SBI Sanctions Rs 10,050 Crores for DVC's Ultra Super Critical Thermal Power Project

State Bank of India (SBI) has sanctioned Rs 10,050 crores to Damodar Valley Corporation (DVC) for a 1600 MW Ultra Super Critical Thermal Power Project in Jharkhand. This marks a significant step in capacity addition by 2030, with SBI's strong financial growth and digital strategy.

State Bank of India (SBI) has approved a financial package of Rs 10,050 crores for Damodar Valley Corporation (DVC) to develop a 1600 MW Ultra Super Critical Thermal Power Project in Koderma, Jharkhand. Announced on Thursday, this project is part of the Ministry of Power's initiative for capacity expansion by 2030.

SBI, the largest commercial bank in India, leads the nation in terms of assets, deposits, branches, customers, and employees. The bank is also a top mortgage lender, having helped around 30 lakh Indian families achieve their home buying dreams. Its home loan portfolio has surpassed Rs 7.39 lakh crore.

As of June 2024, SBI boasts a deposit base of over Rs 49.01 lakh crore with a CASA ratio of 40.70 percent. The bank has extended advances worth more than Rs 38.12 lakh crore and holds a market share of 26.3 percent in home loans and 19.6 percent in auto loans. With over 22,500 branches and 62,000 ATMs, SBI serves a vast customer base, which includes 128 million internet banking users and 274 million mobile banking users.

SBI's digital platform, YONO, plays a crucial role in its strategy, accounting for 63 percent of new savings accounts opened in Q1 FY25. With over 7.76 crore registered users, YONO recorded 34.9 lakh new registrations in Q1 FY25. In digital lending, SBI disbursed pre-approved personal loans worth Rs 1,399 crores through YONO in the same period. Additionally, SBI holds the highest number of followers on social media platforms like Facebook and X among global banks.

(With inputs from agencies.)