SBI eyes better credit growth in H2
State Bank of India, the country’s largest lender, is expecting better credit growth in the second half of current fiscal, according to Rajnish Kumar, the bank’s Managing Director for National Banking Group (NBG).
Hyderabad: State Bank of India, the country’s largest lender, is expecting better credit growth in the second half of current fiscal, according to Rajnish Kumar, the bank’s Managing Director for National Banking Group (NBG).
- Plans to launch mobile wallet ‘Batua’ for feature phone users
“We had subdued growth of 8.4 per cent in corporate credit space during the first half. We are expecting better growth in the second half in the wake of increasing investments in various key sectors such as roads and renewable energy, among others,” Kumar told media here after inaugurating golden jubilee branch of Hyderabad Circle on Monday.
He further said bank had posted a healthy growth in retail loans in general and auto as well as personal loans in particular during the first half and the momentum would continue in the second half as well.
With an aim to further strengthen its hold in the mobile banking space, the country’s largest lender is gearing up to launch new mobile wallet called Batua for feature phone users – the first bank in the country to bring out such an app for feature phones. Recently, it launched ‘Buddy’ mobile wallet for smartphone users.
“We will launch the second wallet soon. It will have all the features that are available on Buddy app we have launched for smartphone users,” Kumar explained, adding that it would be available in 13 languages. Asked about non-performing assets (NPAs), he said the bank was following a multi-pronged policy to deal with bad loans.
On network expansion, he said SBI had drawn up plans to set up 700 new branches, taking the total branch network to around 17,000. “We have already opened 100 new branches so far this fiscal,” he maintained. Besides branches, the bank operates a total of 55,000 ATMs across the country and has a large number of banking correspondents (BCs).
“The SBI is transforming itself to cater to the growing needs of customers. We are offering our services through multiple channels including branches, ATMs, internet banking and robust mobile banking channel,” Kumar explained. During the current fiscal, the SBI is looking to recruit 5,000 people including 2,000 officers.
The golden jubilee branch of Hyderabad Circle inaugurated on Monday is the bank’s 1,448th branch in Telangana and Andhra Pradesh. It is the 447th branch in Telangana and 207th one in twin cities. Established in 1965, Hyderabad Circle which oversees the SBI’s operations in Telangana and AP is one of the largest circles among all such 14 circles of the bank.