Mumbai, Nov 1: The new chairman of the State Bank of India Mr Janaki Ballabh has said that the bank will nourish its niche market with world class practices. Mr Ballabh took over as the chairman of the bank on Wednesday after Mr GG Vaidya retired on Tuesday. ``I will have my target in each of the segments of the market and move with a jet speed to achieve them within a particular time frame,'' said Mr Ballabh during a conversation with The Financial Express after assuming charge as the chief of the largest commercial bank in the country. Though the bank does not want to be an international bank, it will not fall short of any global standards in providing services to its customers, he added.``We will focus on our corporates and strengthen their reach worldwide,'' Mr Ballabh promised adding that the bank planned to be a major catalyst for the international trade in future.
Some of the expected developments - including the mega merger of seven associates with the SBI, the reorientation of the bank on the technology front and its foray into insurance will bring about a paradigm shift in the basic operation of the bank, feels the new chairman Mr Ballav has no immediate plan to effect any change in the top echelons of the bank management. ``I have the best management team and will not require any reshuffle now,'' he said. The bank has already a high growth targetsin terms of deposits, advances and profit which will be implemented on a priority basis.
Regarding the interest rate scenario Mr Ballav was of the opinion that the situation is heading towards a stable scenario. ``I do not expect any further fall in the interest rate and would rather see things to stabilise,'' the new chairman suggested.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.