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State Bank of India is taking steps to improve the housing development finance corp. and the joint venture of HDFC Bank, which has emerged as the country’s largest lender, is stepping up.
“SBI is the largest home loan provider in the country. Our home loan market share is 35.3 percent; we are very much aware of the HDFC-HDFC Bank merger and are taking necessary steps to face the emerging competition,” Chairman SBI Dinesh Khara told the shareholders at the 67th annual general meeting on Wednesday.
The merger of HDFC and HDFC Bank, which is expected to be completed in 18 months, will expand their lending lead over private sector banks like ICICI and Axis. Mint reports that as of December 31, the consolidated loan book stood at Rs 17.9 trillion while SBI, at the end of December, had total loans of Rs 26.64 trillion.
Also Read: HDFC Limited to merge into HDFC Bank
SBI has focused on digital agendas which include expanding the YONO app. “Further digitization of the entire home loan journey is at an advanced stage. Advanced in-house digital platforms like YONO and Online Customer Acquisition Solution/ Commercial Property Acquisition Solution are being widely promoted as resource tools to increase home loan business and increase our market share,” read SBI’s annual report.
“The bank will explore mutually beneficial partnerships with fintechs and non-bank financial companies to increase borrower penetration and access,” read Khara’s statement in the annual report.
In March, Mint announced that SBI is in the process of planning a separate digital entity and will be revamping its mobile app.
As of March 31, YONO has seen 111.74 million downloads, opened 26,000 new digital savings bank accounts daily and counted 48.35 million registered users, the annual report said.
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