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SBI Latest News: SBI (State Bank of India), the country’s largest public sector bank, has launched a unique initiative to ensure timely payment of monthly installments (EMIs) by borrowers, especially retail customers. The bank said it is sending chocolates to prospective borrowers who have defaulted on monthly installment payments. According to SBI, borrowers planning to default do not respond despite reminders by the bank. In such a situation, contacting the borrower without informing the chocolate is a better option. This step is being taken with the aim of better recovery of loans.
Working with 2 fintech companies
Ashwini Kumar Tiwari, official, SBI said, “With two fintech companies using Artificial Intelligence (AI), we are adopting a new way of reminding our retail borrowers of their loan repayment obligations. While one company is settling the borrower, the other is warning us about the borrower’s propensity to default.” He said that this new method of carrying a packet of chocolates and meeting them personally was adopted as it was found that borrowers planning to default would not answer the bank’s phone calls reminding them to pay. …so the best way is to surprise them by meeting them anonymously at their home. And so far, the success rate has been tremendous. Refusing to name the two companies, Tiwari said the move is still in pilot phase and has been implemented around 15 days ago and if successful, we will make a formal announcement.
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SBI Retail Loan Details
Let it be known that in the June 2023 quarter, SBI’s retail loan allocation increased by 16.46 percent to Rs. 12,04,279 crores as compared to Rs. 10,34,111 crores. The total loan account of the bank increased by 13.9 percent to Rs. 33,03,731 crores.