SBI crosses Rs 5 lakh crore personal banking loan advances
State Bank of India (SBI) on 5 December 2022 announced that its personal banking advances excluding high value home loans have crossed the Rs 5 lakh-crore mark as on 30 November 2022. SBI is the only bank in India which has crossed this milestone. SBI is the largest home loan provider in India.
The Personal Banking advances mainly comprise personal loans, pension loans, auto loans, education loans, gold loans, and other Personal loan products.
The Bank reached the 1 lakh crore personal loan mark in January 2015, Rs 2 lakh crore in January 2018, Rs 3 lakh crore in August 2020, and Rs 4 lakh crore in November 2021.
SBI has 22,309 branches, over 65,000 automated teller machines and also 66,757 business correspondent outlets, which drive the entire retail banking franchise.
Retail Banking and Wholesale banking
When banks provide banking services to Government, companies, and other banks, it is called wholesale banking.
For eg if Reliance Industries Ltd. has an account with SBI then the banking services provided to it will be classified under the wholesale banking business of SBI .
It is the banking service provided by the banks to individuals. It means the banking services like saving account, credit cards loans etc which the bank provides to an individual like us will be called retail banking.
For example, if Mukesh Ambani has an account with SBI then the banking services provided to Mukesh Ambani will be classified under the retail banking business of SBI.
State Bank of India
- It is the largest bank in India and is owned by the Government of India.
- It has over 22,309 branches, 65,000 ATMs/ADWMs, 71,968 Banking Correspondents outlets.
- It has 229 offices/branches in 31 foreign countries. Amongst all the Indian banks, SBI has the largest number of branches/offices outside India.
Chairman of SBI: Dinesh Kumar Khara
Important full forms
ATM: Automated Teller Machines
ADWM: Automated Deposit cum Withdrawal Machines
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