SBI gold loans cross Rs 1L cr mark

Mumbai: SBIit is gold loan The portfolio crossed the Rs 1-lakh-crore milestone, with the bank grabbing almost a quarter of the total market. The bank expects more growth in gold loans in the current fiscal year, Chairman Dinesh Khara said.
“In times of high inflation, gold is a preferred asset class. In the first quarter of the current fiscal year, we saw better traction than the previous year and we expect the segment to grow well,” he said. He added that the bank has a 24% market share, including the lending portfolio of non-bank financial companies (NBFCs) specializing in gold lending.
The president of the country’s largest bank said there was no stress in the gold portfolio and bad debts in the segment were below 0.29%. Khara said the bank continues to see growth in the personal loan segment. The bank managed to migrate 77% of its transactions to digital customers. In the personal loan segment, where new subscriptions are concerned, 60% of transactions are digital.
Khara also announced other retail initiatives to commemorate the anniversary of the bank’s founding on July 1, celebrated as Bank Day. To improve the efficiency of its ATM network, the bank redesigned the interface to reduce the number of cash withdrawal steps, allowing customers to withdraw their money in less than half the time. Khara said it would increase ATM capacity utilization and reduce the average cost of ATM transactions.
Other initiatives include WhatsApp and API banking services to aggregators and corporate customers. API banking opens the bank’s systems to customers so that they can transact directly and process transactions in batches without having to log into netbanking.

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