SBI's gold loan portfolio crosses Rs 1 lakh cr for the first time
State Bank of India's gold loan portfolio has swelled to over Rs 1 lakh crore for the first time, chairman Dinesh Khara said.
On the occasion of its foundation day, the state-run lender announced the launch of WhatsApp banking and a new segment for managing assets above Rs 20 lakh.
SBI holds a 24 percent market share in gold loans and expects good growth in the segment as the asset class provides the investors with a safe investment option amid accelerating inflation.
“Last week, we crossed Rs 1 lakh crore portfolio in gold loans for the first time. In the first quarter of the current year, we have seen much better growth as compared to what we have achieved in the past. I expect that in the current year, we should be in a position to grow well in this particular segment,” Khara was quoted as saying by ET.
The gold loan portfolio includes loans to the agriculture sector as well as to individuals.
The bank already has assets worth Rs 1 lakh crore under management in the wealth management segment, he said.
In its recent addition to the segment, it is also managing assets under Rs 40 lakh.