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 bank app, a report from IBS Intelligence said Monday (May 23).
Customers will be able to access RTXC from anywhere, the report said.
The service will be 100% paperless and digital, the release said. It added that by using RTXC, central and state government and defense salaried customers won’t have to visit the branch to get a loan, and everything from credit checks, eligibility, sanction and documentation will be digital.
“We are pleased to introduce Real Time Xpress Credit (RTXC) Loan facility for our eligible salaried customers on YONO,” said Shri Dinesh Khara, chairman of SBI. “The Xpress Credit product will enable our customers to experience a digital, hassle-free, and paperless loan process.”
See also: India’s SBI Latest Bank to Bar Payments to Crypto Exchanges
Last year, SBI cut off payments made with its Unified Payments Infrastructure to crypto exchanges, PYMNTS wrote, with several Indian banks doing the same around that time.
As of September last year, SBI bank customers weren’t able to transfer funds via the UPI to buy crypto, including big names like Bitcoin.
The decision could have made other banks less willing to accept crypto merchants for onboarding onto their UPI platforms, but the National Payments Corporation of India (NPCI) said it wouldn’t block payments to crypto companies using UPI.
Instead, the NPCI said banks should make their own decisions on how to handle the issue.
As with many crypto regulations, crypto companies and advocates objected. Wazirx, one of the biggest crypto exchanges in the country, came out against the decision, saying the company was trying to meet with SBI and talk about alternatives, adding that this would affect “millions” of people.
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