SBI announces restructuring of roles and responsibilities

 SBI announces restructuring of roles and responsibilities
at HR and Tech verticals

• Shri Om Prakash Mishra is now designated as DMD (HR) & Corporate Development Officer
• Shri Ravindra Pandey takes charge as DMD & Chief Information Officer
• Shri Rana Ashutosh Kumar Singh is the new DMD (Strategy) & Chief Digital Officer

State bank of India (SBI) has announced few key reshuffling in the bank’s HR and Technology departments. Shri Om Prakash Mishra who was elevated to the post of Deputy Managing Director (DMD) in May 2021, is now designated as DMD (HR) & Corporate Development Officer (CDO). He has taken over from Shri Rana Ashutosh Kumar Singh who is now holding the portfolio of DMD (Strategy) & Chief Digital Officer. Shri Ravindra Pandey who was serving as DMD (Strategy) & Chief Digital Officer, has now taken charge as DMD and Chief Information Officer (CIO).

In his new role, Shri Ravindra Pandey is leading the entire IT Ecosystem of the Bank including the running of SBI’s Core Banking System, Digital Channels as well as 400+ applications. He is working towards future proofing SBI by implementing emerging technologies like AI, ML, Analytics, Robotics, Blockchain etc. Shri Pandey has gathered a rich banking experience of over three and a half decades in Digital Transformation, Digital Banking, Payment Solutions, Retail, Corporate and International Banking. He has also had international experience of heading SBI’s Paris (France) operations as CEO.

Shri Rana Ashutosh Kumar Singh, who has been associated with SBI for nearly three decades, has handled important assignments in Retail Banking, Credit, HR and International Banking. He has served the bank as CGM at SBI Chandigarh Circle as well. He was also heading operations of the bank in Germany as CEO of Frankfurt Branch.

Prior to becoming the DMD, Shri Om Prakash Mishra has held the position of Chief General Manager (CGM) of SBI Hyderabad Circle. He has served the bank at various positions in different geographical locations, including inter alia Regional Manager at Regional Business Office, Muzaffarpur, Deputy General Manager (DGM) (B&O), at Bilaspur and Lucknow along with Network General Manager in Guwahati and Delhi Circles.

Yamuna International Airport Pvt Ltd secures financing from

 Yamuna International Airport Pvt Ltd (YIAPL) secures financing from State Bank of India (SBI) for the development of Noida International Airport (NIA)

Yamuna International Airport Pvt Ltd (YIAPL) received the final credit sanction for INR 3725 crore from the State Bank of India (SBI) for the development of Noida International Airport (NIA). The funding is a crucial milestone for the project as it validates the financial viability of the project while also outlining the next steps for the establishment of the Noida International Airport.

Mr. Christoph Schnellmann, Chief Executive Officer, Yamuna International Airport Private Limited said, “We are extremely delighted to partner with the State Bank of India, the country’s largest bank, for financing the development of the Noida International Airport. The entire loan of INR 3725 crore has been underwritten by SBI on a door-to-door loan tenor of 20 years. We look forward to working closely with SBI to develop NIA as a world class airport in India. The project will not only boost the Indian economy but will also help in employment generation in Uttar Pradesh and Delhi NCR region”.

The airport is being developed in close partnership with Government of Uttar Pradesh and Government of India. UP government’s continued support towards the project has been vital in the process so far. YIAPL now looks forward to the conclusion of UP government’s resettlement and rehabilitation process and the start of construction of the airport. This partnership will bring progress to the State of Uttar Pradesh and will bolster the Indian aviation’s growth story.

Zurich Airport International AG (ZAIA), a fully owned subsidiary of Flughafen Zurich AG, is the main shareholder of YIAPL and is injecting INR 2005 crore into the development of NIA. With this significant foreign direct investment, ZAIA consolidates its role as a leading global airport operator with experience in three continents, benchmarked quality and innovations and successful global projects. The investment substantiates ZAIA’s strong belief in India’s growth story, and its commitment to invest and support India’s national agenda through infrastructural development and job creation.

Zurich Airport International AG

Zurich Airport International AG, a 100% subsidiary of Flughafen Zurich AG – a listed company that operates Zurich Airport as a diversified business and licensee of the Swiss Confederation. The company has a workforce of over 1,500 employees.

Zurich Airport is Switzerland’s gateway to the world. Over 31 million people arrived at, transferred via or departed from the airport in 2019, making it not only the region’s most important transport hub, but also the leading meeting place. With around 280 companies employing almost 27,000 people, Zurich Airport is a key economic driver for the region.

Yamuna International Airport Private Limited

YIAPL is a 100% subsidiary of Zurich Airport International AG, which has been incorporated as a Special Purpose Vehicle (SPV) to develop the greenfield Noida International Airport. The Government of Uttar Pradesh has signed the concession agreement with Yamuna International Airport Private Limited (YIAPL), to develop Noida International Airport (NIA) at Jewar. The company is responsible for implementing the Public-Private Partnership project together with the Government of Uttar Pradesh, New Delhi Okhla Industrial Development Authority and Greater Noida Industrial Development Authority.

SBI’s NDMB opens over

SBI’s NDMB opens over 13K FCRA accounts

The New Delhi Main Branch (NDMB) of country’s largest lender, State Bank of India (SBI) has opened 13729 Foreign Contribution (Regulation) Act (FCRA) accounts till date. This branch was designated to open FCRA accounts by Ministry of Home Affairs (MHA) in October 2020.

Out of the total 22598 active FCRA Associations, 17611 entities (NGOs and Associations) approached SBI for opening of FCRA Accounts. The bank has already opened accounts of 78% of the applicants. The rest of the accounts shall also be initiated once their pending documentation formalities are completed.

SBI in co-ordination with MHA and Department of Financial Services (DFs) also devised a Standard Operating Procedure (SOP) to open and operate the FCRA Account, which is available on bank’s website and FCRAONLINE - an e-governance initiative by MHA. Further the NDMB of SBI conducted as many as 28 webinars to prepare and guide FCRA Associations about opening of FCRA Accounts.

All the SBI branches are authorized to receive Account Opening Application from FCRA Associations. The branches submit those forms and documents to the NDMB through email. In many cases the documentation was conducted in multiple branches to enable signatories at different locations. With SBI’s robust network of branches, functionaries of FCRA Associations can process their account opening formalities from their nearest SBI branch without having to visit the NDMB.

Apart from the local SBI branches, the Associations active under the FCRA, can call or email FCRA Cell at bank’s New Delhi Main Branch at 011-23374213, 143, 390, 392 and fcra.00691@sbi.co.in respectively.

The Foreign Contribution (Regulation) Amendment Bill, 2020 was introduced in Lok Sabha on September 20, 2020. The Act regulates the acceptance and utilisation of foreign contribution by individuals, associations and companies. Also a new provision - that makes it mandatory for all non-government organisations and associations to receive foreign funds in a designated bank account (SBI’s New Delhi Main Branch) - was inserted.

SBI allocates Rs. 70 Crore to combat the

 SBI allocates Rs. 70 Crore to combat the 2^nd wave of COVID-19

·         The Bank allocates Rs. 30 Crore for setting up 1,000 bed makeshift hospitals for COVID-19 patients in some of the worst affected states

·         Additional sum of  of Rs. 21 Crore has been allocated to Circles to support initiatives at the local level by way of life-saving healthcare equipment, oxygen supply to hospitals, COVID-19 care centres, ambulances to transport COVID-19 patients, PPE kits, masks, providing food relief, etc.

·         The Bank to spend Rs. 10 Crore to supplement the Government’s efforts in genome-sequencing

·         Apart from this, Rs. 10 Crore will be earmarked to partner and collaborate with on-ground NGOs to address the community needs

·         The Bank will continue to serve citizens through its extensive network of over 22,000 branches

 

True to its vision and mission to support the country in fighting with adverse situations, State Bank of India (SBI) has allocated Rs. 71 Crore, to undertake various support initiatives to help the country combat the second wave of COVID-19. The Bank has dedicated Rs. 30 Crore to setup 1,000 bed makeshift hospitals, 250 bed ICU facilities and 1,000 bed isolation facilities across some of the worst-hit states. These facilities would be set up in collaboration with government hospitals and Municipal Corporations of the respective cities.

 

SBI is in talks with various designated authorities to explore partnerships for setting up makeshift hospitals. The Bank will also contribute Rs. 10 Crore for genome-sequencing equipment / lab and vaccine research equipment / lab to the Government. 

 

Additionally, SBI has allocated Rs. 21 Crore to all its 17 Local Head Offices to address the urgent medical needs of the citizens including procuring life-saving healthcare equipment and enhancing the oxygen supply to hospitals. Bank will continue to provide PPE kits, masks, rations and cooked meals. The Bank will also spend Rs. 10 Crore in partnering with NGOs to undertake community-based testing, strengthening vaccination drives, creating helpline for COVID-19 related matters, providing oxygen supply and other critical activities.

 

Shri. Dinesh Khara, Chairman, SBI said, "We are trying our best to make a small contribution to society in the fight against the second wave. We are committed to contribute funds, resources and reach out to the citizens of India and also join in the Government’s efforts in fighting the virus. I urge everyone to offer their support in any form to the people in need and contribute towards making the country COVID-19 free.”

 

SBI has tied with various hospitals for the vaccination of its employees. The Bank has also decided to bear the cost of vaccination for its employees and their dependent family members. The Bank has also converted 60 of its training centres across the country into isolation/Quarantine centres for affected employees and their family members

 

Last year, SBI had pledged 0.25% of its annual profit to fight the coronavirus outbreak in India and has donated over Rs. 108 Crore to the PM CARES Fund. In addition, SBI has also contributed Rs. 11 Crore toward supporting the vaccination drive of the government.

State Bank of India celebrates International Women’s Day

State Bank of India celebrates International Women’s Day
and organizes ‘Annadan’

 State Bank of India (SBI), as a public institution, has always endeavored to fulfill its developmental role for every Indian. To be in sync with the Bank’s philosophy, Stressed Assets Resolution Group (SARG), a vertical of SBI has recognized the role of women in nation-building by celebrating International Women’s Day and organizing  “Annadan” or “Food Donation” across the country. The donation is for 47 needy NGOs engaged in empowerment of women undertaken by 65 branches of SARG that donated food materials like rice, wheat flour, edible oil, sugar, pulses and salt worth approximately Rs. 10,00,000

 

International Women’s Day function at SARG, Corporate Centre, was inaugurated by Ms. Shabnam Narayan, CGM (SARG) by lighting the lamp. CGM Ma’am in her address appreciated the role of URJA Trust in empowering the homeless young women in claiming their rightful place in society. CGM further dwelt upon the gender inequality issues both at home and at the workplace and the need to overcome them. On this occasion, women employees of SARG at Corporate Centre, Mumbai contributed for “Annadan” which included a donation of 2175 kg of food materials to URJA Trust, an NGO working for the welfare of homeless women in Mumbai, and another NGO Vanvasi Kalyan Ashram, engaged in providing shelter and schooling to tribal children.

As a part of the celebration, SARG felicitated its women employees for their distinguished services. Also, all women employees of the Vertical were gifted with 1 kg of dates to improve general well-being more particularly, hemoglobin levels in the body, and mitigate anemic conditions.

During the celebrations, the bank staff ensured that COVID protocols were adhered to.

SBI achieves Rs. 5 lakh crore in

 SBI achieves Rs. 5 lakh crore in Home loan business

·         The Bank projects Rs. 7 lac crore lending in the home loan segment by FY 2024

·         The Home loan portfolio of the Bank has grown by 5 times in the last decade

·         On average, the Bank on-boards 1000 home loan customers every day

·         The Bank offers home loans starting at 6.80% per annum

·         Missed call facility for home loan inquiries

·         Rs. 2 lakh home loans sanctioned under PMAY

Maintaining its leadership in the home loan segment intact, the State Bank of India (SBI) has reached another landmark by crossing the Rs. 5 trillion (5 Lakh crore) mark in its home loan business. The bank has set its sight on achieving a home loan AUM of Rs. 7 trillion by FY 2024.

The Real Estate and Housing Business unit of SBI has grown 5 times in the last 10 years with an AUM of Rs. 89000 crore in 2011 to Rs. 5 trillion in 2021. Despite a massive setback to the real estate sector triggered by pandemic-induced lockdown, the REHBU vertical registered unparalleled growth in the home loan business. SBI witnessed spectacular growth in Home loans in December 2020 with the highest sourcing, sanctions, disbursements, and growth that the bank had ever registered. The Bank has also launched a new facility for new home loan customers who can get all information on home loans by giving a missed call on 7208933140.

Dinesh Khara, Chairman, SBI said, “It is a momentous achievement for State Bank of India. This extraordinary feat is a testament to customers’ continuous trust in the bank. We feel that combining technology with personalized service is the key in the current scenario. The bank is also working on various digital initiatives to improve the efficiencies in home loan delivery including a unique integrated platform Retail Loan Management System (RLMS) which will provide an end-to-end digital solution. We are also happy to express that SBI has become the market leader in home loans by adopting a focused approach and acknowledging it as a national priority. We have always treated home loans as a growth driver for the nation and not just as mere transactions. We, at SBI, will continue focusing on enhancing customer delight that will in-turn enable the bank to scale newer heights.”

SBI is making a continuous effort to make affordable housing conveniently accessible to customers with dreams of owning their desired home. The bank offers home loan customized to suit the requirement of individuals with home loans such as Regular Home Loan, SBI Privilege Home Loan for government employees, SBI Shaurya Home Loan for army and defense personnel, SBI MaxGain Home Loan, SBI Smart Home, Top-up Loan for existing customers, SBI NRI Home Loan, SBI FlexiPay Home Loan for a loan of the higher amount and SBI HerGhar Home Loan for women.

SBI is also the only bank designated by MoHUA (Ministry of Housing and Urban Development) as the Central Nodal Agency (CNA) for processing Pradhan Mantri Awas Yojana (PMAY) subsidy. To support Govt’s flagship program of ‘Housing for all by 2022’, SBI has been continuously extending home loans under PMAY and has sanctioned 1,94,582 home loans as of December 2020.

With interest starting as low as 6.80% per annum, SBI commands a market share of 34% in the home loan segment. On average, the bank onboards around 1000 home loan customers per day that signifies SBI’s commitment towards affordable housing. SBI has also completely waived the processing fee till March 2021for customers availing home loans in SBI approved projects. The Bank is also working on themes like focused development of the Home Loan business, refined analytics for boosting growth, easing home loan journey for customers, and post disbursal engagement with home loan customers.

Going forward, SBI is also looking at implementing AI, Cloud, Blockchain, machine learning which can play a pivotal role in propelling not only the home loan business of the bank but also other businesses. The bank is gearing up to initiate a co-lending model for home loans which will help boost SBI’s footprints in the unorganized sector. With the use of cutting-edge technology, a vast network of branches, dedicated to Central Processing Centers (CPCs) in 215 centers, bank’s digital and lifestyle platform, YONO, and other enablers, SBI has hit Rs. 5 trillion marks in the home loan business.

SBI is also continuously focusing on strengthening collaboration with builders so that it can offer more choices of homes to home buyers. The bank is consistently ingraining the latest technology into its operational and delivery platforms to make the home loan journey smoother for customers.

Having withstood all downturns, SBI’s home loan market share has been steadily increasing. Moreover, this segment has the lowest default rate indicating excellent asset quality and thereby contributing handsomely to the Bank’s income. SBI forayed into the home loan business in 2004 with a total portfolio of Rs. 17000 crore. A separate Real Estate and Housing Business Unit (REHBU) came into being in 2012 with a total portfolio of Rs. 1 lakh crore. SBI became the market leader in the home loan segment in FY 2014, and since then has continued to take rapid strides in this business segment culminating in the achievement of the Rs. 5 trillion milestones in January 2021.

SBI and Shapoorji Pallonji Real Estate sign MoU

 SBI and Shapoorji Pallonji Real Estate sign MoU
to offer seamless home buying experience

State Bank of India (SBI), India’s largest mortgage lender, and Shapoorji Pallonji Real Estate, one of India’s marquee builders, today signed a Memorandum of Understanding (MoU) to enable an improved and more seamless experience for homebuyers across India. As part of the agreement, which includes various co-promotional activities and outreach initiatives, customers of SBI and Shapoorji Pallonji Real Estate will be able to avail the benefits of faster processing of home loans and approvals along with other unique value add schemes.

The MoU was signed by Mr. Shreekant, head and Chief General Manager of Real Estate & Housing Business Unit (REHBU) vertical of State Bank of India, and Mr. Venkatesh Gopalkrishnan (CEO, Shapoorji Pallonji Real Estate).

Mr. Shreekant, CGM, REHBU, SBI said, “This collaboration with Shapoorji Pallonji Real Estate will create win-win business opportunities for all stakeholders. We sanction Home Loan in five days in all our approved projects, which is the key benefit for the customers apart from complete waiver of legal and valuation charges. Our tailor-made Home Loan products, dedicated Home Loan processing centers, door-step banking services, robust feet on the street, strong networks, usages of cutting-edge technology among others, have made us the preferred choice amongst Home Loan customers. Bank will roll out Retail Loan Management System (RLMS), a technological platform providing an end-to-end solution for Home Loans, as early as March 2021 that will further streamline the Home Loan acquiring and processing by significantly reducing turnaround time”.  

Mr. Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate, said, “We are delighted to partner with State Bank of India to offer specially designed products to the customers serviced by both the companies. For our customers, it would mean more choice to avail innovative offerings, including attractive home loan rates and faster approvals while buying homes. The new tie-up will cover our new and existing housing projects across key markets.”

The Real Estate portfolio of the State bank Of India has surpassed Rs 5 trillion recently, which is the largest in the industry. The bank has a total Home Loan customers of a staggering 42 lakh. On average, SBI onboards more than 1000 Home Loan customers per day. The bank that commands a market share of 22% in the Home Loan business, offers Home Loan starting at as low as  6.80% p.a. which is one of the lowest in the market. Dedicated Central Processing Centres have been set up by the bank across the top 215 centers of the country that cater to the ever-rising demand of the customers besides expeditiously sanctioning Home Loans. SBI has the distinction of being the only bank, designated by MoHUA as the Central Nodal Agency (CNA) for processing PMAY subsidy. To support Govt’s flagship program of “Housing for all by 2022”, the Bank has been aggressively lending Home Loans under PMAY. The Bank has so far sanctioned 1,94,582 Home Loans under PMAY as on end of Dec 2020.

Mahindra Lifespaces® and State Bank of

 Mahindra Lifespaces^® and State Bank of India sign MoU

Partnership to deliver enhanced value to customers and employees of both companies

Mahindra Lifespaces®, the real estate and infrastructure development arm of Mahindra Group, and State Bank of India (SBI), India’s largest home loan lender, today signed a Memorandum of Understanding (MoU) to enable an improved and more seamless experience for homebuyers across India.  As part of the agreement, which includes various co-promotional activities and outreach initiatives, customers and employees of SBI and Mahindra Lifespaces® will be able to avail the benefits of faster home loan processing and approvals, and special discounts and schemes.

 

The MoU was signed by Mr. Arvind Subramanian, Managing Director and CEO, Mahindra Lifespaces® and Mr. Shreekant, Chief General Manager and Head of the Real Estate vertical of State Bank of India.

Mr. Arvind Subramanian, Managing Director and CEO, Mahindra Lifespace Developers Ltd. said, “We are delighted to partner with State Bank of India to make Mahindra homes more conveniently accessible to customers and employees of both companies.  Our partnership is aligned to our joint goal of enabling home ownership and boosting customer confidence through innovatively designed, green-certified homes and accelerated credit delivery.”

Mr. Shreekant, Chief General Manager and Head of the Real Estate vertical of State Bank of India said, “State Bank of India has already approved Mahindra Lifespaces® projects across MMR, Bengaluru, Pune, Chennai and Nagpur.  With this partnership, homebuyers stand to benefit by saving on the expenses incurred on obtaining TIR (Title Investigation Report) and valuation, for approved projects.  A shorter turn-around-time on sanctioning of such loans is one of our key USPs.”

Mahindra Lifespaces® is continually innovating in its homes and offerings to improve the homebuying experience.  In line with the Company’s focus on environment-friendly, healthy living, all Mahindra Lifespaces® homes are certified ‘green’; and incorporate waste management, and water and energy conservation measures.

State Bank of India (“SBI”) announces successful pricing of its international

 State Bank of India (“SBI”) announces successful pricing of its international
USD denominated public bond for USD 600 million

USD 600 million 5.5-year Regulation S only issuance at 1.80% coupon

Final orderbook in excess of USD 1.9 billion comprising marquee accounts across geographies

 Strong demand helped SBI tighten pricing by 35 bps (i.e. from initial guidance of T+175 bps area to final pricing of T+140  bps)

 Lowest coupon achieved by an Indian issuer for a 5.5-year issuance to date

 Accelerated execution process helped SBI tap markets in the first week of 2021

First public USD bond issued by an Indian scheduled commercial bank since the onset of COVID-19  

Issued under SBI’s USD 10 billion Medium Term Note Programme, and also listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”) and India International Exchange IFSC Limited (“India INX”)  

India’s largest commercial bank, State Bank of India, acting through its London branch, raised today USD 600 Million of “Regulation S” bonds at a coupon rate of 1.80 per cent. The bond is benchmarked against the 5yr US Treasury and priced at a spread of 140 bps over the benchmark). The bonds will be listed on SGX-ST and India INX.  The issuance represented SBI’s return to the international public bond markets after a gap of close to 2 years.

The transaction was well received and saw strong interest from investors across geographies with a final order book in excess of USD 1.9 billion. On the back of strong demand, the price guidance was revised from T+175 bps area to T+140 bps, with a peak orderbook of USD 2.1 billion resulting in final pricing at the tight end of the range i.e. T+140 bps. The Notes are expected to carry a final rating of Baa3, BBB- and BBB- from Moody’s, Standard and Poor’s and Fitch respectively.

Commenting on the transaction, Shri C. Venkat Nageswar (Deputy Managing Director – International Banking Group) said, “The successful issuance demonstrates the strong investor base SBI has created for itself in offshore capital markets allowing it to efficiently raise funds from the World’s leading fixed income investors, even during periods of heightened volatility. This is an indication of confidence global investors have in the Indian banking sector generally, and in SBI in particular and is also testament to the exceptional access that SBI enjoys in the global capital markets”

BofA Securities, Citigroup, HSBC, J.P. Morgan, MUFG, SBICAP and Standard Chartered Bank were the Joint Bookrunners for this offering.

Mercedes-Benz collaborates with SBI

Mercedes-Benz collaborates with SBI;
reaches out to new set of HNI customers

A unique retail-marketing tie-up to leverage SBI’s unmatched reach of potential HNI customers, for Mercedes-Benz’s attractive product offerings

·         Mercedes-Benz India partners with the India’s Largest Bank to expand its customer base and create unique promotions for SBI’s HNI customers

·         SBI HNI customers in all the 17 Circles pan India, will have access to the collaboration with Mercedes-Benz, enhancing the reach and increase market penetration

·         SBI HNI customers who are potential Mercedes-Benz owners can avail online and offline benefits from the bank during the purchase of a Mercedes-Benz vehicle.

·         Special Benefit for customers: SBI will offer attractive interest rate for a loan of tenure 2-5 years and benefits on the Processing Fees

 

·         The SBI Customers can use YONO platform for online booking of Mercedes-Benz cars with additional benefits till December 31, 2020

·         This is the first-of-its kind collaboration between both the iconic brands

 

India’s largest luxury carmaker Mercedes-Benz in a first-of-its kind collaboration, has partnered with India’s Largest Bank, State Bank of India, to offer attractive financial benefits, on owning a Mercedes-Benz. The collaboration will give Mercedes-Benz access to the unparalleled market penetration of SBI’s HNI customer base, while the bank’s customers will enjoy exclusive benefits while booking a marque luxury product like Mercedes-Benz.

The collaboration guarantees a host of financial benefits including an attractive rate of interest, additional benefits worth INR 25,000 exclusively for YONO customers who book a Mercedes-Benz vehicle through its Icon displayed on SBI’s digital platform YONO.

Commenting on the partnership, Martin Schwenk, Managing Director & CEO, Mercedes-Benz India said, “Mercedes-Benz has been constantly exploring new avenues to reach out to potential customer base and this is the first time we are collaborating with any bank. The collaboration with SBI gives us an exciting opportunity to expand our customer base and reach out to the potential HNI customers of the bank with our products and services. We are confident the customers of India’s Largest Bank will be highly excited with the seamless online journey we have created through our e-commerce portal, and avail subsequent benefits from this collaboration.”

 

C S Setty, Managing Director (Retail & Digital Banking), SBI said, “We are glad to be associated with Mercedes-Benz to offer a rewarding experience to our customers while owning their favourite Mercedes car. With attractive interest rates and customized benefits including a smart digital option of booking the Mercedes on YONO, we look forward to witness our HNI customers live through a unique journey of getting home the car synchronizing with their lifestyles. We at SBI are optimistic that our customers will make the most of this advantageous offering amid festive season.”

 

This is first time State Bank of India and Mercedes-Benz is collaborating to give the customers unique experiences of both the brands’ offerings. The State Bank of India auto loan team has geared up to cater to all the requirements to deliver best services to all Mercedes-Benz customers. The Customers will experience unique journey through Online and Offline offering of Mercedes-Benz. Customers can book Mercedes-Benz car online through YONO Online Marketplace and get in-principle sanction of Car Loan, if eligible.  

 All customers booking a Mercedes-Benz car online through YONO will get additional benefit of INR 25,000 at Mercedes Benz dealership. Customers need to produce online booking confirmation and SBI loan sanction letter at the dealership to avail of the benefits.

The retail-marketing tie up with State Bank of India is a unique initiative to generate enquiries as well as provide online booking facility coupled with attractive benefits through the bank’s extensive national penetration to reach potential customers. SBI and Mercedes-Benz will promote the partnership over online and offline channels, including across branches and dealerships in order to reach the maximum number of customers.

SBI launches Online Portal for Restructuring

 SBI launches Online Portal for Restructuring of Retail Loans

• The Portal is available on https://bank.sbi/ or https://sbi.co.in
• Retail Borrowers can check their eligibility instantaneously for loan recasts by providing income details
• Borrowers have the option of requesting a moratorium of 1-24 months and extension in Loan Term
  

State Bank of India, the country’s largest lender, has come out with a Restructuring Policy as per directives of RBI with an aim to provide relief to its retail borrowers from the adverse impact of COVID-19. For Smooth and hassle-free implementation of the Restructuring Policy, SBI today announced the launch of an online portal. The customers can check their eligibility for the restructuring of their loans through this portal sitting at their home/office or from anywhere as per their convenience and comfort.  

 SBI’s retail customers upon logging in the portal will be asked to key in their account number. After completion of OTP validation and inputting a few necessary information, the customer will come to know their eligibility and receive a reference number. This reference number will be valid for 30 days and within which time customers can visit the branch to complete the required formalities. The restructuring process will be complete after verification of documents and execution of simple documents at branch/CPC.

 On this occasion, Sri C. S. Setty, Managing Director (Retail & Digital Banking), SBI expressed the hope that with the launch of this portal, the customers will find it operationally convenient to check their eligibility before they go to a branch.

 Under this resolution framework framed by RBI, such borrowers are eligible whose loan accounts were classified as standard and not default for equal to or more than 30 days as on March 1, 2020, and their incomes are impacted by COVID-19. The approval of borrowers’ loan restructuring application under this scheme - which is going to be governed by RBI guidelines - would be conveyed to them by the SBI branch/CPC.

SBI announces celebratory

 SBI announces celebratory delights for retail customers

 ·         Waives processing fee on Car, Gold, Personal & Home Loans in approved projects.

·         Credit Score based concessions up to 10bps for Home loans above 30.00 lacs to 1Cr.

·         Homebuyers to get 5bps interest concession if applied through YONO

·         Lowest interest rates on Car and Personal loan starting at 7.5% and 9.6% respectively

·         Lowest interest rates on gold loan at 7.5%

·         Instant in-principle approval of Home, Car, and Gold loans through YONO

·         Flexible repayment options of up to 3 years for Gold loan customers

·         Avail paperless Pre-approved Personal Loans & Insta Home Top-up Loans through YONO in a few clicks

  To bring in cheer and spread festive joy amid the pandemic, the nation’s largest lender State Bank of India (SBI) presents a slew of special offers for its retail customers. Bank has announced a 100% waiver in the processing fee for all customers applying for Car, Gold, and Personal loan through YONO. The bank is offering the lowest interest rate starting from 7.5% to customers opting for the car loan. They will also get 100% on-road finance on select models.

 SBI has announced special festive offers on home loans for home buyers. There would be a complete waiver on processing fees on home loans for homebuyers in approved projects. The bank is also providing special concessions up to 10bps on the interest rate for the customers based on their credit score and loan amount. Additionally, homebuyers can avail 5bps interest concession if they apply for a home loan via YONO (YOU ONLY NEED ONE APP).

 There’s good news for Gold loan customers as well, as they now have flexible repayment options for up to 36 months at the lowest interest of 7.5%. To enhance the availability and affordability of credit to individuals in the times of the current crisis, the bank is offering Personal loans with lending rates as low as 9.6%.

With digital banking increasingly gaining momentum especially in the current scenario, SBI’s flagship banking and lifestyle platform YONO is all set to provide an extra layer of convenience to its customers by offering them in-principal approval on the Car and Gold loan application. SBI customers can also avail a pre-approved paperless personal loan on YONO at the comfort of their homes in just 4 clicks. They can simply check their eligibility via SMS by typing PAPL <space> <last 4 digits of SBI a/c no.> to 567676.

 CS Setty, MD (Retail & Digital Banking), SBI said, “It is SBI’s constant endeavor to work towards benefits of its valuable customers by offering them products and services suiting their needs and requirements and at the same time going easy on their wallets. With the economy recovering gradually, we hope to see a boost in consumer spends and at the same time ensure SBI’s helping hand to all those in addressing their financial needs to have a pleasant festive season.”

SBI extends OTP-based

SBI extends OTP-based ATM withdrawal 24x7

• Extends OTP based ATM withdrawals to 24x7 for ₹ 10,000 and above at all SBI ATMs w.e.f September 18, 2020
• Bank urges customers to register or update their mobile numbers
•  This initiative aims at safeguarding customers from frauds and minimizing unauthorized transactions

With an aim to reinforce its ATM security system and safeguarding customers, country’s largest lender, State Bank of India (SBI) had introduced OTP based cash withdrawals of above ₹ 10,000 between 8 PM – 8 AM through SBI ATMs from January 1, 2020. Now, Bank is extending OTP-based cash withdrawal for ₹ 10,000 and above throughout the day across all SBI ATMs in the country starting September 18, 2020. For withdrawing ₹ 10,000 and above, SBI debit card holders now have to enter OTP sent on their registered mobile numbers along with their debit card PIN each time.

With the introduction of 24x7 OTP-based cash withdrawal facility, SBI has further strengthened the security level in ATM cash withdrawals. Implementing this facility throughout the day would prevent SBI debit cardholders from the risk of falling prey to fraudsters, unauthorized withdrawals, card skimming, card cloning and the likes.

The OTP is a system-generated numeric string of characters that authenticates the user for a single transaction. Once customers enter the amount they wish to withdraw, the ATM screen will ask for OTP where they would require to enter the same received on their registered mobile number. The OTP based cash withdrawal facility is available only at SBI ATMs as this functionality at non SBI ATMs has not been developed in National Financial Switch (NFS).

C S Setty, MD (Retail & Digital Banking), SBI – “SBI has always been at the forefront in ensuring convenience and safety to its customers through technological improvisation and augmentation of security level. With the enablement of 24x7 OTP authenticated ATM withdrawals we believe SBI customers will have a secured and risk-free cash withdrawal experience.”

SBI raises

SBI raises Rs. 4,000 cr via AT1 bonds at a coupon of 7.74%

Country’s largest lender, State Bank of India (SBI), sold Rs. 4,000 crores of the Basel compliant Additional Tier 1 (AT1) bonds at a coupon of 7.74%. This is the lowest pricing ever offered on such debt, issued by any bank since the country started implementing the stringent Basel III capital rules in 2013. As the aggregate bids were in excess of Rs.6,000 crores, the Bank exercised the full greenshoe option of Rs.3,000 crores over and above the base issue size of Rs.1,000 crores.

While State Bank of India has AAA credit rating from local credit agencies, its AT1 offering is rated AA+, which is the highest rating in the country for these instruments in view of the hybrid and high-risk nature of these instruments. While the AT 1 instrument is perpetual in nature, it can be called back by the lender after five years or any anniversary date thereafter. This issuance comes after a successful issue of Tier 2 bonds last month by SBI, aggregating to Rs.8,931 crores, at 6.80%, which is again the best ever pricing for Tier 2 debt instruments. Both the issuances were solely managed by SBI Capital Markets Ltd.

Swaminathan J, Dy. MD-Finance – “The overwhelming success of this issuance reaffirms State Bank’s paper as Gold standard and showcases the investor interest for such quality papers. The apprehensions that prevailed in the market post Yes Bank AT 1 write down in March 2020 have been firmly put behind. The interest payout on such bonds is better than the cost of equity for the Banks and it provides a good risk-adjusted return to the investors, hence offers a win-win situation for both the Banks and the investors”

Statement by State Bank of India

Statement by State Bank of India

SBI Spokesperson Says:

"There have been media reports about the “On Tap VRS” scheme proposed to be introduced by SBI. The reports have been interpreted as a cost cutting measure and Bank’s intent to reduce workforce.

Bank has been employee friendly and is expanding its operations and requires people, which is evidenced by the fact that Bank has plans of recruiting more than 14,000 employees this year.

SBI has an existing workforce of around 2.50 lacs and has been in the forefront of serving employee needs and designing ways and means for engaging and assisting employees in their life journey. 

In this backdrop, it was thought to provide a congenial solution to employees who expressed desire for making strategic shift in their vocations, either due to professional growth limitations, mobility issues, physical health conditions or family situations.

While our commitment towards our valued employees remains unshakable, we are deeply desirous of skilling the unemployed youth of the country, as is evidenced by the fact that we are the only Bank in the country which has onboarded Apprentices under the National Apprenticeship Scheme of Govt of India.”.

Ashwini Bhatia takes charge

Ashwini Bhatia takes charge as MD of SBI

Mr. Ashwani Bhatia took charge as the Managing Director of the country’s largest lender, State Bank of India (SBI). He would be holding this position up to the date of his superannuation that is May 31, 2022. Mr. Bhatia will be the fourth MD of SBI with Mr. Dinesh Khara, Mr. Arijit Basu, and Mr. C S Setty being the other three. He would be responsible for the IT and Stressed Assets Resolution Group (SARG) in this new role.

Prior to his appointment as MD, Mr. Bhatia was MD & CEO of India's largest Asset Management company, SBI Funds Management Pvt Limited. Mr. Bhatia comes with rich experience of over three and a half decades in the State Bank Group. Before joining SBI Funds Management Private Limited, he was working as a Chief General Manager, Corporate Centre in SBI, where he was responsible for revamping of credit structure and processes of the Bank.

Mr. Bhatia started his career with SBI in 1985 as a probationary officer. Some of his key positions in the bank include Chief General Manager- SME,  General Manager (Heading retail operations of Haryana, HP, Jammu & Kashmir, Punjab, and Chandigarh), and various others in Network Banking, Credit, Investment Banking and Asset Management. He has spent more than a decade in the Bank's treasury holding position as DGM (Forex), DGM (Interest Rates), AGM & Chief Dealer in the equities market. Mr. Bhatia has also had a stint with SBI Capital Markets as President & COO, Whole-time Director for over two years.

Mr. Bhatia is a Graduate in Physics & Mathematics from Dayalbagh, Agra, and is an MBA from Podar Institute of Management, Jaipur. His areas of interest include photography, road trips, experiencing diverse cultures, food & cuisine, and geopolitics.

SBI further empowers farmers with

SBI further empowers farmers with YONO Krishi; introduces
Kisan Credit Card (KCC) Review on the platform

 ·         Bank introduces KCC Review feature on the YONO Krishi platform which has been witnessing great response from farmers

·          YONO KCC Review to enable farmers access their KCC limit on YONO in just four clicks

·         YONO KCC Review to benefit more than 75 lakh farmers

·         YONO KCC review will empower farmers to embrace digital technology and make them future-ready

·         YONO Krishi platform offers a one-stop solution to all farmers’ agricultural needs

Country’s largest lender State Bank of India (SBI) continues to empower its farmer customers by offering them technology backed agricultural solutions with YONO Krishi. The recently launched platform that caters to all the requirements of farmers – from sowing to harvesting and then selling – has been receiving significant traction from the farmers. In the current unprecedented times due to the COVID-19 pandemic, SBI is set to make lives easier for its farmer customers by introducing the KCC Review option on YONO Krishi. With this added feature, farmers will no longer need to travel the distance to visit the bank branch to apply for a revision in their KCC limit. KCC Review option on YONO Krishi will help farmers apply for the same in just 4 clicks from the comfort of their homes without any paperwork.

Recognizing the fact that not all farmers may have access to smartphones, SBI has also streamlined the KCC review process at its branches. KCC Review on YONO Krishi is expected to benefit more than 75 lakh farmers having KCC accounts with SBI. The feature of paperless KCC review will not only help farmers save costs and effort involved in applying for revision of the KCC limit, but also make the process quicker for them especially during the harvesting season.

Rajnish Kumar, Chairman, SBI said, “Introduction of YONO KCC Review on YONO Krishi is SBI’s yet another initiative to make our farmer customers, future-ready by offering them constant digital innovations pertaining to their agricultural needs. This new feature has been added keeping in mind millions of our valuable farmer customers’ convenience and safety. We believe that they will now be experiencing hassle-free application process for their KCC limit revision. With a Digital-First approach, it is SBI’s continuous endeavor to provide innovative digital banking solutions to all our diverse set of customers across the country.”

Apart from KCC Review, the multi-lingual YONO Krishi platform - which is bringing-in technology to farmers in more than 10 vernacular languages - is offering services such as YONO Khata, YONO Bachat, YONO Mitra and YONO Mandi to its farmer customers. These unique offerings facilitate farmers with Agri loan products, an online marketplace to buy and rent agricultural inputs and equipment, customized farming advisory, investment, and crop insurance products, instant agri gold loan, upgrade to scientific farming practices, and much more. With YONO Krishi, SBI has opened the doors of digital agriculture to farmers. In just one year of its launch, YONO Krishi has disbursed more than 14 lakh Agri Gold loans and has seen more than 15 lakh clicks on YONO Mandi and YONO Mitra

YONO itself has grown by leaps and bounds over the last two and a half years since its launch. It has seen more than 58 million downloads with over 26 million registered users. YONO has partnered with over 80 e-commerce players in more than 20 categories. The bank’s flagship banking and lifestyle platform – YONO is also tasting success in international markets such as the UK and Mauritius.