The State Bank of India (SBI) has announced that its personal loan product for salaried customers, called Real-Time Xpress Credit (RTXC), will be available through its YONO banking app, an IBS Intelligence report said on Monday (23 May). .
Customers will be able to access RTXC from anywhere, according to the report.
The service will be 100% paperless and digital, the statement said. He added that by using RTXC, central government and state and defense salaried customers will not have to visit a branch to obtain a loan, and everything from credit checks, eligibility , sanction and documentation, will be digital.
“We are delighted to introduce the Real Time Xpress Credit (RTXC) loan facility for our eligible salaried customers on YONO,” said Shri Dinesh Khara, President of SBI. “The Xpress Credit product will allow our customers to experience a digital, hassle-free and paperless lending process.”
See also: India’s latest SBI bank to ban payments to crypto exchanges
Last year, SBI halted payments made with its Unified Payments Infrastructure to crypto exchanges, PYMNTS wrote, with several Indian banks doing the same at that time.
In September last year, SBI bank customers were unable to transfer funds through UPI to buy crypto, including big names like Bitcoin.
The decision could have made other banks less willing to accept crypto merchants for integration on their UPI platforms, but the National Payments Corporation of India (NPCI) said it would not block corporate payments. of crypto using UPI.
Instead, the NPCI said banks should make their own decisions about how to handle the problem.
As with many crypto regulations, businesses and crypto advocates have opposed each other. Wazirx, one of the largest crypto exchanges in the country, spoke out against the decision, saying the company was trying to meet with SBI and talk about alternatives, adding that it would affect “millions” of people.