On 69th Foundation Day, SBI commits to enhancing the banking experience with transformational initiatives
FinTech BizNews Service
Mumbai, July 01, 2024 - On the occasion of the 69th Foundation Day of the Bank, State Bank of India announces a bouquet of offerings to enhance the banking experience for existing customers and widen the Bank’s accessibility to address banking needs of its potential customers. The Bank has launched 11 initiatives catering to diversified customer profiles and their banking needs. State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families.
The Digital initiative:
UPI Tap-and-Pay
State Bank of India is transforming the digital payment experience with the introduction of two exciting features like tap-and-pay on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO app.
Leveraging Near Field Communication (NFC) technology, the BHIM SBI PAY app’s tap-and-pay marks a new era of swift and effortless digital payments. Transactions under Rs. 500 leverage UPI Lite for a pin-less experience, while transactions beyond Rs. 500 will require a UPI PIN for a safe and secure payment experience. This innovative feature aligns with the global shift towards contactless payments and aims to significantly streamline the user experience for SBI customers.
SBI Surya Ghar
The Bank has also announced an initiative, which is a fully digital end-to-end journey for SBI Surya Ghar Loan. The users can opt for credit for installing solar rooftops under the Government of India's PM Surya Ghar Scheme, offering loans for up to 10 KW capacity. The entire process will be managed on SBI’s digital platform, from applicant registration on the MNRE/REC portal to loan disbursement.
Facilitating access to YONO Business and Corporate Internet Banking for small businesses
Aimed at addressing the digital banking needs of startups, small businesses, and partnership firms with two partners and limited staff, the YONO Business / Corporate Internet Banking product offers simplified role management with no mandatory admin or regulator. The addition of this feature will eliminate the challenge faced by small businesses for the requirement of at least three mandatory role holders of the platforms. The new feature offers a limit of Rs. 50 lakhs per transaction and facilitates quick transfers up to Rs. 25,000 per transaction with a daily limit of Rs. 5 lakhs.
Product and services
Automated intimation for loan
Along with fulfilling businesses’ needs, the Bank offered new functionality for borrower’s home loan processing. Home loan borrowers will now receive an automated email and SMS notifications regarding the status of their loan application at various processing stages. This initiative aims to enhance customer satisfaction and convenience.
Agricultural Centralized Processing Cells
The State Bank of India has launched 35 new Agricultural Centralized Processing Cells (Agri CPCs) to revamp and mitigate risks in its agricultural loan portfolio. These specialized cells are geared towards expanding commercial agricultural loans and facilitating larger-ticket agricultural financing. In the fiscal year 2024 alone, the Agri CPCs have processed agricultural advances exceeding Rs 8,200 Crores, significantly enhancing SBI's market presence in high-value agricultural credit products such as Agri Enterprise Loans and the Agri Infrastructure Fund. This initiative underscores SBI's commitment to strengthening agricultural finance and fostering rural economic growth.
Electronic Dealer Financing Scheme (e-DFS)
The e-DFS BRE will be officially launched as part of Project Pratham. This initiative focuses on providing standalone e-DFS loans of up to ₹5 crore. The new journey aims to cover approximately 87% of the existing e-DFS portfolio and was piloted on June 8, 2024, across 8 SCF CPCs in a controlled user group (CUG). This development is expected to substantially reduce the turnaround time (TAT) for new onboarding and renewals. As of now, 1,023 e-DFS leads amounting to ₹1,253 crore have been onboarded for processing, with 21 proposals worth ₹12.46 crore already sanctioned. Additionally, training for all operating functionaries has been completed to ensure smooth implementation.
SBI General Arogya Advanced plan
Meanwhile, SBI General has introduced the Arogya Advanced plan, designed to offer stable premiums across specific age groups (slabs). For instance, a policyholder purchasing this plan at 18 years old with a sum insured of INR 5 lakhs and a premium of INR 11,999/- will continue paying the same premium until reaching 45 years old. This initiative aims to provide predictable health insurance costs, ensuring accessibility and affordability of healthcare throughout various life stages.
Global NRI Centre
The State Bank of India (SBI) acknowledges the significant contributions and global presence of the Indian diaspora in shaping the nation's growth story. To enhance its service to NRI clients, Chairman Shri Dinesh Khara inaugurated the second Global NRI Centre (GNC) in Patiala, Punjab, on the Bank Day.
SBI's dedicated GNCs reflect the bank's unwavering commitment to strengthening its ties with the global Indian community. These centres serve as hubs of excellence, providing specialized services to NRI customers. With a network of 434 specialized NRI branches in India, foreign offices in 29 countries, and partnerships with 45 exchange houses and 5 banks in GCC countries, SBI is well-equipped to offer comprehensive services to its NRI clientele worldwide.
Revamp of High Court branches
In another move, The State Bank of India (SBI) has launched comprehensively redesigned High Court branches aimed at enhancing services for the legal community. This initiative underscores SBI's commitment to providing tailored financial solutions that cater specifically to the unique needs of lawyers and legal professionals. The redesigned branches are equipped to offer top-tier services including financial management, transaction facilitation, and personalized financial advice. This effort is driven by SBI's goal to uphold values of efficiency, accessibility, and reliability, ensuring that the legal fraternity receives an exceptional banking experience tailored to their professional requirements.
Customer contact centers
Furthermore, SBI has expanded its outreach with the launch of two new contact centres in Gurugram and Bengaluru, aimed at enriching borrower engagement and delivering prompt assistance in loan management. This initiative forms a crucial part of SBI's broader strategy to fortify its service ecosystem, with plans underway to establish two additional centres in Navi Mumbai and Kolkata. Complementing the existing network of four contact centres in Agra, Bengaluru, Kolkata, and Vadodara, these facilities collectively handle over 25 million calls and 80,000+ emails monthly, supported by a diverse team of over 4,000 multi-lingual outsourced agents proficient in 12 languages.
SMECC model
The introduction of the Medium Loans AMT (ML AMT) for proposals ranging from Rs. 50 lakhs to Rs, 2 crore aims to streamline processes and boost growth by focusing on medium-sized loan portfolios. This initiative is expected to enhance efficiency, drive growth, and improve customer satisfaction.
