SBI charts action plan to tame risks in agri loans

New Delhi: India’s largest lender SBI on Thursday announced 11 new initiatives -- including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells -- to mitigate risks in its agricultural loan portfolio.

On the occasion of the 69th Foundation Day, State Bank of India (SBI) announced these initiatives to widen the bank’s accessibility to address the banking needs of its potential customers, the lender said in a statement. SBI has enhanced its digital payment experience, with the introduction of two exciting features like tap-and-pay on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO app, it added.

The bank has also announced an initiative, which is a fully digital end-to-end journey for SBI Surya Ghar Loan, it said, adding that the users can opt for credit to install solar rooftops under the central government’s PM Surya Ghar Scheme, offering loans for up to 10 KW capacity. The entire process will be managed on SBI’s digital platform from applicant registration on the MNRE/REC portal to loan disbursement.

Acknowledging the significant contributions and global presence of the Indian diaspora in shaping the nation’s growth story, SBI opened a second Global NRI Centre (GNC) in Patiala, Punjab. To enhance its service to NRI clients, its Chairman Dinesh Khara inaugurated the second Global NRI Centre (GNC) in Patiala on Bank Day.

SBI’s dedicated GNCs reflect the bank’s unwavering commitment to strengthening its ties with the global Indian community.

“These centres serve as hubs of excellence, providing specialised services to NRI customers. With a network of 434 specialised NRI branches in India, foreign offices in 29 countries, and partnerships with 45 exchange houses and 5 banks in GCC countries, SBI is well-equipped to offer comprehensive services to its NRI clientele worldwide,” the statement said. In another move, SBI has launched comprehensively redesigned High Court branches aimed at enhancing services for the legal community.

This initiative underscores SBI’s commitment to providing tailored financial solutions that cater specifically to the unique needs of lawyers and legal professionals, it added.