State Bank of Bikaner & Japiur trims bulk deposits to 10%
State Bank of Bikaner & Japiur (SBBJ), which is offering up to 0.25 per cent discount to online loan applications, has said it has become the first public sector lender to bring down the bulk deposits level to 10 per cent.
"As of November, our bulk deposits stood at 10 per cent, a level that is much below what the government desired. This was 16.6 per cent a year ago and 14.46 per cent at the end of the September quarter," SBBJ managing director Shiva Kumar said.
Kumar also said the bank, which gets 65 per cent of business from the home state of Rajasthan, is making a big online push to speed up service delivery. The bank's low-cost
Casa deposits stand at 37 per cent, he added.
"We are offering a 10 bps discount to home loan applications made online for any amount, while the discount is 25 bps (0.25 per cent) for auto loans bought online if the amount sought is above Rs 10 lakh," said Kumar.
"Online retail loans are gradually gaining traction. Home loans and auto loans are sanctioned in 20 minutes and 10 minutes, respectively."
If all documents are in place, the turnaround time for disbursement is three days for home loans, and 24 hours for auto loans. In October, the bank received 167 car loan applications and 57 home loan applications online.
Bulk deposits are usually term deposits above Rs 1 crore, with a maturity of less than a year.
On July
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