India’s largest bank, the State Bank of India (SBI), has launched a new online onboarding process for non-resident Indians (NRIs) to open non-resident external (NRE) and non-resident ordinary (NRO) accounts.
The new platform is an end-to-end digital onboarding process that has been made available across SBI branches in India and select foreign offices, SBI said in a statement on Wednesday, January 2.
The initiative was inaugurated by SBI Chairman Shri Challa Sreenivasulu Setty. By digitally verifying documents, the bank aims to eliminate the need for physical paperwork and promote a faster account opening process at branches and during customer visits.
“The introduction of TAB-based end-to-end digital NRI account on-boarding journey represents a significant stride in leveraging cutting-edge technology to redefine customer convenience. This end-to-end digital solution will drastically reduce the turnaround time and delivering a truly seamless digital experience,” SBI Chairman said.
SBI is the largest commercial bank in terms of assets and deposits. The bank’s home loan portfolio has crossed ₹7.64 lakh crore. The bank’s deposit base was more than ₹51.17 lakh crore, and the Current Account and Savings Account (CASA) ratio was at 40.03% until September 2024, according to the statement.
The public sector bank has more than 22,640 branches, 63,000 ATMs and ADWMs in India, and nearly 78,000 BC outlets. The number of customers using Internet banking stands at 132 million, it added.
SBI quarterly results
In the quarter ended September 30, 2024, SBI reported a standalone net profit of ₹18,331.44 crore, a 27.92% surge from ₹14,330.02 crore reported in the same period last year. Net interest income (NII) in Q2FY25 increased by 5.37% on a year-on-year basis to ₹41,620 crore, up from ₹39,500 crore in the same quarter last year, Mint reported on November 8, 2024.
The operating profit of the bank rose by 51% on a year-on-year basis to ₹29,294 crore in Q2FY25 from ₹19,417 crore during the same period last year.