On the 69th Foundation Day, the State Bank of India (SBI) introduced several new offerings designed to enhance the banking experience for current customers and broaden accessibility for potential customers. A total of 11 initiatives have been launched, catering to diverse customer profiles and their banking needs.
Digital Initiatives
UPI Tap-and-Pay SBI is revolutionizing digital payments with two new features on the BHIM SBI PAY app: tap-and-pay and end-to-end digital loans against mutual funds via the YONO app. The tap-and-pay feature uses Near Field Communication (NFC) technology, allowing swift and effortless transactions. Payments under Rs. 500 can be made without a PIN using UPI Lite, while transactions over Rs. 500 will require a UPI PIN for added security. This feature aims to streamline the user experience in line with the global shift towards contactless payments.
SBI Surya Ghar The bank also introduced the SBI Surya Ghar Loan, a fully digital process for obtaining loans to install solar rooftops under the Government of India’s PM Surya Ghar Scheme. This initiative supports loans for up to 10 KW capacity and manages the entire process digitally, from registration to disbursement.
YONO Business and Corporate Internet Banking To meet the digital banking needs of startups, small businesses, and partnership firms, SBI has enhanced the YONO Business/Corporate Internet Banking product. The new feature simplifies role management, eliminating the need for multiple role holders and offering transaction limits of Rs. 50 lakhs per transaction and quick transfers up to Rs. 25,000 per transaction, with a daily limit of Rs. 5 lakhs.
Product and Service Enhancements
Automated Home Loan Notifications SBI now provides home loan borrowers with automated email and SMS updates at various stages of their loan application process, enhancing customer satisfaction and convenience.
Agricultural Centralized Processing Cells The bank has launched 35 new Agricultural Centralized Processing Cells (Agri CPCs) to improve and expand its agricultural loan portfolio. These cells processed agricultural advances exceeding Rs. 8,200 crores in FY24, focusing on high-value agricultural credit products.
Electronic Dealer Financing Scheme (e-DFS) As part of Project Pratham, SBI introduced the e-DFS BRE, offering standalone e-DFS loans up to Rs. 5 crore. This initiative, piloted in June 2024, aims to reduce turnaround time for new onboarding and renewals. Training for all operating functionaries has been completed to ensure smooth implementation.
SBI General Arogya Advanced Plan SBI General launched the Arogya Advanced plan, which offers stable premiums across specific age groups. For example, an 18-year-old policyholder with a sum insured of INR 5 lakhs and a premium of INR 11,999 will pay the same premium until age 45. This plan aims to provide predictable and affordable healthcare costs.
NRI and Specialized Services
Global NRI Centre SBI inaugurated its second Global NRI Centre (GNC) in Patiala, Punjab, to better serve NRI clients. These centres provide specialized services and strengthen ties with the global Indian community. With a network of 434 specialized NRI branches in India and partnerships with 45 exchange houses and five banks in GCC countries, SBI offers comprehensive services to its NRI clientele.
Revamp of High Court Branches SBI has redesigned its High Court branches to better serve the legal community, offering financial management, transaction facilitation, and personalized advice tailored to the needs of legal professionals.
Customer Support Expansion
Customer Contact Centres SBI has opened two new contact centres in Gurugram and Bengaluru to improve borrower engagement and loan management assistance. Plans are also underway to establish additional centres in Navi Mumbai and Kolkata. These centres handle over 25 million calls and 80,000+ emails monthly, supported by a diverse team of over 4,000 multi-lingual agents proficient in 12 languages.
SMECC Model
Medium Loans AMT 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 and customer satisfaction.
