Several new initiatives were taken in 2016-17 to provide additional thrust to segments like home loans, auto loans, SMES, rural business etc.
The bank launched merchant payment acceptance solutions such as Bharat QR and Aadhaar-based payments, viz. BHIM-AADHAARSBI towards a transient shift to less cash economy.
In a bid to convert identified villages into cashless ecosystem, the bank launched “SBI Digital Village”. The initiative was rolled out in 21 selected villages across India on July 1, 2016. In partnership with Flipkart, SBI is offering the facility of pre-approved EMI facility to customers on purchases. Under this partnership, the bank will provide overdraft facility to pre-qualified set of customers for transacting on Flipkart for a minimum purchase of
The bank also launched ‘SBI Mingle’ – a social media banking platform for Facebook and Twitter users through which the bank’s customers may perform a host of banking services, such as checking account balance and requesting mini statements on their Facebook or Twitter accounts.
Through partnership with Tata Housing, SBI will be offering a unique platform to enable easy financing and purchase of homes.
Through “Project Vivek” the bank will be aiming to improve SME asset quality by revamping its credit underwriting process towards revised financial modules and balance sheets, augmented by cash flow recast from multiple sources in place of traditional balance sheet-based underwriting method.
SBI has rolled out 'SBI Exclusif ', a unique suite of Wealth Management Services (WMS) for its high-net-worth customers. This vertical is expected to help the bank cross-sell its products and generate excess other income for the bank. The WMS vertical will have following products suite to be offered to high-net-worth clients:1. Differentiated wealth savings accounts
2. Mutual fund products of 17 AMCS (online and offline)
3. Distribution of PMS products