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SBI authorised 20,000 digital small business loans since December
ECONOMY & POLICY

SBI authorised 20,000 digital small business loans since December

17 Jun 2024 2 Min Read CW Team
State Bank of India (SBI) has approved approximately 20,000 digital loans ranging from Rs 1 million to Rs 5 million for small businesses since December, according to a senior official. Surendra Rana, Deputy Managing Director mentioned that following the successful pilot phase, where loans could be obtained from home, SBI is now expanding the loan limit to Rs 50 million.

"We launched the from Rs 1 to Rs 5 million model in December, and I'm pleased to report that we have already sanctioned around 20,000 loans through this process, which has been running very smoothly. Now, we are scaling it up to Rs 50 million," said Rana.

The customer journey begins with scanning a QR code from any location, undergoing some approvals, and SBI utilises data repositories to provide a sanctioned amount within a maximum of five days, he explained.

These statements come shortly after SBI announced its intent to prioritise lending to small businesses as a key driver of growth and profitability for the next five years. Rana highlighted that banks have been collaborating with governments, non-profits, and fintech companies to extend their reach to meet the credit needs of small businesses.

While noting significant achievements in financial inclusion, Rana acknowledged challenges such as diverse geographic conditions, limited financial literacy, and social and cultural constraints that banks must navigate. He mentioned that SBI services 160 million of the 520 million Prime Minister Jan Dhan Yojana accounts opened since 2014.

Financial inclusion, he emphasised, has evolved beyond mere account openings to encompass credit access, insurance coverage, and more. Rana also praised the Reserve Bank of India's efforts in financial inclusion, particularly highlighting the regulatory sandbox for testing future financial solutions as an often under-appreciated initiative.

(Source: Business Standard)

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State Bank of India (SBI) has approved approximately 20,000 digital loans ranging from Rs 1 million to Rs 5 million for small businesses since December, according to a senior official. Surendra Rana, Deputy Managing Director mentioned that following the successful pilot phase, where loans could be obtained from home, SBI is now expanding the loan limit to Rs 50 million. We launched the from Rs 1 to Rs 5 million model in December, and I'm pleased to report that we have already sanctioned around 20,000 loans through this process, which has been running very smoothly. Now, we are scaling it up to Rs 50 million, said Rana. The customer journey begins with scanning a QR code from any location, undergoing some approvals, and SBI utilises data repositories to provide a sanctioned amount within a maximum of five days, he explained. These statements come shortly after SBI announced its intent to prioritise lending to small businesses as a key driver of growth and profitability for the next five years. Rana highlighted that banks have been collaborating with governments, non-profits, and fintech companies to extend their reach to meet the credit needs of small businesses. While noting significant achievements in financial inclusion, Rana acknowledged challenges such as diverse geographic conditions, limited financial literacy, and social and cultural constraints that banks must navigate. He mentioned that SBI services 160 million of the 520 million Prime Minister Jan Dhan Yojana accounts opened since 2014. Financial inclusion, he emphasised, has evolved beyond mere account openings to encompass credit access, insurance coverage, and more. Rana also praised the Reserve Bank of India's efforts in financial inclusion, particularly highlighting the regulatory sandbox for testing future financial solutions as an often under-appreciated initiative. (Source: Business Standard)

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