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When <keyword id="6379603" type="PERSON" weightage="80" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword> was the deputy general manager at <keyword id="6354731" type="CITY" weightage="80" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI) in 2001, she used to wonder why the bank is spending so much to maintain foreign operations' back office overseas. She couldn't do much at that time. Now as the chairman, she worked methodically and systematically to fix problems and used technology and recovery model to transform the bank. 
 

	According to her, red tape and a rigid bureaucratic structure made even the simplest of tasks difficult. Today, she is the bank's chairman and has not forgotten her 14-year-old idea. "I did not find traction then, so I am bringing it now," Bhattacharya told the Economic Times. 
	 

	Locating bank back offices in low-cost locations like India would seem a no-brainer. The fact that SBI is doing it now may seem ordinary but it is important in the context of the bank's history, its decision making process and its structure. 
	 

	India's biggest, oldest and most venerable bank faces multiple challenges at a time when the weight of bad loans alone, not to mention competition and costs, threatens to derail its plans. 
	 

	Bhattacharya would know more than anyone else that SBI may well get bypassed by the technology revolution if it does not take serious steps. She is not sitting idle, but she is not tearing up the system and creating a revolution either. She is working to identify problems and fix them. Technology and recovery will be the pillars on which SBI rests. When she decided to transform the bank from a staid state-run lender into a customer-friendly one, she went hunting for a technology hand familiar with the ways of the West, and hired former <keyword id="6386585" type="CITY" weightage="80" keywordseo="Barclays">Barclays</keyword> executive SK Bhasin as chief technology officer. 
	 

	"I have been looking across the globe for people who have done these things well to try and replicate some of their experience," says Bhattacharya. We have done all of these through IT (information technology). Without IT none of these things could be done well." State-run bankers, intensely focused on lending and raising deposits, rarely factored in technology in their lives. Bhattacharya's efforts in targeting future businesses is reflected in its recent business arrangements with <keyword id="18635" type="CITY" weightage="80" keywordseo="Amazon">Amazon</keyword>, Snapdeal and many more digital-age companies, pushing the Essars and Chettiyars to the back seat. 
	 

	New businesses are future profits. But what about the bad loans of the past, which together with restructured loans are at 10% of total loans, making the industry technically insolvent. SBI is no exception to bad loans. Its gross bad loans and restructured loans are at Rs 83,434 crore, or 8.4% of total loans, equivalent to the government's spend on social issues like healthcare and education this year. 
	 

	"There is no point in getting impatient," says Bhattacharya. "It has to be done diligently. When the finance minister wanted to know the one thing that was my priority, I said we wanted a bankruptcy law." The Indian judiciary is notorious for prolonging decisions on disputes, and the promoters of companies, especially wealthy ones such as United Spirits' <keyword id="14678" type="PERSON" weightage="80" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> whose <keyword id="6373962" type="CITY" weightage="80" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> owes more than Rs 7,000 crore, have exploited the loopholes. But because the <keyword id="6354477" type="PERSON" weightage="80" keywordseo="Narendra-Modi">Narendra Modi</keyword> government unlike previous ones does not provide defaulters with protective shields, bankers such as Bhattacharya are emboldened to take action. "We have a lot of angst against these promoters, who we believe are taking the system for a ride," says Bhattacharya. "If the promoter has taken money he has to give it back. There are no two ways about it. If they don't, their lives are going to be miserable. I have deep pockets to do it. There is no point in messing around." All this is not lost on foreign investors. SBI is the only top PSU lender where foreign funds are raising stake even as they have cut them in <keyword id="62034" type="CITY" weightage="80" keywordseo="Punjab-National-Bank">Punjab National Bank</keyword> and Bank of India. "I would say SBI is a private sector bank because the new CEO is phenomenal," says <keyword id="105152" type="PERSON" weightage="60" keywordseo="Avinash-Gupta">Avinash Gupta</keyword>, managing director and head of institutional equities at <keyword id="122772" type="CITY" weightage="80" keywordseo="Bank-of-America-Merrill-Lynch">Bank of America Merrill Lynch</keyword>. Gupta deals with a lot of foreign investors, many of whom are impressed by Bhattacharya's firmly-in-control attitude and her desire to change things. When Bhattacharya took charge in 2013, profits were sliding, bad loans were climbing, the economic climate had deteriorated and the private sector was poaching its clients . There was no point in waiting for the tide to turn. "I couldn't expect the external environment to suddenly turn around and give me good results," says Bhattacharya. What did she do? "Like any good housewife who will husband her resources when the chips are down to ensure every rupee helps make her go further," SBI turned prudent, she said. "When I talk about cutting expenses, I mean unwanted expenses. Not what is required to build business," she says. "All expenditure has to be controlled to yield the best results. A lot of us were travelling <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">economy</keyword> (class) for quite a while." 
	 

	Lawyers and landlords are at the receiving end of Bhattacharya's measures to contain waste. The days of branches negotiating rent for branch offices are over. It is no longer done at the 11th hour, which often gives property owners the upper hand. Alerts come up 18 months before the lease expires, and the head office monitors and ensures it is done a year in advance. 
	 

	It is no secret that the judiciary and the system are as responsible for banks' ills as the banks themselves. While disputes run for months, bankers remain observers. But this is not the case with SBI anymore. Its advocates have been made accountable. "There are some advocates who keep taking adjournments, and there are others who move fast," says Bhattacharya. 
	 

	"I know every advocate's performance." While a lot of these issues are administrative in nature, what is the scene when it comes to its core business — lending? "She has a very clear-headed approach," said <keyword id="85088" type="PERSON" weightage="80" keywordseo="Romesh-Sobti">Romesh Sobti</keyword>, MD &amp; CEO of <keyword id="46717" type="CITY" weightage="80" keywordseo="IndusInd-Bank">IndusInd Bank</keyword>. "It's a well-defined approach to many issues the banking industry is facing. She is forthright in her ability to articulate issues not only facing SBI but also the banking industry," said Sobti. There is a paradigm shift. Tractor loans, treated as crop loans, are now automobile loans. Instead of waiting for the harvest to repay, the borrower has to pay on a monthly basis, like with equated monthly instalments in a car loan. 
	 

	"When a farmer gets money from a crop, it first goes to others — the teacher, grocer... banks are last on the list," says Bhattacharya. "Make them EMI-based. Can I give them loans which will yield a regular stream of income? We were lacking the customer connect." 
	 

	Many current and former SBI customers would agree. The question now is not just how quickly she can change perceptions about the bank but also how soon she can make the bank's cash machine churn out profits. With non-performing loans assuming alarming proportions, it will take all of Bhattacharya's combativeness to stem the rot.

	 
	(Image: Reuters)

Know how SBI chief Arundhati Bhattacharya changed India's largest bank for the better

<keyword id="19904497" type="General" weightage="20" keywordseo="new-york" source="keywords">New York</keyword>: The hues of the Indian tricolour, India's rich cultural heritage and strong bilateral relations with the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword> resonated across the city as the country's 78th Independence Day was celebrated here with patriotic fervour. A slew of events commemorating <keyword id="22799755" type="General" weightage="20" keywordseo="Indias-Independence-Day" source="keywords">India's Independence Day</keyword> were held across the city on Thursday highlighting the strong people-to-people ties between India and the US as well as India's rich heritage. Flag hoisting ceremonies were held at the Consulate General of India in New York, Permanent Mission of India to the UN, Times Square and lower Manhattan in the presence of members of the Indian diaspora and city officials. Minister of State for External Affairs Pabitra Margherita, who was in the city before travelling on to Latin America, addressed members of the diaspora at the flag hoisting ceremony in the Consulate and Times Square. Leading diaspora organisation Federation of Indian Associations NY-NJ-CT-NE (FIA) held a special Independence Day celebration at the iconic <keyword id="19901403" type="General" weightage="20" keywordseo="New-York-City" source="keywords">New York City</keyword> destination Times Square, which was seeped in the hues of the Indian tricolor, as patriotic songs reverberated through the air and the country's rich cultural heritage was on full display. Consul General of India in New York Binaya Pradhan hoisted the tricolour at the Consulate as well as at Times Square. Margherita told members of the diaspora that "as I address you for the first time on American soil, I am struck by the profound connection between our two great nations". Echoing the message of Prime Minister Narendra Modi, Margherita said that India and the US, two of the world's largest democracies and economies, share a bond that goes beyond mere diplomatic ties. "The relationship is rooted in shared values, common aspirations and a commitment to freedom, democracy and human equality," he said. Describing the Indian community as "ambassadors" of the country's culture, values and ethos, he said the diaspora in the US "stands as a living bridge between the two nations". "As we look to the future, the India-US partnership holds immense promise. The potential of our partnership is limited only by our imagination and our will to achieve," Margherita said. India's Deputy Permanent Representative to the UN and Charge d'Affaires Ambassador R Ravindra raised the national flag at India's Permanent Mission to the UN at an event attended by members of the diaspora, Indians working at UN and the Mission family. At a flag-raising ceremony held in lower Manhattan, New York City Mayor Eric Adams described New York City as the "New Delhi of America". He recalled his trip to India when he had paid homage to Mahatma Gandhi, saying that "we have a responsibility and obligation to continue those footsteps. We have to fulfill what he thought we should do as we lift up humanity. And it's so important, but also diversity". Adams said the number of Indian and Indian-origin professional business owners, health professionals in the medical field, educators, teachers in the city shows "the clear presence of the Indian community. You do us proud here in this city and in our entire country". "And we cannot overlook what you all should feel a wealth of support for, that we are on a historic moment of potentially electing the first woman president of Indian descent. This is a major, major accomplishment. It shows you that in America, everything is possible. Let's continue to lift each other up. 78 years of independence. Let's continue to be dependent on each other as we move forward," Adams said, referring to Democratic Presidential nominee Kamala Harris, the first woman of Black and Indian heritage to be US Vice President and the presidential nominee of a major political party. On the occasion, Pradhan underlined the rise of Indian-American partnership. "If President Biden says that this is the most consequential partnership of the 21st century, we in India echo that. We strongly endorse that and we strongly believe in that. We believe that it has reached a point of inflection" where now the Indians and the United States are working on all sectors of human endeavour, he said. Pradhan said that the Independence Day commemoration also celebrates the rise of India, the growth story of the last 78 years. "It's also a story of Indian people coming here, working hard, contributing to the nation-building of the United States in a tremendous way, and this is something we remember in India, we celebrate in India," Pradhan said. Deputy Commissioner for the New York City Mayor's Office for International Affairs Dilip Chauhan told members of the diaspora at the event that for the first time in New York City's history, schools will be closed on Diwali, an historic decision made possible after years of efforts and advocacy from the community. "Diwali is going to teach love, unity and harmony among the students, who will be the future leaders," Chauhan said. He added that the decision to close schools on November 1 for Diwali this year "reflects a deep respect for the rich culture that makes our community strong, our diversity with language, religion and traditions stands as a beacon of unity". Chauhan added that this vibrant culture contributes to the "unique character" of New York City. He also called on members of the community to reach out to the mayor's office if they have any issues. "We are always here to support our community and we are here to hear you," he said. FIA President Dr Avinash Gupta said that on India's Independence Day, "we celebrate democracy, unity in diversity and inclusiveness". He invited members of the diaspora to attend the India Day Parade in Manhattan on August 18. Sibu Nair, Representative of New York State Governor Kathy Hochul, presented a citation to Pradhan proclaiming August 15 as India Independence Day in the state of New York.

India's Independence Day celebrated with fervour across New York City

<ul><li>Dun &amp; Bradstreet's whitepaper is based on a survey covering responses from more than 250 leading organisations across major cities in India.</li><li>The cities included are Ahmedabad, Bangalore, Delhi NCR, Hyderabad, Kolkata, and Mumbai.</li></ul>Dun &amp; Bradstreet has released a survey today on “How CMOs are Engaging with Customers Through Technology Solutions.” The survey conducted in the last quarter of 2020 covers responses from 250 Chief Marketing Officers (CMOs) representing businesses with over INR 5 billion revenue across eight sectors and six major cities in India. The survey revealed that the readiness for marketing automation tools amongst CMOs is very high, as 90% of CMOs will have marketing automation tools by the end of 2021. Currently, the adoption is higher amongst the CMOs in the BFSI (70%), followed by the IT/ITES (67%) and the Retail (64%) sectors. <div type="image" title="cmo report" msid="82973268" hostid="261"></div> The survey captures how the importance of digital channels and real-time data to connect with customers and gain customer insights has radically increased since the pandemic. As per the survey, around 77% of the CMOs agreed that there has been an increase in digital engagement and one in five companies generate 30-40% of their sales through the digital medium. Avinash Gupta, Managing Director &amp; CEO - India, Dun &amp; Bradstreet said, “As the pandemic continues to reshape our world, the CMOs have a larger role today with growing number of customers demanding digital experiences. The rapid change in the market dynamics and customer preferences have led 90% of CMOs to leverage <keyword id="771372" type="COMPANY" weightage="20" keywordseo="data-analytics">data analytics</keyword> to better engage with customers, gather critical customer information, and effectively manage their customer data. Effective management of databases through intelligent solutions has become a priority for CMOs to interpret and improve data quality to reach out to the most qualified prospects. According to the survey, the CMOs believe that the top three areas where data management would benefit them are creating targeted communication (34%), personalizing communication through customer segmentation (30%), and getting real-time customer feedback (29%)”. Dr. Arun Singh, Global Chief Economist, Dun &amp; Bradstreet said “As the business landscape has dramatically shifted during the era of the pandemic, CMOs are spending on digital marketing strategies and deploying intelligent solutions to derive actionable insights from the data obtained through the digital platforms. It has become a priority for CMOs today to access data that is up to date, insightful and actionable to help their sales teams to reach out to the qualified prospects. We observed that one in three companies allocated more than Rs 100 million for marketing activities. Interestingly, three out of four surveyed CMOs are currently using Artificial Intelligence (AI) and Machine Learning (ML) tools to manage their database so that they can automate processes and improve their decision making and customer interaction. The AI and ML based automation solutions in marketing and sales will increase manifold globally, in the following years. Our survey found that readiness of marketing automation is high amongst the CMOs of leading Indian companies; 90% of surveyed CMOs will have marketing automation tools by end of 2021 and leveraging such tools will help them to enhance sales productivity and gain competitiveness”. Key findings from the survey Allocation of marketing expenditure towards top marketing initiatives ·One in five surveyed companies allocate a budget of more than 20% of their sales revenue towards marketing activities. In terms of value, one in three surveyed companies allocate more than Rs 100 million for the same ·Sector-wise, the survey found close to nine in ten companies in the automobile sector and four out of five companies in the retail and IT/ITeS sector allocate more than Rs 100 million for marketing activities ·Sector-wise, retail and automobile sector allocate a higher share of sales revenue for marketing activities; 76% of companies in the retail sector and 53% of companies in the automobile sector allocate more than 20% of their sales revenue for marketing activities ·The survey revealed that Offline &amp; Online Advertising (60%), Social Media Advertising (47%) and Data Analytics (37%) are the three most popular activities pursued by CMOs Targeting customers through digital platforms ·More than 70% of the CMOs use sales intelligence platforms to connect with customers and are willing to explore more options ·Sales Acceleration tools are used by more than 60% of companies in the BFSI and telecom sector and by more than 50% of companies in the IT/ITeS, real estate and retail sectors to update information on companies and contacts ·73% of CMOs use CRM tools. The most popular tools used are Salesforce (26%) followed by Microsoft Dynamics (16%) and Zoho (12%) Database management, customer insights and automation ·Usage of Artificial Intelligence (AI) and Machine Learning (ML) tools for database management is high as three out of four surveyed CMOs are currently using such tools ·AL and ML tools are used by the CMOs for <keyword id="145060" type="COMPANY" weightage="20" keywordseo="data-security">Data Security</keyword> (42%), to Improve Decision Making (32%), for Process Automation (30%), to Improve Customer Interaction (25%) and for <keyword id="179198" type="COMPANY" weightage="20" keywordseo="data-mining">Data Mining</keyword> (25%) ·Google Analytics was the most popular tool used for customer segmentation as close to 70% CMOs revealed using it, followed by SAP Analytics Cloud (29%) and Segment (19%) ·More than 90% of surveyed CMOs currently use data analytics for customer segmentation ·59% of CMOs have already adopted marketing automation tools. While 20% of CMOs stated that they are under the process, another 11% will adopt the automation tools by end of 2021

90% of surveyed CMOs of leading companies will have marketing automation tools by end of 2021: Report

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Know how SBI chief Arundhati Bhattacharya changed India's largest bank for the better

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India's Independence Day celebrated with fervour across New York City

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90% of surveyed CMOs of leading companies will have marketing automation tools by end of 2021: Report

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