SBI authorised 20,000 digital small business loans since December

17 Jun 2024 CW Team

"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)

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)

Infrastructure Transport

02 May 2025

NHAI to Build 6-Lane Agra-Gwalior Expressway on BOT (Toll) Mode

To enhance connectivity between the tourism hubs of Agra and Gwalior, National Highways Authority of India (NHAI) will develop 88 km long 6-lane access controlled Agra-Gwalior Greenfield Expressway (NH-719D). NHAI, today signed a concession agreement for the implementation of project with GR Infraprojects, in presence of NHAI Chairman, Santosh Kumar Yadav and senior officials of NHAI and the Concessionaire. The Agra-Gwalior Greenfield Expressway will start from Deori village in Agra and terminate at Susera village in Gwalior. The project shall be developed at a Total Capital Cost of Rs 46.13 b..

Infrastructure Transport

02 May 2025

Cabinet Nods 166.8-km NH-6 Greenfield Corridor on HAM Mode

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi has approved the proposal for Development, Maintenance and Management of 4-lane Greenfield Access Controlled 166.80 km of National Highway No. 06 from Mawlyngkhung (near Shillong) in Meghalaya to Panchgram (near Silchar) in Assam on Hybrid Annuity Mode as an access controlled greenfield High-Speed Corridor at a total capital cost of Rs 228.64 billion. The project length of 166.80 km lies in Meghalaya (144.80 km) and Assam (22.00 km). The proposed Greenfield high-speed corridor will improve the service level ..

Infrastructure Urban

02 May 2025

Commercial Ops Begin at Multi-Modal Logistics Park in Nagpur

Under the PM Gati Shakti initiative of Prime Minister with the aim to provide seamless and efficient connectivity for the movement of people, goods and services across various modes of transport, thereby enhancing last-mile connectivity and reducing travel time, and under the guidance of Union Minister of Road Transport and Highways, Nitin Gadkari, the Multi Modal Logistics Park, Nagpur (MMLP Nagpur) at Sindi, near Wardha commenced its commercial operations with a goal to establish a faster link. The MMLP Nagpur established by National Highway Logistics Management (NHLML), a 100 per cent own..

SBI authorised 20,000 digital small business loans since December

NHAI to Build 6-Lane Agra-Gwalior Expressway on BOT (Toll) Mode

Cabinet Nods 166.8-km NH-6 Greenfield Corridor on HAM Mode

Commercial Ops Begin at Multi-Modal Logistics Park in Nagpur

Latest Updates

Advertisement

Recommended for you

Advertisement

Subscribe to Our Newsletter

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address

Modal Heading

First Name *

Last Name *

Industry *

Email Address *

Mobile Number *

Password *

Confirm Password *

Subscribe to our Newsletter

Email Address *

Password *

Please enter the details

Email Address