Categories: Banking

SBI Crosses Rs 5 lakh Crore Personal Banking Loan Advances

SBI announced that its personal banking advances excluding high value home loans have crossed the ₹ 5 lakh-crore mark. The largest lender in the country took a year to book the last ₹ 1 lakh crore of advances, as against over 15 months for the previous ₹ 1 lakh crore and over 30 months for the previous ₹ 1 lakh crore, as per an official statement.

Bank Maha Pack includes Live Batches, Test Series, Video Lectures & eBooks

What Has Been Said:

“A series of tactical measures and digital initiatives undertaken over the past few years played a crucial role in our journey to the ₹ 5 lakh-crore mark under personal banking advances,” the bank’s chairman Dinesh Kumar Khara said.

Dinesh Kumar Khara stressed that the ₹ 5 lakh crore excludes housing loans, where the bank has the numero uno position in the market. Personal Banking advances mainly comprise personal loans, pension loans, auto loans, education loans, gold loans, and other Personal loan products, the statement said.

Contradictory Development:

Despite an increase in borrowing cost, following a 190 basis points hike in repo rate since May this year, banks personal loan segment has seen a healthy growth this year. The segment witnessed a growth of 20 per cent in September and 20.2 per cent in October, largely driven by housing and vehicle loans, according to the Reserve Bank’s sectoral deployment of bank credit.

Piyush Shukla

Share
Published by
Piyush Shukla
3 years ago

Recent Posts

Haryana Assembly Passes Resolution to Commemorate 350th Martyrdom Year of Guru Tegh Bahadur Ji

The Haryana State Assembly has unanimously passed a resolution to mark the 350th martyrdom year…

1 hour ago

Which Country is Known as the Land of Cherry Blossoms?

Every country has something special that makes it famous around the world. Some are known…

1 hour ago

Operation Hawkeye: US and Jordan Strike ISIS Sites in Syria

The United States and Jordan have carried out a major military operation in Syria called…

1 hour ago

Jammu & Kashmir Gets Its First Gen Z Post Office

Jammu & Kashmir has achieved an important milestone in the modernization of public services with…

2 hours ago

Prime Minister Releases Commemorative Postal Stamp on Ashwagandha at WHO Global Summit

At the 2ndWHO Global Summit on Traditional Medicine held in New Delhi, Narendra Modi released…

2 hours ago

PM Modi To Inaugurates New Terminal at Gopinath Bordoloi International Airport, Guwahati

Prime Minister Narendra Modi to inaugurate the new terminal building of Lokpriya Gopinath Bordoloi International…

2 hours ago