The public sector bank, State Bank of Bikaner and Jaipur (SBBJ), has announced that it is one of the first nationalized banks to slash its level of bulk deposits to 10 percent. Also, the bank is providing loans at a discount of 0.25 percent for filing loan applications online.
It is to be noted that bulk deposits refer to fixed deposits which are of amounts more than Rs. 1 crore and having a maturity of less than a year.
Making the announcement, the Managing Director of SBBJ, Mr. Shiva Kumar said, "As of November, our bulk deposits stood at 10 per cent, a level that is much below what the government desired. This was 16.6 per cent a year ago and 14.46 per cent at the end of the September quarter."
He further added that the bank is making all efforts to keep itself updated in matters of technology, and is pushing to make service delivery faster through online means. Reportedly, the bank gets about 65 percent of its business from the state of Rajasthan, its home state. Currently, the bank's CASA deposits are at 37 percent.
He also said, "We are offering a 10 bps discount to home loan applications made online for any amount, while the discount is 25 bps (0.25 per cent) for auto loans bought online if the amount sought is above Rs 10 lakh. Online retail loans are gradually gaining traction. Home loans and auto loans are sanctioned in 20 minutes and 10 minutes, respectively."