New Delhi: A purported audio clip of Finance Minister Nirmala Sitharaman taking State Bank of India Chairman Rajnish Kumar to task has gone viral.
Sitharaman, who has been known to lose her cool as finance minister – and as defence minister in the first term of PM Modi – can be heard calling the country’s largest state-run lender “heartless” and “inefficient” in the purported audio clip.
The clip was uploaded on YouTube Friday and was widely shared Saturday.
The purported comments are said to have been made at a meeting between Sitharaman and bankers in the last week of February on issues faced by Assam and the other Northeastern states. The meeting was attended by Assam Finance Minister Himanta Biswa Sarma and officials of the department of financial services.
The finance minister, it could be gathered from the purported conversation, was upset that 2.5 lakh bank accounts belonging to tea garden workers in Assam had become non-operational due to a lack of acceptable Know Your Customer (KYC) requirements.
This had made the implementation of the Direct Benefit Transfer scheme for tea garden workers difficult.
https://youtu.be/On5lr59ikIU
“State bank of India…no good if you tell me you are the biggest bank…you are a heartless bank,” Sitharaman is heard saying in the purported audio clip.
She is heard telling the SBI chairman that the bank should have reached out to the department of financial services to approach the RBI regarding the KYC norms.
“It is your inefficiency that has caused this,” Sitharaman is heard telling the SBI chairman in the purported conversation. “This is utter omission of job. I hold you completely responsible for the failure.”
SBI heads the state level bankers committee (SLBC) in Assam.
SBI chairman Kumar is heard apologising after Sitharaman’s outburst in the purported clip. “I am really sorry,” he is heard saying.
ThePrint reached finance ministry spokesperson Rajesh Malhotra for comment but there was no response until the time of publishing this report.
SBI’s spokesperson also did not respond to requests for comment.
Also read: How government intervention is wrecking India’s banking system
‘KYC compliance issues’
At a press conference after a series of meetings in Guwahati, Sitharaman had said the issues faced by tea garden workers on account of ineffective accounts was being sorted out.
Sarma then added that while 8 lakh accounts of tea garden workers have been opened, 30 per cent of these were not operational because of KYC compliance issues.
“She (Sitharaman) has given instructions to public sector banks that all these 2.5 lakh accounts should be made live…and this should happen immediately,” Sarma said.
On Saturday, the All India Bank Officers Confederation issued a statement condemning the finance minister’s remarks, but later withdrew it saying there was a lack of sufficient confirmation about the sequence of the events.
The withdrawn statement said that the finance minister launched a “vituperative verbal tirade” at the SBI chairman and humiliated him. It expressed its “deep anguish” and resentment for the treatment of the SBI chairman in an “unfair manner”.
Also read: Cabinet approves reconstruction scheme for Yes Bank as proposed by RBI
Late on Saturday night, Sarma hit back at the AIBOC statement in a series of tweets.
He said tea garden workers were being deprived of banking services for the last 70 years due to procedural lapses and lack of alertness on part of local banking officials. Marginalised workers, he added, were not able to access the Rs 5,000 transferred to bank accounts of tea garden workers by the state government.
He expressed gratitude to Sitharaman for “championing the cause of these deprived workers” and for her proactive stance in solving the problem. Government sources said his tweets seemed to confirm the outburst and the audio clip were genuine.
1/5 SBI Tea Garden Issue: It appears that the All India Bank Officers’ Confederation has not understood the context. In 2017, Govt of Assam opened nearly 8 lakhs accounts of tea garden workers, one of the most marginalized sections of Assam. @nsitharaman @FinMinIndia pic.twitter.com/cSBf2khwXz
— Himanta Biswa Sarma (@himantabiswa) March 14, 2020
Quoting Sarma’s tweet, Sitharaman also tweeted the statement of AIBOC which said that it was withdrawing its earlier statement and that it was “erroneously issued”.
https://t.co/5nRSVG9pxW pic.twitter.com/EIgwa9sZ5K
— Nirmala Sitharaman (@nsitharaman) March 14, 2020
This report has been updated with tweets of Sarma and Sitharaman.
Sbi is doing service to the nation as a whole. Which bank may be considered as a perfect and society oriented bank.. please converse. S pitchai chennai
SBI customer care helpline number ///6291770640///6291770640///SBI customer care
Dear honorable Finance minister SBI is huge and largest banking institution they are always doing and giving their best in all probabilities. It is very wrong and incorrect to come to the conclusion. SBI is incorrect to say heartless SBI has a huge heart serving people in thick and time in all probabilities
Staffs are very rude in their behaviour to the customers in most of the SBI branches. Shame . If govt. have not given certain exclusive rights to SBI. Hope more than 50% customer will don’t care about SBI. Waiting to see the day when SBI will become the last option to bank with.
Honarary Finance Minister It is very wrong to humiliate the chairman of one of the most premier banking institution sbi in all probabilities and always at receiving end inspite of working hard for the country and has given it’s best in an organized and professional aspect . sbi is not heartless bank but with a very large heart always working beyond their full capacity
it is feat for SBI to have earned such reputaion remark from Union finance minister;
the reality hardly ever realised while framing rules and while implementing, not minding common man’s ralities
Why SBI all d time. Without SBI no one can do banking. It is d need of every petson. With a meagre salary and so much pressure since demonetisation we employees slog even on saturdays Sundays bank holidays and u all r worried about d humanitarian grounds and violation of KYC norms.
People putting a lits of funds sgoukd have KYC. But who gets free need not. Instead the FM shoukd have asked reasons and find why so many dont do KYC. SBI chief should have been given time to respond. Was it told to him before hand? Those with non KYC people might be sneeked foreigners not havein docs. SBI, shoukd investigate and publsh tge tryth behind the story. This is the same SBI swalliwing unwilling pilks of Govt. Schrmes out of our money.
Mr. Gooslan You have not faced the ire of bank staff how they treat their customers. The finance minister was right in raising this for the poor tea workers who are totally dependent on their earning. The have to support their family members.
Really heartless bank and its employee
Some branches of SBI are very efficient. But most are indifferent to customers. They consider the customers visiting the bank as nuisance. They even refuse to look up at the customer who is standing before them! Visiting SBI branch is a pain in the neck. Incidentally, you have chosen a most unflattering photo of Her Excellency the FM, stabbing with her hand into the air. Regrettably, she hits headlines for all the wrong reasons.
IT IS VOICE OF EVERY CUSTOMERS WHO DEALS WITH SBI. RIGHT FROM MESSENGER TO CHAIRMAN HAVE DECIDED TO TORTUTRE THE COUSTOMERS. CUSTOMERS E MAIL COMPLAINT IS IGNORED
THEY DIRECTING THE CUSTOMERS TO ALTERNATIVE CHANNELS TO REDUCE THE FOOTSTEPS OF CUSTOMERS AND THEY WANT TO BUSINESS OF SBI LIFE SBIMF SBIGENERAL.NO BODY IS BOTHERED ABOUT DEPOSITIRS. HATTS OFF TO FINANCE MINISTER TO TELL IT OLDELY. AT LEAST NOW SBI UNION OFFICERS ASSOCIATION DO THEIR BASIC DUTIES .
SBI is safe for investors, due to government ownership. During 2007-2018, GOI has infused 2.6 lakh crores in PSUs towards NPAs and capital addition. Including in SBI. And, salary levels of SBI are highest in Industry, at 13%. FM questioning the bank is perfectly alright
Economics and politics should not be mixed.
God save India!
The term Heartless is aptly stated by our Honourable Finance Minister of India to SBI Chairperson.It seems also the SBI Authority is also not concerned about the interest of their accountholders.Presently I am a senior citizen.I have failed to convert my sb account to saving plus account at SBI 00104Branch despite submission of representation 4 yrs back and afterwards by sending email etc to authority concerned.Very unfortunate.
Out of 8 lakh , a 30% (2.5 lakh) account without kyc , why FM government of India insisting to open, whom they want to favour ,
she should instruct to be liberal but should not tell to open account with out kyc
At any cost
Madam is playing vote bank politics. What did she do when lakhs of disabled soldiers received only 100 rupees as pension for the month of February 20? Absolutely nothing, as the disabled soldiers are spread far and wide in the country and do not form any credible vote bank. This despite a stay by the hon supreme Court of the country. Shame on the vindictive attitude.
Our banking system must run by law, not by pressure from govt. As everyone knows kyc is must, how can our FM pressurise SBI chairman to work beyond law and illegally. YES bank ke bad SBI ko dubona chahte ho kya madam FM.
I am a retired Sr. Citizen who has pension account in Shastri Bhawan, New Delhi branch of SBI. In 2019, bank refused my Cash withdrawl from my account for want of KYC. I submitted KYC forms. This year, in Feb.2020, I issued three cheques. While two cheques were cleared , one cheque bounced for KYC. Cash payment was refused too. I was asked to submit KYC forms again. I submitted KYC forms again on 7.3.2020. I opened account in SBP in 1976 which later merged with SBI. Officers & staff of this biggest Bank of India were so indifferent and casual and treated me as if I had come from another planet for my own money. Even for Form 16, I have to visit Bank so many times as their server is not working. It’s good to be big but it will be nice if you treat your customers with little humanity.
Only totally heartless and cynical people do communal politics.
As PSBs have successfully carried out Govt’s many flagship programs like:
1. Jan Dhan yojana
2. APY
3. PMJJBY
4. PMSBY
5. SUKANYA SAMRIDDHI YOJANA
6. MUDRA YOJANA
7. STAND UP INDIA
8. PM KISHAN
9 SVAYEM
……………. etc. etc. the list continues…..all public service programs routed through banks, banks should also be entrusted to issue Voter’s ID card, cause name appearing on the card always differs with the PAN card….lol…. and it takes 100 years to correct it correctly. KYC problem root cause will be solved.
Do not forget demonetization!
Liberalized KYC …? Why only for a section of the population….. yeah ….something fishy ha ? ….lol….carry on ……doing good…. but try to remember RAJ dharm.
If the beneficiaries can’t complete basic KYC, how do we know the the public money will go to the right deserving people and not frittered away by politicians thru fake accounts. How can anyone say these are accounts if genuine tea plantation workers.
Very true madam. These people are don’t care of customers and shows attitude always . They least bothered of customers.
Lethargy has taken over SBI.The people manning the SBI are mindless, indifferent and enefficient.They are bereft of compassion,empathy and hot headed bunch of stupid people.The FM rightly pulled up the SBI Chairman.KYC is an instrument to harass commoner whereas waginng tails before the rich.I cogratulate the FM for her courage
As an retd DGP and from law abiding citizen a comment like this is very meaningful good very good keep this up!
Why it shud not be made public they are elected by public and receive their salaries and perks from public’s tax. They r govt servant’s and govt elected by people
No you are wrong about salary. Please go through bank balance sheet carefully then give statement again…
Bankers dont get salary from your donation(income tax). It is apart of expenses in balance sheet of a bank.. Btw SBI has a big profit in balance sheet every year..
Hahahaha income is from common layman. Without us where is from Bank’s balance sheet
Some fools everytime criticise psu employees as they r being payed from tax payers money. They r serving working and earning their salaries but not looting public money as our politicians
Why not distribute Cash? All this fiasco can be avoided. No; direct cash distribution may lead to pilfering of the subsidy. Hence, to facilitate the transfer of subsidies to genuine needy people it was decide to use the Direct Tranfer Scheme, where the money gets directly credited to the genuine beneficiaries.
Now if KYC is not done, how will a bank ensure genuineness? The whole thing, this Direct Transfer thing gets defeated.
Yes, the SBI local bank officials should have been more proactive in getting KYC done and documented the efforts put in where the KYC was not possible due to whatever reasons, so that neccessary steps can be taken.
The whole issue is mismanaged from all angles.
Truth is always bitter. SBI and its employees have forgotten the fact that customer is most important visitor to their premises. The employees need an overhaul. FM is right
I think she is multi talented, from defence to finance…. and what about chairmen, does he know more than than FM, FM knows everything, our economy is at its peak due to her, what does a chairman know about about a bank, does he know more than a neta, a frustrated neta, Jo apna failure dusro pe thopna chahti hai. Kuch jaanti hai Kya banking industry k baare mein, Kya ho Gaya bjp, aisi Kya aafat aa gayi Jo iss jaisi mandd buddhi neta ki FM bana Diya. ……..
There is nothing wrong if people follow the king. Yatha raja tatha praja. Ms. Sitaraman should know it.
Agree with Miss FM, earlier I thought she is unable to perform but this video proves that the officers r lazy and sick. FM shd be more strict with them.
Yes nirmala madam is absolutely correct. Sbi is the worst bank in India. Useless greedy staff. Always begging for more salary and allowances without doing the work properly. Even after a year I am unable to get chip based debit card in spite of submission of kyc several times. They refuse to give any acknowledgement when kyc and application for debit card is submitted. But they insist that the depositor should come in person to hand over these documents. One has to wait for half a day to submit them. The banking service ombudsman is the other useless one. It is not capable of taking any action on the erring staff.
🤗🤗🤗 First get to know why the account becomes inoperative….. If you are unhappy with SBI you can choose YES bank. You said you have to wait in a long queue… So lots of customers have to be served by the limited staff. You will never know under what kind of pressure bank employees are working. And about salary and allowance…. Compare it with other departments. By the way I am proud to be a SBIan
Third class bank STATE BANK OF INDIA
Agreed but atleast ye bank dubega nahi 😂😂😂
It’s is only National stable bank
Talk about KYC? I personally know around 55 account holders of SBI those are helped by the manager and got their KYC done only to sustain their accounts. A part of SBI management doesn’t really value the account holders and they avoid having low transacting account holders.
They don’t mind to issue crores of amount to a minimum KYC Company and get him bankrupted. But surely towards the labourers they are KYC oriented organisation indeed. Feeling ashamed of this functionality of SBI.
She is just a robot press any button she start bursting to the employees in defence also she was asked what about the bulletproof jackets she had no answer . Now somebody asked her about the Banks she bursting their own government had selected the sbi chairman and now these .
If she had not rebuked then she would have been a hot topic in the media as “indifferent towards poor and capitalist” and this time as hse has called them heartless again she is in the news. This is the dilemma of the Indian oppositions.
All these are knowingly created Drama to make the fool.Their main aim is to engage the people of the Nation in a busy schedule. So that no one can ask about feed back of their promises.
Yes it’s happens in SBI, some supremo to be Ask then only some awareness and correction may be come in future.
This is how news channels work, because my comments were against their leaking the phone call, my comments were removed from their website.
And now put back.
Bogus. Staff even bogus than police
I salute you Nirmalaji. Outburst and all are not the proper treatment. Some solid action should be taken on the then chief who has comitted this. SBI is not for common man. As some gentleman said above, it is for people like Vijay Mallaya who has swindled crores of rupees and taken refuge in UK. The so called white collar job people in the Nationalized banks are very rude, which is my day today experience.
May be FM was a little has but everyone knows the harrasment of PSB officials. The no longer remember that “the customer is the king”. Streamlining them with a humane touch is the need of the hour with stringent punishment to those who fail.
It’s unethical to leak a work related discussion between the finance minister and the SBI chief. This only spoils their images. If the board meetings of any corporate company are recorded and leaked, they might sound much worse. I can understand the anguish and concern of the finance minister when a government scheme is not reaching the poor and oppressed. We should be happy and appreciate her work.
If a news channel or a news paper ran a report on the failure of SBI, we all would have happily pointed a finger at FM and SBI Chief saying it’s their failure. When they realise their own lapses and try to correct, it should be appreciated.
This seems purposely leaked to promote BJP and finance minister creating unnecessary publicity. Instead she should be more concerned with reducing petrol diesel prices on which each and every citizen of India would be benefitted though crude oil price being the lowest in history. But instead she is worried about less than 0.1 percent people. Other aspects like inflation, jobless, etc. is not at all considered
Really SBI a heartless bank .
The workers of this bank are rude n misbehaving. They do not help the helpless costomers.
The KYC is not the brain child of the bankers. It’s the government that wanted everyone to comply with procedures. Unfortunately the procedures are only for the common man. The bank officials bend backwards to help the likes of Nirav Modi Mehul Choksi and Vijay Mallya.
Really SBI a heartless bank .
The workers of this bank are rude n misbehaving.