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SBI announces initiatives to reduce agri loan risks

The State Bank of India (SBI) has announced a series of 11 new initiatives aimed at reducing risks in its agricultural loan portfolio. These measures, introduced on SBI’s 69th Foundation Day, include the enhancement of digital banking features and the establishment of 35 new Agricultural Centralised Processing Cells. The initiatives are designed to broaden the bank’s reach and better meet the banking needs of its prospective customers.

SBI has significantly upgraded its digital payment capabilities, introducing tap-and-pay functionality on the BHIM SBI PAY app and fully digital loans against mutual funds on the YONO app. Furthermore, the bank unveiled a completely digital process for the SBI Surya Ghar Loan, which provides credit for solar rooftop installations under the PM Surya Ghar Scheme, with loans available for up to 10 KW capacity. The application and disbursement process will be managed through SBI’s digital platform, ensuring a seamless experience from registration to loan approval.

In addition to these technological advancements, SBI has expanded its services for the Indian diaspora by opening a second Global NRI Centre in Patiala, Punjab. This new centre offers specialized services through a network of 434 NRI branches in India, foreign offices in 29 countries, and partnerships with exchange houses and banks in the GCC region.

PR Newswire

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