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SBI plans to revamp its current and savings accounts policies amid rising credit demand

New Delhi: The State Bank of India (SBI) is planning to revamp its current and savings accounts (CASA), salary accounts and transaction banking businesses. In a bid to increase deposits, SBI is looking to to hire an external consultant to redesign strategy for these businesses.

“The bank with a intention to revamp its CA, SA, CSP and Transaction Banking Business intends to bring in consultancy support in the form of external consultant to benchmark the Bank’s product, processes, and performances vis-a-vis other competitors in the market for all these products viz., Current Account, SB accounts, CSP, Transaction Banking & CMP Products, and to identify gaps, define areas of improvement and opportunity for the Bank.” SBI’s recently released document said.

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The bank expects to finish the exercise within a year of employing the consultant, with an additional year if necessary.

The SBI’s most recent action is perceived as an effort to increase deposits in the face of growing competition. Indian banks are currently experiencing slower deposit inflow and growing loan demand. In order to attract additional deposits before the holiday season, lenders are proposing short-term deals.

When determining the consultant’s scope of work, the SBI acknowledged the value of effective digitisation and the contribution of fintech companies to this.

The paper states that the consultant will work with the bank to examine and evaluate its present technological solutions, redesign end-to-end digital solutions for the bank’s transaction banking and CMP products (on YONO-B), and more.

CINB platform) and pinpoint various fintech firms for integration in order to supply the data and technology support required for every digital development.

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The biggest bank in India is looking to use data in its redesign. “The bank has vast amount of data that can be used for customer analytics.” read the document.

The deposits of SBI increased by 8.73% YoY but decreased by 0.140% sequentially to Rs 40.45 trillion. Domestic CASA showed an increase of 6.5% YoY to Rs 17.67 trillion, bringing the CASA ratio to 45.33.

“On deposits we have been very mindful because currently our credit deposit ratio is somewhere around 63 per cent so we will like to see how best we can deploy our resources without really compromising on the NIMs,” SBI Chairman Dinesh Kumar Khara had said on August 6.

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