SBI Chocolate Scheme: SBI Will Not Give You Tension If You Miss Deposit Of Loan Installment, Will Send Chocolate Home With Gentle Reminder

If you are an SBI loanee and have forgotten to deposit your installment in a month, then there is no need to worry. Such customers will be reminded by giving them chocolate packets as a gentle reminder. The bank believes that customers who are likely to default on installments tend to ignore reminder mails or messages, but this way of giving chocolates will help them avoid defaulting.

According to State Bank of India, it is adopting a new approach to ensure timely repayment by its retail borrowers by sending a packet of chocolates to those who are likely to default on monthly installments. According to the bank, it has been found that the borrower who is planning to default the installment will not respond to the reminder calls of the bank. Therefore, the best way is to meet the borrower at his home unannounced.

Ashwini Kumar Tiwari, Managing Director, Asset Risk Affairs, SBI, said that with two fintech companies using AI, we are introducing a new way of reminding our retail borrowers of their repayment obligations. Through one fintech company, reconciliation with the borrowers is being done and through the other, alerts are being made about the tendency of the borrower to default. Borrowers who are likely to default will be approached by fintech representatives and will be given a packet of chocolates to remind the borrower to pay the upcoming EMI.

He said that this new method of carrying a packet of chocolates and personally meeting the borrower has been adopted. Because it has been found that the borrower who is planning to default the EMI will not respond to the reminder calls from the bank. In such a situation, it is best to meet them at their home without informing and surprising them. He said that the success rate of this system, which was implemented 15 days ago, has been tremendous.

This step has been taken with the aim of ensuring better collection. This will help in reducing the increasing level of defaulters due to the increasing level of retail loans as well as increase in interest rates. SBI’s retail loan book grew by over 16.46 percent to Rs 12,04,279 crore in the June 2023 quarter, from Rs 10,34,111 crore in the year-ago period. The double-digit loan growth of about 16 percent was led only by retail loans.

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