Rajnish Kumar added that this measure is expected to save Rs 1000 crore through cost optimisation, which will be an important part of SBI’s business continuity during the challenging period of coronavirus.
He also added that banks will continue to be vigilant against emerging pressures and take active actions to help our borrower customers and maintain asset quality as the COVID-19 pandemic is still spreading. “For other banks or financial institutions, FY21 will be a challenging year.”
Speaking of the relief measures for MSME in the Atma Nirbhar Bharat package launched by Prime Minister Narendra Modi, he said that the bank has established vertical areas of financial inclusiveness and micro-markets to get value in the micro-market through cost-effective business. model. To increase financing efficiency, SBI will use a cash flow-based loan model.
Emphasising on the value of contactless digital banking channels, he said, “The bank’s mobile banking application SBI YONO has achieved considerable growth. He added that the bank will further expand the size of YONO and set a goal to double the number of user registrations within the next six months and through new products such as end-to-end housing loans, pre-approved car loans, and personal gold loans.”
