Tag: yono

SBI launches pre-approved two-wheeler loan scheme ‘SBI Easy Ride’

Banking & Finance

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State Bank of India (SBI) has launched a pre-approved two-wheeler loan scheme ‘SBI Easy Ride’ through its digital banking platform YONO.

Eligible SBI customers can avail of two-wheeler loans, up to 85 per cent of on-road price subject to eligibility, through the YONO app without visiting the bank branch.

Customers can apply for the Easy Ride loan for an amount up to ₹3 lakh at an interest rate of 10.5 per cent per annum onwards for a maximum tenure of four years, the Bank said in a statement. The minimum loan amount has been fixed at ₹20,000.

Also read: SBI launches video call life certificate submission facility for pensioners

The Bank emphasised that the EMI is as low as ₹2,560 per lakh. The loan availed will be disbursed directly into the dealer’s account.

SBI Chairman Dinesh Kumar Khara said this digital loan offering will position the Bank at the initial stage of a customer’s life cycle by offering a two-wheeler loan and thereafter upgrade the relationship along with their growth.

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SBI launches pre-approved 2-wheeler loan ‘SBI Easy Ride’ on YONO, BFSI News, ET BFSI

Banking & Finance

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State Bank of India has announced the launch of a pre-approved 2-wheeler loan scheme ‘SBI Easy Ride’ on its mobile banking app YONO. Eligible customers can apply for the loan through the app for an amount up to Rs. 3 lakhs, at a competitive interest rate of 10.5% per annum onwards, for a maximum tenure of four years.

“We believe this digital loan offering would help customers in buying their chosen two-wheeler. The product will also position the bank at the initial stage of a customer’s life cycle by offering a two-wheeler loan, and thereafter upgrade the relationship along with their growth,” chairman Dinesh Khara said.

The minimum loan amount has been fixed at Rs 20,000. The loan availed will be disbursed directly into the dealer’s account, and loans of up to 85% of the on-road price of the vehicle can be availed under this scheme.

Since its launch in 2017, YONO has more than 42 million registered users, and the bank has partnered with over 110 e-commerce players in more than 20 categories.



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Here’s what top banks are offering this festive season, BFSI News, ET BFSI

Banking & Finance

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While the COVID-19 and the resultant lockdown affected the celebrations last year, the festive season finally seems to be getting back on track.

The country is celebrating Diwali this week, giving an opportunity to companies and banks to incentivise their business by offering discounts on a range of items from jewellery to smartphones.

The lockdown was heavy on most, and affected the finances of several families. However, to ensure that these temporary setbacks do not come in the way of Diwali shopping and celebrations, a number of festive offers are up for grabs this year.

State Bank of India- #KhushiyonKaSwagat

This Diwali, if a customer of State Bank of India (SBI) applies for a car loan through YONO app, then they can get an interest rate concession of up to 0.5%, with zero processing fees, the bank said in a tweet.

Customers can get cash back offers up to Rs 2,500 on every purchase on e-commerce sites such as Flipkart and Amazon. Besides, one can get instant loan approval now.

The bank is offering car loans from 7.25%, gold loans from 7.50%, personal loans from 9.60%.

Additionally, the home loan offer which was started in September is still there. SBI currently offers home loans at only 6.7% for any amount and any tenure without any processing fees.

ICICI Bank- #FestiveBonanza

ICICI Bank launched ‘Festive Bonanza’ with a complete range of offers, heavy discounts and cash back available on a range of products, including luxury items from premium brands and leading e-commerce platforms.

As part of the ‘Festive Bonanza’, the bank is offering up to 20% cash back and discount on every purchase on Amazon, Myntra, Flipkart, Jiomart, Reliance Digital, among other platforms.

Besides, benefits are there for retail and business customers on various banking products and services such as home loan, car loan, overdraft facility and others.

Diwali 2021: Here's what top banks are offering this festive season

HDFC Bank- #FestiveTreats

HDFC bank has partnered with over 10,000 merchants across more than 100 locations to offer special deals specifically created for their personal and business needs in this Diwali time.

Benefits offered to customers include cash backs and no-cost EMIs on premium mobile phones, up to 22.5% cash back and no-cost EMI on electronics and consumer goods such as washing machines and refrigerators on shopping platform Amazon by using HDFC Bank’s credit and debit cards.

Personal loans starting at 10.25% interest with instant disbursal in account are also there. Customers can avail car loans starting at 7.50% with zero foreclosure charges and funding of up to 100% on two-wheeler loans and 4% less on interest rates, the bank said

BOI- #BOIUtsav

Bank of India has announced a 35 basis-point cut in its home loan interest rates and 50 basis-point reduction in vehicle loan interest rates. The minimum rate now starts at 6.50% against 6.85% on home loans and 6.85% against 7.35% earlier on vehicle loans.

This special rate, which was effective from October 18 till December 31, is available for customers applying for fresh loans, and for those seeking transfer of loans. Processing charges have also been waived for both the loans till 2022.

Axis Bank- #DilSeOpenCelebrations

Axis Bank is offering waivers of 12 EMIs on select home loan products in this festive season and providing on-road finance without any processing fees for two-wheelers customers.

To boost local retailers during this season, Axis Bank has roped in more than 2,500 local stores across 50 cities. The bank customers will get discounts up to 20% on shopping from these stores. Besides, one can get 10% or more cash back when purchasing on popular e-commerce platforms such as Flipkart and Amazon.

BOB- #KhushiyonKaTyohaar

Bank of Baroda also extended Diwali offers. This bank has slashed interest rates on both home car loans that start from 6.5% and 7% respectively. Processing charges are also waived for both the loans.



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Bank of Baroda bets on super app, BFSI News, ET BFSI

Banking & Finance

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Mumbai: Bank of Baroda will position its new digital platform bob World as the main bank and all banking channels will be an adjunct to the primary platform. The public sector lender is adopting a strategy similar to SBI, which is working to integrate all services on its Yono platform.

Bank of Baroda MD & CEO Sanjiv Chadha told TOI that post-pandemic, the bank has seen a surge in digital transactions and twice the number of branch visits are happening on the app. “So rather than being an adjunct to the bank, it will be the bank and the other parts of the lender will become an adjunct. The thought was to enable everything that can be done in the branch within the app,” said Chadha.

“The way the app (bob World) is positioned, you can save, borrow, invest and pay. All four capabilities are in the app and are being scaled up every day. In addition to regular transactions, we are having things like airline ticket booking and comparison shopping across merchants to bring the cheapest proposition to the customers,” said Chadha. The bank plans to extend use of the app from retail to businesses as well.

For the financial inclusion and to reach out to people who do not have digital access, the bank is also doubling the number of business correspondents to 50,000.

“It’s a matter of great pride for us that while we have a 6-7% share in banking. Our share in Jan Dhan Yojana is 15%. We have a very aggressive programme for increasing our business correspondent and increase their number from two for every branch to five BCs for every bank branch that we have,” said Chadha. The bank will however not be increasing its headcount as it has realised some efficiencies following the amalgamation of Vijaya Bank and Dena Bank, which will enable the lender to redeploy staff.



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SBI announces fees waiver, lower rates to commemorate Independence Day, BFSI News, ET BFSI

Banking & Finance

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State Bank of India announced concessional interest rates, waiver of processing charges on loans and higher deposit rates on specific tenures to commemorate India’s 75th Independence day.

SBI said it will waive processing fees for its car loan customers, and has offered up to 90% on-road financing for their car loans. Customers applying for a car loan through the bank’s YONO app will get a special interest concession of 25 basis points (bps). YONO users can avail car loans at an interest rate starting at 7.5 per cent per annum, the bank said.

Customers looking for gold loans will get a 75 basis point reduction in the interest rates at 7.50%. One basis points is 0.01 percentage point. No processing fees will be charged for customers applying for gold loans through the YONO app.

The bank had announced a waiver on processing fees on home loans till August 31, 2021. Its home loan starts at 6.70% per annum.

There will be no processing fees charged on personal and pension loan customers.

Frontline healthcare workers will get a 50 basis point concession on personal loans, which will soon be available for application under car and gold loans as well.

SBI is also introducing a ‘platinum term deposits’ for retail depositors giving customers an additional interest rate of up to 15 bps on term deposits for 75 days, 75 weeks, and 75 months tenors starting August 15, 2021 to September 14, 2021.

“We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations,” the bank’s managing director for retail and digital banking C S Setty said in a release.



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SBI announces fees waiver, lower rates to commemorate Independence Day, BFSI News, ET BFSI

Banking & Finance

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State Bank of India announced concessional interest rates, waiver of processing charges on loans and higher deposit rates on specific tenures to commemorate India’s 75th Independence day.

SBI said it will waive processing fees for its car loan customers, and has offered up to 90% on-road financing for their car loans. Customers applying for a car loan through the bank’s YONO app will get a special interest concession of 25 basis points (bps). YONO users can avail car loans at an interest rate starting at 7.5 per cent per annum, the bank said.

Customers looking for gold loans will get a 75 basis point reduction in the interest rates at 7.50%. One basis points is 0.01 percentage point. No processing fees will be charged for customers applying for gold loans through the YONO app.

The bank had announced a waiver on processing fees on home loans till August 31, 2021. Its home loan starts at 6.70% per annum.

There will be no processing fees charged on personal and pension loan customers.

Frontline healthcare workers will get a 50 basis point concession on personal loans, which will soon be available for application under car and gold loans as well.

SBI is also introducing a ‘platinum term deposits’ for retail depositors giving customers an additional interest rate of up to 15 bps on term deposits for 75 days, 75 weeks, and 75 months tenors starting August 15, 2021 to September 14, 2021.

“We believe that these offerings will help customers to save more on their loans and at the same time add value to their festive celebrations,” the bank’s managing director for retail and digital banking C S Setty said in a release.



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What is e-RUPI and how does it work?, BFSI News, ET BFSI

Personal Finance

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-By Tarika Sethia

What is e-RUPI?

The new digital product, e-RUPI is a paperless one-time payment system and a person and purpose-specific digital product.

The contactless e-RUPI is a secure way of transacting as it keeps the beneficiary’s information confidential and can also be tracked by the issuer. It is authorised via a verification code and does not require handling of cash due to its wholly digital and prepaid mode. Additionally, the beneficiary is not required to have a bank account or a digital payment app thus, being a catalyst in boosting financial inclusion in the country.

e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital manner without the requirement of any physical interface.

How can we redeem e-RUPI?

e-RUPI is a prepaid voucher that can be redeemed without a debit or a credit card, digital payments app or internet banking services. It is a QR based or SMS string-based digital voucher that is delivered to the mobile phones of the beneficiaries by the government or by a selected few organisations.

The user can give an e-RUPI voucher instead of cash at the counters of merchants accepting e-RUPI. Covid-19 vaccine jabs can also be received via these newly launched vouchers. Moreover, a variety of donations can be made by this prepaid digital voucher with the assurance of a targeted, transparent and leakage-free transaction. Even the private sector can leverage these e-vouchers as part of their employee benefit and corporate social responsibility programmes.

The pilot avenue of e-RUPI is the health sector where payments via these electronic vouchers will be accepted. The product will gradually move into other segments.

Who is the architect of e-RUPI?

This digital innovation was brought to the fore by the National Payments Corporation of India (NPCI). It was launched in collaboration with the Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MoHFW), and other partner banks.

Which banks have gone live with e-RUPI?

From Axis Bank to ICICI, from Bank of Baroda to Punjab National Bank, in total 11 banks are currently in sync with the e-RUPI product. Bharat Pe, BHIM Baroda Merchant Pay, HDFC Business App, PNB Merchant Pay and YONO SBI Merchant are the acquiring apps dealing with the NPCI’s recent launch.

How is e-RUPI different from UPI?

The Unified Payments Interface (UPI) is a direct bank-to-bank transfer that requires the presence of a bank account or a digital payments app while e-RUPI works independent of bank accounts.

What is e-RUPI and how does it work?

Under UPI payments, there is no way of tracking the money paid, however, e-RUPI facilitates payment tracking for the issuer.

NPCI’s data reveals that UPI experiences a fail rate or technical decline rate (TD) of 1.43% which is an improvement from the high that it had reached of 3.4% in December 2020. In another move, e-RUPI is designed with a pre-recorded amount thus, leading to a much smaller transaction failure rate. An amount is already stored in the voucher within which the payment is made.



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SBI makes online banking more secure on YONO & YONO Lite: Here's how

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To access to the new version of YONO and YONO Lite with enhanced security features, as per the press release, users will have to update their mobile app and complete the one-time registration process on these apps. The registration process verifies the SIM of the registered mobile number (RMN) with the bank in order to complete the registration.

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SBI launches ‘SIM binding’ feature in YONO,YONO Lite

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State Bank of India (SBI) has launched a ‘SIM Binding’ feature in its digital banking platforms, YONO and YONO Lite, to protect customers from various frauds.

With the new feature, YONO and YONO Lite will work only on those devices which have SIM of mobile numbers registered with the bank, India’s largest bank said in a statement.

To access the new version of YONO and YONO Lite with enhanced security features, users will have to update their mobile app and complete the one-time registration process on these apps, it added.

Also read: Through digital strategy, SBI to explore partnership with Agritechs to push farm credit

The registration process verifies the SIM of the registered mobile number (RMN) with the bank in order to complete the registration.

“YONO and YONO Lite will work with the basic rule of one mobile device, one user, one RMN. However, the customer can use both YONO and YONO Lite in the same mobile device using the SIM of RMN with the bank,” the statement said.

Rana Ashutosh Kumar Singh, DMD (Strategy) & Chief Digital Officer, SBI, said with this new feature, the bank’s aim is to provide enhanced security to its customers and help them with convenient and safe online banking experience.

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Globally, Indian Banks lead the way in adopting new technologies, BFSI News, ET BFSI

Banking & Finance

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Mumbai: While the banking sector has been adapting to digital disruption for several years, COVID-19 has accelerated this transformation, opening up access and opportunity to millions of unbanked and under-banked consumers.

Leveraging technology to its fullest potential will not only stimulate growth but will enable Indian Banks to emerge as global leaders that will be among the strongest, resilient and most dynamic in the world.

Indian banks are leading all other banks around the world in adopting technologies. This was the collective opinion of leading bankers and experts in the BFSI sector who participated in a virtual discussion at the IMC Chamber of Commerce and Industry’s 11th Banking & Finance Conference on”How Technology is Reshaping Banking and Finance,” on July 15 & 16, 2021.

SBI Chairman Dinesh Khara spoke of SBI working towards launching the next version of Yono, adding that the bank had onboarded 40,000 overseas customers on the Yono platform by end of March 2021.

Speaking at the Conference, Guest of Honour, N. S. Vishwanathan, Former Deputy Governor, Reserve Bank of India said, “The government’s move to privatise two State-owned lenders, presents an ‘exciting opportunity’ for investors looking to get into the business.”

“The government has already been brave while presenting the Union budget and has confirmed that it is willing to stretch the deficit to make sure that the country continues to be on a growth path,” said K V Kamath, while speaking at an event.

Abizer Diwanji, Partner & Head – Financial Services, E&Yis of the opinion that defaults are bound to happen in the banking business, but one has to deal with them upfront rather than taking 5-7 years to deal with it.

Narendra Ostawal, MD, Warburg Pincus‘ said, “Private equity firms like his will be interested in investing in the bank privatisation process and see it as a ‘huge opportunity’.”

Arjit Basu, Chairman, Banking and Finance Committee in his introductory address affirmed that Technology is the core of global economy and we should fearlessly embrace new technologies and innovations. Diversion between Banks and financial institutions are slowly going away and Fintechs are the emerging banks of tomorrow.

In his welcome remarks, Rajiv Podar, President, IMC mentioned that the Indian economy has undergone a radical transformation in the last decade. The confluence of technology and finance, or Fintech as it is commonly known, has been at the centre of this change. India has emerged as one of the biggest Fintech hubs in the world, as new-age companies leveraged technology to change the way people and businesses avail banking and financial services.

Other sessions focused on the importance of ‘Corporate Governance’ in the banking systems, opportunities and risks involved in investing in the Indian banking and financial services, role of Fintechs and Payments Banks in the financial systems, and on how technology will help banking and financial services in future.

Also discussed were problems encountered by customers and banks due to the rapid digitization of the banking and finance sector, and how central banks can and should take the lead to ensure a Green Economy.MDs and CEOs of many other banks, Fintech companies, Private Equity Firmsalso participated in the conference.



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