lots of economic sense as transaction costs are reduced, he said. \u201cFor example, transaction cost at branch is Rs 60, at ATM Rs 9, in mobile and internet less than Re 1. If it involves business correspondence, it is about Rs 13,\u201d he pointed out.<\/p>\n<p>According to Kumar, transactions through digital banking have risen due to lockdown. During Covid, SBI delivered all its services without any interruption. Transactions through mobile were more or less equal to internet banking transactions. This was not the case three years ago, he said.<\/p>\n<p>Asserting that the rise in digital banking is mainly because of the use of mobile phones by younger generation, Kumar said it will continue to rise. Currently, the bank has more than 2.7 crore mobile users and it is adding 10 lakh users every 10-15 days.<\/p>\n<div class=\"common-bottom-text\">\n<p>Get live <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/\" target=\"_blank\" rel=\"noopener noreferrer\">Stock Prices<\/a> from <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/s-p-bse-sensex-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">BSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nifty-50-stock-price\/\" target=\"_blank\" rel=\"noopener noreferrer\">NSE<\/a>, <a href=\"https:\/\/www.financialexpress.com\/investing-abroad\/\" target=\"_blank\" rel=\"noopener noreferrer\">US Market<\/a> and latest NAV, portfolio of <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">Mutual Funds<\/a>, calculate your tax by <a href=\"https:\/\/www.financialexpress.com\/income-tax-calculator\/\" target=\"_blank\" rel=\"noopener noreferrer\">Income Tax Calculator<\/a>, know market\u2019s <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-gainers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Gainers<\/a>, <a href=\"https:\/\/www.financialexpress.com\/market\/stock-market\/nse-top-losers\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top Losers<\/a> &amp; <a href=\"https:\/\/www.financialexpress.com\/mutual-funds-india\/equity-funds\/\" target=\"_blank\" rel=\"noopener noreferrer\">Best Equity Funds<\/a>. Like us on <a href=\"https:\/\/www.facebook.com\/thefinancialexpress\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a> and follow us on <a href=\"https:\/\/twitter.com\/FinancialXpress\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/p>\n<p class=\"telegram-text\"><img loading=\"lazy\" decoding=\"async\" class=\"telegrma_img\" src=\"https:\/\/images.financialexpress.com\/2020\/04\/telegram.png\" alt=\"\" width=\"24\" height=\"24\" style=\"margin: 0px 5px 4px 0px; float: left;\"\/>Financial Express is now on Telegram. <a href=\"https:\/\/t.me\/TheFinancialExpressOnline\" target=\"_blank\" rel=\"noopener noreferrer\">Click here to join our channel<\/a> and stay updated with the latest Biz news and updates.<\/p>\n<\/div>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\\\"https:\/\/www.financialexpress.com\/industry\/banking-finance\/no-harm-in-privatising-some-public-sector-banks-says-sbi-chief\/2064127\/\\\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kumar said closure of any enterprise, be it public or private, is against the interest of the common man and taxpayers. (File image) State Bank of India chairman Rajnish Kumar on Monday said ownership of the banks \u2013 whether they are in the private sector or government entities \u2013 does [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17295,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[36],"tags":[],"class_list":["post-17294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-business"],"jetpack_featured_media_url":"https:\/\/bengalnewstimes.com\/wp-content\/uploads\/2020\/08\/1-836.jpg","_links":{"self":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/17294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17294"}],"version-history":[{"count":0,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/posts\/17294\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=\/wp\/v2\/media\/17295"}],"wp:attachment":[{"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bengalnewstimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}