My dear colleagues,

The time has come for me to say goodbye to you all. After serving this wonderful institution called SBI for almost 40 years, it is a solemn moment for me as I reflect back on the past surging with emotions.

While taking over as Chairman in October 2017, I had said that challenges inspire us. It was no different in the last three years. It was only during challenges-and they have been innumerable-that I think we did our best. From the Year of Hope that 2018-19 was, we moved to the Year of Happiness in 2019-20, and we could have surely seen the Year of Celebration in 2020-21 save the pandemic. No matter what makes me proud is that the promise has been delivered by you all in good measure.

Friends, I had a vision of transforming SBI into a strong bank with a niche digital face. I wanted it to be at the top of the game in digital. Working on the four pillars, viz. corporate credit revamp, deep business focus, taking the digital leap and putting in place a greatly enhanced compliance culture, I believe that SBI is today on the threshold of a new dawn. Time alone will tell how far we have succeeded. Yet, it can be easily seen that the bank's perception has changed all around and all over the country.

The move from risk advisory to risk clearance as a lending philosophy for corporate credit has been a path breaker. Today, our business models stand highly aligned and surefooted with customers. They hold a distinct competitive edge. We are more customers-driven both in stance and practice. Our balance sheet has grown stronger. We have pioneered inclusive banking in the country. Be it systems, structures, controls or processes-all are well configured and geared towards business as the vanguard. It is gratifying to see that the new way of working is working well. As for our leap into digital, Yono-our flagship digital banking and lifestyle platform-has been a game-changer in the industry. We rolled out cutting-edge products and services and emerged as a leader in the digital space. With more than 30 million accounts, Yono is the world's largest digital bank on the palm. It is the first of its kind in the whole world. The fact that the millennials have accepted Yono is the best acknowledgement that the initiative could have got.

Our culture sets us apart from others. If we get the culture right, the results will follow. That's why I always focused on the conditions that shape the culture. Good is never good enough in present-day banking. Only excellence will prevail. So several things were done to ramp up HR on the ground. Mass communication programme Nayi Disha-I has energised the mindset of workforce with the power of values. Nayi Disha-II has lifted up their heads and hearts to serve the customers better. The discipline ecology has turned more sympathetic and empathetic. HR has also stepped up to embrace the wellbeing of employees at its core and has made a difference with its compassionate measures.

It is always tempting to keep on doing what you have always done. We had conventionally been somewhat inward-looking in our approach. It is no longer so. Today, we are forward-looking in every possible way. We understand that the present has no shelf life and we have to stay ahead of the curve. We know why we exist, what our roadmap is, and how we have to traverse it with success. We know how to master the context, not surrender to it, and progress. We are far more strategic, far more candid, far more inclusive, and far more values-embedded an organisation today. We are far more sound, far more collaborative, far more steadfast and far more robust yet resilient an organisation today. These strengths are core strengths and will help us navigate the never normal times today as well as tomorrow.

Three years ago, I had said that a man without a smiling face must not open a shop. I would like to reassert this virtue of politeness. We are still not where we need to be on this count. All of us have to commit to fulfil this unfulfilled promise. We have to keep on reminding ourselves that politeness is what makes a bank great. There are no halfway measures here. All of us have to accept our responsibility and do our bit in this endeavour. Regardless of the station we occupy, we have to try harder to make things better in the area. I wish that I could see someday the 'smiling faces' to be everywhere in the bank.

The year 2020 has seen the world change. Even the way we breathe now is different. The unprecedented crisis in the form of the pandemic has upturned every activity in our world. I can proudly say that SBI could rise to this occasion and deliver to the nation what was expected of it and a lot more. This has solely been made possible by the digital transformation of the bank which beforehand placed it in full readiness. The determination and selfless contribution of all of you during these extremely difficult times is indeed worthy of a salute from me. I place on record, on this occasion, my sincere appreciation for those who have provided uninterrupted banking services to the country without fear. I also humbly remember the corona warriors of the bank who have lost their precious lives while serving the nation. My sympathies are with their families and friends too.

Before I close, a word or two of advice to you, the leaders of tomorrow, will not be out of place. First, never be afraid of committing mistakes. That will only end up you not doing anything at all. Mistakes are fine provided we learn from them and move ahead. Second, do not hesitate to express what you feel is right. It strengthens the bank. Let me tell you, I have, in my career, always put forth my take on issues and it has always been taken in the proper spirit by seniors. Third, take care of your health, both physical and mental. A fit body with a healthy mind alone can take you high, both in the bank and outside.

And never ever forget that values are your personal bottom-line. You are what your values are. Strive to stand out for your unbending integrity to earn the trust of those you lead. Trust cannot be commanded-you have to earn it. Whatever you do as a manager or leader, you have to have credibility. An ounce of example is worth a tonne of precept. Peter Drucker long ago called integrity the touchstone of management-its very essence. Your bank demands it from you. Dive in. And persevere.

New times will bring in newer challenges and I am confident that the bank will come out stronger. There has been a near-full churning in the composition of bank's central board too. New incumbents have brought fresh ideas and new perspectives with them. I am happy that I am leaving the bank 'future-ready' for the next chairman-Mr Dinesh Khara-to take it further ahead. Future is all about possibilities, and I believe that the best is yet to come. I wish all the best for his new assignment. I can say with no hesitation that I am leaving SBI in safe hands.

It has been my honour to lead SBI for the last three years. I thank each one of you for the support that you gave me in this journey towards SBI becoming the bank of choice for a transforming India. I will forever be grateful to every one of you. I wish each of you and your family a very healthy and bright future.

God bless you all.

Rajnish Kumar

Note: Rajnish Kumar retired as chairman of SBI on 7 October.