Indian Banks spending on stationary

Hello Hive Fam

Good day to you all, and I hope you're having a good time wherever you are.

I got this information while scrolling through a LinkedIn page, and it was surprising to learn how much Indian banks spend on stationery. To be honest, I have no idea that the stationery cost for these banks can be such a huge amount; India's biggest bank, which is the State Bank of India, has spent about 986 crore rupees on stationery and printing costs, which I think is huge. This list has the Top 14 banks, including private and government banks, where State Bank of India is on top with 986.4 crore as a cost and Federal Bank at 56.2 crore at the lowest. It is obvious that Federal Bank is not such a big bank, so obviously their cost is going to below however, if I talk about some leading private bank which includes HDFC, Axis Bank, and even ICICI bank and, they are also spending quite a good amount of money.

HDFC Bank, being at the top it is spending more than 922 crore rupees, whereas the total of Axis and ICICI Bank is less than that, and I believe that ICICI Bank is the top private sector bank in the country. This is surprising for me, and for a moment I thought, why are these banks spending such a huge amount on this part when they are encouraging digital banking in the 21st century? Uh, literally, they are providing a bunch of services for their customers.

Image source Link

In terms of their profitability, this cost is between 1 to 2%, but in terms of numbers, this is a bigger amount which could have been used in something more productive, and it is a dead spend which is not bringing any value in return. I'm not saying that this can be completely cut off, but I'm sure there are many ways through which banks can work on it and reduce this cost significantly, which they can also invest in something that can add more value to their overall banking infrastructure, which will bring better value and even better experience for their customers.

we are in 21st century where things are highly advanced and technology is evolving So spending such a big amount on printing cost and stationery in this era does not make any sense and that is why I believe it is an area where banks really must look into and figure out the ways how they are going to save this money. It might not happen overnight, but surely if they look at They can figure out the ways through which a larger amount of money can be saved, and that is how technology can make them do it and build better banking solutions.

✨✧✦✧✨✧✦✧✨✧✦✧✨✨✧✦✧✨✧✦✧✨✧✦✧✨✨✧✦✧✨✧✦✧✨✧✦✧✨✨✧✦✧✨