Mumbai (Maharashtra) [India], October 8 : The digital transformation in India's financial sector is enabling faster and broader access to credit, particularly for small and medium enterprises (SMEs), stated State Bank of India (SBI) Chairman CS Shetty at the Global Fintech Fest 2025 on Wednesday.
Highlighting the efficiency of the banking ecosystem, Shetty said, "Today, I am very proud to say that an SME customer with a loan requirement of up to Rs 5 crore can get approval within 25 to 26 minutes. This has been made possible essentially because of the humongous digital landscape we have created in India."
He emphasized that while usage of financial products such as insurance is gradually increasing, credit delivery through business channels still needs further enhancement. Leveraging digital platforms and fintech partnerships, SBI is increasingly using extensive data, including UPI transactions, GST, income tax, and account statements, to ensure quicker and more reliable credit decisions for SMEs.
Addressing financial inclusion, Shetty highlighted the importance of account usage beyond mere account opening.
"We have opened almost 150 million Jan Dhan accounts, which start with zero balance. Today, 99.5 per cent of these accounts are funded, with an average balance of about Rs 4,000. This demonstrates that even small amounts are being saved and used," he explained.
He added that account activity has also increased significantly, citing that PMJD accounts witness around 3.5 million transactions every day. Women account holders, he noted, constitute 56 per cent of these accounts, highlighting the impact on financial inclusion.
Shetty further stressed the transformative journey of basic accounts into fully operational ones. "Many account holders begin with a zero balance, engage in productive activities, start small businesses, and gradually move to current accounts. This transition shows how banking services are becoming integral to daily life."
Financial inclusion, he said, is no longer limited to savings but also extends to credit and micro-insurance. Millions of Indians are now covered under life insurance, accidental insurance, and pension schemes, reflecting the growing usage and reach of financial products.
Through this digital and inclusive approach, SBI aims to ensure that banking services not only reach people but are actively used to improve financial security and entrepreneurship across India.
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