Nepal SBI Bank completes its 25 glorious years of operation
Nepal SBI Bank has completed its 25 glorious years of operation with the celebration of its Silver Jubilee Anniversary at Hotel Annapurna on Asad 23, 2075.
The celebration event was attended by Deputy Governor of NRB Mr. Chintamani Sivakoti who also inaugurated the 3 recent rural branches of the bank located at Chamunda Brindasaini Gaupalika of Dailekh, Dharmadevi Municipality of Sankhuwasava and Gaumukhi Gaupalika of Pyuthan district.
The celebration event was also attended by chairman of the bank Mr. Sujit Kumar Varma, Deputy Chief of Mission of Embassy of India, Kathmandu Dr. Ajay Kumar, MD of the bank Mr. Anukool Bhatnagar, present and former BODs, shareholders among many others.
In a press event organized by Nepal SBI on the occasion of successful completion of 25 years of operation, Mr. Sujit Kumar Varma, chairman of the bank briefly presented the journey of the bank so far. He expressed his pride in being able to establish SBI Nepal as one of the premier banks in financial landscape of Nepal. The bank had started 25 years back with just 17 employees and Rs 12 crore as paid-up capital.
Over the years, the bank has grown substantially with a total of 83 point of contacts all over the country. Mr. Varma also mentioned that they have planned to establish 100 branches within 2020 A.D. Currently the bank employs over 800 employees with mean age of 31 years, which shows their focus towards the younger generation.
He also added in his speech that Nepal SBI bank is not just a bank but a symbol of friendship between India and Nepal. The SBI Bank of India has not only put in capital, but also has invested in capacity building, HR development and technological enhancement. SBI bank of India is popularly known for its technological forward-ness and that is the same thing they want to transfer to SBI Nepal. Nepal is a geographically diverse country so opening up branches in remote places can be expensive too. So SBI Nepal is looking for ways to reach the customers electronically at least cost possible.
They have started heavily investing in Digital modification for example Mobile ATMs, e-corner etc.
Similarly, Nepal is an import-based country and most of the trade settlements are done through SWIFT, which is actually rather expensive. So, Nepal SBI Bank and SBI are connecting their core system through which the funds between Nepal and India can be easily transferred not just via SBI but all banks. However, approval from Nepal Government is yet to come. SBI Nepal Bank has been one of the first:
- To offer Mobile Wallet and Mobile Banking services with regulatory approval
- To go broadbase in IPO with 19,000+ subscribers
- To launch international payment gateway
- To start e-Corner
- To add IRCTC Online Ticket Booking/Reservation utility in INB
- To open INTOUCH Outlet
- To resume banking operations immediately after the Devastating Earthquake
- To contribute the highest amount of donation funds collected to the Prime Minister’s Earthquake Relief Fund (Nrs. 12.25 crore) during Earthquake-2015.
- The only Bank in the world having banking presence at World Heritage UNESCO site Pashupatinath Temple
- To run tech learning centers at each regional office on Fridays to increase awareness of bank’s technology products among the people
- To roll out Digital Village inititave
- To be rated by ICRA Nepal, the highest rating ever given to any bank in Nepal
- To use robot in banking business
- To have a lady chairman on the board
So Mr. Varma assured that they are constantly innovating and trying to bring new things that could benefit the company, customers and economy as a whole. SBI Nepal has successfully been operating a POS machine at the highest altitude i.e. at Namche Bazar, Solukhumbu. So in crux, as Mr chairman put it, SBI Nepal will be working on four sectors
- Expertise in project finance
- Information Technology (IT)
- Risk and compliance
- Treasury for cross border foreign trading
For the successful implementation of these goals, 4 employees from SBI Bank, India have come whose focus would be to set up the aforementioned infrastructures in Nepal SBI and at the same time to groom local talent, thereby creating an eco-system that can finance and support large projects like Hydropower.
Apart from that, Mr. Varma added, “We are well aware of the fact that BFIs are very fragmented in Nepal counting to around 250. So, if opportunity comes we are looking towards consolidation too.”
“We are absolutely future ready so whatever comes we will make the best of it.”
-Mr. Sujit Kumar Verma
Green initiative
Concluding his speech Mr Varma emphasized on their green initiative. He stated that SBI Nepal is a commercial bank, but its not just a commercial entity but an organization that is responsible towards environment and the community. Under this initiative, SBI Nepal has distributed green certificates rather than flower bouquets and for the 25 certificates that have been given 2500+ trees have been planted all over the country. All of the plants are fruit trees so that people have the motivation to take care of it and they have also ensured periodic audit for the welfare of the trees. Apart from that they have eliminated the use of plastic bottles and polythene bags in the office and they’re working towards making SBI Nepal a paper-less office.
