SBI has been at the forefront of providing the latest innovative digital products and services to its customers, paving the way for a less cash India
by Suman Gupta
Mumbai – March 11, 2021: Country’s largest lender State Bank of India has topped the list of Ministry of Electronics & Information Technology’s (MeitY) Digital Payment Scorecard for 3 consecutive months. The scorecard tracks Commercial Banks’ performance on various digital parameters. SBI remained the top remitter bank by recording highest UPI transaction volume of nearly 64 crore having a user base of 13.5 crore.
SBI processed 636 crore transactions through its digital platforms which is 67% of the bank’s total transaction volume. The bank commands almost 25% market share by transaction volume of mobile banking. According to SimilarWeb, SBI’s internet banking service – onlinesbi.sbi is ranked first in terms of online traffic in the banking credit and lending category, and is used by over 8.5 crore customers.
SBI’s flagship digital and lifestyle platform YONO has also furthered digital lending in a seamless manner. YONO has provided an impetus to digital lending with over 10 lakh Personal Loans amounting to Rs. 15,996 crore being disbursed during the FY (Apr- Dec’2020). Through YONO Krishi, around 7.85 lakh agri gold loans worth Rs. 12,035 crore were sanctioned in Q3FY21. Also 2.42 lakh Kisan Credit Card accounts amounting to Rs. 4,230 crore have been reviewed (August – December 2020).
SBI is also the largest issuer of debit cards. Over 29 crore debit cards are used by SBI customers, with a 30% market share in card spends and 29% share in transaction volume. Bank has made steady progress in increasing payment acceptance infrastructure as well. Over 31 lakh merchant touchpoints are now enabled across different payment modes which include – BHIM UPI QR, Bharat QR, BHIM – Aadhaar and POS. Nearly 51% of these payment acceptance points are located in rural and semi-urban geographies, in line with government’s objective to expand merchant footprint in far-flung areas of the country.
Bank’s Payment Aggregator service SBIePay – the first and only payment aggregator platform owned by a Bank, caters to the emerging digital payment needs of large merchants in the public sector- Central Govt. Departments, Autonomous Bodies, State Govt. undertakings etc. and serves the private sector enterprises as well.
*All data is as on end December 2020, unless specified.
About State Bank of India:State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on December 31, 2020, the bank has a deposit base of over Rs. 35 lakh crore and advances of more than Rs. 26 lakh crore with CASA ratio of about 45%. SBI commands over 34% market share in home loans and around 33% in the auto loans segment. The Bank has largest network of more than 22,000 branches in India with an ATM / CDM network of nearly 58,000 and total BC outlets of over 71,000. The number of customers using internet banking and mobile banking stand at 85 million and 19 million respectively. The integrated digital and lifestyle platform by SBI – YONO has crossed 74 million downloads mark. YONO which has over 34.5 million registered users, witnesses 9 million logins per day. Accelerating the digital agenda, SBI has opened over 1.5 million accounts through YONO in the quarter ended December 2020 with nearly 91% of YONO eligible savings bank customers migrated on YONO. In terms of digital lending, bank disbursed pre-approved personal loan (PAPL) worth Rs. 5300 crore via YONO in the same quarter. YONO is also a global name having tasted its success in international markets as well. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
