In a move to enhance customer experience, state-run lender State Bank of India (SBI)has been aggressively taking stance on various measures and have also implemented some of the changes that may go well with its customers in the long run.
1. Digitisation: The digitilisation of services has been rendered all across and in its recent media interaction, Chairman of SBI, Rajneesh Kumar said that the lender is working towards creating a digital universe for all kinds of transactions. And Yono app of the bank is an effort of the bank to make all services digital in the next two year period.
Through the digitization of services, consumers will be spared from the hassle of visiting a bank for various banking services.
2. SBi's linking of savings deposit and short term borrowings to repo rate: Also, to provide benefit to consumers at par with policy rates, the lender has made a key change of linking the loan and savings deposit rates to repo rate.
Repo rate is the key policy rate at which the commercial banks borrow from the apex bank and so if the repo rate goes higher, bank savings deposit customer will benefit with higher returns and borrowers will suffer with higher lending rate.
Note for this norm, savings deposit account with deposits over Rs. 1 lakh come into play while loans such as cash credit and OD limit of over Rs. 1 lakh will be taken into account. This will come into effect from May 1.
3. Doorstep banking: For its super senior citizens aged over 70 years and differently abled customers, the bank has introduced doorstep banking solutions. However there is a cost attached to this service at the rate of Rs. 100 and Rs. 60 for financial and non-financial transaction respectively.
These services can be availed by all KYC compliant customers with their mobile number registered with SBI and residing within 5 km radius from their home branch.
4. YONO Cash: Also, as a latest move bank introduced Yono Cash that allows cardless withdrawal of cash at ATMs. The facility can be accessed via iOS or Android smartphones as well as on internet browser.
Here, a two step cash withdrawal can be initiated by the SBI customer i.e. backed by a six digit OTP. And the PIN that has a validity of 30 minutes can be used at any of the SBIs ATM for authentication of the transaction with the help of the customer's pre-set YONO pin.