CURRENT AFFAIRS
CURRENT AFFAIRS
Description
In a revolutionary move, State Bank of India (SBI) has launched 'SME Digital Business Loans', with the goal of sanctioning loans in as little as 45 minutes. Recognizing the importance of micro, small, and medium-sized companies (MSMEs) in its growth goal, SBI simplified the borrowing process by eliminating traditional credit underwriting and evaluation procedures.
Speed And Ease Redefined
SBI's unique offering provides SMEs with a streamlined digital loan journey, significantly lowering turnaround time and simplifying the financing procedure. SBI has developed a data-driven credit evaluation engine that can provide sanction judgments in as little as 10 seconds without the need for human participation.
Waiving The Financial Statement Requirement
Notably, for loans of up to Rs 50 lakh, SBI has removed the need for financial documents, instead relying on transaction history and GST forms for appraisal. This approach improves accessibility for small firms and speeds up the loan approval procedure.
Dedicated To Innovation And Growth
Dinesh Khara, Chairman of SBI, underscored the bank's commitment to setting a new industry standard for MSME lending. SBI aspires to provide the fastest and most intuitive lending process by leveraging the rich data footprint of MSME units, hence strengthening its position as the country's leading MSME lender.
Consistent Growth And Improved Asset Quality
SBI's concentration on MSME lending has shown great results, with their exceptional SME book growing dramatically over time. Furthermore, the asset quality of this book has improved noticeably, with gross non-performing assets significantly decreasing.
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