State Bank of India (SBI), on Monday, said it surpassed the milestone of ₹5 lakh crore in personal banking advances on November 30, 2022.
India’s largest bank, in a statement, underscored that personal banking advances jumped from ₹4 lakh crore to ₹5 lakh crore in just 12 months.
SBI had reached ₹1 lakh crore mark in personal banking advances in January 2015, followed by ₹2 lakh crore in January 2018, ₹3 lakh crore in August 2020, when Covid-19 was at its peak, and ₹4 lakh crore mark in November 2021.
Personal banking advances mainly comprise personal loan, pension loan, auto loan, education loans, personal gold loan, and other personal loan products.
Dinesh Kumar Khara, Chairman of SBI, said, “The bank has always strived to set aspirational benchmarks for the industry. A series of tactical measures and digital initiatives undertaken over the past few years played a crucial role in our journey to the ₹5 lakh crore mark under personal banking advances (other than housing).”