The Reserve Bank of India preliminary approved the operations and support subsidiary of State Bank of India (SBI). The subsidiary will likely be staffed by a group of employees who will be hired by the arm on a contract basis and will initially focus on managing branches in rural and semi-urban areas. Recruits made by State Bank Operations Support Services may not be qualified for the benefits, according to sources.
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KEY POINTS:
- Sanjeev Naryani will probably be in charge of the HR division. Before joining the Kolkata-based private sector lender Bandhan Bank in 2019, Naryani worked for SBI for 32 years.
- For the Indian banking sector, SBI’s HR subsidiary would be the first of its sort; other banks might follow.
- In the past, numerous lenders sought approval from the regulator for actions of this nature by a subsidiary but were denied.
- Now that the RBI has approved SBI’s proposal, several lenders may decide to move through with the project.
- The RBI has given SBI permission to establish an Operation Support Subsidiary to assist RUSU (rural and semi-urban) branches in outreach for agro and MSME lending activities, among other things.
The lender responded to the email with, Sanjeev Naryani has been nominated director on the board of our State Bank Operations Support Services Pvt Ltd, which would be engaged in supporting outreach activities at RUSU branches of SBI.
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