SBI to accelerate digital agenda

State Bank of India (SBI) will accelerate its digital plan at the level of its front and back office in the current financial year, chairman Dinesh Khara said in the bank’s yearly report for FY22. The lender intends to grow the degree and reach of its application Yono and enhance the user experience of the platform.

In business operations, your bank will leverage advanced for deeper insights on internal data and its most ideal use,” Khara said in his message to shareholders. Mutually beneficial partnerships with fintech and non-banking financial companies will be further explored to build the entrance and reach of the bank, he added. As of March 2022, SBI had 22,266 branches, north of 68,000 business correspondents, and more than 65,000 ATMs.

SBI is comfortably placed in terms of growth capital for the current year, Khara said. Opportunities for lending in promising sectors, for example, those recognized under the production linked incentive (PLI) scheme and renewables, as well as electric mobility, will be explored to diversify the portfolio.

Khara observed that FY22 was a vastly improved year compared with FY21, with the pace of economic activity picking up. The energy is supposed to proceed, he said. SBI’s independent net benefit for FY22 rose 55% over the earlier year to ₹31,676 crore in FY22. Its advances became 11% during the year to ₹28.18 trillion, better than the 4.8% growth clocked in FY21. Absolute stores became 10.06% to outperform the ₹40-trillion mark.