SBI bets on digital tools and tie-ups for sustaining market leadership

Mumbai: SBI chairman C S Setty on Tuesday said the country's largest lender is betting on digital tools and strategic tie-ups for sustaining and growing its market leadership.

"By embracing digital tools, strategic partnerships, and data-driven growth, we aim to sustain market leadership and deliver scalable, profitable, and inclusive banking for a dynamic India," Setty said.

The state-owned bank is streamlining operations, enhancing customer experience, and strengthening its people to build a future-ready organisation, Setty added.

SBI celebrated its 70th anniversary on Tuesday with a slew of initiatives, including a quiz contest and some digital initiatives, as per an official statement.

The next phase of innovation would include expansion of its digital app YONO to Singapore and also a revamp of the YONO business, it added.

Over 4,200 students participated in the SBI Scholar Quiz, in which the lender distributed Rs 50 lakh in prize money and certificates to the participants.

This included Rs 5 lakh for the winner, Rs 3 lakh for the second place and Rs 2.5 lakh for the third place, the statement said.

Setty presented the awards to the winners from Delhi Public School, Kolkata; Army Public School, Hyderabad, and DAV Public School, Bhubaneswar.

"Investing in educational initiatives like the SBI Scholar Quiz goes beyond nurturing bright minds, it's about laying the foundation for an informed and empowered future," Setty said.

SBI has also launched initiatives for individuals and entrepreneurs by enabling faster paperless on-boarding through tab-based account opening, while making digital credit access easier for small businesses.

It has enabled Digital Document Execution (DDE) for PM Vishwakarma and Agriculture Loans application and documentation for farmers and artisans, improving turnaround time and reach, the statement said.

Besides, the bank has enabled instant savings and minor account openings at service points using secure e-KYC, and introduced UPI (QR) based cash withdrawal machines for safer access to funds in remote areas, among other initiatives.