State Bank Of India

In order to provide easy working capital to online e-commerce players, State Bank of India (SBI), country’s largest public sector lender, has launched SBI e-Smart SME. The bank has initially tied up with e-commerce major Snapdeal to offer instant loans to its sellers.

SBI E-Smart SME will use data analytics gathered by Snapdeal to assess the sellers credit worthiness, instead of traditional lending based on financial statements like balance sheet and income tax returns. The bank is also planning a similar tie-up with Flipkart, Paytm and Amazon going forward.

The bank reported 25.11% rise in its net profit at Rs 3879.07 crore for the quarter ended September 30, 2015 as compared to Rs 3100.41 crore for the same quarter in the previous year. The bank’s total income increased by 12% to Rs 46854.81 crore for the quarter under review from Rs 41833.36 crore for the corresponding quarter of the previous year.