Sbi Unveils Fast For Corporates
State Bank of India (SBI) has launched SBI Funds Available in Shortest Time (FAST) for its corporate clients which will enable them to forecast their cash flows.
The new product will offer corporates speedy collection of instruments, immediate transfer of proceeds to the central account, management information system (MIS) on the collections across the country and pooling at any of the four metros.
Besides collection of funds, the bank will soon provide reverse transaction and correspondence banking to its clients.
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The service will be initially made available from across 100 selected centers in any of the four metros and the bank will extend the product to 100 more branches every year for the next four years.
According to an SBI official, FAST has been experimented on 65 clients and a total of 125 clients will be able to take advantage of this product." The fees to the new product will be negotiated from client to client based on their volume of transaction and the location to where the amount has to be transferred, added the official.
SBI chairman M S Verma said the bank has created a capacity to handle Rs 60,000 crore transaction per annum while presently the bank handles Rs 8,000 crore per annum.
A sum of Rs 60 crore has been utilised for creating FAST. The bank has spend a total of Rs 200 crore for the technology upgradation and another Rs 300 crore will be spent by the end of this century for the same," said Verma.
According to Verma, "We took more time in introducing this product because we wanted to make it more customer-friendly. A year back the bank had the same product but it was not with any added features which would make it different from others.