Tag: Dinesh Khara

Chairman, BFSI News, ET BFSI

Banking & Finance

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The country’s largest lender State Bank of India is working towards launching the next version of its digital lending platform – Yono (You Only Need One App), chairman Dinesh Khara said. Speaking at a banking event organised by industry body IMC, Khara said when the bank initially started Yono, it was thought of as a distribution platform for the retail segment products.

“During the course of the journey, SBI could realise Yono’s potential for international operations, particularly where we have the retail operations. We could visualise its relevance for Yono business also, and now we have started leveraging it for our agriculture segment,” he said.

“Now what we are thinking of is as to how to integrate all these fragmented pieces of Yono and think in terms of something like Yono 2, which is the next version of it. It is something which we are working on and will come out with it and products soon,” Khara said.

As of March 31, 2021, Yono has over 7.96 crore downloads and about 3.71 crore registrations, according to the bank’s annual report for 2020-2021.

The bank has onboarded 40,000 overseas customers on the Yono platform as of end-March 2021, it said. The lender is on course to launch Yono in Singapore, Bahrain, South Africa, and the USA by the end of the financial year 2021-22.

Khara further said that SBI looks at technology from the point of view of having oversight on its operations.

The bank has started leveraging analytics for profiling the customers and to reach out to customers. It is also leveraging analytics for management and mitigation of risks.

Speaking at the event, Yes Bank‘s Managing Director and Chief Executive Officer Prashant Kumar said this is a time where banks need alliances and relationships with technology. It is a time to ride on the core competence of partners to create solutions and collaborations, he said.



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SBI Chairman Dinesh Khara explains rolling out RBI’s 5-May SME loan relief measures; ECLGS extended

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State Bank of India’s (SBI) Chairman Dinesh Khara talked about loans for SMEs, Covid-19 resurgence, and RBI’s relief measures of 5 May 2021 in a press conference on May 30, 2021.

SBI Press Conference HIGHLIGHTS: State Bank of India’s (SBI) Chairman Dinesh Khara talked about loans for SMEs, Covid-19 resurgence, and RBI’s relief measures of 5 May 2021 in a press conference on May 30, 2021. Chairman Khara explained how RBI’s SME loan relief measures, which were announced on May 5, 2021, will be rolled out. He informed that PSBs have formulated templated approach for restructuring loans to individuals, small businesses and MSMEs up to Rs 25 crore. In order to approach bank for resolution, customers can file an application on the portal at the bank website, they can make manual submission of applications at the branch. Khara also informed that government will provide 100 per cent guarantee cover to loans up to Rs 2 crore to hospitals/nursing homes etc for setting up on-site oxygen generation plants, interest rate capped at 7.5%. The validity of ECLGS has also been extended to September 30, 2021, or till guarantees for an amount of Rs 3 lakh crore is issued. The disbursement under the scheme has been permitted up to December 31, 2021.

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SBI allocates Rs 71 crore for Covid-19 relief, BFSI News, ET BFSI

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The State Bank of India (SBI) has allocated Rs.71 crore for various support initiatives to aid the country in combating COVID-19’s second wave. The Bank has set aside Rs. 30 crores to set up ,1000 bed makeshift hospitals, 250 bed ICU facilities and 1,000 bed isolation facilities across some of the worst-hit states. These facilities would be set up in collaboration with government hospitals and Municipal Corporations of the respective cities. The Bank will also contribute Rs. 10 Crore for genome-sequencing equipment / lab and vaccine research equipment / lab to the Government.

Additionally, SBI has allocated Rs.21 crore to all its 17 Local Head Offices to meet citizens’ urgent medical needs, such as procuring life-saving healthcare equipment and improving hospital oxygen supplies. PPE kits, gloves, rations, and cooked meals will be provided by the Bank on a continuous basis. The Bank will spend Rs.10 crore in partnering with NGOs to undertake community-based testing, boosting vaccination campaigns, establishing a helpline for COVID-19-related issues, providing oxygen, and other essential activities.

SBI has also partnered with several hospitals to get its staff vaccinated. In addition, the Bank has decided to cover the cost of vaccinations for its employees and their dependent family members. 60 of the Bank’s training centres throughout the country have been transformed into isolation/quarantine centres for affected employees and their families.

Dinesh Khara, Chairman, SBI said, “We are committed to contribute funds and resources, and reach out to Indian citizens and join in the government’s efforts to combat the virus. I urge everyone to help those in need in every way they can and contribute towards making the country COVID-19 free.”



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SBI raises USD 1 billion untied loan with JBIC, BFSI News, ET BFSI

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State Bank of India, Country’s largest commercial bank, has signed a loan agreement amounting to up to USD 1 billion with Japan Bank for International Cooperation(JBIC).

SBI has signed a similar deal with JBIC in October 2020. The financing will assist in Government of India’s ‘Make in India’ initiative

The loan is intended to promote smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India.

Dinesh Khara, Chairman, SBI said “Covid 19 crisis has delivered a significant shock to global trade, disrupted production lines and depressed global demand. At a time when people are preferring personal mode of transport, this collaboration between SBI and JBIC will help the bank in extending loan facility to the entire supply chain of Japanese automobile industry including suppliers, dealers and ultimately to the end users.”

Ayukawa, MD & CEO, Maruti Suzuki said, “Maruti Suzuki is making efforts to balance between the environmental friendliness of our vehicles and our customer’s need. The special support for our environment friendly vehicles will accelerate Suzuki group’s initiative towards environmental care”.

JBIC is a policy-based financial institution, wholly owned by the Japanese government, with the objective of contributing to the sound development of Japan, the international economy and society.



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