Disbursed Rs 5,500-crore retail credit via YONO in Sept quarter: SBI chief

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October 15, 2020 4:30 AM

The Chennai-based private sector bank was jolted on September 25 when its shareholders voted out seven directors on its board, including chief executive officer S Sundar and promoters KR Pradeep and N Saiprasad.

Following this, the Reserve Bank of India (RBI) appointed a three-member team to run the bank under Meeta Makhan as chairperson and Shakti Sinha and Satish Kumar Kalra as members.Following this, the Reserve Bank of India (RBI) appointed a three-member team to run the bank under Meeta Makhan as chairperson and Shakti Sinha and Satish Kumar Kalra as members.

State Bank of India (SBI) witnessed an 83% year-on-year (Y-o-Y) growth in disbursement of retail credit through its digital platform YONO (you only need one) during the September quarter.

In an interview with CNBC TV18, SBI chairman Dinesh Kumar Khara said the lender disbursed Rs 5,500-crore retail credit through YONO during the September quarter, compared with Rs 3,000 crore disbursed in the same period last year. Khara also said SBI was not looking to help Lakshmi Vilas Bank in any manner.

The Chennai-based private sector bank was jolted on September 25 when its shareholders voted out seven directors on its board, including chief executive officer S Sundar and promoters KR Pradeep and N Saiprasad. Following this, the Reserve Bank of India (RBI) appointed a three-member team to run the bank under Meeta Makhan as chairperson and Shakti Sinha and Satish Kumar Kalra as members.

Khara said he is expecting a decent growth in the retail segment. He also said the recent announcement by the government could have an impact on credit offtake. “The recent measures announced by the government will lead to positivity in terms of demand creation, which will eventually have impact on credit offtake,” he said.

The government on Monday announced a one-time Rs 10,000 interest-free festival advance to all its officers and employees as part of plans to increase consumer spending to spur demand in the economy.

The SBI chairman said the corporate segment might see a decent growth during the fourth quarter of the current financial year. “Corporates have shifted focus from banks to money market for fund raising,” he added.

Khara said the resolution mechanism suggested by the central bank is very pragmatic. The RBI had allowed one-time restructuring of corporate and personal loans impacted by Covid-19 after six-month moratorium ended in August.

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