SBI Branch in the Heart of Silicon Valley

By NANDINI PAL

SUNNYVALE, CA: Personalized service and "just that little bit extra" was what DP Roy, President of State Bank of India, NY, promised its clientele. Roy, who flew down from New York to be at the inauguration of the San Jose branch was speaking to the cream of Silicon Valley at a dinner hosted by SBI, February 25, at the Sunnyvale Hilton, to announce theng of the San Jose branch the next day.

"We will take the time to share a cup of chai and some informal chit chat with our customers," said Roy. "In fact," he added, "our customers will come into our offices and talk about their family problems. We always make the time for them."

Roy was explaining the benefits of banking with a smaller bank and the facilities that they tailored for their clientele. SBI was an American bank, Roy said, but because of its Indian roots, it intended to maintain its "heritage." The San Jose branch is its third branch in California, after Los Angeles (14 years old) and Artesia.

PG Kakodkar, Chairman SBI, who arrived earlier from India for the inauguration also remarked that though all the benefits of banking with an American bank would be available for SBI customers, SBI would also be able to offer its expertise in very specialized lines. For example, he said, for the numerous non-resident Indians and Indians working in the US, SBI would offer fast and efficient remittances of funds to India. For those seeking to do business in India, Kakodkar offered guidance on policy, links, funding and guarantees.

"With our extensive network--SBI is India’s premier bank and has over 9,000 branches in India, 50 offices and 1,000 correspondent banks worldwide--we can offer very strong business links almost everywhere," said Kakodkar. "With economic liberalization, many large and small organizations areng subsidiaries in India. We can help with working capital funds, LCs, and guarantees in all export processing zones. In addition, we can also help locate partners, bring parties together, and aid with mergers and acquisitions."

SBI planned to aggressively woo customers, said Birendra Kumar, President of SBI California in Los Angeles. In fact, he added, they had sent out 1,000 flyers and innumerable email messages to NRI’s in the Bay Area, informing them of theng of the new branch. The feedback has been heartening, and was quite obvious at the packed banquet hall for the announcement dinner.

Mayor of San Jose, Susan Hammer and Ambassador William Clark Jr were present to show their support. "We are very pleased that you have chosen San Jose to provide centralized banking in this area," said Hammer, adding that she had been well supported by the Indian American community in the elections. Hammer stressed the importance of trade for a community and remarked that export statistics for her region--"this little valley"--were an astonishing $30 billion a year.

Clark, who has been appointed a Director of SBI, San Jose, said that SBI would be working not only with Indians but with all those who wanted to do business in India. "You will be well served," he said, "to work with some one who has the experience there."

The branch wasd in response to repeated requests from customers and community members, said Kakodkar. "The US continues to be the single largest trading partner of India, and Silicon Valley is the center of the most profitable computer industry," he said. "Can we imagine a world without computers? We have here the best entrepreneurs, whiz kids from all over the world, and it is a matter of pride for us that Indians are making such a significant contribution here. We are glad to be a part of this economic center."

Kumar appealed to the guests to proffer "guidance, expertise, support and understanding," in answer to SBI’s promise of "courage and confidence."

The Indian Embassy in Washington was represented by Sudhakar Rao, who apologized for Ambassador Naresh Chandra’s inability to attend as he was unwell. He conveyed the Ambassador’s greetings and good wishes and said, "We hope for dealings of close cooperation with SBI." Consul for Commerce, Manjinder P Singh and Consul for Consular Affairs Tilak Devasher of the San Francisco Consulate General were present. Among leading community members who were invited to the podium were Dr Suhas Patil, representing TiE, The Indus Entreprenuer; and Dr Romesh K Japra, Chairman of the Federation of Indo-American Associations of Northern California.

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