• Source:JND
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India's biggest bank, State Bank of India (SBI), said on Thursday it would launch 11 new initiatives -- including enhancing digital banking features and setting up 35 new agricultural central processing cells -- in a bid to reduce risks in its farm loan portfolio.

The initiatives announced on the bank's 69th foundation day were aimed at expanding its reach and fulfilling the banking needs of its potential customers, SBI said in a statement. It said the bank has enhanced its digital payment experience by introducing two new features -- tap and pay on the BHIM SBI PAY app and comprehensive digital loans against mutual funds on the YONO app.

SBI also announced an initiative, a fully digital end-to-end journey for SBI Surya Ghar loan, adding that customers can avail loans of up to 10 kW under the central government's PM Surya Ghar scheme.

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The entire process will be managed on the SBI digital platform right from the applicant registration on the MNRE/REC portal to loan disbursement. The bank also opened a second Global Non-Resident Indian Center (GNC) in Patiala, Punjab, recognizing the significant contributions and global presence of the Indian diaspora in shaping the country's growth story.
To enhance its services to NRI customers, its Chairman Dinesh Khara inaugurated the second Global NRI Center (GNC) in Patiala on Bank Day.

The NPCs allocated to SBI reflect the bank's unwavering commitment to strengthening its relationship with the global Indian community.

"These centers 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," the statement said.

In another step, SBI launched the comprehensively redesigned Supreme Court branches to enhance services provided to the legal community. This initiative underscores SBI's commitment to providing financial solutions tailored to the unique needs of lawyers and legal professionals, it said.

The redesigned branches are equipped to provide high-level services, including financial management, transaction facilitation, and personal financial advice.

Regarding housing loans, the bank has made the processing of these loans more transparent. Home loan borrowers will now receive automated notifications via email and SMS regarding the status of their loan application at various stages of processing. This initiative aims to enhance customer satisfaction and comfort.

(With Agencies Input)

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