SBI Announces 11 New Initiatives To Mitigate Risks In Agricultural Loan Portfolio

The country's largest lender SBI unveiled 11 new initiatives, such as the improvement of its digital banking features and the establishment of 35 new Agricultural Centralised Processing Cells, aimed at reducing risks in its agricultural loan portfolio.

Marking its 69th Foundation Day, the State Bank of India introduced these measures to enhance the bank's reach and cater to the banking requirements of its prospective customers, according to the lender's statement on Thursday.

SBI has improved its digital payment offerings by introducing two new features: tap-and-pay in the BHIM SBI PAY app and fully digital loans against mutual funds via the YONO app.

Additionally, the bank has launched a fully digital process for the SBI Surya Ghar Loan, allowing users to obtain credit for installing solar rooftops as part of 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 through SBI's digital platform.

In recognition of the Indian diaspora's substantial contributions and global influence in driving the nation's development, SBI has inaugurated a second Global NRI Centre in Patiala, Punjab.

To enhance its service to NRI clients, its Chairman Dinesh Khara inaugurated the second Global NRI Centre in Patiala on 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 specialised services to NRI customers. With a network of 434 specialised 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, the statement said.

In another move, 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, it added.

The redesigned branches are equipped to offer top-tier services, including financial management, transaction facilitation, and personalised financial advice.

With regard to home loans, the bank has made processing such loans more transparent. Home loan borrowers will now receive 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, it said.

(With inputs from PTI)