Mumbai, Jan. 14: The State Bank of India today launched its wealth management facility SBI Exclusif, targeted at the fast-growing affluent segment in India.

Customers availing themselves of the facility will have access to a dedicated relationship manager, who will take care of all their banking and investment needs. The relationship manager will be supported by a team of investment experts.

"Introducing wealth management has been one of the bank's top strategic priorities, as we have a number of high net worth customers and potentially many more whose banking needs are more sophisticated and who require a highly specialised service delivery mechanism,'' chairperson Arundhati Bhattacharya said.

Analysts warned that the SBI has entered a segment where some foreign banks have failed because of a lack of adequate returns or profits. In November, HSBC Holdings said it was closing its private banking business in India. Earlier, Royal Bank of Scotland and Morgan Stanley sold their India private banking units.

The SBI also inaugurated SBI InCube, a dedicated branch for start-ups, in Bangalore. It will offer advisory services to the entrepreneurs, which will range from setting up of a company to issues related to taxation.

Initially, SBI InCube will not provide loans to start-ups. "Actually funding could be done when they become a little more mature or they have sufficient number of orders," Bhattacharya said.

ICICI Bank

ICICI Bank today launched two digital initiatives to speed up home loans.

Under the bank's Express Home Loans, online approval will be given in eight working hours. "This service is available for all salaried individuals, including non-ICICI Bank customers. It is a marked improvement on the practice of lenders providing provisional sanctions of home loans to borrowers on the basis of their self-declared information," the bank said.

ICICI Bank also launched the iLoans app that will facilitate disbursals in under-construction projects.

Under this initiative, individuals taking home loans for such projects can get subsequent disbursements (after the first disbursement) through the mobile app.

Individuals will have to download the app, scan and upload the demand letter from builder and proof of own contribution.