Home Business SBI says personal banking advances cross Rs 5 lakh-crore

SBI says personal banking advances cross Rs 5 lakh-crore

It took a year for SBI to book the last Rs 1 lakh crore advance. (file)

Mumbai:

SBI today announced that its personal banking advances, excluding high value home loans, have crossed the Rs 5 lakh crore mark.

According to an official statement, the country’s largest lender took a year to book advances worth Rs 1 lakh crore, while it took 15 months for the last Rs 1 lakh crore and over 30 months for the last Rs 1 lakh crore. It took time

The bank’s chairman Dinesh Kumar Khara said, “A series of strategic measures and digital initiatives taken over the last few years have played a significant role in our journey to Rs 5 lakh crore under personal banking advances.”

Dinesh Kumar Khara insisted that the Rs 5 lakh crore does not include housing loans, where the bank has its number one position in the market.

Personal banking advances mainly include personal loans, pension loans, auto loans, education loans, gold loans and other personal loan products.

SBI has 22,309 branches, more than 65,000 Automated Teller Machines and also 66,757 Business Correspondent Outlets, which run the entire retail banking franchise.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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