
Mumbai, July 1, 2023: To offer customers rapid and effective Transaction Banking solutions, the leading lender in the nation, State Bank of India (SBI), has opened 34 Transaction Banking Hubs at the Top 21 district centres nationwide. On the occasion of the bank’s 68th founding anniversary, Shri Dinesh Khara, Chairman SBI, performed the inauguration.
The purpose of the Bank is to satisfy all customer needs and deliver complete solutions for their transaction, payment, and collection requirements under one roof as part of the transformational journey of Transaction Banking services and Current Account-related offerings. By utilising the ‘Power of One’ inside the SBI Group and providing seamless communication with other business verticals and subsidiary companies, the newly established hubs will be manned by product specialists who will also assist business customers with their other financial service needs.
Over 2000 Current Account (CA) clients were onboarded on redesigned CA variants as Chairman, Shri Dinesh Khara commended the successful turnaround on this historic occasion. These variations provide enticing discounts on the services included in the Transaction Banking bundle. Additionally, the Bank mobilised about 1000 crore in deposits at these centres during the pre-launch campaign in June 2023.
In addition, the Chairman commended the team for achieving a notable increase in market share in the CA segment. Additionally, he noted that the transformational initiatives put forth last year are beginning to show promise. The market share climbed the most among all banks in March 2023, rising by 1.06% from the previous quarter (Dec 2022).
State Bank of India:
In terms of assets, deposits, branches, clients, and personnel, State Bank of India is the largest commercial bank. It is also the biggest mortgage lender in the nation, having so far helped over 30 lakh Indian families realise their dream of owning a home. The bank’s portfolio of housing loans has surpassed Rs. 6.40 lakh crore. As of March 31, 2023, the bank had deposits worth over Rs. 44.23 lakh crore, a CASA ratio of 43.80%, and advances at over Rs. 32 lakh crore. SBI controls a market share of 33.1% for home loans and 19.4% for vehicle loans, respectively. With 22,405 branches, 65,627 ATMs and ADWMs, and 76,809 BC outlets, SBI has India’s largest branch network. There are currently 114 million clients utilising internet banking, while 61 million consumers are using mobile banking. In FY23, 64% of new savings accounts were established at SBI using the integrated digital and lifestyle platform YONO, demonstrating the success of the bank’s digital strategy. In the three months that concluded in March 2023, SBI noticed that 23,000 brand-new digital savings bank accounts were being opened per day using YONO. In Q4 FY23, YONO, which has more over 6.07 crore registered users, saw more than 1 crore daily logins on average. In terms of digital lending, during that time the bank disbursed pre-approved personal loans through YONO totaling Rs. 6,900 crore. In addition, among all banks globally, SBI has the most Facebook and Twitter followers.