G. G. Vaidya

Indian career banker

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G. G. Vaidya

19th Chairman of State Bank of India
Preceded by| M. P. Radhakrishnan
Succeeded by| Janki Vallabh
Personal details
Nationality| Indian

G. G. Vaidya was an Indian career banker who served as the nineteenth Chairman of State Bank of India.[1][2]

## Personal life

[edit]

He has one son, Ashish Vaidya, who like him is also a banker, having worked for HDFC Bank. Ashish Vaidya is currently Head of Trading at the Swiss Bank UBS.[3]

## Career

[edit]

He joined the State Bank of India as a probationary officer and served in a number of roles until finally becoming the Chairman of State Bank of India in 1999.[4]

He served as the nineteenth Chairman of State Bank of India from 1 February 1999 until 31 October 2000.[1][2]

It has been claimed that he was largely responsible for the bank's adoption of new technology, primarily the core banking solution known as CBS:[5]

> It was during G.G. Vaidya's tenure that the bank began harnessing technology to streamline operations. In early 2000, the bank laid the foundation of core banking solution (CBS). A CBS allows customers to operate their bank account from anywhere and anytime. The actual implementation started in 2003 during Purwar's tenure and completed in July 2008 when Bhatt was the bank's chairman.

— Business Today (India)[5]

## Legacy

[edit]

He was responsible for a number of financial innovations being introduced to the Indian Banking Industry during his tenure. For example, the India Millennium Deposit bonds were introduced during his tenure. The objective of the bonds was to raise deposits from non-resident Indians for the purpose of contributing funds towards India's infrastructure and growth.[6][7]

It was also during his tenure that State Bank of India entered the insurance sector and started selling life insurance.[8]

## References

[edit]

1. ^ a b "State Bank Of India" (PDF). hemindrahazari.com. 3 February 2000. Retrieved 6 June 2021.
2. ^ a b Admin (27 May 2021). ""State Bank of India- Story of the Largest Bank in India"". edifying-worth to know about | A Complete Guide to increase your awareness | News Articles &more ||. Archived from the original on 3 June 2021. Retrieved 6 June 2021.
3. ^ Roy, Ruchira (29 August 2012). "Ashish Vaidya: Banking in genes, UBS Executive director is 'trading' success stories". The Economic Times.
4. ^ Bandyopadhyay, Tamal (18 May 2006). "Tamal Bandyopadhyay: The hunt for the SBI chief" – via Business Standard.
5. ^ a b "SBI's first woman chairperson Arundhati Bhattacharya is ringing in change". www.businesstoday.in. 4 August 2014.
6. ^ "SBI launches India Millennium Deposit for NRIs". Zee News. 18 October 2000.
7. ^ "rediff.com: Business News: India Millennium Deposit not to be sold in the US". www.rediff.com.
8. ^ "Rediff On The NeT Business News: SBI to enter life insurance and gold businesses". www.rediff.com.

## External links

[edit]

* Official Biography
* SBI chairmen
* SBI history Archived 3 June 2021 at the Wayback Machine

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State Bank of India

Subsidiaries|

| India|

* SBI Card
* SBI General Insurance
* SBI Life Insurance Company
* SBI Capital Markets
* SBI Mutual Fund
* Yes Bank

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International|

* PT Bank Indo Monex
* SBI Australia
* SBI Bangladesh
* SBI Baharain
* SBI Botswana
* SBI Canada Bank
* SBI China
* SBI (Mauritius) Limited
* Nepal SBI Bank Limited
* SBI Sri Lanka
* SBI South Korea
* SBI South Africa
* SBI UK Limited
* SBI USA

JVs|

* SBI Payments (76%) (JV with Hitachi Payments)

Predecessors|

* Imperial Bank of India (1921–1955)
* Bank of Calcutta (1806–1921)
* Bank of Bombay (1840–1921)
* Bank of Madras (1843–1921)

Major frauds|

* Rajkissore Dutt Case
* Nagarwala case

Mergers|

* State Bank of Bikaner & Jaipur (1963–2017)
* State Bank of Hyderabad (1941–2017)
* State Bank of Indore (1960–2010)
* State Bank of Mysore (1913–2017)
* State Bank of Patiala (1917–2017)
* State Bank of Saurashtra (1948–2008)
* State Bank of Travancore (1945–2017)
* Bharatiya Mahila Bank (2013–2017)

Investments|

* Jio Payments Bank (30%)
* Yes Bank (30%)
* Andhra Pradesh Grameena Vikas Bank (35%)
* Kaveri Grameena Bank (35%)

People|

| Chairperson|

* John Matthai (1955-1956)
* H. V. R. Iengar (1956-1957)
* P. C. Bhattacharya (1957-1968)
* Borra Venkatappaiah (1962-1965)
* V. T. Dehejia (1965-1969)
* Raj Kumar Talwar (1969-1976)
* T. R. Varadachary (1976-1977)
* P. C. D. Nambiar (1977-1982)
* V. S. Natarajan (1982-1983)
* R. P. Goyal (1983-1983)
* Vishwanath N. Nadkarni (1983-1984)
* D. N. Ghosh (1985-1989)
* Atal V. (1990-1990)
* M. N. Goiporia (1990-1992)
* Dipankar Basu (1993-1995)
* P. G. Kakodkar (1995-1997)
* M. S. Verma (1997-1998)
* M. P. Radhakrishnan (1998-1999)
* G. G. Vaidya (1999-2000)
* Janki Vallabh (2000-2002)
* Arun Kumar Purwar (2002-2006)
* O. P. Bhatt (2006-2011)
* Pratip Chaudhuri (2011-2013)
* Arundhati Bhattacharya (2013-2017)
* Rajnish Kumar (2017-2020)
* Dinesh Kumar Khara (2020–2024)
* Challa Sreenivasulu Setty (2024–present)

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Current|

* Rama Mohan Rao Amara (SBI Cards)
* Prakash Chandra Kandpal (SBI General)
* Arun Mehta (SBICAPS)
* Mahesh Kumar Sharma (SBI Life)

CSR|

* SBI Foundation
* State Bank Archives and Museum

Mobile banking|

* YONO
* Yono Lite

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