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Published 17:12 IST, July 4th 2024

SBI announces initiatives to reduce risks in agricultural loans

SBI also acknowledged the contributions and global presence of the Indian diaspora by opening a second Global NRI Centre (GNC) in Patiala, Punjab.

Reported by: Business Desk
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Mitigating loan risks: The State Bank of India (SBI), the nation's largest lender, announced 11 new initiatives on Thursday to mitigate risks in its agricultural loan portfolio. These initiatives include improvements to its digital banking features and the establishment of 35 new Agricultural Centralised Processing Cells.

In celebration of its 69th Foundation Day, SBI introduced these measures to broaden its reach and address the banking needs of potential customers, according to a statement from the bank.

Among the digital enhancements are the introduction of tap-and-pay on the BHIM SBI PAY app and fully digital loans against mutual funds on the YONO app, offering an improved digital payment experience for customers.

Additionally, SBI launched a fully digital end-to-end process for the SBI Surya Ghar Loan, allowing users to obtain credit for installing solar rooftops under the central government's PM Surya Ghar Scheme, with loans available for up to 10 KW capacity. The entire process, from applicant registration on the MNRE/REC portal to loan disbursement, will be managed on SBI's digital platform.

SBI also acknowledged the contributions and global presence of the Indian diaspora by opening a second Global NRI Centre (GNC) in Patiala, Punjab. This centre, inaugurated by Chairman Dinesh Khara on Bank Day, reflects the bank's commitment to serving the NRI community. The GNCs offer specialised services to NRI customers, supported by a network of 434 specialised NRI branches in India, offices in 29 countries, and partnerships with 45 exchange houses and 5 banks in GCC countries.

In another development, SBI has launched redesigned High Court branches to better serve the legal community. These branches provide tailored financial solutions, including financial management, transaction facilitation, and personalised financial advice, catering specifically to the needs of lawyers and legal professionals.

For home loan borrowers, SBI has improved transparency in the loan processing system. Borrowers will now receive automated email and SMS notifications about the status of their loan applications at various stages, enhancing customer satisfaction and convenience.

These initiatives underscore SBI's commitment to addressing customer needs and improving service delivery across various segments.

(With PTI inputs)

Updated 17:12 IST, July 4th 2024