State Bank of India is taking initiatives to reduce bad loans which have reached 5.73 per cent, SBI Managing Director and Group Executive (National Banking), A Krishnakumar has said.
All zones have been directed to tighten the recovery of debts and reduce Non-Performing Assets (NPAs), or bad loans, substantially, he said.
"Even the major clients including the airline operators would not be spared and legal action have been already initiated," he told reporters on the sidelines of a function here last evening.
Faced with rising bad loan problems, the country's largest lender last month had announced a new roadmap which will limit slippages and also give early warning on stressed assets.
On consolidation/merger of subsidiaries of the SBI, Krishnakumar said it has been decided in-principle and as a policy to consolidate the subsidiaries. But as of now, it is not being taken up.
"Every year, till financial 2015-16, we want to start 1,000 branches across the country, apart from the 15,550 branches we are having," he said.
"This year we have so far started 700 branches and 300 branches would be opened before March 2014."
He said 35-40 per cent staff would retire, or take retirement in the next five years, and vacancies would be filled. He said 50 per cent of the new recruits of the bank were women, and the bank was preparing to start more all women branches in the country.
There were 180 branches/outlets abroad, and they accounted for 15 to 20 per cent of the bank's business, he said on the sidelines of a meeting organised to disburse benefits under the corporate social responsibility initiative of the bank in Madurai,Tiruchirappalli,and Coimbatore zone.
He said 65 per cent of the 37,000 ATMs of the bank were onsite machines.
