SBI-LA organized a NRI Community Outreach Event at Canoga Park on January 10

State Bank Of India- LA Booming in California

Los Angeles, January 15, 2020
NRIpress.club/Ramesh/ A.Gary Singh/Bal Singh Sidhu

“NRI Banks that Share a Commitment to NRI Community are intimately tied to the fortunes of their local NRI communities. The more the NRI community prospers, the more the NRI local bank benefits. This is why NRI local banks are involved in their NRI communities,” said Agary Singh Grewal.

Bal Singh Sidhu said, "Mr Ravi Grewal, well known entrepreneur in Los Angeles Area, facilitated the State Bank of India (California) presentation program in Canoga Park on January 10, 2020 by inviting NRI business owners and Community Leaders. About Six officers of State Bank of India (California) were present for Product Presentation as shown at below photo."

Ms. Malathi M (VP & Manager, Woodland Hills Branch), Ms. Salila Pande (President and CEO), Mr. Ravi Grewal (Businessman), Mr. Srinivas Rao (Senior Vice President & Regional Manager), Mr. Saurabh Kumar (VP & Manager, LA Branch)

Mr. Saurabh Kumar (VP & Manager, LA Branch) of State Bank Of India (California) said:

• State Bank of India (California), a wholly owned subsidiary of India’s largest bank, State Bank of India, provides a wide range of financial products & services which could help you manage and grow your businesses better. 
• We are really interested in discussing further on which products/services would be best suited for you, including identifying ways to help you reduce your service fees levied by your current bank.

As a part of its outreach activity, the event was aimed at educating and informing the local business community of the wide range of products & services that are offered by the Bank.  State Bank of India (California) is eager to continue supporting the local NRI Community by providing solutions to help them effectively manage their business.  The event was attended by NRI business community of Canoga park and nearby cities. President & Chief Executive Officer, Ms. Salila Pande, along with her team of senior management represented the Bank.

The invitees of the event appreciated the Bank’s proactive involvement and were excited about the opportunity for long term partnership with the Bank. Bank’s initiative that ended with dinner was appreciated by community members.

Mr. Srinivas Rao (Senior Vice President & Regional Manager) discussed SBI's Products and Services	Ms. Salila Pande (President and CEO), along with her team of senior management represented the Bank.

Recession Elsewhere, but It’s Booming in California

State Bank of India-LA (California)is Booming in California:

SBI California leads one of the best service banks in California focusing on NRIs and  it attracted NRIs  deposited half billion dollar with the bank.

SBI-California is an FDIC-insured bank started in 1982. As of December 31, 2017, the bank had equity of $129.1 million on assets of $706.4 million. The bank holds loans and leases worth $566.6 million, including $405.8 million worth of real estate loans. U.S. bank customers currently have $559.1 million in deposits with the bank.

• Net Income in 2017 was ....... .$ 3,655,437
• Net Income in 2018 was....... $ 14,296,253

The Bank was established in 1982 as a California State Chartered Bank under the Department of Financial Institutions in Los Angeles, California. Bank work force is 94 full-time employees in 8 offices in CA.

State Bank of India in India is in Trouble:

• In 2019: After adjusting for divergence bank incurred notional loss of Rs 6,968 crore as against reported profit of Rs 862 crore in financial year 2019. And even as India’s economy slows and SBI-India  got loss of over 6,500 Crore, but SBI-California is doubling down on its NRI niche: bridging the NRIs and India.
• 2018: The country’s largest lender, State Bank of India (SBI), posted its highest-ever net loss of Rs 77.18 billion for fourth quarter ended March 2018 .The bank had posted a net loss of Rs 24.16 billion in the December 2017 quarter