SBI Unveils 11 New Initiatives on 69th Foundation Day to Enhance Digital Banking, Agricultural Loans, and NRI Services

On Thursday, SBI, the country’s largest lender, announced 11 new initiatives, which include enhancing its digital banking features and the opening of 35 new Agricultural Centralized Processing Cells. The aim is to mitigate risks in its agricultural loan portfolio. These initiatives were announced on the occasion of the 69th Foundation Day to widen the bank’s accessibility and address the banking needs of potential customers, according to a statement by the lender. SBI has improved its digital payment experience by introducing two new features: “tap-and-pay” on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO app. The bank also revealed a fully digital end-to-end journey for SBI Surya Ghar Loan. Users can opt for credit to install solar rooftops under the central government’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. In a move to acknowledge the significant contributions and global presence of the Indian diaspora in shaping the nation’s growth story, SBI opened a second Global NRI Centre (GNC) in Patiala, Punjab. This aims to enhance its service to NRI clients and reflects the bank’s commitment to strengthening its ties with the global Indian community. SBI also announced comprehensively redesigned High Court branches aimed at enhancing services for the legal community. The initiative underscores SBI’s commitment to providing tailored financial solutions to 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. Finally, with regard to home loans, the bank has made processing more transparent. Home loan borrowers will now receive automated email and SMS notifications regarding the status of their loan application at various processing stages, aiming to enhance customer satisfaction and convenience.