The largest lender of the country, State Bank of India has launched the first exclusive branch targetted only for the ultra high net worth individuals (HNIs) of the country. The branch is the first of its kind in India.
"Accounts will be opened through invitations by the bank. We are targeting around 250 upper elite customers by March 2011 for this branch," said Shiv Kumar, chief general manager, (Hyderabad circle) SBI.
SBI expects to churn out turnover of Rs 100 crore from this branch alone in the upcoming six months which has been christened as Kohinoor Banjara Premium Banking Centre.
The bank aims to set up more branches of the kind in the country and also in Andhra Pradesh.
"As the economy has come out from the recession, we have upgraded our banking service to meet the current demand. The centre, with state-of-the-art technology-enabled facility, will provide the customers a feel-good ambience in terms of space and personalised services," said Diwakar Gupta, deputy managing director and group executive - Rural Business, SBI.
"The branch is the first-of-its-kind in India where banking service would be available throughout the year with an extended timing of up to 8 pm. It will have a business centre and a conference room," said K Venugopal, general manager (Network-1), SBI.
The branch would have locker facility available round the clock without any prior appointment. Other facilities available in the branch would be cheque/draft pick up, deliver services, video conferencing, financial planning, forex services, SBI e-Tax, e-invest and online trading facilities.