State Bank of India (SBI) Awarded ‘Best Bank in India’ for 2024 by Global Finance Magazine

The State Bank of India (SBI) has earned the prestigious title of ‘Best Bank in India’ for 2024, awarded by Global Finance Magazine during the 31st Annual Best Bank Awards in Washington, D.C. Held alongside the IMF and World Bank meetings, this award is a significant honor for SBI, with Chairman Shri C.S. Setty proudly accepting the recognition.

Why This Award Matters

Global Finance’s Best Bank Awards are among the most respected accolades in the banking industry. Known for their credibility, these awards highlight banks worldwide that lead in areas such as customer service, financial inclusion, and innovation. For SBI, this award underscores its commitment to enhancing customer experiences and driving financial accessibility across India.

SBI’s Impactful Contributions

SBI’s extensive network of over 22,500 branches and 62,000 ATMs serves as the backbone of its commitment to financial inclusion. In recent years, the bank has actively used its digital platform, YONO (You Only Need One), to expand reach and convenience for millions of Indians. Here’s a closer look at SBI’s achievements:

1. Expanding Digital Access: In the first quarter of FY25, 63% of all new savings accounts at SBI were opened digitally through the YONO platform. This digital approach allows customers to seamlessly create accounts and access services without needing to visit a physical branch.
2. Convenient Loan Disbursements: SBI has also been enhancing digital loan disbursements. In Q1 FY25 alone, pre-approved personal loans totaling Rs 1,399 crore were disbursed through YONO. This streamlined loan process provides customers with quick access to funds, which is especially beneficial for those in need of immediate financial assistance.

SBI’s Vision for the Future

SBI’s award as the ‘Best Bank in India’ for 2024 is not just a recognition of its current achievements but also a testament to its forward-looking vision. The bank’s focus on digital innovation and financial inclusion is setting new standards in the industry, and it’s clear that SBI is committed to evolving with India’s needs.

As SBI continues to leverage digital tools and prioritize customer satisfaction, it is positioned as a key player in shaping the future of banking in India. This award reflects SBI’s dedication to building a stronger and more inclusive financial landscape for everyone in the country.

For anyone seeking a reliable banking partner, SBI’s title as ‘Best Bank in India’ in 2024 is a strong endorsement of its unwavering commitment to excellence.