4 Daily Motivation Strategies for Success

Motivation strategies are the key to finding and harnessing your motivation to work for you and achieve your goals. Motivation strategies are small practices you can employ to generate more motivation and to connect with the underlying motivation you have always had. Motivation strategies do not take a long time, but repetition of these strategies every day increases their effectiveness and your ability to draw strength from them. The following strategies are effective ways to get in touch with your motivation and to harness the power of your mind to work harder and smarter for you. 1. Motivation strategies - daily list your goals and dreams. If you have one or two very large dreams you are working towards, look at them in your own handwriting every day. This will help center your mind on the bigger picture you are hoping to create, and will keep you grounded to these ideas when the going gets tough. When you spend time every day writing your smaller goals, as well, you will begin to see a purpose in your work and trials that can increase your motivation to work hard and try your best. 2. Motivation strategies - break small tasks into manageable pieces. A list of smaller tasks that you can check off as you go will be easier to complete and attempt than a large task that can seem looming and impossible. Small steps will help you allocate the appropriate time and resources to the task, and will enable you to give yourself the necessary breaks to make the task as enjoyable as possible. 3. Motivation strategies - make sure you keep track of your successes. If you have broken a task down into smaller pieces, do not forget to check off the pieces you have completed. This physical evidence of your progress will go far in aiding your motivation to see the whole project to completion. The worst detriment to motivation strategies is the inability to see success because feelings of failure then have room to move in and sap any strength of mind and will you may have. When you pay special attention to your successes, you will be better able to work for future success. 4. Motivation strategies - be willing to ask for help when the going gets rough. When your resources run low and you are unable to make things work out yourself, look to your friends and family as resources for additional motivation. These people can offer encouragement to you as well as offering additional aid in your task. It isnt always easy to ask for help or admit you are having a bad day, but it can be instrumental to your motivation strategies progress to seek out this support. Motivation strategies are easy to put into practice but can make all the difference in your success!

Get Motivated

get motivated lack of motivation motivation techniques Free Report - Lasting Motivation Secrets Copyright 2007 - Motivation Techniques :: motivation techniques People - Theories of Motivation There are a number of different views as to what motivates workers. The most commonly held views or theories are discussed below and have been developed over the last 100 years or so. Unfortunately these theories do not all reach the same conclusions! Taylor Frederick Winslow Taylor (1856 1917) put forward the idea that workers are motivated mainly by pay. His Theory of Scientific Management argued the following: Workers do not naturally enjoy work and so need close supervision and control Therefore managers should break down production into a series of small tasks Workers should then be given appropriate training and tools so they can work as efficiently as possible on one set task. Workers are then paid according to the number of items they produce in a set period of timepiece-rate pay. As a result workers are encouraged to work hard and maximise their productivity. Taylors methods were widely adopted as businesses saw the benefits of increased productivity levels and lower unit costs. The most notably advocate was Henry Ford who used them to design the first ever production line, making Ford cars. This was the start of the era of mass production. Taylors approach has close links with the concept of an autocratic management style (managers take all the decisions and simply give orders to those below them) and Macgregors Theory X approach to workers (workers are viewed as lazy and wish to avoid responsibility). However workers soon came to dislike Taylors approach as they were only given boring, repetitive tasks to carry out and were being treated little better than human machines. Firms could also afford to lay off workers as productivity levels increased. This led to an increase in strikes and other forms of industrial action by dis-satisfied workers. Mayo Elton Mayo (1880 1949) believed that workers are not just concerned with money but could be better motivated by having their social needs met whilst at work (something that Taylor ignored). He introduced the Human Relation School of thought, which focused on managers taking more of an interest in the workers, treating them as people who have worthwhile opinions and realising that workers enjoy interacting together. Mayo conducted a series of experiments at the Hawthorne factory of the Western Electric Company in Chicago

He isolated two groups of women workers and studied the effect on their productivity levels of changing factors such as lighting and working conditions. He expected to see productivity levels decline as lighting or other conditions became progressively worse What he actually discovered surprised him: whatever the change in lighting or working conditions, the productivity levels of the workers improved or remained the same. From this Mayo concluded that workers are best motivated by: Better communication between managers and workers ( Hawthorne workers were consulted over the experiments and also had the opportunity to give feedback) Greater manager involvement in employees working lives ( Hawthorne workers responded to the increased level of attention they were receiving) Working in groups or teams. ( Hawthorne workers did not previously regularly work in teams) In practice therefore businesses should re-organise production to encourage greater use of team working and introduce personnel departments to encourage greater manager involvement in looking after employees interests. His theory most closely fits in with a paternalistic style of management. Maslow Abraham Maslow (1908 1970) along with Frederick Herzberg (1923-) introduced the NeoHuman Relations School in the 1950s, which focused on the psychological needs of employees. Maslow put forward a theory that there are five levels of human needs which employees need to have fulfilled at work. All of the needs are structured into a hierarchy (see below) and only once a lower level of need has been fully met, would a worker be motivated by the opportunity of having the next need up in the hierarchy satisfied. For example a person who is dying of hunger will be motivated to achieve a basic wage in order to buy food before worrying about having a secure job contract or the respect of others. A business should therefore offer different incentives to workers in order to help them fulfill each need in turn and progress up the hierarchy (see below). Managers should also recognise that workers are not all motivated in the same way and do not all move up the hierarchy at the same pace. They may therefore have to offer a slightly different set of incentives from worker to worker.

Herzberg Frederick Herzberg (1923-) had close links with Maslow and believed in a two-factor theory of motivation. He argued that there were certain factors that a business could introduce that would directly motivate employees to work harder (Motivators). However there were also factors that would de-motivate an employee if not present but would not in themselves actually motivate employees to work harder (Hygienefactors) Motivators are more concerned with the actual job itself. For instance how interesting the work is and how much opportunity it gives for extra responsibility, recognition and promotion. Hygiene factors are factors which surround the job rather than the job itself. For example a worker will only turn up to work if a business has provided a reasonable level of pay and safe working conditions but these factors will not make him work harder at his job once he is there. Importantly Herzberg viewed pay as a hygiene factor which is in direct contrast to Taylor who viewed pay, and piece-rate in particular Herzberg believed that businesses should motivate employees by adopting a democratic approach to management and by improving the nature and content of the actual job through certain methods. Some of the methods managers could use to achieve this are: Job enlargement workers being given a greater variety of tasks to perform (not necessarily more challenging) which should make the work more interesting. Job enrichment - involves workers being given a wider range of more complex, interesting and challenging tasks surrounding a complete unit of work. This should give a greater sense of achievement. Empowerment means delegating more power to employees to make their own decisions over areas of their working life.

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How Managers can Motivate their Employees

Abstract Employees' performance has been established to be directly related to employees' motivation. This assertion was corroborated by different management theories since the works of Frederick Taylor on 'The Principle of Scientific Management' in 1911 and Henry Gantt on 'Works, Wages and Profits' in 1913. Modern employees' motivation management methods have evolved over time which discredited Taylor's "differential rate piece-work" and Gantt's "task and bonus wage" systems. The modern employees' motivation management methods are employees' oriented and are more effective. There are schools of thought that believe that no employee can be 'adequately' motivated while there are others that believe they can. This research work was to ascertain from the employees the motivating factors that can 'adequately' motivate them to work tirelessly and to achieve results. It found out that employees can be 'adequately' motivated and are best positioned to determine what can collectively motivate them 'adequately'. Introduction Motivation is the catalyst that spurns employees' eagerness to work without pressure. To motivate is to provide employees with a motive to do some tasks. It is to cause or provoke somebody to act either positively or negatively. To say that nobody can motivate employees at work is like saying there are no influential leaders, that there are no effective managers, that there are no motivational speakers, that the psychologists in sports management teams are useless and that motivation is not achievable. Motivation has been used by effective managers to prompt ordinary people to achieve uncommon results in all fields of endeavours. If you doubt that there is motivation, read "I have a dream", the public speech by Martin Luther King, Jr., when he talked of his ambition for an America where blacks and whites, the poor and the rich, the educated and uneducated, the youths and the old and others would co-exist harmoniously and peacefully as equals on August 28, 1963 from the steps of the Lincoln Memorial (Lucas and Medhurst, 1999). Managers who have been able to motivate their employees successfully realised how easy it is to achieve tasks with motivated employees. The American Heritage Dictionary of the English Language (2006) defined employee "as a person who works for another in return for financial or other compensation". Employees do not only work because they want to collect only pay but for other numerous factors. People work because they have goals to achieve which surpass financial gains from their employment. There are various factors that bother on employment. These factors include: employer, employee, working environment, working terms and conditions and type of products and services provided by employer. Maslow (1943) said that people work to survive and live through financial compensation, to make new friends, to have job security, for a sence of achievement and to feel important in the

society, to have a sense of identity, and most especially to have job satisfaction. All employees that have job satisfaction are high performers in their respective workplaces. Taylor (1911) opined that the most important motivator of workers is salary and wages when he said that "non-incentive wage system encourages low productivity". He said that if employees receive the same wage irrespective of their individual contribution to the goal, they will work less and that employees think working at a higher rate means fewer employees may be needed which discourages employees to work more. All these analogies affect only the unskilled and "unmotivated" workers in Midvale Steel Company where Taylor worked as a manager. Taylor worked as an engineer in the production unit. His principle does not apply to administrative and managerial duties where it may be difficult to measure individual performance. Gantt (1913) suggested that compensating 'hardworkers' will be better done through basic pay for all and bonuses for extra performance. The two methods treat workers as 'labourers' who toiled only for money and has been discouraged by modern managers. Modern managers recognise employees as part of a team and who are collectively responsible for the team's performance. The inadequacy of one must be covered by others though there is room for recognition of good works of individual team members, rewards and awards. This research work's aim was to find out if it is possible to adequately compensate employees and how managers and team heads can motivate their employees with the scarce resources available to them. Review of Literature Some theorists and writers on motivation of employees concluded it is not possible to adequately motivate employees based on Maslow's "Heirachy of Needs" and Frederick Herzberg's "theory of hygiene needs" or "two-factor theory" because these theories averred that human needs are 'insatiable'. For example, Amabile and Kramer (2007) said "anyone in management knows that employees have their good days and their bad days and that, for the most part, the reasons for their ups and downs are unknown. Most managers shrug their shoulders at this fact of work life". Other writers on motivation and satisfying human needs include, Henry Mintzberg's "Ten Managerial Roles", Michael E. Porter's "Competitive Strategy", Chris Argyris's "Bureaucratic/Pyramidal Value System and Humanistic/Democratic Value System", Douglas McGregor's "Theory X and Theory Y", Rensis Likert's Management System and Styles", Elton Mayo's "Hawthorne Experiments", Fredrick Herzbergs' "Two Factor Motivation Hygiene Theory" and David McClelland's "Achievement Theory". Abraham Maslow in his 1943 paper titled "A theory of Human Motivation", is an extension of human innate curiousity. Maslow devided human needs into five. Maslow said that human beings' first group of needs are physiological; the second needs are safety related; the third are love/belonging to the society; the fourth are esteem and the fifth are self-actualization. The physiological needs are breathing, food, water, sex, sleep, homeostatis and excretion; safety needs include security of body, of employment, of resources, of morality, of the family, of health, of property; love/belonging to society, bieng in friendship (being in love and being loved), family, sexual intimacy; esteem needs are self-esteem, confidence, achievements, respect for others, respect by others; and self actualization include morality, creativity, spontaneity, problem solving, lack of prejudice, and acceptance of facts (Maslow, 1943). The Hawthorne studies allegedly discovered the influence of human relations or social factors on workers motivation (Roethlisberger and Dickson, 2003). According to Porter (1997) and

Mintzberg (1989) motivation is only a secondary link in the chain represented by management. According to them, both motivation and market evolution are evolving in a linked relationship. This analogy is called the Contingency Theory. The contingency theory is a behaviorial theory that says that there is no one best way to manage a company, to lead an organisation or to make decisions. But the critical path analysis, the employees suggestion programs, SMART analysis, analytic heirarchy process etc, are decision making ways that have been proved to work better than others in their categories. The only way to manage an underfunded organisation is to provide "adequate fund" through injecting more fund or downsizing. Herzberg (1959) said we have basic needs (hygiene needs) which, when not satisfied, cause us to be dissatisfied. Meeting these needs does not make us satisfied...it merely prevents us from becoming dissatisfied. 'Hygiene' is a medical word and an analogy of the necessity to do something that is essential, but which does contribute towards making a patient well (it only prevents infection). These needs are also called maintenance needs. Herzberg said there is a seperate set of needs which, when resolved, do make us satisfied. These are called motivators (Herzberg, 1959). A manager does not need to provide all employees' needs before being a motivator. All he needs to do is to make an employee happy through identifying their state of mind while in office and talking over moody employees' problems. Mintzberg (1989) said to be able to motivate employees different factors would have to be put in place as much as we have employees. If management could go to the extent of carrying out opinion survey on employees, they will be able to motivate all employees and it will affect production. Recently, a company in Glasgow carried out a survey on motivating employees in the period of economic crunch. The question is: should the company sack some workers and increase salaries of retained workers? The other question is, should the company leave employees population at status quo and reduce salaries of employees across board? The employees voted for lower salaries and remaining as a family. They all believed the economic conditions 'will change'. If the organisation has assumed that increased salaries and wages will motivate "retained workers" and sacked less-productive workers, they would have been wrong. Herzberg (1987) identified two main categories of motivational factors: contextual factors and descriptive factors. The first factors include salaries, working conditions, organisation strategy etc. The second factors include threats and opportunities, competences, achievements, sense of belonging etc. Herzberg (1959) discovered that the factors that lead to dissatisfaction are completely different from those that provide satisfaction. He discribed the positive factors "motivation factors". These met human needs in a unique way and include achievement, personal development, job satisfaction and recognition. Improving these factors can provide employees; job satisfaction. Herzberg (1959) concluded that organisations should ain to motivate employees through job satisfaction, rather than reward or pressure. Herzberg (1987) believes workers are not motivated by salaries and wages. But his study of 200 Pittsburgh Engineers and Accountants are based on middle-, and high-, cadre workers and cannot be generalised for low-cadre employees. Low-cadre employees see salary and wages as mtivating factors more than anything. Levinson (1989) said "every manager must motivate and encourage employees somehow reconciling the individual needs with the goals of the organisation. All employees have aspirations and objectives which they want to achieve through their organisations. Responsible managers ought to help them to achieve their modest aspirations. Lewis-McClear and Taylor

(1998) said that employee contract breach may act as demotivator and is related with employee's intention to quit an organisation. Having clearly set-out objectives can motivate employees. Small business owners in UK have been informed that their staff do not know what their objectives are for next year and are not feeling motivated, according to a report by the Department for Business Innovation and Skills (BIS, 2009).The BIS report revealed that only 25% of staff have had objectives for 2010 clearly communicated to them and a further third do not even know if a vision for their business' future exists. The report suggested this is having a negative effect on employee motivation levels, as only 27% feel positive about the year ahead. "If leaders don't explain where the business is going and what it's seeking to achieve, how can people be motivated or know what they're meant to contribute? Clear goals are a key ingredient for achieving performance and productivity" (MacLeod, 2009). Motivation factors that are affective and effective in one employee or in a group of employees may not be affective or effective in others. This is an area where study, query and feedback will have to be carried out. For example, the issue of bonus as motivation factor in employees may spurn employees to be 'distrustful', 'self-centred', 'selfish' and 'individualistic' instead of working for the collective success of a team. The Parliament in UK is considering a Financial Services Bill that Gordon Brown says will wipe out the old bonus system where bank bosses collect bonus based on percentage of profit (BBC News, 2009). Bonus can instigate good performance, but experience over the years show that some bank bosses only cover up, produced 'cosmeticized' Annual Report and push the bad days forward. In trying to get more bonus, they go into shaddy deals, They do not write off "Bad Debts" as place them under "Debtors" so that they can have bogus and inflated "Turnover" and "Profit after Tax". The liability is always inherited by their successors. If employees collect bonuses for exceeding expectation, they should also be fined for receding expectation. For employees to be fully motivated, managers must be aware that human beings are different in the way they think, see, view, feel, do things and reason. Myer-Briggs model (1956) talked about human differences. This model is about personality types. Myer-Briggs identified four ways people differ from each other. These are: the way they think; the way they view; the way they feel/perceive and the way they see things (Myers, 1980). To satisfy an individual you must know what he needs either by observation or through interviewing. Psychologist Eduard Spranger said there are six values in human beings which we all have in varying degrees. They are: theoretical (passion for knowledge), utilitarian (passion for money and what is useful), aesthetic (passion for beauty, balance, and harmony), social (passion for service to others), individualistic (passion for power and control), traditional (passion for finding the highest meaning in life). He said your top two values are what drive you and must be fulfilled for you to achieve happiness in life (Spranger, 1955). Motivating employees begins with recognizing that to do their best work, people must be in an environment that meets their basic emotional drives to acquire, bond, comprehend, and defend (Nohria et al, 2008). According to Amabile (1998), "in today's knowledge economy, creativity is more important than ever. But many companies unwittingly employ managerial practices that kill it. How? By crushing their employees' intrinsic motivation, the strong internal desire to do something based on interests and passions. Managers don't kill creativity on purpose. Yet in the pursuit of productivity, efficiency, and control - all worthy business imperatives - they undermine creativity".

Mishra and McKendall (1993) suggested that employees suggestion programs (ESPs) should be used to involve employees in decision making and motivate them. "An ESP represents an opportunity to tap the intelligence and resourcefulness of an organization's employees, and by doing so, reap significant cost savings. Those companies and managers that have an ESP program uniformly list economic advantages first when describing the benefits of their employee suggestion programs" (Mishra and McKendall, 1993). Employees motives and psyche have changed appreciably in production. All employees want is the opportunity from the management to prove their worth. Employees no more want to be "driven", but to be "moved", not to be "ordered", but to be "shown the way" and not to be "paid" but to be "compensated". Methodology Researches in social sciences, especially one involving employees will be best approach using both qualitaitive and quantitave approaches. This research method known as triangulation has been greatly exploited by other writers. Triangulation or mixed methods of research has advantage in that the data collected from a method complemented the ones collected using the other method. By doing this, comprehensive opinions of people can be extrapolated and analysed by the researcher. Survey research and employees' interview were carried out by the researcher on a manufacturing company in East Kilbride, Glasow, Scotland, United Kingdom. 30 Questionnaires containing basic factors about motivation were asked while 10 employees were interviewed based on structured interview method. The results were interesting after participants have been assured of their annonimity and freedom of retirement from the research at their own peril. The data collected were analysed using descriptive statistics and content analysis. According to Patton (2002) "validity in quantitative research depends on careful instrument construction to ensure that the instrument measures what it is suppose to measure. The questionnaires were shared in equal number of ten to higher, middle and lowewr levels so as to have an unbiased opinions. The integrity of any research, especially one involving employees, not only depends on its analytical rigour, but also on ethical adequacy. The ethics of research bodering on voluntary participation, purpose of research, anonimity of respondents, data protection, and opportunity to read research report were assured the participants. Data Analysis Analysis of the survey data showed 90% (27 respondents out of 30) opined that "empathy from the managers" will motivate them. 86.67% or 26 respondents said that "welfare packages like accommodation, organisation transport system, medical facilities, scholarship for students and pension scheme" will motivate them. 83.33% (25 respondents) said that "fairness to all employees by the managers" and "freedom to use own initiative" will motivate them. 76.67% (23 respondents) said that conducive and neat working environment will motivate them more than any motivating factor, while 73.33% said "managers leading by example" will motivate them. 20 respondents (66.67%) said that "opportunity to train and develop your potentials" will motivate them and 17 respondents (56.67) said their motivation can only come from "regular increment in wages and salaries". "Sense of belonging in the organisation" will motivate 16 respondents (53.33%), while "effective communication of latest development" was supported as a motivating factor by 16 respondents (53.33%). The employees that will be motivated by

conflict" management system were 50% (15) and those that will be motivated by reward and award were 43,33% (13). 15 out of 20 respondents (75%) in the lower and middle levels of employment supported "regular increment in salary" as against 2 out of 10 respondents in the higher cadre. All employees in the lower and middle leves (100%) and 7 from the higher level chosed "empathy from the manager as the highest motivating factor. 9 respondents from the lower and middle levels each and 8 from the higher level said "welfare packages like accommodation, organisation transport system, medical facilities, scholarship for students and pension scheme" will motivate them. Research Findings Managers can successfully motivate their employees through empathy, leading by example, management by objectives (MBO), fairness to all, rewards, awards and recognition for longservice and good work, opportunity for employees' training and development, periodical promotion and increase in take-home pay, welfare package like employees' children scholarship, free medical services for employees and their families, recognition of birthdays of employees, the creation of a sense of belonging among all employees, regular feedback from employees, effective communication in the project environment and assurance of employees future within and without the organisation, providing a conducive and attractive working environment for the employees, and instituting conflict resolution management. Nothing motivates better than working in a cohesive team and being seen as part of a success story. Workers are motivated when they are getting results, otherwise, they feel depressed and weak. Other motivating factors are secondary. Managers should be aware that their job is to plan, organise, control, supervise and direct a motivated employees to achieve objectives. Conclusion/Recommendations A manager can adeqautely motivate his or her employees. He or she should, through methods like psychometric test and physical observation of the employees, inquire about an employee's needs to know the type of motivators that can spurn the employees to get the best from him or her. Motivation to some people means a 'fat salary', to others, motivation means working in a neat and hygienic environment, while to some employees motivation is having sense of belonging and having opportunity to train and develop a career. Salaries and wages are not the only motivators that can improve productivity. In a multi-national company in Nigeria, the human resources department found out that by introducing a 'cold water tap' and a 'colour television' in the junior staff waiting room, production increased by more than fifteen percent within a year. The workers derived a sense of belonging in the organisation and worked harder. The two motivators could not have affected every employee as their motivators are different in the company. Some employees would have preferred to monetised the benefits. But the results cut across all employees as their total production increased. Award and recognition and not salary, overtime and wages have helped organisations to motivate some employees. Managers should practice leadership by being close to all emplyees to know what will motivate them. An employee with large family size and huge bills to settle every month will probably prefer money as motivation than an employee with small family size. In some cases, the promise of accommodation, paid holidays, company car and company health facilities have been used to inspire employees. Managers should identify individual employee's common motivators and prioritise the motivators, by needs of the employees, before they can successfully motivate their employees at work.

Employees that are familiar with the objectives of their organisation are more motivated than employees who have promise of higher pay. Organisations should have corporate culture", build teams and not encourage any scheme that recognises individual team members as the champion of a team. Review of wokers should be done before they start work at all where the minimum performance required of them will be exposed in a clear and writen form. Performance measurement of employees should not be shrouded in mystery. If a bonus has to be paid to motivate an employee to exceed performance, it has to be for performing a measurable and obvious task. Organisations should recognise that there are external factors beyond the control of employees like politics of the area they operate, economic issues like interest rate, inflation, deflation, currency exchange rate etc, social issues like immigration, language barrier, culture etc, techology change, laws and legal issues, demography, climatology, societal risks etc and health and safety issues, whic can affect the performance of employees. In a case where bonuses are paid for officers who receive salary and wages to perform a given job, the bonuses should be motivatinonal, an instigator of innovation and good work and not as a tradition. Employee receiving the bonus should be able to show that the exceptional performance was as a result of his action and nothing else. Workers should not be seen as 'greedy' by employers when drafting contract agreement. They should not be treated as miserable and as if it is only money they work for. Workers should be made to feel proud about a business as a "going-concern" and not to milk it dry. The exposition of the obvious - that a company which was in debt will go extinct if something was not done has motivated a company's workers to perform brilliantly without additional remuneration, turned around the fortune of the company and thereby saved their company and their jobs.

bank A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:

The History of banking in India dates back to the early half of the 18th century. 3 Presidency Banks that were established in the country namely the Bank of Hindustan, Bank of Madras and Bank of Bombay can also be referred to as some of the oldest banking institutions in the country. The State Bank of India that was earlier known as the Bank of Bengal is also one of the oldest in the genre. To know about the types of banks in India, it is necessary that we first comprehend the banking system so as to be able to distinguish about its various types. All types of Banks in India are regulated and the activities monitored by a standard bank called the Reserve Bank of India that stands at the apex of the banking structure. It is also called the Central Bank, as major banking decisions are taken at this level. The other types of banks in India are placed below this bank in the hierarchy. The major types of banks in India are as follows:

Public sector banks in India - All government owned banks fall in this variety. Besides the Reserve Bank of India, the State Bank of India and its associate banks and about 20 nationalized banks, all comprises of the public sector banks. Many of the regional rural banks that are funded by the government banks can also be clubbed in this genre. Private sector banks in India - A new wave in the banking industry came about with the private sector banks in India. With policies on liberalization being generously taken up, these private banks were established in the country that also contributed heavily towards the growth of the economy and also offering numerous services to its customers. Some of the most popular banks in this genre are: Axis Bank, Bank of Rajasthan, Catholic Syrian Bank, Federal Bank, HDFC Bank, ICICI Bank, ING Vysya Bank, Kotak Mahindra Bank and SBI Commercial and International Bank. The Foreign Banks in India like HSBC, Citibank, and Standard Chartered bank etc can also be clubbed here. Cooperative banks in India - With the aim to specifically cater to the rural population, the cooperative banks in India were set up through the country. Issues like agricultural credit and the likes are taken care of by these banks. The evolution of State Bank of India can be traced back to the first decade of the 19th century. It began with the establishment of the Bank of Calcutta in Calcutta, on 2 June 1806. The bank was redesigned as the Bank of Bengal, three years later, on 2 January 1809. It was the first ever jointstock bank of the British India, established under the sponsorship of the Government of Bengal. Subsequently, the Bank of Bombay (established on 15 April 1840) and the Bank of Madras (established on 1 July 1843) followed the Bank of Bengal. These three banks dominated the modern banking scenario in India, until when they were amalgamated to form the Imperial Bank of India, on 27 January 1921. An important turning point in the history of State Bank of India is the launch of the first Five Year Plan of independent India, in 1951. The Plan aimed at serving the Indian economy in general and the rural sector of the country, in particular. Until the Plan, the commercial banks of the country, including the Imperial Bank of India, confined their services to the urban sector. Moreover, they were not equipped to respond to the growing needs of the economic revival taking shape in the rural areas of the country. Therefore, in order to serve the economy as a whole and rural sector in particular, the All India Rural Credit Survey Committee recommended the formation of a state-partnered and state-sponsored bank. The All India Rural Credit Survey Committee proposed the take over of the Imperial Bank of India, and integrating with it, the former state-owned or state-associate banks. Subsequently, an Act was passed in the Parliament of India in May 1955. As a result, the State Bank of India (SBI) was established on 1 July 1955. This resulted in making the State Bank of India more powerful, because as much as a quarter of the resources of the Indian banking system were controlled directly by the State. Later on, the State Bank of India (Subsidiary Banks) Act was passed in 1959. The Act enabled the State Bank of India to make the eight former State-associated banks as its subsidiaries.

The State Bank of India emerged as a pacesetter, with its operations carried out by the 480 offices comprising branches, sub offices and three Local Head Offices, inherited from the Imperial Bank. Instead of serving as mere repositories of the community's savings and lending to creditworthy parties, the State Bank of India catered to the needs of the customers, by banking purposefully. The bank served the heterogeneous financial needs of the planned economic development. Branches The corporate center of SBI is located in Mumbai. In order to cater to different functions, there are several other establishments in and outside Mumbai, apart from the corporate center. The bank boasts of having as many as 14 local head offices and 57 Zonal Offices, located at major cities throughout India. It is recorded that SBI has about 10000 branches, well networked to cater to its customers throughout India. ATM Services SBI provides easy access to money to its customers through more than 8500 ATMs in India. The Bank also facilitates the free transaction of money at the ATMs of State Bank Group, which includes the ATMs of State Bank of India as well as the Associate Banks State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Indore, etc. You may also transact money through SBI Commercial and International Bank Ltd by using the State Bank ATM-cumDebit (Cash Plus) card. Subsidiaries The State Bank Group includes a network of eight banking subsidiaries and several non-banking subsidiaries. Through the establishments, it offers various services including merchant banking services, fund management, factoring services, primary dealership in government securities, credit cards and insurance. The eight banking subsidiaries are:

State Bank of Bikaner and Jaipur (SBBJ) State Bank of Hyderabad (SBH) State Bank of India (SBI) State Bank of Indore (SBIR) State Bank of Mysore (SBM) State Bank of Patiala (SBP) State Bank of Saurashtra (SBS) State Bank of Travancore (SBT)

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Nationalised banks dominate the banking system in India. The history of nationalised banks in India dates back to mid-20th century, when Imperial Bank of India was nationalised (under the SBI Act of 1955) and re-christened as State Bank of India (SBI) in July 1955. Then on 19th July 1960, its seven subsidiaries were also nationalised with deposits over 200 crores. These subsidiaries of SBI were State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Indore (SBIR), State Bank of Mysore (SBM), State Bank of Patiala (SBP), State Bank of Saurashtra (SBS), and State Bank of Travancore (SBT). However, the major nationalisation of banks happened in 1969 by the then-Prime Minister Indira Gandhi. The major objective behind nationalisation was to spread banking infrastructure in rural areas and make cheap finance available to Indian farmers. The nationalised 14 major commercial banks were Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce (OBC), Punjab and Sind Bank, Punjab National Bank (PNB), Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India (UBI), and Vijaya Bank. In the year 1980, the second phase of nationalisation of Indian banks took place, in which 7 more banks were nationalised with deposits over 200 crores. With this, the Government of India held a control over 91% of the banking industry in India. After the nationalisation of banks there was a huge jump in the deposits and advances with the banks. At present, the State Bank of India is the largest commercial bank of India and is ranked one of the top five banks worldwide. It serves 90 million customers through a network of 9,000 branches.

List of Public Sector Banks in India is as follows:

Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Punjab and Sind Bank Punjab National Bank State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of India (SBI) State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Saurashtra State Bank of Travancore Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank IDBI Bank

State Bank of India

State Bank of India (SBI) (NSE: SBIN, BSE: 500112, LSE: SBID) is the largest Indian banking and financial services company (by turnover and total assets) with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest commercial bank in the Indian Subcontinent. Bank of Madras merged into the other two presidency banks, Bank of

Calcutta and Bank of Bombay to form Imperial Bank of India, which in turn became State Bank of India. The government of India nationalised the Imperial Bank of India in 1955, with the Reserve Bank of India taking a 60% stake, and renamed it the State Bank of India. In 2008, the government took over the stake held by the Reserve Bank of India. SBI provides a range of banking products through its vast network of branches in India and overseas, including products aimed at non-resident Indians (NRIs). The State Bank Group, with over 16,000 branches, has the largest banking branch network in India. SBI has 14 Local Head Offices and 57 Zonal Offices that are located at important cities throughout the country. It also has around 130 branches overseas. With an asset base of $352 billion and $285 billion in deposits, SBI is a regional banking behemoth and is one of the largest financial institution in the world. It has a market share among Indian commercial banks of about 20% in deposits and loans.[2] The State Bank of India is the 29th most reputed company in the world according to Forbes.[3] Also SBI is the only bank featured in the coveted "top 10 brands of India" list in an annual survey conducted by Brand Finance and The Economic Times in 2010.[4] The State Bank of India is the largest of the Big Four banks of India, along with ICICI Bank, Punjab National Bank and HDFC Bankits main competitors.[5]

Contents
[hide] 1 History 2 International presence 3 Associate banks 4 Non-banking subsidiaries 5 Current Board of Directors 6 Branches of SBI 7 Symbol and slogan 8 Loan to NTPC 9 Recent awards and recognitions 10 References 11 External links

[edit] History

seal of Imperial Bank of India.

The roots of the State Bank of India rest in the first decade of 19th century, when the Bank of Calcutta, later renamed the Bank of Bengal, was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (incorporated on 15 April 1840) and the Bank of Madras (incorporated on 1 July 1843). All three Presidency banks were incorporated as joint stock companies and were the result of the royal charters. These three banks received the exclusive right to issue paper currency in 1861 with the Paper Currency Act, a right they retained until the formation of the Reserve Bank of India. The Presidency banks amalgamated on 27 January 1921, and the reorganised banking entity took as its name: Imperial Bank of India. The Imperial Bank of India remained a joint stock company Pursuant to the provisions of the State Bank of India Act (1955), the Reserve Bank of India, which is India's central bank, acquired a controlling interest in the Imperial Bank of India. On 30 April 1955, the Imperial Bank of India became the State Bank of India. The government of India recently acquired the Reserve Bank of India's stake in SBI so as to remove any conflict of interest because the RBI is the country's banking regulatory authority. In 1959, the government passed the State Bank of India (Subsidiary Banks) Act, enabling the State Bank of India to take over eight former state-associated banks as its subsidiaries. On 13 September 2008, the State Bank of Saurashtra, one of its associate banks, merged with the State Bank of India. SBI has acquired local banks in rescues. For instance, in 1985, it acquired the Bank of Cochin in Kerala, which had 120 branches. SBI was the acquirer as its affiliate, the State Bank of Travancore, already had an extensive network in Kerala.

[edit] International presence

The Israeli branch of the State Bank of India located in Ramat Gan.

As of 31 December 2009, the bank had 157 overseas offices spread over 32 countries. It has branches of the parent in Colombo, Dhaka, Frankfurt, Hong Kong, Tehran, Johannesburg, London, Los Angeles, Male in the Maldives, Muscat, New York, Osaka, Sydney, and Tokyo. It has offshore banking units in the Bahamas, Bahrain, and Singapore, and representative offices in Bhutan and Cape Town. It also has an ADB in Boston, USA. SBI operates several foreign subsidiaries or affiliates. In 1990, it established an offshore bank: State Bank of India (Mauritius). In 1982, the bank established a subsidiary, State Bank of India (California), which now has ten branches nine branches in the state of California and one in Washington, D.C. The 10th branch was opened in Fremont, California on 28 March 2011. The other eight branches in California are located in Los Angeles, Artesia, San Jose, Canoga Park, Fresno, San Diego, Tustin and Bakersfield. The Canadian subsidiary, State Bank of India (Canada) also dates to 1982. It has seven branches, four in the Toronto area and three in British Columbia. In Nigeria, SBI operates as INMB Bank. This bank began in 1981 as the Indo-Nigerian Merchant Bank and received permission in 2002 to commence retail banking. It now has five branches in Nigeria. In Nepal, SBI owns 55% of Nepal SBI Bank, which has branches throughout the country. In Moscow, SBI owns 60% of Commercial Bank of India, with Canara Bank owning the rest. In Indonesia, it owns 76% of PT Bank Indo Monex. The State Bank of India already has a branch in Shanghai and plans to open one in Tianjin.[6] In Kenya, State Bank of India owns 76% of Giro Commercial Bank, which it acquired for US$8 million in October 2005.[7]

[edit] Associate banks

Main Branch of SBI at Mumbai.

SBI has five associate banks; all use the same logo of a blue circle and all the associates use the "State Bank of" name, followed by the regional headquarters' name;
State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Mysore State Bank of Patiala State Bank of Travancore

Earlier SBI had only seven associate banks that constituted the State Bank Group. Originally, the then seven banks that became the associate banks belonged to princely states until the government nationalised them between October 1959 and May 1960. In tune with the first Five Year Plan, emphasising the development of rural India, the government integrated these banks into the State Bank of India system to expand its rural outreach. There has been a proposal to merge all the associate banks into SBI to create a "mega bank" and streamline operations.[8] The first step towards unification occurred on 13 August 2008 when State Bank of Saurashtra merged with SBI, reducing the number of state banks from seven to six. Then on 19 June 2009 the SBI board approved the merger of its subsidiary, State Bank of Indore, with itself. SBI holds 98.3% in State Bank of Indore. (Individuals who held the shares prior to its takeover by the government hold the balance of 1.77%.)[9] The acquisition of State Bank of Indore added 470 branches to SBI's existing network of 12,448 and over 21,000 ATMs. Also, following the acquisition, SBI's total assets will inch very close to the Rs 10-lakh crore mark. Total assets of SBI and the State Bank of Indore stood at Rs 998,119 crore as on March 2009. The process of merging of State Bank of Indore was completed by April 2010, and the SBI Indore Branches started functioning as SBI branches on 26 August 2010.[10]

State Bank of India Mumbai LHO.

[edit] Non-banking subsidiaries

Apart from its five associate banks, SBI also has the following non-banking subsidiaries: 1.SBI Capital Markets Ltd 2.SBI Funds Management Pvt Ltd 3.SBI Factors & Commercial Services Pvt Ltd 4.SBI Cards & Payments Services Pvt. Ltd. (SBICPSL) 5.SBI DFHI Ltd 6.SBI General Insurance Company Limited

[edit] Current Board of Directors

After the end of O. P. Bhatt's reign as SBI Chairman on 31st March, 2011, the post was taken over by Pratip Chaudhuri, who is the former Deputy Managing Director of the International Division of SBI. As on 4th August, 2011, there are twelve members in the SBI Board of Directors, including Subir Gokarn, who is also one of the four Deputy Governors of the Reserve Bank of India. The complete list of the Board members are:
1. Pratip Chaudhuri (Chairman) 2. Hemant G. Contractor (Managing Director) 3. Diwakar Gupta (Managing Director) 4. A Krishna Kumar (Managing Director) 5. Dileep C Choksi (Director) 6. S. Venkatachalam (Director) 7. D. Sundaram (Director) 8. Parthasarathy Iyengar (Director) 9. G. D. Nadaf (Officer Employee Director) 10.Rashpal Malhotra (Director) 11.D. K. Mittal (Director)

12.Subir V. Gokarn (Director)[11]

[edit] Branches of SBI

State Bank of India has 137 foreign offices in 32 countries across the globe. SBI has about 25,000 ATMs (25,000th ATM was inaugurated by the then Chairman of State Bank Shri O.P. Bhatt on 31 March 2011, the day of his retirement); and SBI group(including associate banks) has about 45,000 ATMs. SBI has 21,500 branches, including branches that belong to its associate banks. SBI includes 99345 offices in India. India's number one ADB is in bellary i e State bank of India bellary ADB

[edit] Symbol and slogan

The symbol of the State Bank of India is a circle and not key hole and a small man at the centre of the circle. A circle depicts perfection and the common man being the centre of the bank's business. Slogans : "Pure banking nothing else"

[edit] Loan to NTPC

On 8th July, 2011, SBI agreed to give a loan of Rs 10,000 crore to NTPC (National Thermal Power Corporation), making it the largest loan SBI had ever given to any single customer in its entire 200 year history. The loan had a "door-to-door" maturity period of 12 years, accompanied by a drawdown period of four years. An NTPC press release said at the time of the declaration of the loan that "The loan shall be utilized for financing the capital expenditure of ongoing and new projects." NTPC chairman at the time, Arup Roy Choudhury clarified that the loan amount would be used to add 128,000 MW capacity by the end of year 2032 (NTPC'c capacity at the time of the declaration of the loan was 34,584 MW).[12] This loan was offered amidst declining finance for power projects in India, which were a direct result of the lending constraints placed by the Reserve Bank of India and the increased risk awareness of power projects. It will also help minimize the shortfall of around Rs 4.51 Trillion that the Power Ministry of India expected to incur in achieving the objectives of the Eleventh Five Year Plan (This plan targeted an addition of 78,577 MW or power generation capacity which would require an investment of Rs 10.3 Trillion).[13]RAJKUMAR

[edit] Recent awards and recognitions

Best Online Banking Award, Best Customer Initiative Award & Best Risk Management Award (Runner Up) by IBA Banking Technology Awards 2010 The Bank of the year 2009, India (won the second year in a row) by The Banker Magazine Best Bank Large and Most Socially Responsible Bank by the Business Bank Awards 2009 Best Bank 2009 by Business India

The Most Trusted Brand 2009 by The Economic Times Most Preferred Bank & Most preferred Home loan provider by CNBC Visionaries of Financial Inclusion By FINO Technology Bank of the Year by IBA Banking Technology Awards SKOCH Award 2010 for Virtual corporation Category for its e-payment solution

[edit] References
1. ^ a b c d e f "2011 State Bank of India". bseindia. http://www.bseindia.com/qresann/detailedresult_cons.asp? scrip_cd=500112&qtr=69.5&compname=STATE%20BANK%20OF %20INDIA&quarter=MC2010-2011&checkcons=55c. 2. ^ "SBI accounts for one-fifth of country's loans". Livemint.com. 25 January 2009. http://www.livemint.com/2009/01/25230613/SBI-ICICI-Bank-profits-riseo.html. Retrieved 20 August 2010. 3. ^ Kneale, Klaus (6 May 2009). "World's Most Reputable Companies: The Rankings". Forbes. http://www.forbes.com/2009/05/06/world-reputablecompanies-leadership-reputation-table.html. Retrieved 20 August 2010. 4. ^ "India's top 10 brands". business.rediff.com. http://business.rediff.com/slide-show/2010/oct/26/slide-show-1-tata-motors-isindias-top-brand.htm. Retrieved 26 Oct 2010. 5. ^ "Big Four (banks) Wikipedia, the free encyclopaedia". En.wikipedia.org. http://en.wikipedia.org/wiki/Big_Four_(banks). Retrieved 16 July 2010. 6. ^ "State Bank of India to set up branch in China's Tianjin". Forbes. 21 November 2007. http://www.forbes.com/afxnewslimited/feeds/afx/2007/11/21/afx4365862.htm l. Retrieved 16 July 2010. 7. ^ "State Bank of India Acquired 76% Shareholding in Giro Commercial Bank In 2005". Accessmylibrary.com. 8 October 2005. http://www.accessmylibrary.com/article-1G1-137297728/sbi-buy-76kenyas.html. Retrieved 21 December 2010. 8. ^ "Indian Banks' Association". Iba.org.in. 23 April 2005. http://www.iba.org.in/viewmembanks.asp?id=2. Retrieved 21 December 2010. 9. ^ Business Standard (21-June-2010). "Approvals for State Bank of Indore merger by July : SBI". http://www.cmlinks.com/sbi/NewsText.asp? Code=1375&period=1001&srno=9172002038. 10.^ Economic Times (26-August-2010). "State Bank of Indore branches to become SBI units from Aug 26 : SBI". The Times Of India. http://economictimes.indiatimes.com/Banking/articleshow/6434466.cms. 11.^ http://www.statebankofindia.com/user.htm 12.^ "NTPC secures 10k cr loan from SBI". The Times Of India. July 9, 2011. http://articles.timesofindia.indiatimes.com/2011-07-09/india-

business/29754988_1_rupee-loan-ntpc-chairman-state-run-generation-utility. Retrieved 19 October 2011. 13.^ "NTPC signs Rs10,000 cr loan pact with SBI". liveMint. July 8, 2011. http://www.livemint.com/2011/07/08193756/NTPC-signs-Rs10000-cr-loanpa.html. Retrieved 19 October 2011.

[edit] External links

Official website [hide]v d e

Banking in India

Central bank

Reserve Bank of India NABARD

Allahabad Bank Andhra Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank Central Bank of India Corporation Bank Dena Bank IDBI Bank Indian Bank Indian Overseas Bank Oriental Bank of Commerce Punjab & Sind Bank Punjab National Bank Nationalis ed banks Syndicate Bank UCO Bank Union Bank of India United Bank of India Vijaya Bank State Bank of India State Bank of Bikaner & Jaipur State Bank of Hyderabad State Bank of Indore State Bank of Mysore State Bank of Patiala State Bank of Travancore State Bank of Saurashtra

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ABN AMRO Abu Dhabi Commercial Bank Antwerp Diamond Bank Arab Bangladesh Bank Bank International Indonesia Bank of America Bank of Bahrain and Kuwait Bank of Ceylon Bank of Nova Scotia The Bank

of Tokyo-Mitsubishi UFJ Barclays Bank Citibank India Credit Suisse HSBC Standard Chartered Deutsche Bank Royal Bank of Scotland

Regional North Malabar Gramin Bank South Malabar Gramin Bank Pragathi Rural Gramin Bank Shreyas Gramin Bank banks

Real Time Gross Settlement (RTGS) National Electronic Fund Transfer Financial (NEFT) Structured Financial Messaging System (SFMS) CashTree Services Cashnet Automated Teller Machine (ATM) De-Materialisation (DEMAT) Foreign Exchange (FOREX) Retrieved from "http://en.wikipedia.org/w/index.php? title=State_Bank_of_India&oldid=458283699"
Mission Statement Develop into a top rate, nimble footed banking institution committed to excellence in services to its customers, enhancing stakeholders value though care and competence and fulfilling obligations to the community at large. Vision Statement Attain high standards of efficiency and professionalism and core institutional values comparable to the best in the field. Possess world-class standards of efficiency and professionalism rooted in the core institutional values of the State Bank Group. To be a committed, caring and responsible corporate citizen To provide a satisfying work environment with opportunities for learning, selfdevelopment and self-actualization. Excellence in customer service Integrity and confidentiality

Values