SBI Poised for Growth: Embracing Acquisition Financing and UPI Innovations
SBI, under the guidance of Chairman C S Setty, is prepared to handle acquisition financing and adapt to the expected credit loss model. The bank is also enhancing its UPI services and launching an updated Yono app, aiming for innovations in credit disbursement and customer onboarding processes.
- Country:
- India
In the wake of the Reserve Bank's decision to permit banks in acquisition financing, SBI Chairman C S Setty has affirmed the bank's readiness to seize this opportunity. Setty emphasized SBI's proficiency in such financial ventures, particularly for Indian corporates expanding globally.
The adaptation to an expected credit loss (ECL) model is projected to have a minimal effect on banks' balance sheets, owing to an extended transition period. Setty confirmed that SBI's technological infrastructure is equipped for this shift, set to commence in fiscal year 2027.
Setty also underscored advancements in UPI-driven credit disbursement strategies, highlighting the potential for farm loans via a new receivables-based vendor financing option. The forthcoming Yono app upgrade aims to streamline customer onboarding and enhance digital banking services.
(With inputs from agencies.)
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