#ANINews SMEs getting loans of up to Rs 5cr within minutes: SBI Chairman

SMEs getting loans of up to Rs 5cr within minutes: SBI Chairman
At the Global Fintech Fest 2025, State Bank of India (SBI) Chairman CS Shetty highlighted how digital transformation is revolutionizing India’s financial sector, particularly in accelerating credit access for small and medium enterprises (SMEs). He noted that loans of up to ₹5 crores can now be approved within 25–26 minutes, thanks to India’s expansive digital infrastructure. SBI uses data from UPI, GST, income tax, and bank statements to make faster, more accurate credit decisions. While financial product usage, such as insurance, is rising, Shetty stressed the need to further enhance credit delivery. On financial inclusion, he shared that 150 million Jan Dhan accounts have been opened, with 99.5% now funded, averaging ₹4,000 per account. Women hold 56% of these accounts, and daily transactions exceed 3.5 million. He emphasized that banking now supports savings, credit, and insurance, enabling Indians to move from basic accounts to entrepreneurship, enhancing financial security nationwide.

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