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state Bank of India ,State Bank Of India) will intensify its digital agenda at the level of its front and back offices in the current fiscal, Chairman Dinesh Khara said in the bank’s annual report for FY12. The lender intends to expand the scope and reach of its app YONO and enhance the user experience of the platform.
In business operations, your bank will leverage internal data and advanced analytics for deeper insights on its best possible use,” Khara said in its message to shareholders. Mutually beneficial partnerships with fintech and non-banking financial companies will be explored to increase the reach and reach of the bank, he added. As of March 2022, SBI had 22,266 branches, over 68,000 business correspondents and over 65,000 ATMs.
Khara said SBI is comfortable in terms of growth capital for the current year. Production Linked Incentive (PLI) scheme to diversify the portfolio and lending opportunities in promising sectors like renewable as well as electric mobility will be explored.
Khara observed that FY 2012 was much better as compared to FY 2012, with the pace of economic activity picking up. He said the momentum is expected to continue. SBI’s standalone net profit for FY12 grew by 55% over the previous year to Rs 31,676 crore in FY12. Its growth during the year grew by 11% to Rs 28.18 trillion, better than the 4.8% growth in FY11. Total deposits surged 10.06% to cross the Rs 40-trillion mark.
Khara said SBI is taking several initiatives to upgrade its technology infrastructure. It is working on upgrading the ATM connectivity by arranging 4G connectivity from off-site ATMs. Alternative secondary links have been established for branches and offices to improve the network experience and reduce outages.
The Bank has put in place an early warning and insight mechanism for cyber security threats to be followed reserve Bank of IndiaCyber security framework by arranging honeypot solutions. YONO Lite App has been made available in 12 Indian languages and YONO Krishi App in 10 languages to encourage customers to adopt the technology.
SBI plans to eventually expand the YONO platform to customers of all banks, but insiders say there are challenges. “Many of its SBI customers are not using YONO to the optimum level. We want to upgrade the app first and make most of our customers active users. Thereafter, we can think of opening API (application programming interface) for customers of other banks,” said a senior banker.
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