SBI Named Best Bank in India for 2024 by Global Finance Magazine
In a strategic move to broaden its lending outreach, the State Bank of India (SBI) has teamed up with 23 non-banking finance companies (NBFCs)/housing finance companies (HFCs). Through this collaboration, SBI has sanctioned loans totaling ₹2,030 crore to over 2.79 lakh borrowers, as outlined in the Bank’s latest annual report.
SBI has rolled out an end-to-end digital platform for credit operations, covering underwriting, sanction, disbursement, and collections for NBFC co-lending. Over 2.70 lakh accounts have been sanctioned in a fully digitized mode for loans up to ₹3 lakh, underscoring the Bank’s commitment to digital innovation in lending processes.
In conjunction with nine NBFCs, SBI has sanctioned 1,042 MSME accounts amounting to ₹469 crore. This initiative aims to provide much-needed financial support to micro, small, and medium enterprises, fostering growth and entrepreneurship within this crucial segment.
The partnership with NBFCs enables SBI to tap into their local presence, facilitating better assessment of financial needs among the unserved and under-served segments. This collaboration not only expands the Bank’s loan portfolio but also strengthens its presence in priority sectors such as agriculture, SMEs, and housing.
SBI’s digital co-lending platform represents a paradigm shift in the lending landscape, leveraging cloud technology (Amazon Web Services) and robust APIs. The collaboration with YUBI underscores the Bank’s commitment to embracing fintech solutions for enhanced efficiency and customer experience.
SBI is actively seeking to finance Farmer Producer Organisations (FPOs), conducting multiple FPO Connect Programmes during the fiscal year. This initiative underscores the Bank’s commitment to supporting agricultural communities and fostering rural development.
SBI’s outsourcing services subsidiary, State Bank Operation Support Services (SBOSS), has played a pivotal role in stabilizing operations in Rural/Semi-Urban (RUSU) areas. Through its “High Tech, High Touch, and Low Cost” approach, SBOSS has facilitated the sourcing of over 6.70 lakh new Kisan Credit Card (KCC) loans amounting to more than ₹13,500 crore, furthering financial inclusion in rural India.
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