G. G. Vaidya

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It was during G.G. Vaidya's tenure that the bank began harnessing technology to streamline operations. In early 2000, the bank laid the foundation of core banking solution (CBS). A CBS allows customers to operate their bank account from anywhere and anytime. The actual implementation started in 2003 during Purwar's tenure and completed in July 2008 when Bhatt was the bank's chairman.

Legacy

He was responsible for a number of financial innovations being introduced to the Indian Banking Industry during his tenure. For example, the India Millennium Deposit bonds were introduced during his tenure. The objective of the bonds was to raise deposits from non-resident Indians for the purpose of contributing funds towards India's infrastructure and growth. [6] [7]

It was also during his tenure that State Bank of India entered the insurance sector and started selling life insurance. [8]

References

  1. 1 2 "State Bank Of India" (PDF). hemindrahazari.com. 3 February 2000. Retrieved 6 June 2021.
  2. 1 2 Admin (27 May 2021). ""State Bank of India- Story of the Largest Bank in India"". edifying-worth to know about | A Complete Guide to increase your awareness | News Articles &more ||. Archived from the original on 3 June 2021. Retrieved 6 June 2021.
  3. Roy, Ruchira (29 August 2012). "Ashish Vaidya: Banking in genes, UBS Executive director is 'trading' success stories". The Economic Times.
  4. Bandyopadhyay, Tamal (18 May 2006). "Tamal Bandyopadhyay: The hunt for the SBI chief" via Business Standard.
  5. 1 2 "SBI's first woman chairperson Arundhati Bhattacharya is ringing in change". www.businesstoday.in. 4 August 2014.
  6. "SBI launches India Millennium Deposit for NRIs". Zee News. 18 October 2000.
  7. "rediff.com: Business News: India Millennium Deposit not to be sold in the US". www.rediff.com.
  8. "Rediff On The NeT Business News: SBI to enter life insurance and gold businesses". www.rediff.com.
G. G. Vaidya
19th Chairman of State Bank of India