Industry

SBI to skip annual meet in Kolkata

The country’s largest bank, the State Bank of India will not hold its annual meeting in Kolkata this year.

It has been SBI’s decades-old tradition to announce its fourth-quarter results and thereby its annual results in the city. There will be a break with this tradition this year, it seems. This was confirmed by senior bank officials although they declined to give details or the factors leading to this major decision. Starting from the Chairman, the entire SBI board and senior management would be present on the occasion, which had also come to be regarded as a major media event.

Incidentally there is no legal binding on SBI to hold its annual meet in this city as it is not based here. However this was a time-honoured tradition, maintained for sentimental reasons, which may now come to an end.

SBI as it is known now, came into being through an Act of Parliament in May 1955 and through the takeover and integration of the erstwhile Calcutta-based Imperial Bank and some other banks. The Imperial Bank was created in 1921.

Suggestions in certain quarters that the logistics and the costs involved in the entire exercise may have triggered the bank to break this tradition was dismissed by financial sector personnel who said that the event could well have been held at its recently operationalised training institute in Rajarhat.

This article is closed for comments.
Please Email the Editor

Printable version | Oct 20, 2020 4:07:17 PM | https://www.thehindu.com/business/Industry/sbi-to-skip-annual-meet-in-kolkata/article23731475.ece

Next Story