CODE OF ETHICS IN BRIEF

VISION MISSION
Be the Bank of Choice Committed to
for a Transforming Providing Simple, Responsive
India and Innovative Financial
Solutions

VALUES
Service | Transparency |
Ethics | Politeness |
Sustainability
1.0 Message from the Chairman

Dear Colleagues,

At SBI, we have always held ourselves As you know, our Vision is to ‘Be the
to the highest standards of ethics in Bank of Choice for a Transforming
everything that we do. We take pride in India’. To realise this Vision, we have an
doing what is right and conduct obligation to see that our inimitable
ourselves with professional integrity at reputation is preserved in these difficult
all times. Our distinctive ethos and times. The task is not easy. It bequeaths
values have surpassed the generations more responsibilities on us and calls for
and geographies. This is a key reason an unflinching commitment from each of
why customers choose to bank with us. It us. But challenges have forever inspired
is not just about the quality of our us and I do believe that we all will step up
products & services or our extensive as a role model in our own little ways to
presence, it's also about how we do translate our Vision into a reality. In
things and how our values guide us to pursuit of our Vision, frame of STEPS-
serve our customers with empathy. Our our five-core values- can brace us.
sustained success as the most respected STEPS stand for Service, Transparency,
Bank in the country is built on this public Ethics, Politeness and Sustainability.
confidence that we never compromise on This is a simple yet powerful centrepiece
ethical conduct. This sets us apart from for high performance. With this in mind,
the rest. we have prepared a practical resource –
the Code of Ethics- that helps us
understand how we can follow our values
and live up to the promise of SBI brand. I
urge all of you to read this Code and go by
it both on and off the job. It is not
something to be glanced once, it needs to
be entrenched in our daily behaviours.

Let's take the STEPS together….

Rajnish Kumar
Chairman

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2.0 Message from the DMD(HR) & CDO

Dear Colleagues,

In its over two centuries of glorious in this context, that the Bank's Code of
h i s t o r y, S B I h a s a l w a y s b e e n Ethics forms the basic framework to
acknowledged for its hallmark integrity guide us of the right way of conducting
and selfless service. A custodian of trust ourselves in our daily role and
reposed on it by millions of its responsibilities. The Code is an
customers, across all geographies and articulation of our Values of STEPS and
time zones, the Bank has constantly been spells out what the Bank expects from
reinventing itself with changing times. each of us. Like the Pole Star, it is a moral
Today, in its digital avatar, the Bank beacon that keeps us aligned to our values
mirrors the aspirations of the young and as we march ahead towards the
resonates with the spirit of the new India. realisation of our shared and cherished
This splendid journey of the Bank has Vision.
been an epitome of the highest standards
of conduct and the insistence on doing I would request you to go through the
what is right. It is this sterling legacy that Code. It is a comprehensive, yet a very
we now need to behold and carry on convenient and easy to understand ethical
forward to greater heights. toolkit that shall be of immense value as
you start your journey in this majestic
But how can we do this? We can do this organisation. Please remember, it is our
when we all display exemplary conduct shared responsibility to uphold our
in our daily activities. In essence, it splendid legacy, and our Code is a
means doing the right thing, without any medium that shall help us not only to
fear or favour, one time-every time. It is carry it forward but to elevate it to a much
higher stature.

Alok Kumar Choudhary

DMD (HR) & CDO

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TABLE OF CONTENTS

01 02 04
Message from Message from Who Must
the Chairman the DMD (HR) Follow & How
& CDO

05 12 12
Living our Values Breach of Code: Notes/ Waivers
of STEPS Accountability
Service .................05
Transparency ......06
Ethics ...................07
Ethics Enabling

13 14
Mechanism ............08
Want to SPEAK UP
or want any
ADVICE ................09
Politeness ............10 Resources: Closing
Sustainability ......11 Related Policies Thoughts from
the Chief Ethics
Officer

CODE OF ETHICS IN BRIEF

 3.0 Who Must Follow & How

The Code applies to all staff members in the Bank regardless of their location or classification as regular,
contractual or part-time. It also applies to all third parties dealing with the Bank. Such persons or entities
are required to act consistently with the spirit of the Code to work for us.

YOUR RESPONSIBILITIES

Ÿ Understand the Code and be in a position to guide your team properly.

Ÿ Foster a culture of ethics & uphold the spirit of the Code in daily actions.
Ÿ Make sure that your team feels comfortable in asking questions or raising concerns.
Ÿ Never tolerate retaliation or allow others to do so.
Ÿ Make sure that you have appropriate delegation before entering into any transaction or risk on behalf of the Bank.
Ÿ Report a misconduct or to take action to redress the same.
Ÿ Use Ethical Decision- making Guide when unsure in a situation.

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 4.0 Living Our Values of
STEPS

Our values establish a set of ethical principles that are instrumental in founding and nurturing a
common organizational culture. These define us and govern the way we deal with our customers,
colleagues, other stakeholders and the public at large. Hence, we must possess an understanding of
the behaviours these values call for. Only then, we will be able to live the values of STEPS in our
words and deeds.

Remember: It Starts with Us.

4.1 Service

Principle 1: Serving our Customers

DOs
Ÿ We shall provide our customers with the best-in- Ÿ Say “Thank you” to customers after
class products, services & solutions to suit their doing their work.
needs. Ÿ Listen with empathy – Always.
Ÿ Focus on customers' needs.
Ÿ We shall treat our customers with empathy to Ÿ Pursue digital excellence & tell
anticipate, meet and exceed their expectations. customers about benefits of online
channels.
Principle 2: Providing Ease of Convenience Ÿ Commit to serve the nation - in
Ÿ We shall keep our processes simple and prompt. whatever role you are.
Ÿ Be a part of national ambition.
Ÿ We shall address and resolve our customers' Ÿ Build skills & be your best every day.
grievances quickly. Ÿ Win as Team SBI.

Principle 3: Serving our Nation Question and Answer

Ÿ We shall strive to make banking accessible to every
Indian to build a better India.
A customer has complained that the
Bank has recovered charges for
Ÿ We shall contribute to socio-economic issuing statement of account without
development of the country and do our utmost for the him asking for it. What should I do?
nation building.
First, enquire whether a request in
Principle 4: Growing Together to Deliver Better any form has been received from him
for the same. If not, then immediately
Ÿ We shall continuously learn, build skills, share refund the charges recovered. An
knowledge and create a learning organisation explanation of the staff who initiated
together. this deduction be called to know the
reasons for this mistake. In matters of
Ÿ We shall believe in each other, collaborate, draw customer complaints, swift & timely
strength from team-work and achieve more action is of utmost importance.
together.

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4.2 Transparency

Principle 1: Being Transparent

Ÿ We shall respect the right of our
DOs
customers and other stakeholders for
maximum openness in all their Ÿ Be accurate while exchanging information about
interactions with the Bank. Bank.
Ÿ Always meet standards of integrity in
Ÿ We shall promote transparency both at communicating with others.
personal and collective level. Ÿ Safeguard your personal & professional
reputation.
Ÿ Exercise due diligence while on-boarding a
Principle 2:Enjoying Public Trust & customer or undertaking a transaction.
Confidence Ÿ Remember that it is important to comply with not
Ÿ We shall act with diligence in keeping just the letter, but the spirit and intent, of the law.
with our role as the custodians of public Ÿ Be honest in preparing Bank's data & financial
money. statements.
Ÿ Report possible violations of disclosures to the
Ÿ We shall conduct all our transactions with controllers.
probity to conform with the Bank's Ÿ Exercise extreme caution in opening email
fiduciary responsibilities. attachments from unknown or suspicious
senders.
Ÿ Remember that we are responsible for actions
Principle 3: Being Responsible with taken under our access credentials.
External Stakeholders
Ÿ We shall adhere to the best disclosure
standards and keep a complete and
accurate records of our accounts. Question and Answer
Ÿ We shall meticulously follow the In a newly opened Savings Bank account, you
applicable laws, rules and regulations. observe many transactions of sizeable
amounts. What should you do?

Principle 4: Safeguarding SBI Assets & Ask the customer about these transactions. If
Resources not satisfied with the responses, report the
Ÿ We shall protect the Bank's assets & matter to Controllers through STR. This
resources, tangible as well as intangible, reporting should not be disclosed to the
from theft, waste, misuse, loss and customer.
damage.
Can I use my Bank email ID to subscribe to
Ÿ We shall use the Bank's assets & online social groups to canvass for Bank's
resources prudently, both physical and business and getting business leads?
intellectual, for approved purposes only.
No. You cannot.

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 4.3 Ethics

Principle 1: Conducting Ourselves with

Utmost Integrity DOs
Ÿ We shall make sure that integrity Ÿ Be responsible in personal finances.
permeates our workings and decisions Ÿ Be alert to the situations giving rise to potential
every day. conflicts of interest.
Ÿ Report immediately any inadvertent disclosure to
Ÿ We shall be just and honest to all our controllers.
stakeholders -customers, colleagues, Ÿ Ensure that the recipient is aware of the
investors, communities, public and others confidential nature of the information & related
we deal with. restrictions for dissemination.
Ÿ Treat suppliers & vendors fairly.
Principle 2: Handling Conflicts of
Ÿ Know & follow the rules for Gifts &
Interest - Actual, Potential or Perceived
Entertainment.
Ÿ We shall avoid situations or positions in Ÿ Be aware that Gift or entertainment too often
which personal interests conflict with our might suggest the appearance of something
professional duties. improper, even when there is none.
Ÿ Be eyes & ears of the Bank.
Ÿ We shall be proactive in identifying and Ÿ Report violation of Code, whether happened,
managing conflicts of interest between happening or likely to happen.
the Bank and its stakeholders.

Principle 3: Accepting and Offering Gifts Question and Answer

or Entertainment
Ÿ We shall not accept, offer or give gifts, If my BM asks me to do something wrong, what
entertainment or other benefits of value should I do?
save as specified in our Code of Ethics.
Refuse politely. Never do anything that you
Ÿ We shall squarely follow our Code and believe is wrong. Express your concerns
declare the gifts received. directly to your controllers. You may also
contact the Chief Ethics Officer.
Principle 4: Reporting and Preventing
My elder brother holds 1000 shares of a
Unethical Activities
company dealing with my branch whose value
Ÿ We shall always report a conduct that can might be adversely affected in near future as
be detrimental to the interests of Bank or per my internal information. Can I share the
its stakeholders. information discreetly?

Ÿ We shall always encourage the speaking You shouldn't. Sharing this information
up and protect the colleagues who amounts to insider trading and is a violation of
escalate concerns. law.

Bank's Non-Retaliation Commitment

Bank strictly prohibits any form of retaliation or intimidation against anyone reporting legitimate concerns.
Anyone involved in victimising such person will be subjected to strict disciplinary action

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 4.3.1 Ethics Enabling Mechanism

ETHICAL DECISION-MAKING GUIDE

HELPING YOU DO THE RIGHT THING

In situations when we are uncertain on how to proceed,

we should ask these 8 questions from ourselves to do the right thing.
If answer to all questions

Does it reflect our values and the 1

brand?

YES
Does it comply with our Code, 2
Policies, Guidelines & Law? PROCEED

Have I understood the risk & 3

implications of my action? If in any question

Does it protect the interests of 4

Bank and our customers?
UNSURE
Would I be comfortable if my 5 WAIT. Seek HELP
action is reported?

Can I share it openly with my 6 If any of the answers

colleagues, friends & family?

Would it be seen appropriate by 7

the communities & media? NO
Please STOP
Am I setting a good example? 8
8
4.3.2 Want to SPEAK UP or want any ADVICE?

At times, you may observe a conduct that is inconsistent with the principles set forth in the Code of
Ethics. Then, it is your responsibility to report the conduct and the individual involved immediately.
In such situations, you should not delay because such problems get worse with passage of time. At
other times, you may be uncertain whether a decision or action that you are required to carry out is
consistent with the spirit of the Code. You may then wish to obtain advice on how to proceed.

If you want an advice, you should first attempt to resolve the issue yourself or through Ethical Decision-
Making Guide. If it does not help, then you must seek advice by following the process given below:

1.Contact your immediate superior.

2.Contact your controllers.
3.Contact the Chief Ethics Officer.

If you want to report something, you may raise concern through Whistle Blower Mechanism of the
Bank by reaching out to Chief Vigilance Officer at https://whistleblower.sbi.co.in. Else, you
may also call Ethics Helpline at 022 - 22742313 or send e-mail to [email protected]

Your identity will be kept confidential.

[No retaliation against anyone who reports in good faith.]
The advice and reporting process is an ethics enabler & not meant to override whistleblowing mechanism
but rather to supplement & support the same.

Confidentiality: What does it mean?

“Whoever we speak to will know our identity, but will not make it public, unless there is a legal or
regulatory obligation.”

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4.4 Politeness

Principle 1: Being Polite in Treating

Customers DOs
Ÿ We shall strive to provide a polite, Ÿ Dress smartly - Always.
courteous and dignified experience to our Ÿ Treat your colleagues with respect and dignity.
customers in their interactions with us. Ÿ Be courteous with women colleagues
Ÿ Show concern for colleagues.
Ÿ We shall listen more than we talk and Ÿ Actively promote inclusiveness.
ensure that we are understanding and Ÿ Respect individual rights & privacy.
understood while dealing with Ÿ Encourage healthy debates.
customers. Ÿ Celebrate diversity.

Principle 2: Being Polite with Peers &

Colleagues - Senior or Junior
Ÿ We shall be polite in our workplace
relationships and create an enabling work Question and Answer
place where work-life balance nurtures
wellbeing and productivity as well. A colleague is in habit of using abusive and
derogatory language. What should I do?
Ÿ We s h a l l d e m o n s t r a t e c a r e a n d
compassion for each other and foster a If you're comfortable doing so, speak directly
high-trust workplace. to your colleague and ask him to refrain from
such language. Please also apprise your
Principle 3: Acting with Empathy & immediate Controller.
Passion for Colleagues
I am working in a rural branch. I have to
Ÿ We shall treat each other like an internal
commute through grungy public transport to
customer and have the highest regard for
reach the branch every day. Is it OK if I wear
the dignity of all colleagues.
jeans and t-shirt for work?
Ÿ We shall connect with our colleagues,
You can keep few pairs of formal dress in the
engage in open dialogues with them and
branch. Use informal clothing while travelling.
respect each other.
Change to formals once you reach the branch.
Principle 4: Promoting an Inclusive & The bottom line is that you should be dressed
Empowering Culture smart & formal when in office.

Ÿ We shall respect different points of view

and draw on diversity of thought to
stimulate collaboration and innovation.

Ÿ We shall acknowledge the worth of all

colleagues and appreciate that there are
no unimportant colleagues or
unimportant roles and everyone has a
valuable contribution to make.

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4.5 Sustainability

Principle 1: Contributing to the

Communities Around DOs
Ÿ We shall commit ourselves to produce Ÿ Connect with communities around - Give back.
positive and lasting impacts in our Ÿ Be sensitive to social & environmental risks.
communities. Ÿ Reduce, reuse & recycle.
Ÿ Think Green – Be Green.
Ÿ We shall continuously engage with the Ÿ Go carefully through the sustainability aspect
communities around to promote while engaging vendors.
ecological, social and economic Ÿ Support an individual or entity that champions a
improvements. clean and green work style.
Ÿ Recognise your responsibility as a corporate
citizen – Get involved.
Principle 2: Collaborating with Business Ÿ Promote sustainable financial solutions.
Partners to Promote a Green Future
Ÿ We shall work together with our partners
to find new ways to reduce carbon foot
Question and Answer
prints.
I observe that my colleague does not switch off the
Ÿ We shall expect our partners to build lights and PC of his/her cubicle when leaving the
environmental and social considerations office. What should I do?
into their business practices.
Talk to him/her and ask to switch them off when
Ÿ We s h a l l c o l l a b o r a t e a n d d r i v e leaving. If he/she still ignores, report to the
sustainability for transforming India to a Controllers. Electricity should not be wasted.
low-carbon and resource-efficient
economy. The Bank has organised a cleanliness drive on a
Sunday morning and expects all staff members to
participate. One of your favourite movies is
Principle 3: Being a Responsible scheduled on TV around the same time. What
Corporate Citizen should you do?
Ÿ We shall embrace opportunities to
As a responsible citizen and a committed
develop eco-friendly products, services
employee, you must participate in the cleanliness
and processes for a sustainable corporate
drive.
management.
My manager comes to me with 2 shortlisted cab
Ÿ We shall take on responsibility that
service providers. The one with slightly lower rate
extends beyond our business and allows to
has cars with higher emission levels. The other
contribute for promoting social
with the slightly higher rate has cars with lesser
improvements.
emission levels. What should I do?

Since the difference in rates is slight, you may, with

reasons duly recorded, go for the more
environment friendly service provider and get it
suitably reviewed from the controllers.

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 5.0 Breach of Code: Accountability

Compliance with the Code of Ethics is a key requirement for the Bank staff along with adherence to other applicable
laws, regulations, policies and processes. The Code is a living document and represents our collective commitment to
our value system and core principles.

It should serve as our first-line reference for expected behaviours and ethical conduct. If our conduct does not meet the
standards set out in the Code or is illegal, dishonest or unethical, it would constitute a breach of the Code and we may
be subject to corrective or disciplinary action in terms of the applicable service rules or contract terms.

Third parties dealing with the Bank are also expected to understand that the Code forms part of their agreement with
the Bank and that a breach may result in the termination of contract, disqualification from applying for future contracts
or any other suitable action as applicable.

6.0 Notes/Waivers

The Code of Ethics does not provide a comprehensive and complete explanation of all expectations from the Bank's
standpoint or obligations from a stakeholder's view.

Our employees have a continuing responsibility to familiarise themselves with all applicable and relevant Laws,
Codes, Policies & Procedures.

All subsidiaries are encouraged to adopt the Bank's Code of Ethics. This version of the Bank's Code of Ethics
supersedes all earlier versions and associated documents and stands effective from 01.08.2018

The Bank may waive the application of certain clauses or sections of the Code of Ethics. Any such waiver would
require approval from the Appropriate Authority and shall be disclosed by the Bank.

12 CODE OF ETHICS IN BRIEF

7.0 Resources: Related Policies

1 Code of Conduct on Corporate Governance for 13.5 Evidence in enquiry, committee etc.
DMDs & CGMs
2 Code of Conduct for accessing Bank Accounts of 13.6 Receiving complimentaries, valediction,
Customers and Employees/ Executives of the Bank etc.
in CBS

3 Code of Conduct for expressing Views in Social 13.7 Rules for accepting gifts: Officer & Award
Media Staff

4 Professional Dress Code 13.8 Bringing political or outside influence

5 Sexual Harassment of Women at Workplace 13.9 Absence from work

(Prevention, Prohibition and Redressal)

6 Whistle Blower Policy 13.10 Borrowing, incurring debts, buying and

selling shares, lending money, guarantee
etc.

7 Compliance of GOI directives on Presenting / 13.11 Drawing advance salary, discounting

Offering Gifts to Govt. Servants cheques, accepting contribution, collecting
subscription

8 SEBI Guidelines on Prevention of Insider Trading 13.12 Speculation, insolvency, indebtedness

9 Policy on KYC Standards, Anti-Money Laundering / 13.13 Human Resources: Employee Welfare &
Combating of Financing Terrorism measures Work-Life Balance

10 IT Security Policy & Standards 13.14 Recourse to Court

11 Declaration of Assets & Liabilities under Section 44 13.15 Second Spouse

of the Lokpal and Lokayuktas Act

12 Accountability for Infringement / Transgression in 13.16 Consumption of intoxicating drinks, etc.

CBS Data and other IT Tools & Packages of the
Bank

13 Conduct/Service Rules for Officers 13.17 Misconduct

13.1 General observance of good conduct, discipline, 13.18 Discipline and Appeal – Penalties &
integrity, diligence, fidelity etc. Procedure for Disciplinary Action

13.2 Engaging in trade, business, employment, 13.19 Conduct Rules for Award staff
acceptance of fee, association with newspapers,
other communication systems etc.

13.3 Use of position or influence in matters of 13.20 Authority Structure for Disciplinary
employment, sanction of loan, etc.to relatives Action for Officers

13.4 Participation in demonstration, association & active 14 Authority Structure for Disciplinary
part in politics Action for Award staff

For accessing full version of Bank's Code of Ethics, please visit

Chairman's Corner on SBI Times.

13 CODE OF ETHICS IN BRIEF

8.0 Closing Thoughts from the Chief Ethics Officer

Dear Colleagues,

Welcome on board to State Bank of India. each one of you - living up to the exalting
I compliment you for your reasoned standards and taking them to greater
choice and congratulate on becoming heights. This you can do by always doing
part of this great institution with an iconic the right thing even when it is not easy to
legacy spanning over two centuries. do so. This Code of Ethics in Brief is one
Adhering to the highest standards of small mantra that will empower you in
institutional integrity and individual this pursuit of excellence. It will unleash
ethics, SBI- your bank- has been your real you. Go through it, one time,
providing moral and intellectual many times, till each word is clear, each
leadership to the Indian Financial Sector. sentence understood. If anywhere in
As an unalloyed commitment to ethical doubt, contact us. Please remember-
conduct has always been a touch stone for without goals, and plans to reach them,
us, we not only behold the trust of every you are like a ship that has set sail with no
Indian but also the respect of our destination.
stakeholders. You have enjoined yourself
with a glorious tradition of purpose, Let this document be your Pole Star.
service and illustriousness and, hence, a Align your values, unfurl your potential.
higher responsibility is bestowed upon Be awesome. Bon Voyage.

Atul Kumar
Chief Ethics Officer

14 CODE OF ETHICS IN BRIEF

Notes

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16 CODE OF ETHICS IN BRIEF
 Ethics in Action

Do you persist
in doing the
right things?

Do you take Do you make

personal people feel
responsibility? valued ?
Take a
Look at
Your Track
Do you Record
always
keep promises? Put your
ethical choices
Foster in action.

Your
Know
where the Moral Listen with
Bank is headed. Be
Master Character Good at
attention.
the
Context What You Do
Take a Protect Step outside
long term Bank’s yourself.
view. dignity.

Make sure Have an

people impact on your
believe surroundings.
in Bank’s goals.

Talk Ethics: Walk Ethics

Ethics & Business Conduct Department

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