Even if the second wave of the Covid pandemic again brought businesses and economic activities to a halt, Chairman of the State Bank of India (SBI), Dinesh Kumar Khara has expressed optimism that the country's economy would recover in the ongoing financial year.
The GDP in India contracted by 7.3 percent in FY2021 and the country experienced a second wave of infections with cases rising rapidly since March 2021, he said while addressing the 66th Annual General Meeting of the bank. "Notwithstanding the second wave of Covid-19, Indian economy, through its resilience, is poised for a recovery in FY2022," the SBI chief told the shareholders of the bank.
Speaking on the performance of the bank in FY21, he said that although the last fiscal was an exceptionally challenging year for the entire world, the state-run bank was able to function against all odds with minimal disruption for the customers. "The business continuity plans that were chalked out have worked well for the Bank and this is reflected in various parameters of the Bank's performance in FY 2021." Notably, the bank has achieved high level of digitization with share of Alternate Channels in total transactions increasing to 93 percent in FY2021, thereby converting a challenging situation into an opportunity, the Chairman said. He said that in the current financial year, SBI will continue to accelerate its digital agenda.
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