SBI to scale up gold loan business, start premium banking services

Photo of author
Written By WindowsHindi

Lorem ipsum dolor sit amet consectetur pulvinar ligula augue quis venenatis. 




State Bank of India (SBI) will increase its focus on for personal use and after lending more than Rs one trillion in that segment in June 2022.


The country’s largest lender marked its foundation day on Friday by announcing premium services for affluent clients, a new version of its YONO personal loan, and WhatsApp banking. It opened new 31 central processing centres (CPCs) for urban and semi-urban centres for products like educational loans.


chairman Dinesh Khara said during inflationary conditions, gold is seen as a preferred investment class. If it becomes a preferred asset class, there will be traction for .


The bank witnessed much better growth (for gold loans) than the same period last year. He declined to comment on specific targets, citing regulatory restrictions ahead of first quarter results.


dispenses gold credit in two segments – agriculture and personal loans segment.


The bank’s agriculture cold loan portfolio increased to Rs 73,601 crore in FY22 from Rs 66,878 crore in FY2021. By the end of FY2022, more than 2.4 million Agri amounting to Rs 37,500 crore were sanctioned through YONO Krishi, according to bank’s annual report for Fy22.


In personal segment, the gold loans book expanded by 9.89 per cent YoY to Rs 23,063 crore at the end of March 2022.


Khara said retail loans continue to be an “important engine for us”. “The way it has grown in the past. We expect that we (would) avail of the growth potential. It will continue to look at all the opportunities, be it corporate, be it SME.”


will start premium banking services on a pilot basis in Hyderabad and the Mumbai Metropolitan circle. After assessment, it would be scaled up nationwide. “The aim is to make them (emerging affluent clients), customers of wealth banking services at early stage,” Khara said. The assets under management wealth banking is above Rs one trillion.




Source link

Leave a Comment