Page 38 - The Indian EYE 092223

BUSINESS EYE SEPTEMBER 22, 2023 | The Indian Eye 38

SBI takes a digital leap with an app for

opening NRE & NRE accounts in India

The bank also unveils strategies for bolstering the MSME sector and outlined the measures the

bank is implementing for small and medium-sized enterprises

OUR BUREAU
Mumbai/New York
n a terrific news for Indians living abroad, the
State Bank of India (SBI) has introduced a dig-
Iital facility for Non-Resident Indians (NRIs) to
effortlessly open NRE and NRO accounts (both
savings and current accounts) through its mobile
app YONO. This service is designed for NTB or
‘new to bank’ customers, providing them with ease
and efficiency in the account opening process.
SBI said in a statement on Monday that the
initiative fulfils a long-standing demand from NRI
customers for a hassle-free way to open and man-
age their accounts in India.

A Non-Residential External (NRE) account
is a bank account opened in India in the

name of an NRI, to park his foreign earnings;
whereas, a Non-Resident Ordinary (NRO)
account is opened in India in the name
of an NRI, to manage the income earned

by him/her in India. These incomes in-
clude rent, dividend, pension, interest, etc. The bank has leveraged technology to create a seamless, digitized account opening process

The bank has leveraged technology to create
a seamless, digitized account opening process that that ensures efficiency and accuracy (ANI)
ensures efficiency and accuracy, making it a one- The Managing Director emphasized SBI’s consumer. The other one studies the model of the
stop solution for NRI banking needs, it said. commitment to initiatives like the Mudra scheme likelihood of a customer’s defaulting. The pilot
Customers can track the status of their appli- and various plans aimed at fostering the growth of program is currently underway, and we will reveal
cations in real-time, keeping them informed every small and medium enterprises. the names at a later stage as it’s in the initial phases.”
step of the way, it added. He said “Formalisation of MSMEs leads to SBI Chairman Dinesh Kumar Khara, speak-
Recently, SBI Life Insurance, one of the most a lot of data which is available to banks and this ing at the SME Finance Forum platform, noted,
trusted private life insurers in the country, recent- increases the quality of underwriting. If lending “SME financing is evolving in a manner similar to
ly launched its very first ‘LifeVerse Studio’, on happens on the basis of quality data due to formal- retail financing, with most credible information
Metaverse to connect with the next wave of young isation, then it would lead to lesser delinquencies.” now accessible through digital channels.”
internet users and revolutionize consumer experi- The Managing Director of SBI further added SBI chairman Dinesh Kumar Khara said that
ence in an immersive virtual world. The objective “Availablity of Credit Guarantee Fund Trust for “SME (small and medium enterprise) financing is
behind the move is to connect, empower and en- Micro and Small Enterprises (SME) and National evolving along the lines of retail financing, SME
gage with today’s new age consumers and reshape Guarantee Trust for ‘Mudra Loans’ run by ‘SIDBI’ financing is charting the path of retail financing,
brand interactions. To further strengthen its com- and government will run lesser losses. If unsecured with most of the credible information sources be-
mitment towards empowering both the employees retail loans are going up then RBI (Reserve Bank ing available through digital mode.”
& consumers at large, the company aims to launch of India) will have to caution everyone when un- Minister of State Bhagwat Karad, highlighted
its presence on metaverse in phases, SBI Life’s derwriting is done. SBIs unsecured retail is largely on Tuesday that, “MSME plays a very important
‘LifeVerse Studio’ being the first phase. salary based and delinquency risk is much lower in role in the development of the Indian economy.
In another development, SBI Managing Di- Salaried based. We are fairly safe and going fur- Currently, around 6.3 crore MSME enterprises
rector Ashwini Kumar Tewari shared SBI’s strate- ther, we will have to do a better job.” are working in India and have generated around
gies for bolstering the MSME sector and outlined Asking on Fintech he said “We are in talks 11.1 crore employment opportunities. Around
the measures the bank is implementing for small with two fintech’s for recovery. The model of one 30 per cent of GDP comes from MSME and the
and medium-sized enterprises (SMEs). Fintech is conciliation wherein they explain the growth rate every year is 10 percent.”

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