Grit, Guts and Gumption

Book excerpt: ‘If both banks grew at the rate they have achieved in the past four years, ICICI Bank will overtake State Bank in four years in terms of deposits’—Business World, July 2007 ‘Even a casual glance at SBI . . . reveals a bank fuelled by growth . . . SBI has swamped almost every segment of industry it has stepped into’—Business India, August 2009 This is the story of the carefully planned resurgence of the State Bank of India (SBI) from a laid-back incumbent under threat from private players to a customer-oriented competitive organization that has outperformed rivals despite several constraints. The leadership at SBI succeeded in reshaping perspectives and profitability at the bank, which employs a staggering 200,000 people, notwithstanding salary restrictions and regulatory bottlenecks. While the primary thrust was on changing employee attitude towards their own organization and, of course, its customers, the transformation exercise was broadbased, encompassing fundamental changes in technology, processes and business-mix alike. In about three years beginning 2006, SBI not only defended its own lair against the siege of younger, leaner, meaner rivals, but actually took the battle to the attackers’ domains. SBI’s size and setting make the story an inspiring example to other organizations, particularly in the public sector. Written in a fluid and engaging style, and backed by facts, figures, analysis and anecdotes, the book challenges several stereotypes and dogmas common in today’s management circles.