attracting Indian students and professionals on long-term visas in the European nation. Tracing SBI’s 100-year history in the UK, London-based Regional Head, Sharad Chandak, noted that the banking corporation has had a major presence since 1921.
“Initially when we started, there were only three lines of activities – rediscounting of bills of bilateral trade, supporting government transactions and arranging the funds for the parent bank,” he told PTI during an interview. “Over the period, the bank has grown and in 100 years, our balance sheet size has grown by 10,000 times. In the first year, our balance sheet was only GBP 1,960 and now it is almost USD 20 billion. So, that is the extent of the growth.”
Revealing details of the new account that is being launched by SBI, Chandak noted that it is backed by a “robust” mobile application called YONO (You Only Need One). As more Indian students and professionals make their way to Britain, interest in the account is expected to grow in the New Year, while the bank is also planning to offer SBI UK remittance facilities to new customers without the need to open a bank account.
“Almost 500 accounts a month are being opened through YONO. Its big advantage is also for long-term UK visa holders, who can complete their banking requirements as soon as the visa is issued in India and before they arrive in Britain,” the bank’s UK chief said. “This is dubbed the ‘Namaste UK’ account, which gives peace of mind to travellers. This service has been up and running for almost six months and Indian students and professionals coming to the UK will greatly benefit from this service.”
