SBI Big Gift to those who not repay loan properly

State Bank of India, the nation’s largest lender, is adopting a new approach to ensure timely loan repayments. Those who do not pay the installment of the loan properly are beaten, not beaten. Nor threats, nor fines. Get a chocolate from State Bank of India.

Yes, State Bank of India is adopting a new approach to ensure timely repayment by greeting defaulters with a chocolate pack. It is found that the borrower who is planning to default does not answer the reminder call from the bank. Therefore, the best way is to make surprise visits to such people’s homes, the bank said.

The move, aimed at ensuring better collections, comes amid growing retail credit in the system and rising delinquency levels on the back of an upward movement in interest rates. SBI’s retail loan stood at Rs 10,34,111 crore in the June 2023 quarter 12,04,279 crore an increase of 16.46 percent in one year from .

In fact for the entire system, almost 16 percent of the double-digit credit growth came from retail loans. Fintech representatives visit the homes of potential defaulting borrowers. Also, they carry a chocolate pack to every household and remind them of upcoming EMIs,” said Ashwini Kumar Tiwari, State Bank Of India senior official.

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So far, the success rate of giving out chocolate this way has been overwhelming, he added. The move is in pilot phase and was implemented only 15 days ago and “if successful, we will announce it formally,” he said.