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Online marketplace Snapdeal has announced that <keyword id="352238" type="PERSON" weightage="100" keywordseo="Saurabh-Bansal">Saurabh Bansal</keyword> would be taking up the role of VP and head of category management. Bansal was earlier associated with Snapdeal as VP - merchandising strategy, leading analytics and merchandise planning at Snapdeal. Before he joined Snapdeal in March 2014, he was leading strategy and new business initiatives at Jubilant Enpro, where he was responsible for many bottom line impacting innovations at leading retailers like Metro Cash &amp; Carry and Spencer's Retail Limited. 
 
In his career of 12 years, Bansal has earned experience in several fields across retail, wholesale and buying merchandise for commercial ventures. 
 
For his new role, Bansal will take charge of end to end category management, emphasising on the continued expansion of product and brand assortment on Snapdeal through strategic partnerships. 
 
<a href="http://www.officechai.com/wp-content/uploads/2016/02/snapdeal-2.jpg">Image source</a>

Saurabh Bansal, Snapdeal’s former Merchandising Strategy head, will now head its Category Management

<keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">Snapdeal</keyword>, the Indian <a href="http://www.businessinsider.in/Snapdeal-doubles-the-number-of-sellers-in-one-year/articleshow/51629270.cms">e-commerce giant</a>, has appointed former <keyword id="6368965" type="UNKNOWN" weightage="100" keywordseo="ZoomCar">Zoomcar</keyword> senior VP <keyword id="298418" type="PERSON" weightage="100" keywordseo="Mayank-Jain">Mayank Jain</keyword> as the Head of Growth. 
 
Jain, who has over a decade of experience, has also worked at Mu Sigma Business solutions, Advanta Corp and Capital One before his stint with Zoomcar, where he led the products and analytics, and digital marketing functions. 
 
Also read: <a href="http://www.businessinsider.in/Buy-houses-on-Snapdeal-without-any-brokerage-fees/articleshow/51511681.cms">Buy houses on Snapdeal without any brokerage fees</a> 
 
"At Snapdeal, Mayank will be leading user growth strategy and focus on harnessing the value of analytics to build a high-performing growth strategy," said a release from <a href="http://www.businessinsider.in/snapdeal-ties-up-with-Uber/articleshow/51454572.cms">Snapdeal</a>. 
 
It added that Jain will be don an important part in building a road map for their vision to achieve 20 million daily transacting users in coming five years. 
 
 
"Mayank brings on board a rich understanding of using analytics for growth. As we are working towards our vision of 20 million daily transacting users, I am sure he will add tremendous value and further fuel our growth," <a href="http://www.businessinsider.in/Buy-anything-on-Snapdeal-and-you-may-get-it-within-four-hours/articleshow/51775022.cms">Snapdeal</a> co-founder Rohit Bansal said. 
 
"Analytics will play a key role in shaping this ecosystem and I look forward to making a significant contribution towards this goal," Jain was quoted saying. 
 
Earlier this week, Snapdeal had appointed former Hindustan Unilever Brand Director <a href="http://www.businessinsider.in/Snapdeal-gets-former-HUL-senior-executive-Kanika-Kalra-on-board/articleshow/52000299.cms">Kanika Kalra</a> as VP marketing, another addition to its ever-growing upper management. 
 
<a href="http://assets.zoomcar.com/assets/team/mayank-8a747abcdcc1b0289e875a5a2b98161e.jpg">Image source</a>

Mayank Jain, former Zoomcar honcho, will now head Snapdeal’s growth

<keyword id="6481662" type="COMPANY" weightage="100" keywordseo="Jasper-Infotech">Jasper Infotech</keyword>, the owner of <keyword id="1705292" type="UNKNOWN" weightage="100" keywordseo="Indian-e-commerce">Indian e-commerce</keyword> giant <keyword id="541988" type="COMPANY" weightage="100" keywordseo="SnapDeal">SnapDeal</keyword>, is closer to cutting a deal with Japan's <a href="http://www.businessinsider.in/softbank-may-pick-up-minority-stake-in-vodafone-india-heres-the-latest-development/articleshow/57306703.cms">SoftBank Corp</a>, its largest shareholder. The deal would be a lifeline to the <a href="http://www.businessinsider.in/snapdeal-has-started-down-sizing-600-employees-have-already-been-fired/articleshow/57343065.cms">struggling</a> Jasper, but could drag its valuation to under $3 billion, down by half. 
 <keyword id="163404" type="COMPANY" weightage="100" keywordseo="Softbank">SoftBank</keyword> is looking forward to an investment of $100-150 million in Jasper, which would be done in parts, three people in the know told ET, while as per another source, the overall investment could be as high as $300 million. 
 
Also read: <a href="http://www.businessinsider.in/nirmalasitharaman-to-investigate-snapdeals-payment-defaults/articleshow/57429327.cms">Nirmala Sitharaman to investigate Snapdeal’s payment defaults</a> 
 
If the transaction takes place, SnapDeal would become the latest top-tier Indian Internet company to cut down its valuation, after cab aggregator Ola and <a href="http://www.businessinsider.in/HSBC-halves-Zomatos-1-billion-valuation/articleshow/52185955.cms">Zomato</a>. 
 
In its last funding round led by Canada's Ontario Teachers' Pension Plan in February 2016, Jasper was valued at $6.5 billion. However, in late 2014 to early 2015, it was valued below $3 billion because of stake sales by shareholders to other investors. 
 
However, industry analysts are of the view that a company raising capital at lower valuations does not necessarily indicate bad times. 
 
"Regardless of valuation, the fact that money is available is a good sign," said Harish HV, partner, India Leadership team, <a href="http://www.businessinsider.in/25-companies-where-interviewing-is-a-treat-not-a-chore/2-grant-thornton/slideshow/55254138.cms">Grant Thornton India</a>. "It means investors, whether new or existing, haven't yet given up on the company and that there is meat left. It's a sign of bullishness." 
 
As per reports, this fresh funding would come with stricter rules regarding financial control. 
 
"Earlier cheques were written after SnapDeal submitted annual operating plans. Now Soft-Bank will ask for SnapDeal's monthly budgets, approve them, and then remit the funds," said one of the aforementioned sources. 
 
In the recent past, SnapDeal, India’s third largest online marketplace after Flipkart and Amazon India, has seen little growth and has been marred by losses, and tremors in upper management. 
 
Also read: <a href="http://www.businessinsider.in/snapdeal-founders-admit-to-wrong-moves-take-100-salary-cut/articleshow/57308448.cms">Snapdeal founders admit to 'wrong moves', take 100% salary cut</a> 
 
(Image source: SatyaVijayi)

SoftBank’s latest investment in Jasper Infotech might bring its valuation down to half

<ul><li><keyword id="774476" type="General" weightage="20" keywordseo="rishabh-mariwala" source="Orion">Rishabh Mariwala</keyword> stands to make as much as ₹184 crore if the IPO shares are subscribed at the upper end of the price band.</li><li>Honasa promoter Varun Alagh is expected to be richer by ₹103 crore at the upper end of the price band.</li><li><keyword id="6358615" type="General" weightage="20" keywordseo="shilpa-shetty" source="Orion">Shilpa Shetty</keyword> Kundra is all set to make as much as ₹45 crore from the share sale. </li></ul>Actress and brand ambassador of <keyword id="4548811" type="General" weightage="20" keywordseo="mamaearth" source="Orion">Mamaearth</keyword>, Shilpa Shetty, is all set to gain a windfall from its parent company Honasa’s initial public offer (IPO). However, she might not be the shareholder who will make the most from one of India’s most talked about IPOs this year. It’s Rishabh Harsh Mariwala, the son of Marico owner Harsh Mariwala, who stands to gain as much as ₹184 crore if all the shares are subscribed at the the upper end of the price band of ₹308-324. Rishabh Mariwala was an early investor in the D2C brands company, and acquired shares at ₹6.05, as per the company’s DRHP. He is also selling the most shares – 5.7 million – in the upcoming share sale and that makes him the biggest gainer from the IPO. <div type="image" title="rishabh mariwala" msid="104721117" hostid="261" sizebytes="13596" caption="&amp;lt;p&amp;gt;Source: Linkedin&amp;lt;/p&amp;gt;"></div> Rishabh Mariwala heads Sharpp Ventures which manages <a href="https://www.indiatoday.in/magazine/inheritors/story/20220103-rishabh-mariwala-sharrp-sighted-1892552-2021-12-26">Mariwala family office</a>, but he has also been keen on the beauty and the personal care sector. He runs Kaya which is known for skin clinics and products. He had also founded Soap Opera N More to market bath and body care products. This is in addition to introducing luxury skin products under the brand PureSense. The IPO, which opens on October 31 and ends on November 2, will see the promoter of the company, Varun Alagh sell 3.18 million sharese get richer by approximately ₹103 crore. However, his wife and co-founder of the company, <keyword id="4548812" type="General" weightage="20" keywordseo="ghazal-alagh" source="Orion">Ghazal Alagh</keyword> of Shark Tank fame, is selling only 1 lakh shares for ₹3.2 crore. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name of the selling shareholder </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of shares being sold </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Weighted cost of acquisition </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Possible gains from share sale (at upper end of price band) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Varun Alagh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,186,300 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Negligible* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ghazal Alagh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Negligible* </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.2 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rishabh Harsh Mariwala </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,700,188 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6.05 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹184.6 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shilpa Shetty Kundra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,393,200 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41.86 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kunal Bahl </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,193,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38.6 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rohit Kumar Bansal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,193,250 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38.6 crore </td></tr></tbody></table>*Ghazal and Varun Alagh are promoters Bahl &amp; Bansal bag a better deal Snapdeal founders and serial investors Kunal Bahl and Rohit Kumar Bansal will also be selling 1.19 million shares each in the IPO. They will make around ₹38.5 crore each. It Is noteworthy that all these calculations are made at the upper end of the price band. They would also probably be making more profit from the investment than other selling shareholders as their weighted cost of acquisition is at ₹3 per share. Shilpa Shetty Kundra who stands to make as much as ₹45 crore from the share sale, has purchased the stock at a slightly higher cost. The weighted cost of acquisition for her is at ₹41 per share. The other selling shareholders include Fireside Ventures Fund, Sofina and Stellaris. The IPO stands to raise anywhere between ₹1,635 crore to ₹1,701 crore. It will open on October 31 and close on November 2.

This FMCG scion is all set to gain a windfall from Honasa Consumer IPO

<ul><li>The QIB portion of IdeaForge’s IPO was subscribed over 125x the shares on offer. </li><li>Overall, the IPO was subscribed 106 times, while the retail portion was subscribed 85x. </li><li>Two other IPOs – circuit board maker Cyient DLM and construction company PKH Ventures – were also open for subscription on Friday. </li></ul>After getting a tremendous response from retail investors, the IdeaForge initial public offering (IPO) saw extensive bidding from qualified institutional buyers (QIBs) on the last day of the subscription on Friday. The QIB portion was subscribed 125 times the shares on offer, and the IPO overall was subscribed 106 times as of 5 pm. The IPO dates were extended to four days after an unexpected change in market holiday on Thursday due to Eid al Adah or Bakrid. The retail portion of the drone maker’s shares on offer has been subscribed 85 times over, with good response from non-institutional buyers. The price band of the IPO has been fixed at ₹638-672 per equity share, and the company has been planning to raise ₹567 crore at the upper end of the price band. Two other IPOs – circuit board maker Cyient DLM and construction company PKH Ventures – were also open for subscription. Cyient DLM’s public issue was subscribed 67 times on Friday, its last day, while PKH Ventures, which opened today, was subscribed only 6% overall. <keyword id="17805774" type="General" weightage="20" keywordseo="ideaforge-ipo-subscription" source="Orion">IdeaForge IPO subscription</keyword> details <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times subscribed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QIBs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">125.81 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">80.58 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">85.08 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">106.04 </td></tr></tbody></table>Source: BSE About the company The company, which was set up in 2007, manufactures and deploys drones with applications across mapping, security and surveillance. As of 31 May 2023, it catered to 265 clients spanning Indian defence and civil customers, including some of the central armed police forces, state police departments, disaster management forces, forest departments and private contractors. “Their drones assist defence forces in conducting intelligence, surveillance and reconnaissance (ISR) operations along borders, help navigate a wide range of mining area planning and help boost construction and real estate,” said a report by Stoxbox. The public issue includes an offer for sale as well as fresh issue, and the proceeds from the fresh issue will be used towards repayment and prepayment of loans, funding working capital requirement, investment in product development and general corporate purposes. “Due to their leadership and first-mover advantage, they have been able to improve users' experiences by incorporating consumer data and ongoing technological advancements,” says Stoxbox, which had a ‘subscribe’ rating on the issue for the benefit of listing gains. SEE ALSO <a href="https://www.businessinsider.in/business/news/the-indian-wine-market-is-growing-as-millennials-seek-experience-over-intoxication/articleshow/101380193.cms">The Indian wine market is growing as millennials seek experience over intoxication</a> <a href="https://www.businessinsider.in/business/startups/news/indias-five-smartest-angel-investors-who-are-close-to-cracking-the-unicorn-code/articleshow/101361142.cms">Anupam Mittal to Snapdeal founders: Meet the smartest Indian angels cracking the unicorn code</a>

QIBs lap up IdeaForge IPO, issue subscribed 106x on last day

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)

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