Chandigarh, June 11, 2024 - State Bank of India (SBI), the nation's largest bank, has once again set a new standard in MSME lending with the launch of ‘SME Digital Business Loans’. MSME advances have been identified as the focal point for the Bank’s growth and profitability over the next five years and this innovative product marks a significant leap forward in digitalization by offering SMEs a digital loan journey with an end-to-end sanction turnaround time of up to 45 minutes.

Shri Dinesh Khara, Chairman, SBI, said, "We are committed to set a new industry benchmark with SME Digital Business Loans, underscoring our constant efforts to drive innovation in MSME lending. We have seamlessly integrated innovation with our customer-centric approach to revolutionize the MSME lending landscape, reducing human intervention and enhancing the ease of doing business, particularly for a segment previously characterized by high costs and manual processes. By leveraging the rich data footprint of MSME units in the ecosystem, we aim to provide the fastest and most intuitive lending process, further solidifying our position as the leading MSME lender in the country."