SBI reveals 11 new digital banking initiatives

State Bank of India (SBI) has rolled out 11 new initiatives aimed at enhancing its service offerings across diverse customer segments. These initiatives include features like UPI tap and pay, YONO Business, and Corporate Internet Banking tailored for small businesses. Additionally, SBI introduced automated notifications for loan proposals and digital loans against mutual funds on its YONO app, coinciding with its 69th Foundation Day celebrations.

For transactions below INR 500, SBI has implemented UPI Lite, offering a pin-less experience. Transactions exceeding INR 500 will require a UPI PIN for authentication, according to a statement from the bank.

In response to the digital banking requirements of startups, small businesses, and partnership firms, SBI's YONO Business / Corporate Internet Banking now provides simplified role management without mandatory administrative positions. This update includes transaction limits of INR 50 lakh per transaction and facilitates quick transfers up to INR 25,000 per transaction, with a daily limit of INR 5 lakh.

Regarding loan processing, SBI has introduced automated e-mail and SMS notifications for home loan applicants to track their application status through various processing stages. Additionally, the bank has streamlined the end-to-end digital journey for its Surya Ghar Loan, from applicant registration on the MNRE/REC portal to loan disbursement.

Other initiatives from the SBI 

SBI has also inaugurated 35 new Agricultural Centralised Processing Cells (Agri CPCs) to enhance operational efficiencies and manage risks associated with agricultural loans. These specialised cells aim to support larger-ticket agricultural financing and expand commercial agricultural loan portfolios. 

In July 2024, the State Bank of India announced a new digital lending solution for micro, small, and medium enterprises. The new offering, named MSME Sahaj, is a web-based digital business loan solution for MSMEs’ invoice financing. MSME Sahaj is what the SBI is calling a data-driven invoice financing credit assessment engine. The tool was designed to allow MSMEs to apply for and receive a loan in a short amount of time, and the system can also automatically close the loan on the due date.