State Bank of India initiates lifestyle products for NRI banking

India's banking sector powers the world's fastest growing economy and at its lead is State Bank of India (SBI), the largest bank in the country. It offers an array of services to its vast clientele across the globe, with an extensive network of over 22,600 branches, 59,000 ATMs and 210 Foreign Offices across 35 countries. Whether in India or abroad, SBI is geared with the latest banking technology to meet the needs of its global and NRI customers.

In the UAE, SBI has two Representative Offices, one in Dubai and another in Abu Dhabi for servicing NRI clients exclusively. In the rest of the GCC, it has a presence in Bahrain and Oman and also manages the Mustafa Sultan Exchange Company and Global Money Exchange Company in Muscat (Oman) and City Exchange Co. in Dubai.

Its wide network of branches has traditionally served as the primary touch points for its customers. However, it's their digital banking channels that are penetrating fast and driving change not only in India but across the globe by helping people with easy access to various banking services and lifestyle products too.

With the aim of providing basic banking facilities on the go, SBI has introduced Missed Call Banking service for its NRI customers. It's a free service from the Bank wherein one can get Account Balance and Mini Account Statement on his/her registered mobile by just giving a Missed Call on a designated Indian mobile number.

To channelise NRI remittances to India, SBI has tied-up with 55 Exchange Companies and five Banks located in the UAE, Oman, Kuwait, Bahrain, Qatar and Saudi Arabia. To track remittances, the Bank offers web-based transaction tracker tool to NRIs/Exchange Companies/ Banks through its rupee remittance products viz. SBI Rupee Express, SBI Rupee Instant and SBI Rupee Flash.

Today, SBI stands out as a technology-driven, modern bank providing relevant products and services through digital channels. It has not only adopted cutting-edge technologies, but assimilated them in the way of working. This has helped it create value in banking for all its customers across the globe.
In addition to the push for digitalisation, customer delight has always been and will continue to be at the centre of SBI, says a spokesperson.

In 2019, the bank has bequeathed itself with greater responsibilities to make banking service more easily accessible, simpler and fun experience. "We at SBI have always put NRIs at the forefront in terms of their banking needs," remarks Rajnish Kumar, Chairman, SBI. "Recently, the Bank launched a lifestyle and banking app SBI YONO (You Only Need One) for its domestic customers, which will soon be rolled out for its NRI customers as well. This would help us create value in banking along with ensuring better customer experience."

 - nithin@khaleejtimes.com