Mumbai – March 08, 2022: Nitin Chugh has been appointed as the Deputy Managing Director (DMD) & Head of Digital Banking, of the country’s largest lender, State Bank of India (SBI). In this role Nitin would be responsible for driving growth of customer acquisition through digital channels, along with defining and implementing digital strategies.
Nitin Chugh is a seasoned banker and a digital banking expert with an experience of nearly 3 decades. Prior to joining SBI he was serving Ujjivan Small Finance Bank as MD & CEO. He also had a long and impactful stint of 18 years at HDFC Bank where he managed several leadership roles in retail banking.
Apart from a Postgraduate degree in Management, Nitin holds a B.Tech degree in Electrical and Computer Science from NIT, Kurukshetra.
About State Bank of India:
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on December 31, 2021, the bank has a deposit base of over Rs. 38 lakh crore with CASA ratio of 45.74% and advances of more than Rs. 28 lakh crore. SBI commands a market share of close to 36% and a little over 28% in home loans and auto loans segment respectively. SBI has the largest network of 22,253 branches and 64,216 ATM / CDM in India with 69,500 BC outlets. The number of customers using internet banking and mobile banking stand at 97 million and 45 million respectively. The integrated digital and lifestyle platform by SBI – YONO, which has more than 45 million registered users, witnessed over 10 million average daily logins in Q3 FY 22. Accelerating the digital agenda, the bank has opened around 29,000 new digital savings bank accounts per day via YONO in the quarter ended December 2021. In terms of digital lending, the bank disbursed pre-approved personal loans worth Rs. 6,283 crore through YONO till Q3 of FY22. SBI also has the highest number of followers on Facebook and Twitter amongst all the banks worldwide.
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