Tuesday, July 21, 2009

SBI Beats Recession

The global financial crisis has done collateral damage to many except few and, State Bank of India (SBI) is one among those few exceptional banking institutions. SBI is India's largest lender and has recorded a growth of 1.5% in its share of deposits (in FY09) from that in the previous fiscal.

The total deposits raised by all commercial banks in India by end March 2009 is worth US$ 818.57 bn out of which the SBI group raised US$ 197.67 bn. In a year when growth was unimaginable SBI group has emerged victorious, despite of the gruelling slowdown.

It's another way to exhibit that the Indian banking system is standing tall among the ruins - not just because of inaction!!