State Bank of India (SBI) has launched 11 initiatives, including UPI tap and pay, YONO Business and Corporate Internet Banking for small businesses and automated intimation on loan proposals, catering to diversified customer profiles and their banking needs.
On the occasion of its 69th Foundation Day, the bank introduced tap and pay on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO app.
Transactions under ₹500 leverage UPI Lite for a pin-less experience, while transactions beyond ₹500 will require a UPI PIN, the bank said in a statement.
To address the digital banking needs of start-ups, small businesses and partnership firms with two partners and limited staff, SBI said the YONO Business / Corporate Internet Banking product offers simplified role management with no mandatory admin or regulator.
“The addition of this feature will eliminate the challenge faced by small businesses for the requirement of at least three mandatory role-holders of the platforms. The new feature offers a limit of ₹50 lakh per transaction and facilitates quick transfers up to ₹25,000 per transaction with a daily limit of ₹5 lakh,” per the statement.
Loan processing
The bank has introduced a new functionality for borrower’s home loan processing. Home loan borrowers will now receive automated e-mail and SMS notifications regarding the status of their loan application at various processing stages.It also announced a fully digital, end-to-end journey (from applicant registration on the MNRE/REC portal to loan disbursement) for its Surya Ghar Loan.
SBI launched 35 new Agricultural Centralised Processing Cells (Agri CPCs) to revamp and mitigate risks in its agricultural loan portfolio. These specialised cells are geared towards expanding commercial agricultural loans and facilitating larger-ticket agricultural financing.
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