MUMBAI: SBI on Monday announced that its personal banking advances excluding high-value home loans have crossed the Rs 5 lakh-crore mark.
The largest lender in the country took a year to book the last Rs 1 lakh crore of advances, as against over 15 months for the previous Rs 1 lakh crore and over 30 months for the previous Rs 1 lakh crore, as per an official statement.
"A series of tactical measures and digital initiatives undertaken over the past few years played a crucial role in our journey to the Rs 5 lakh-crore mark under personal banking advances," the bank's chairman Dinesh Kumar Khara said.
Khara stressed that the Rs 5 lakh crore excludes housing loans, where the bank has the numero uno position in the market.
Personal Banking advances mainly comprise personal loans, pension loans, auto loans, education loans, gold loans, and other Personal loan products, the statement said.
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.