SBI Divests 13.18% Stake in Yes Bank to Japan’s SMBC in Landmark Cross-Border Deal

State Bank of India (SBI), the country’s largest lender, today, announced the successful completion of the divestment of a 13.18% (approx.) stake in Yes Bank Limited (YBL) to Sumitomo Mitsui Banking Corporation (SMBC). SMBC is a Japanese multinational financial services company belonging to the Sumitomo Mitsui Financial Group (SMFG) and is amongst the leading foreign banks in India. SMFG is the second largest Banking Group in Japan with Total Assets of US$ 2.0 trillion (approx.).

Mr. C. S. Setty, Chairman, IBA & SBI

SBI became the largest shareholder of YBL in March 2020 under the Yes Bank Limited Reconstruction Scheme, 2020, as notified by the Central Government. Subsequently, SBI had also acquired additional shares as part of follow-on public offer by YBL in July 2020. Post the aforesaid divestment, SBI will continue to remain a shareholder in YBL with a shareholding of 10.8% (approx.) of YBL shares (Residual shareholding).

The partial stake sale by SBI and other shareholder Banks in YBL to SMBC represents the largest cross-border investment in the Indian banking sector. The transaction has received the necessary regulatory and statutory approvals including from the Reserve Bank of India and the Competition Commission of India.

SBI Chairman, Shri Challa Sreenivasulu Setty said, “Yes Bank restructuring plan by RBI in 2020 was an innovative, first of its kind public sector – private sector partnership that was fully supported and facilitated by Government of India. We are incredibly proud of the journey we have shared with Yes Bank in supporting their transformation since we came onboard as the major shareholder in 2020. This is perhaps the best example of protecting the customer interests of a large bank by collaborative efforts of SBI and other banks under the guidance of Government of India and RBI. We are excited to welcome SMBC, a marquee financial institution, as a strategic partner through the largest cross-border transaction in India’s banking sector. Their global expertise will be a great complement to Yes Bank’s ongoing progress and future ambitions”.

SBI and the other selling Shareholder Banks were advised by SBI Capital Markets Limited as their financial advisor and S&R Associates as their legal advisor.

SBI Launches MSME CoE in Gurugram to Drive Capacity Building and National Development Goals

State Bank of India (SBI), the country’s largest bank, inaugurated its Centre of Excellence (CoE) for MSMEs at the State Bank Academy (SBA), Gurugram. The Centre has been established with an objective of strengthening the MSME ecosystem through capacity building, research, and industry collaboration, thereby contributing to India’s vision of becoming a developed nation.

The Centre was inaugurated by Shri M. Nagaraju, Secretary, Department of Financial Services (DFS) and Shri C.S. Setty, Chairman, in the presence of Shri Vinay M. Tonse, MD (RB&O), Shri Surender Rana, DMD (Retail-Agri, SME & FI), Shri Anindya Sunder Paul, DMD (SME & SCF) and Smt. Suranjana Dutta, CGM STU. SBA is an institute imparting specialized training in Credit, International Banking, Risk & Compliance and carrying out Research & Development in various spheres of banking.

State Bank Academy Gurukul, Gurgaon, Haryana

Shri M. Nagaraju, Secretary, Department of Financial Services, said, “MSMEs are the true engines of growth, creating widespread employment and driving prosperity in rural India, which is critical for our journey towards becoming a developed nation. I urge this SBI Centre of Excellence to benchmark itself against the best MSME institutions in the country. My expectation is that the CoE will engage in making case studies and undertaking research, creating a rich repository of knowledge and sharing it online for the benefit of all, especially those in remote areas. Continuous innovation and deep engagement with entrepreneurs, fintechs, and startups will be the key to its success.”

Speaking on the occasion, Shri C.S. Setty, Chairman, SBI, stated, “As the largest lender to MSMEs, with the widest network of SME branches, SBI is responsible to build capacity and the Centre of Excellence will serve as a hub of ideas and innovation, supporting the development of new SME-focused products and processes that can benefit the entire banking sector.”

Shri C.B.K. Singh, GM & Director, State Bank Academy, said, “The Centre has been established based on the vision articulated by the Chairman and would play a significant role in supporting the growth and development of the MSME sector.”

The CoE has been designed with an inclusive approach, engaging with MSME promoters, startups, industry associations, academia, government, regulators, and banking professionals. This collaborative model will ensure that the Centre’s initiatives remain relevant, impactful, and aligned with the needs of the sector.

SBI Champions Women Entrepreneurship: Launches Skill Development Program for 5,200 Women

State Bank of India, the country’s largest bank and the banker to over 21 crore women strengthens its ‘women empowerment’ mission with the launch of a special training program tailored exclusively for women across its 153 Rural Self Employment Training Institutes (RSETIs). This program that is inaugurated on the occasion of Republic Day is set to benefit approximately 5,200 women candidates. The programme was virtually inaugurated jointly by Shri. Shailesh Kumar Singh, Secretary, (MoRD) and Shri. C. S. Setty, Chairman, SBI. The inauguration ceremony witnessed the presence of SBI’s Managing Director, Shri. Vinay Tonse as well.

The program encompasses 27 diverse training modules, including tailoring, food processing, beauty services, vermiculture, agarbatti/candle making, bee-keeping, jute product manufacturing, soft toy creation, and "One GP, One BC," among others. Participants will also receive comprehensive guidance on accessing financial assistance and establishing market linkages to ensure the long-term success of their ventures. To inspire and motivate participants, local dignitaries and successful entrepreneurs will share their experiences and insights.

SBI’s RSETIs have been pivotal in promoting self-employment nationwide. Since their inception, these institutes have trained approximately 12.74 lakh candidates through nearly 46,818 training programs, with an impressive 74% of candidates achieving self-employment.

Given the significant contribution of women to India’s GDP of around 18%, ensuring women empowerment has become the need of the hour for the nation.

State Bank of India has significantly aided the entrepreneurship dream of women in India. With a SHG (self-help group) loan portfolio of over ₹50,000 crores, SBI has impacted the lives of over 1 crore women involved in such groups, securing market leadership in this segment. In addition, the participation of females in the total enrolments covered by SBI has been more than 50% under the Social Security Schemes. Further, in terms of CSR, women empowerment has been one of the key focus areas of SBI.

Secretary Department of Rural Development, Sh. Shailesh Kumar Singh highlighted significance of the initiative in advancing the Government vision for inclusive and equitable development. He also commended SBI’s steadfast commitment to rural development and acknowledged the critical role played by SBI’s RSETIs in fostering financial literacy, skill-building, and entrepreneurship among women.

Speaking on this occasion State Bank of India’s Chairman, Shri. C. S. Setty said, “This special training program underscores SBI’s commitment to fostering women empowerment and advancing financial inclusion in its true spirit. It is not only making rural women self-reliant but also is a step towards “Viksit Bharat”. By equipping women with the skills, we aim to support their journey toward economic independence while contributing to the broader goal of nation-building.”

This initiative reflects SBI’s unwavering dedication to empowering women through skill development, enabling them to build sustainable livelihoods and make meaningful contributions to their communities.

SBI Unveils Its First Co-Lending CPC

Shri. Surender Rana DMD (ASF), SBI inaugurated State Bank of India’s first co-lending Centralised Processing Cell (CPC) at Nariman Point, Mumbai. The CPC is a dedicated unit for co-lending business of NBFCs.

In order to have seamless operations of specialized activity under Co-lending, a dedicated Centralised Processing Cell (CPC) for Processing & Sanctioning of Loans is setup by the Banks.

The NBFCs under the Co-Lending Model sources the loan proposals from all locations in India and forwards to the Bank from their Centralized Location. On behalf of the Bank, CPC undertakes Loan proposals Acceptance, Disbursement, Monitoring and Reconciliation.

The inauguration ceremony witnessed the presence of SBI dignitaries, Shree. Shantanu Pendsey CGM (ABU & GSS) and Smt. Salila Pande CGM MMR. Other dignitaries from the corporate centre and NBFC teams of NIDO Home Finance and Ugro Capital Ltd. were present as well.

The inauguration of co-lending CPC is a step towards demonstrating SBI’s commitment to growing its co-lending book with a focus on safety and sustainability.

This commitment is in line with SBI's ongoing efforts to support MSMEs and the under-served population where the bank has made significant strides in FY24. To strengthen support to MSMEs having little or no access to formal credit, SBI has entered into a co-lending agreement with 9 NBFCs. Further, to dedicatedly continue reaching out to the unserved and under-served populace, the bank has signed MoUs with 23 NBFCs/HFCs under co-lending model.

The inauguration of the co-lending CPC reflects SBI’s determination to grow the co-lending book in a safe way and reiterates the bank’s dedication towards welfare of MSMEs and under-served population.

SBI NCMC Cardholders Can Now Recharge Cards Online Through the Bharat Bill Pay-enabled Apps

The National Payments Corporation of India (NPCI) has partnered with the State Bank of India (SBI) to introduce the National Common Mobility Card (NCMC) recharge as a new biller category on the Bharat BillPay platform. This collaboration aims to enhance the convenience for travelers by allowing them to recharge their NCMC cards online, thus avoiding long queues.

SBI NCMC cardholders can now recharge their cards online through the Bharat BillPay-enabled application, SBI Unipay, and other digital front-end platforms.

The process ensures a hassle-free experience for users, preventing long waits and providing an instant and secure option for topping up their wallets.

The service is already live for Noida Metro, Nagpur Metro, MMRDA Line 2A & 7, Chennai Metro, Kanpur Metro, and Parliament Canteen, with more platforms expected to go live soon.

Customers can top up their NCMC cards with amounts up to ₹10,000 using multiple payment options including prepaid, debit, and credit cards. After the online recharge, customers just need to tap their NCMC card on the terminal to update their balance.

This initiative is a step towards easing digital payments and is backed by the certainty, reliability, and safety of the Bharat BillPay platform.

The National Common Mobility Card (NCMC), also known as the One Nation One Card, is an innovative initiative by the Government of India to create a seamless and interoperable payment system for public transportation across the country. Launched on March 4, 2019, the NCMC is a contactless smart card that operates on the RuPay card mechanism. 

Mahindra Finance Forays Into Co-Lending Space in Partnership with SBI

• Mahindra Finance enters into a co-lending partnership with State Bank of India
• Partnership to unlock the potential of Priority Sector Lending (PSL)

Mahindra Finance, part of the Mahindra Group and one of India’s leading Non-Banking Finance Company, has announced a strategic co-lending partnership with State Bank of India (SBI), India’s largest public sector bank. The co-lending model is designed to harness the distribution strength of Non-Banking Financial Companies (NBFCs) and the cost-efficient capital of banks, ensuring wider outreach and better interest rates for customers.

The partnership was launched by Ramesh Iyer, VC and MD, Mahindra Finance and the Dy Managing Director, SBI in the presence of Raul Rebello, MD and CEO – Designate, Mahindra Finance and the CGM (SME) from SBI.

Launched on a pan India level, this partnership is expected to offer affordable solutions to Mahindra Finance customers. The interest rates offered under this co-lending arrangement would be determined based on the customer's credit profile, ensuring a personalised and competitive financing experience.

Raul Rebello, MD and CEO- Designate, Mahindra Finance, said, "We are delighted to enter into this strategic co-lending arrangement with State Bank of India, India’s pioneer bank with multi-faceted experience. This collaboration is a step forward in enhancing financial accessibility and inclusivity. As we move forward, our focus remains on fostering innovation, embracing strategic collaborations, and tailoring our services to meet the evolving needs of our customers. Through this partnership we will further our capability to be a responsible financial solution partner to Emerging India.”

With Mahindra Finance strong rural distribution network and expertise in the financial sector and SBI’s competitive capital cost customers will get competitive advantage. The objective is to extend joint financial support to customers thereby enabling credit to the unserved segments of the economy at an affordable cost, marking Mahindra Finance's first co-lending tie-up with a bank. The partnership with SBI emphasises the long-term commitment of both entities towards empowering the MSME sectors. Under this agreement, Mahindra Finance will facilitate leads and manage loan servicing while serving as a single point of contact for prospective customers.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 9.3 million customers and has an AUM of over USD 11 Billion.

The Company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.

The Company has 1,367 offices and reaches out to customers spread over 3,80,000 villages and 7,000 towns across the country.

Mahindra Finance has been ranked 59th among India’s Best Companies to Work 2023 by ‘Great Place to Work Institute.’

Paytm Partners With SBI Card and NPCI to Launch Next-Gen Co-branded Rupay Credit Cards, 3 Homegrown Brands Join Forces to Drive Credit Inclusion

Brings welcome benefits, spend-based cashback points and milestone benefits for the most rewarding experience

Drives convenience by enabling customers to use the Paytm SBI Card on RuPay network, where UPI payments through credit cards will be live shortly.

Aims to expand access to credit and foster financial inclusion by bringing ‘new to credit’ users into the formal economy

One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading payments and financial services company and the pioneer of QR and mobile payments today announced that it has partnered with India’s largest pure-play credit card issuer SBI Card, to launch Paytm SBI Card on the RuPay network.

The Paytm and SBI Card partnership, which began in 2020, is now expanding with the addition of National Payments Corporation of India's RuPay, as all three homegrown brands join forces to further drive the growth of inclusive, digital-first financial services in India. The next-generation co-branded card redefines the credit card experience by offering exceptional rewards and benefits for its users.

As a Welcome Benefit, customers can enjoy exclusive privileges worth up to ₹75,000 with a complimentary Paytm First Membership that also includes OTT platform membership, flight tickets discounts through Paytm app. Designed for the digitally savvy, the cards offer rewards and savings when used on the Paytm App and millions of online and offline stores. Cardholders receive cashback of 3% on Paytm SBI Card on booking movie and travel tickets on the Paytm app, 2% cashback on all other purchases on Paytm App, and 1% cashback on spends elsewhere.

Vijay Shekhar Sharma, Founder and CEO, Paytm said, "India is at the cusp of the next payments revolution where credit will become the mainstream payment choice. Together with SBI Card, Paytm RuPay Credit Card will be a great choice for consumers. Our users are already savvy on QR code-based payments and with RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost, marking a new era in digital payments."

Bhavesh Gupta, President and Chief Operating Officer, Paytm said, “We are delighted to take our valuable partnership with SBI Card to the next level with the launch of our innovative co-branded credit cards powered by the indigenous RuPay network, catering to the ever-evolving needs of India’s youth and professionals. With this partnership, we aim to revolutionize the way credit is consumed in India, by bringing 'new to credit' users into the formal economy by offering a seamless and rewarding experience.”

According to Rama Mohan Rao Amara, MD & CEO, SBI Card, “We partnered with Paytm to launch this card with the intent to make credit cards more accessible to young and digitally-evolved customers. Paytm SBI Card has become one of the popular cards in our portfolio and with its launch on RuPay network we are further strengthening product value proposition. With RuPay’s extensive reach across India and acceptance of RuPay credit cards on UPI, customers can leverage this card to derive maximum value from their spends.”

Speaking on the development, Praveena Rai, COO, NPCI, said, “We are delighted to partner with Paytm and SBI Card for the launch of this credit card on RuPay’s expansive network. We believe this card will emerge as a keystone credit solution for customers. Since NPCI’s launch of credit card services on UPI, we are constantly working towards providing unique, value-based RuPay credit cards. It is exciting to see RuPay progressively establishing itself as a modern, contemporary, and youthful brand by offering customized value propositions backed by cutting-edge technology.”

The co-branded credit cards are set to delight consumers with exclusive Paytm First membership worth ₹750, which comes along with numerous exciting offerings. The Paytm SBI Card comes with 3% cashback on travel, and movie purchases through the Paytm ecosystem.

Cardholders of either variant will be entitled to 2% cashback on all Paytm ecosystem spends and 1% cashback on all other purchases except wallet reloads and fuel expenditures. They will also receive the added benefit of a 1% fuel surcharge waiver and ₹1,00,000 cyber fraud insurance coverage in the case of ‘Platinum’ cardholders.

About Paytm:

Paytm is India's payment Super App offering consumers and merchants most comprehensive payment services. Pioneer of mobile QR payments revolution in India, Paytm’s mission is to bring half a billion Indians into the mainstream economy through technology-led financial services. Paytm enables commerce for small merchants and distributes various financial services offerings to its consumers and merchants in partnership with financial institutions.

Paytm media contact:
corpcomm@paytm.com

About NPCI:

National Payments Corporation of India (NPCI) was incorporated in 2008 as an umbrella organization for operating retail payments and settlement systems in India. NPCI has created a robust payment and settlement infrastructure in the country. It has changed the way payments are made in India through a bouquet of retail payment products such as RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), BHIM Aadhaar, National Electronic Toll Collection (NETC FasTag) and Bharat BillPay. NPCI is focused on bringing innovations in the retail payment systems through the use of technology and is relentlessly working to transform India into a digital economy. It is facilitating secure payments solutions with nationwide accessibility at minimal cost in furtherance of India’s aspiration to be a fully digital society.

For more information, visit: https://www.npci.org.in/

About SBI Card:

SBI Cards and Payment Services Limited (“SBI Card”) is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders’ segments in terms of income profile and lifestyle. The brand has a wide base of over 16 MM+ cards in force as of Mar’23. It has diversified customer acquisition network that enables to engage prospective customers across multiple channels. SBI Card is a technology driven company. The Company is listed on National Stock Exchange (“NSE”) and The Bombay Stock Exchange (“BSE”).

P.S. The brand name of the company is ‘SBI Card’ and it is registered in the name of ‘SBI Cards and Payment Services Limited’. The company is trading under the entity name ‘SBICARD’ on stock exchanges.

In A 2nd Largest Globally, SBI Concludes $1 Billion Syndicated Social Loan

• SBI concluded its largest inaugural Syndicated Social loan of $1 billion ($500 Mio + greenshoe of $500 Mio).
• The deal is the largest ESG loan by a commercial bank in the Asia Pacific and the second largest social loan globally.
• The issuance witnessed overwhelming participation from banks across Taiwan, Japan, China, and the Middle East ensuring a full subscription, including USD 500 Mio of the greenshoe option.

Country’s largest commercial bank, the State Bank of India (SBI) has announced the completion of a $1 billion Syndicated Social Loan Facility. This syndicated transaction is significant for SBI and the Indian ESG financing market since it is the largest ESG loan by a commercial bank in the Asia Pacific and the second-largest social loan globally. Additionally, this is the bank's inaugural social loan and the first syndicated loan in the past five years.

The facility of $1 billion was arranged through MLABs, MUFG Bank, and Taipei Fubon Commercial Bank Co. Ltd. MUFG and Taipei Fubon Commercial Bank are Joint Social Loan Coordinators while MUFG is the Lead Social Loan Coordinator for this transaction.

On the occasion, Mr. Dinesh Khara, Chairman, SBI said, “As a responsible and sustainable organization, we are committed to conducting our business operations with the highest standards of Environmental, Social, and Governance (ESG) practices. Issuance of our first social loan is an embodiment of our commitment to ESG driven by our belief that our long-term success depends not only on our financial performance but also on our ability to make a positive impact on the environment, on society, and on our stakeholders."

This inaugural ESG transaction underscores SBI’s longstanding commitment to supporting green and social projects in India.

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank has crossed Rs. 6.00 lakh crore. As on December 31, 2022, the bank has a deposit base of over Rs. 42.13 lakh crore with CASA ratio of 44.48% and advances of more than Rs. 31 lakh crore. SBI commands a market share of 33.3% and 19.4% in home loans and auto loans respectively.

SBI has the largest network of 22,381 branches and 65,650 ATMs / ADWMs in India with 70,258 BC outlets. The number of customers using internet banking and mobile banking stand at 111 million and 58 million respectively. With SBI’s digital strategy right on track – the bank witnessed 64% of new savings accounts opened through the integrated digital and lifestyle platform YONO in FY22.

SBI observed 22,120 new digital savings bank accounts being opened per day via YONO in the quarter ended December 2022. YONO, which has more than 5.75 crore registered users, witnessed more than 1 crore average daily logins in Q3 FY23. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 5,050 crore through YONO in the same period. SBI also has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

SBI's Special Offer for those Buying Electric Vehicles

Use of Electric vehicles is being pushed continuously and perhaps increase in the prices of petrol-diesel by the government is to make the country pollution free by discouraging fossil fuel vehicles. If you are also looking to buy an electric car, then the country's largest bank, State Bank of India (SBI), has come up with a special offer for those who are keen to buy electric vehicles.

Apart from this, many states are also offering subsidy. Along with this, the central government is also going to make a provision for exemption on electric vehicles on its behalf very soon. However, the official announcement of when the relaxation will be applicable has not been made yet. But the special offer of SBI is something which you can avail right now. 

Dubbed as SBI Green Car Loan, this SBI offer, unlike a normal car loan, is giving a discount of 0.20% on taking a loan on an electric car . In addition to this , the bank is also giving a discount on the processing fee.

If you want to take a loan at low EMI, then the bank is giving a 8-years of maximum period for this. In this case, you will not have much burden of EMI expenses.

According to the SBI website, government employees whose minimum salary is Rs 3 lakh/year can get a maximum loan of 48 times their net monthly income. Whereas, businessmen, professionals and private job get a loan of 4 times their gross taxable income or net profit after adding the depreciation in the ITR and the payment of all the loans. At the same time, people associated with the agriculture sector, whose annual income is minimum Rs 4 lakh, can get a loan of 3 times the net annual income.

According to the SBI website, the e-car loan is at fixed interest rates. In this, the interest rate for the new electric car is between 7.25 percent to 7.95 percent. If the customer has a credit score of 757 and above, then the interest rate will be 0.25% + 1 year MCLR. SBI's MCLR for one year is 7 percent. Thus, the interest rate on the car loan will be 7.25 per cent per annum. However, this interest rate is applicable only to those customers whose repayment tenure is 3-5 years. The interest rate on the tenure of more than this will be 0.35% + 1 year MCLR (7.35%

SBI Foundation Partners with Khan Academy to Accelerate Localization of Content and Last-Mile Access to Education in India

This partnership will empower more than 1,00,000 learners, 5,000 teachers over 3,000 schools in Punjab in FY 2021-22

SBI Foundation is partnering with Khan Academy to support the mission of making high-quality educational content accessible to students in Punjab and accelerate content localisation so that every student can learn in their own language. This partnership strengthens efforts in content localisation as per the latest National Education Policy with support from the State Governments and public schools to democratise access to high-quality learning resources.

The focus of the partnership will be on successfully implementing a personalised math learning program for 1,00,000 learners in Punjab. SBI Foundation and SBI Funds Management Pvt. Ltd. are exclusively providing funding support for math content localisation in Punjabi and teacher training programs consisting of over 5,000 teachers across 3,000 schools in Punjab.

With the SBI Foundation’s support, Khan Academy and the Govt. of Punjab will create new math lessons consisting of videos, articles and practice exercises in Punjabi aiming at all learners in Punjab’s public schools. This content will also be available on Khan Academy’s platform for free for all students. This will help students from Grades 6-12 build a solid foundational understanding in math and learn at their own pace while enabling teachers to identify learning gaps and address them individually. As a part of this initiative, the team at Khan Academy will work closely with the Punjab Government to educate over 5,000 teachers on how to use Khan Academy’s learning content and effectively implement personalised math learning in the classroom.

Talking about the initiative, Ms. Manjula Kalyanasundaram, Managing Director, SBI Foundation, expressed her profound excitement on the partnership. “At SBI Foundation, we are working to enhance and sustain the students’ interest in learning mathematics because we see math at the core of logical thinking and reasoning for the children. Innovative teaching methods can help improve learning outcomes for children and therefore, we are elated to have partnered with Khan Academy India in strengthening the mathematical abilities of 1,00,000 learners.”

Additionally, Khan Academy will leverage the nationwide reach of SBI to reach every household beyond the metros, especially tier 2-5 towns, and villages. Commenting on this development, Sandeep Bapna, MD, Khan Academy India, said, “SBI Foundation is committed to empowering learners with strong foundational education through various initiatives and we feel extremely encouraged by their support for content localisation and helping us to reach every household in India. Together, we are going to create essential learning content in regional languages so that millions of students and teachers can learn in their own language and focus on what is important.”

The pandemic resulted in sudden school closures and disrupted learning, especially for students from low-income households in rural India. These students’ study in their respective regional languages and there is a surge in demand for high-quality educational content in local languages such as Punjabi. Every month almost 1 million students visit Khan Academy in India and 15-20% of them study in their local languages which is likely to increase to about 50% in the coming years. Khan Academy is committed to making world-class education accessible to students in India and all over the world and currently available in English, Hinglish, Hindi, Kannada, Punjabi, and Gujarati, aligned to the Indian curriculum.

About SBI Foundation

SBI Foundation is the CSR arm of State Bank of India which was launched in 2015 to carry out its CSR activities as well as those of its subsidiaries. As the CSR arm of the premier bank of India, SBI Foundation aims to be the leading institution promoting growth and equality responsive to the communities it serves, particularly the vulnerable and marginalised sections of the society.

About Khan Academy India

Khan Academy India (KAI) is a not-for-profit organization, incorporated in India, with the mission of providing a free, world-class education for millions of learners in India. KAI is founded by Khan Academy Inc. and Tata Trusts and also supported by Central Square Foundation and SBI Foundation. We offer quizzes, questions, instructional videos, and articles on a range of academic subjects, including math, biology, chemistry, physics, history, economics, finance, grammar, preschool learning, and more. Our mastery learning system allows students to learn at their own pace. We provide teachers with tools and data so they can help their students develop the skills, habits, and mindsets for success in school and beyond. Our resources are available in English, Hindi, Hinglish, Gujarati and Kannada. For more information, visit india.khanacademy.org, or join us on Facebook, Twitter, and Instagram.

Yono by SBI Joins Hands with Shivrai Technologies, to Launch Small Farm Accounting App, Farmizo Khata

Farmizo Khata assisting Farmers of the Future

Shivrai Technologies, Indian AgTech company, recently announced the launch of their B2C Farm accounting mobile application, Farmizo Khata. Joining hands with Yono by SBI, they aim to help farmers across the country to manage their accounts efficiently, thus cutting down on losses. Shivrai also owns their own B2B brand, FarmERP.

Shivrai Technologies recently coined their 25-year mark of incorporation. Known for their formidable solutions in the space of AgriTech, they are all set to dip their foot into the B2C pool. Through this new venture with Yono by SBI, they aim to make their application increasingly accessible.
 
Farmers incur massive losses due to the lack of knowledge, disorganised book-keeping skills, and inability to manage their expenses in the most profitable manner. To aid this process, Shivrai Technologies partnered with leading digital banking platform, Yono SBI to help smallholder, marginal, and large-holder farmers by way of a free application. This will allow them to focus on their costs incurred, as well as the bookkeeping of total profits that are in line.
 
This free-of-cost application will not only efficiently manage their accounts but will also give them a platform to analyse and calculate their profits, losses, and expenses, thus enabling them to make wiser purchase, harvest, and production decisions. It is curated in the simplest possible way for smallholder farmers to benefit from it.
 
Aapki Kheti Ka Hisaab Kitaab- Available on Google Playstore and Appstore, as well as in the form of a digital portal, this accounting software has a simple User Interface and Experience for its audience. Shivrai is offering this software to farmers all across the nation at no cost.
 
How Does It Work?
 
Users can create their profile by entering basic information. Post that, the software will guide them to register their plot by entering Plot details and Crop Information. This software will also assist the farmers in Geo-Tagging their crops. In the next step, the farmers would be required to add their expenses incurred on each plot, along with their income details and profit and loss amounts on the software’s dashboard. After doing this, the software would automatically generate the Exact Cost of Production of each crop as per kg and acre. This would include the Auditor cost, the marketing and housekeeping cost, etc. In the end, the software would create a ‘Khata’ with a complete view of all the transactions in a simple ledger.
 
Sanjay Borkar, CEO and Co-Founder of Shivrai Technologies commented on the launch of the software, “We are very excited to announce the launch of this application. Inconsistent cost sheets, poor calculations of expenses and income, faulty accounts are a pain for farmers, resulting in massive financial setbacks. Farmizo Khata has entered the market with the sole purpose of reducing these financial setbacks for smallholder farmers, in turn increasing their yearly turnovers.”
 
Under the umbrella of Farmizo, Shivrai also plans on launching applications catering to various sub-verticals within the agricultural industry. In the year 2021, the brand is focusing on the upliftment of smallholder farmers by way of launching various applications personalised for their use. In the coming months, Shivrai is gearing itself to launch its new D2C application. The app that is in the final stages of testing, would be directly selling fresh fruits and vegetables to end-consumers, bypassing all and any third-party retailers or middlemen. In the next two years, the brand has a target to onboard 2 million agricultural stakeholders on their platforms.
 
Santosh Shinde, COO, and Co-Founder of Shivrai Technologies stated, “We believe Farmizo Khata will pave a way for smallholder farmers giving them the right support they need to make wise financial decisions. This being the 25th year of the inception of our parent company, Shivrai Technologies, we have some exciting projects in the pipeline. Farmizo is one such project that we can’t wait to share with the market.”
 
Shivrai Technologies is best known for their B2B Farm Business Management Platform, FarmERP. The platform has its presence in over 25 countries today, catering to stakeholders across the entire agricultural value chain. Their comprehensive platform acts as a solution for various agribusinesses and aims to vastly grow in the future with their personalised solutions.

SBI Card partners with Paytm to launch Paytm SBI Card

Two leading players in digital payments space join hands to launch next generation credit cards 

~ Aiming to bring new to credit users into the formal economy and empowering them to control their finances

~ Enables digital process for the card application, issuance and managing the expenses ~

~ Can be used across the Paytm ecosystem, third party platforms & offline retail stores ~

~ Reimagines rewards & benefits with unlimited upfront cashback and lifestyle privileges ~

~ Equipped with Tap to Pay feature for seamless, contactless payments ~

SBI Card, India's largest pure play credit card issuer and Paytm which is India's leading digital financial services platform have joined hands to launch India's next generation credit cards. Available in two variants, Paytm SBI Card and Paytm SBI Card SELECT, the product has been launched on the Visa platform. Paytm SBI Card variants completely reimagine the credit card experience by enabling smart app features and providing superior rewards & benefits for its users. This launch is in line with SBI Card's endeavour to offer customers tailored products which bring maximum value in line with spending needs and to encourage digital forms of payments for a safe and enhanced customer experience.

Paytm SBI Cardholder will be empowered to control their cards through smart one tap features available on both SBI Card mobile app & Paytm app. Paytm SBI Card variants will be equipped with instant one-touch services such as blocking/ unblocking the card for online transactions, blocking the card in case of loss, issuance of a duplicate card and viewing outstanding credit-limit. It will also offer the option to safeguard users against fraud by switching off the card for contactless payments or international transactions when not required. Paytm App will also come with a personalized spend analyser helping in assessing expenses and planning future spends smartly. Paytm users can register their interest for the card from the Paytm app in less than 1 minute.

Designed for the new age, digitally savvy customers, Paytm SBI Card and Paytm SBI Card SELECT will bring customers rewards and savings upon using the card on the Paytm app as well as millions of online and offline stores. Cardholders receive cashback of 5% and 3% on Paytm SBI Card SELECT and Paytm SBI Card respectively, upon booking movie tickets and travel tickets on Paytm app as well as on purchasing items from Paytm Mall. For other spends on Paytm app using the Paytm SBI Cards, cardholders receive 2% cashback while 1% cashback is offered on spends elsewhere. The Paytm ecosystem offers a host of purchase categories and the Paytm SBI Card brings regular Paytm users a multitude of cashbacks on their most relevant spending categories.

Select customers have a chance to apply for Early Access to the card by joining the waitlist that has gone live on the Paytm App from 1st Nov.

Talking about the association with Paytm, Mr. Ashwini Kumar Tewari, MD & CEO, SBI Card said, "The credit card industry in India remains largely underpenetrated. Also, given the current scenario where social distancing is a way of life and cashless payments are a safer alternative, there has been a renewed impetus to digital payments from all corners. Our strategic partnership with Paytm is intended towards making credit cards more accessible to all. Through this partnership, we will also be able to leverage Paytm`s extensive reach to bring new age, digitally evolved consumers across India, a safe, convenient, and rewarding payment solution, combined with the benefits of a credit card. Further, in an innovative move, we will be underwriting customers basis their transaction history on Paytm, thereby bringing the Paytm SBI Card seamlessly to a huge customer base."

Bhavesh Gupta (CEO - Paytm Lending) said, "We proudly welcome SBI Card as our partner to introduce India's most sincere credit card with intelligent features and great rewards that never expire. Our cards are truly designed to benefit India's aspiring youth and evolved professionals. These cards will help them lead a healthier financial life by managing and analysing their spends through the Paytm app and make well-informed financial decisions. Our partnership aims towards democratizing access for credit cards amongst masses. We believe this can transform the credit market by bringing 'new to credit' users into the formal economy" and providing a truly personalized card management experience to our customers."

T R Ramachandran, Group Country Manager, India and South Asia, Visa added, "We are delighted to join hands with two of our valued partners in India, SBI Card and Paytm to bring this unique offering to the market. Besides the relevance of the tap to pay card at times like these, the premium offers and discounts packaged by the three partners into this card make it an exciting offering for Indian consumers. We are excited about the prospect of this exclusive partnership introducing products and solutions to on-board a new generation of Indians to digital payments."

The cards deliver value from the point of enrolment itself, offering welcome benefits like complimentary Paytm First membership worth Rs 750. Paytm SBI Card SELECT also offers cardholders Rs 750 cashback upon first use.



Paytm SBI Card SELECT customers get complimentary Priority Pass Membership for first two card membership years as well as four complimentary domestic airport lounge visits per year. Along with these benefits, the cards also reward customers for their loyalty through various annual milestone benefits. Paytm SBI Card SELECT customers can avail gift vouchers of up to INR 6000 annually on achieving certain milestone spends while Paytm SBI Card customers get complimentary Paytm First Membership Voucher upon achieving annual retail spends of Rs. 1 lac. The cardholders also get 1% fuel surcharge waiver along with cyber fraud insurance cover of 1 lac and 2 lacs respectively for Paytm SBI Card and Paytm SBI Card SELECT.



SBI Card and Paytm have digitised the entire credit card experience — from the application process to tracking & issuance of the credit card. The service offers the flexibility of choosing a convenient time on the Paytm app itself for the collection of documents along with online tracking of card issuance & delivery. The seamless application process will reduce the rate of application rejections and will enable more people to participate in the formal credit system.



Highlights of Paytm SBI Card SELECT and Paytm SBI Card

• Paytm SBI Card SELECT
• Welcome Benefit - Complimentary Paytm First Membership and INR 750 Cashback
• Up to 5% Cashback on Paytm App spends and 1% Cashback on spend elsewhere
• Gift Vouchers worth up to INR 6000 on achieving milestone spends
• Complimentary Priority Pass Membership & Domestic Lounge Access
• Cyber Fraud Insurance cover of Rs. 2,00,000
• 1% Fuel Surcharge Waiver 

Paytm SBI Card
Welcome Benefit: Complimentary Paytm First Membership
Up to 3% Cashback on spends on Paytm App and 1% Cashback on other spends
Complimentary Paytm First Membership Voucher on card renewal
1% Fuel Surcharge Waiver
Cyber Fraud Insurance cover of INR 1,00,000

Customers can apply for the Paytm SBI Card and Paytm SBI Card SELECT online through the Paytm App. Both the cards can be availed at the annual fee of INR 499 and INR 1499 respectively. Customers will also have an option to choose from two-colour variants on the Paytm App.

About SBI Card

SBI Cards and Payment Services Limited (formerly known as SBI Cards and Payment Services Private Limited) ("SBI Card") is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle. Presently, the brand has a wide customer base of over 11 million. It has diversified customer acquisition network that enables to engage prospective customers across multiple channels. SBI Card is a technology driven company.

P.S. The brand name of the company is 'SBI Card' and it is registered in the name of 'SBI Cards and Payment Services Limited'. The company is trading under the entity name 'SBICARD' on stock exchanges.

About Paytm

Paytm is India's leading digital financial services platform that offers full-stack payments & financial solutions to consumers, offline merchants and online platforms. The company is on a mission to bring half a billion Indians into the mainstream economy through payments, commerce, banking, investments, and financial services. One97 Communications Limited that owns the brand Paytm is founded by Vijay Shekhar Sharma and is headquartered in Noida, Uttar Pradesh. Its investors include Softbank, Ant Financial, AGH Holdings, SAIF Partners, Berkshire Hathaway, T Rowe Price, and Discovery Capital.

Titan Company with SBI Launches "Titan Pay" - India's 1st Contactless Payment Watches

Introducing Titan Pay – the stylish contemporary watches that enable fast & hassle-free transactions through YONO SBI for today’s Smart Consumers

The new normal has enforced upon an urgent need to bring about innovative & safer purchase solutions in the retail space. The fifth largest watch brand in the world, Titan Company Limited has partnered with country’s largest lender State Bank of India (SBI) to introduce Titan Pay powered by YONO SBI.

Through this partnership, Titan and SBI are launching a range of stylish new watches with contactless payment functionality for the first time in India. With this launch, SBI account holders can tap their Titan Pay watch on contactless payment POS machine without the need of swiping or inserting their SBI bank card. Payments of up to INR 2000 can be made without entering a PIN. A secure certified Near-Field Communication (NFC) chip embedded in the watch strap by Tappy Technologies enables all the functionalities of a standard contactless SBI debit card.

The payment feature on these watches will be accessible on over 2 million contactless Mastercard-enabled Point-of-Sale (POS) machines in the country. This exclusive collection of elegant watches include 3 styles for men and 2 for women and are attractively priced between INR 2995 and INR 5995 to make it widely accessible to all SBI and Titan consumers. 

Speaking on the occasion, Mr. C K Venkataraman, Managing Director, Titan Company Limited said, “Titan has always been at the pinnacle of design and innovation. We have always launched products to cater to the changing needs of our consumers. SBI is the perfect partner to introduce a payment solution for the new normal that is fast, secure and seamless. This product will not only satisfy the consumer’s banking needs but will also serve today’s evolving consumers with its classic and sophisticated designs.”

Sharing his thoughts on the association, Mr. Rajnish Kumar, Chairman, SBI said, “We are glad to be a part of the launch of this unique proposition in the contactless payments space by Titan. It gives me immense pleasure to join hands with one of the world’s 5th largest watch manufacturer, to provide a smart and innovative shopping solution for our YONO customers with Titan Payment Watches. We believe this innovative offering will redefine the shopping experience for our customers with Tap & Pay technology. With latest technological advancements, State Bank of India has always been striving towards providing innovative, best-in-class banking services for our customers.”

Titan Company has always been at the centre of innovation and believes in harnessing technology for convenience and ease of the users. These watches address the needs of the new normal by eliminating payment barriers and making transactions quick, contactless, secure, and easy for consumers. Through constant investment in technology and design, Titan aims to continue advancing the products and offerings for the consumers in the smart segment.

The collection is exclusively available on www.titan.co.in. 

About Titan Company Limited

Titan Company Limited (earlier known as Titan Industries Limited) is a joint venture between the Tamil Nadu Industrial Development Corporation (TIDCO) and Tata Group, commenced operations in 1987, under the name Titan Watches Limited. In 1994, Titan diversified into Jewelry and subsequently into eyewear with Titan Eyeplus. In 2013, Titan entered the fragrances segment with SKINN and 2019 in sarees with Taneira. Today, Titan Company Limited, India’s leading manufacturer/sellers in watches, jewelry; and eyewear, is credited with changing the face of all these industries. The Company recorded a revenue of INR 21,052 Cr. for the year ended 31st March 2020.

 About State Bank of India

State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. As on June 30, 2020, the bank has a deposit base of over Rs. 34 lakh crore with CASA ratio of more than 45% and advances of nearly Rs. 24 lakh crore. SBI commands nearly 34% market share in home loans and nearly 33% in the auto loans segment. The Bank has the largest network of over 22,100 branches in India with an ATM/CDM network of over 58,500 and total BC outlets of more than 62,200. The number of customers using internet banking facilities is about 76 million and mobile banking services stand a little more than 17 million. The integrated digital and lifestyle platform by SBI - YONO has crossed the landmark of 58 million downloads. YONO which has 26 million registered users, witnesses 5.5 million logins per day along with over 4000 daily disbursals of personal loans, 16,000 YONO Krishi Agri Gold Loans. The bank recently launched the YONO Global app in the UK and Mauritius and plans to cover 9 more countries by the end of 2020. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.

SBI to Own 49% Shares worth Rs 2,450 Cr in reconstructed Yes Bank

The State Bank of India (SBI) on Saturday said it will be issued 245-crore shares at a price of Rs 10 each for Rs 2,450 crore in Yes Bank.

These shares will translate into a 49 per cent stake into the reconstructed bank.

SBI shall not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital, the country's largest lender said in a statement.

It further said that the new board of Yes Bank will have CEO and MD, non-executive chairman and non-executive directors.

"All the employees of the reconstructed bank shall continue in its service with the
same remuneration and on the same terms and conditions... at least for a period of one year," SBI said. PTI KPM

PSU banks to Introduce Home, Auto Loans on 'PSB Loans in 59 Minutes' Portal

New Delhi, Aug 20 (PTI) Public sector banks are gearing up to introduce retail products, including housing and auto loans, on 'psbloansin59minutes' portal with a view to expand their retail loan business.

Currently, the portal gives in-principle approval for loans of up to Rs 1 crore to micro, small and medium enterprises (MSMEs) in just 59 minutes or less than an hour.

However, some of the banks including State Bank of India, Union Bank of India, and Corporation Bank decided to extend in-principle approval to loans of up to Rs 5 crore through the portal.

Bank of India is now planning to onboard some of the retail products on the portal for easier access to loan products. The bank is working on this and home and auto loan will be onboarded on the portal going forward, Bank of India General Manager Salil Kumar Swain told PTI.

Another state-owned lender Indian Overseas Bank (IOB) also plans to offer retail loan products on the portal.

IOB has been actively participating on the portal for sanction of MSME loans and the bank has achieved a remarkable improvement in sanctioning of loans, as the number of cases and amount sanctioned shows a manifold increase since its inception, the bank said in a statement last week.

"As the scheme has drawn healthy response from the borrowers, bank is in the process of extending in-principle sanction for loans up to Rs 5 crores under MSME. In due course of time, bank will also offer retail products (housing loan & personal loan) under this platform," it said.

The platform has helped in expediting loan disbursement and bringing ease in banking process by saving time for both bankers and customers, a senior official of another public sector bank said.

If other products are introduced on the platform, it will help expand the retail business of the bank and also bring down the transaction cost, the officer said.

The platform has helped reduce turnaround time for loan processes in such a way that MSMEs get an eligibility letter and in-principle approval in 59 minutes and can choose the bank of their choice.

After the approval letter is received, the loan is expected to be disbursed in 7-8 working days.

Touted as country's largest online lending platform, the portal was launched by Prime Minister Narendra Modi in November 2018 with an aim to make credit access and banking for MSMEs transparent and hassle-free.

The portal sanctioned loans worth over Rs 35,000 crore in less than four months from its launch.

As on March 31, 2019, more than 50,706 proposals had got in-principle approval and 27,893 proposals had been sanctioned. PTI DP

Payments Banks need Govt and Regulatory Support for Growth -SBI

The future is "uncertain" for payments banks and the model aimed at deepening financial inclusion requires regulatory support in order to be effective, a report said Monday.

The report from economists at SBI comes days after Aditya Birla Payments Bank, of the handpicked licensees, reportedly decided to shut down from October 2019. Vodafone m-Pesa had also shut shop earlier this month.

"The future is uncertain, but in time business will expand and evolve, with the help of regulatory and Government support," they said in the note.

The payments bank model "seems to have failed to achieve the stated objectives" with only four entities
becoming operational out of the 11 players licensed in 2014, it said.

The report said the payments banks face stringent regulations both on the asset and the liabilities side.

They are not allowed to lend, deposit acceptance is capped at Rs 1 lakh and the capital requirement is at a steep 15 per cent despite the business being free from credit risks.

The higher disclosure norms that oblige them to share their business plan with the regulator could prove to be "somewhat tricky" when the business model of the technology-intensive companies itself could be the biggest source of their competitive strength, it said.

As a result, the entities are working merely as an aggregator and there is no possibility for them to be a "real competitor" for the universal banks, it said.

The model, however, can be successful if they are given access to Aadhaar-based know your customer process which is at least thrice as cheaper than manual KYC and if RBI allows PBs to tie up with third-party services to cross-sell products, it said.

Arrangements with universal banks to automatically transfer funds in accounts exceeding Rs 1 lakh can also be of help, it said. PTI AA

SBI and Hitachi Tie-up to Launch Digital Payment Platform

State Bank of India (SBI) and Hitachi Payment Services Pvt Ltd, a unit of Japan's Hitachi Ltd, have formed a joint venture (JV), SBI Payment Services Pvt Ltd (SBIPSPL) for establishing a digital payments platform for India and other countries in the region. a merchant acquiring.

This JV, which comprise 74% stake by SBI and rest by Hitachi, will facilitate expansion of the digital payments landscape in India by creating a state-of-the-art digital payments platform that will enable offering of innovative products to suit the requirement of all segment of merchants, leveraging the brand value and unparalleled distribution network of SBI and bringing Artificial Intelligence and other technological capabilities of Hitachi to SBIPSPL.

The JV is a result of SBI's exercise to sell its 26% shares in SBIPSPL. In October, SBI had shortlisted three companies - Hitachi, Worldline and First Data Corporation - for a JV in the Merchant Acquiring Business (MAB) and had proposed to transfer its business of deploying credit card swipe machines to the new entity.

Merchant Acquiring Business (MAB) refers to the mechanism of facilitating merchant payment for goods and services through the medium of a card and App based acceptance solutions.

Rajnish Kumar, Chairman, State Bank of India, said, “Through this joint venture, we aim to maintain our position as the top acquirer in the merchant digital payments space. We will also utilize business analytics to develop strategies to penetrate into hitherto untouched Indian towns and cities through merchant-centric digital payments solutions.”

Toshiaki Higashihara, President & CEO of Hitachi, Ltd., Japan, said “Hitachi’s joint venture with SBI, will further contribute to the development of digital payments in India by building a state-of-the-art digital payments platform and leveraging SBI’s robust customer network. This coincides with Hitachi’s vision to improve people’s lives by providing digital solutions in India and other countries.”

Since 2011, Hitachi Payment Services has been providing deployment, technology and management services for the card and digital acceptance payment network of SBI.

Source - CXO Today

Venture Arm of SBI Capital Launches ₹400 Cr Fund Focused on SMEs

SBICAP Ventures Ltd (SVL), an alternative asset manager and a wholly owned subsidiary of State Bank of India’s SBI Capital Markets Ltd, is seeking to raise a corpus of ₹400 crore for SME Fund to address the equity gap in the Small & Medium Enterprises (SME) sector in India.

While the gap in debt funding to SMEs is increasingly being bridged by Non-Banking Financial Corporates (NBFCs), there continues to be a significant gap in the equity funding for the sector despite the steep growth rate, State Bank of India’s step-down subsidiary SVL said in a statement.

"The SME landscape is expected to grow rapidly over the next few years and as per IFC, it is estimated to account for over 40 per cent of the GDP by 2020. Bridging the equity gap in the SME sector is, therefore, crucial for the overall economic development of the country and hence SVL’s launch of the SME Fund, the statement said.

Notably, in 2015 SVL had launched a fund named Neev Fund, which is the outcome of a partnership between State Bank of India and UK's Department for International Development (DFID). The fund has invested in companies such as Milk Mantra Dairy Pvt. Ltd, an Odisha-based manufacturer and marketer of milk and milk-based products; cold chain logistics solutions provider Crystal Logistic Ltd and wind energy producer United Sustainable Energy India Pvt. Ltd.

Last month, SVL has made an investment through its NEEV Fund in RAHI Care Private Limited, a leading dialysis company.

Besides, SVL is also launching a private equity fund for providing a stimulus to improving the availability of affordable housing in India. In the initial phase, the focus of the fund will be in eight cities of the country which are amongst the most active real estate markets in India.

Varsha Purandare, Managing Director & Chief Executive Officer, SBI Capital Markets Ltd, said,“With these two new funds, we are looking forward to strengthening our foothold in the economically and socially relevant sectors. These funds shall be an effective tool in addressing the equity gap in the SME sector and in improving the availability of affordable housing in India."

In last couple of months, a lot of local and foreign entities are coming up SME and MSME-focussed funds for India. Last week, India unit of China’s largest bank, the Industrial and Commercial Bank of China (ICBC), had announced the launch of US$ 200 million fund (~ ₹ 1,442 crores) for investing in the promising Indian micro, small and medium enterprises and startup ventures.

This month only, Small Industries Development Bank of India (Sidbi), had launched an online portal to offer In-Principle approval for MSME loans up to INR 1 Crore in 59 minutes.

Source - LiveMint

SBI Says 'Its Risky', After No Investment Post 2 Yrs of Setting Up ₹200 Crore Startup Fund

In January 2016, India's largest lender State Bank of India (SBI) had then setup a Rs.200 crore fund to invest in startups in the financial technology (Fintech) space. The bank however has not been able to invest in fintech startups even after over two years of announcing the 'Startup Fund'.

Now in a latest development in same, SBI is looking to modify rules for startup investments, said a report by Financial Express.

SBI chairman Rajnish Kumar told PTI, “We are a public institution and investments in startups are generally considered very risky. We understand that traditional way of investing will not work.”

The above statement came as surprise, as if SBI, as a public institution, believes that investing in startups is risky then why did bank announced the ₹200 crore startup fund in first place. Moreover, for a bank with a stature of being the largest bank in India and with over 2 lakhs employees (as on March 2017), it took SBI over two years of time to figure out that -- "investing in startups is RISKY".

Also Read - Amazon Leads $12 Mn Funding of Mumbai’s Insure-Tech Startup Acko

It is to be noted that the announcement of ₹200 crore startup fund was made by Arundhati Bhattacharya, who was chairman of SBI at that time, in January 2016.

In an event at Mumbai last weekend, Rajnish said the bank will be modifying the rules in order to plough-in the money. “We want to spend the money which we have earmarked,” Rajnish stressed, adding that it is keen to create more companies like online retailer Flipkart and ride sharing app Ola, which define the country’s prowess.

SBI chairman further said that the bank is also planning to invest ₹25 crore to set up a collaborative innovation centre in the satellite city of Navi Mumbai to promote latest technologies. The bank, which has 430 million customers or a third of the country’s population, has worked with over 150 startups till now on various cutting edge technologies including chatbot, data analytics, etc, according to SBI chairman.

Meanwhile, India has recently urged the Asian Development Bank to invest in health and fintech startups in the country, to help improve the quality of life in Asia while sharpening focus on infrastructure lending by ensuring loan disbursals within a year of request.


It may also be recalled that, in January 2016, SBI had opened a startup branch called InCube in Bengaluru which functions as a single point of contact for the startup account holders for their various banking and financial advisory related requirements.

SBI To Launch All-in-One Comprehensive Mobile App Called YONO

State Bank of India (SBI) is all set to launch India’s first comprehensive digital service platform, YONO, which stands for ‘You Only Need One’.

An integrated omni-channel digital platform that offers just about everything related to financial services and lifestyle products, YONO will be launched by Union Finance Minister Arun Jaitley in New Delhi on November 24.

Offering the millennials banking and financial services, YONO will allow its customers to meet their lifestyle needs across 14 categories including booking and renting cabs, entertainment, dining experience, travel and stay, medical needs and so on.

For the digital platform, SBI has partnered with over 60 e-commerce players to provide customized offers and discounts to its users.

Some of the key e-commerce partners include Amazon, Uber, Ola, Myntra, Jabong, Shoppers Stop, Cox & Kings, Thomas Cook, Yatra, Airbnb, Swiggy and Byjus, among others.

“Customers will be able to seamlessly access lifestyle offerings and financial services with a single user id and password. The portal has been designed to offer maximum customer convenience where each journey has been designed with minimum possible clicks with easy to understand descriptions,” said chairman SBI, Rajnish Kumar.

“We believe this app will help us increase engagement with our customers and enhance their banking,” added Kumar.
YONO is a path breaking comprehensive digital product from SBI developed using the world’s latest digital technologies such as AI, predictive analytics and machine learning.

With YONO, customers can open a bank account with SBI digitally in less than five minutes, transfer funds in just a few clicks, avail pre-approved personal loan sans any paperwork, get overdraft facility against fixed deposit, have one view of their banking and financial portfolio of SBI Group companies, benefit from intelligent spend analyser, and utilise conversational banking guide through ‘Chat bot’.

The service platform can be accessed through mobile phones, both android and iOS, and on the web through a browser. It allows a seamless omni-channel customer experience