Likely job, salary cuts to have relatively low impact on SBI: Rajnish Kumar

SBI has traditionally been the banker of choice to the Government of India and is an accredited banker to major Central Government Ministries and Departments, the annual report said

SBI chairman Rajnish Kumar assured shareholders that the likely job cuts and salary reductions in the wake of Covid-19 pandemic will leave a 'relatively low level' of stress on the bank as the proportion of business from government and the quasi-government sector is high.

In a letter to the bank's shareholders, Kumar exuded confidence that despite economic headwinds, the robust performance achieved by the country's largest lender State Bank of India (SBI) in 2019-20 will continue in the current financial year.

"Despite the economic headwinds, the Bank is well prepared to adjust to the challenges posed by the Covid-19 pandemic.