SBI Sanctions Rs 10,050 Crores for Damodar Valley Corporation’s Power Project in Jharkhand
State Bank of India (SBI) has approved Rs 10,050 crores for Damodar Valley Corporation’s Ultra Super Critical Thermal Power Project in Koderma, Jharkhand. This project has been identified by the Ministry of Power for capacity addition by 2030.
About State Bank of India
SBI is the largest commercial bank in India in terms of assets, deposits, branches, customers, and employees. It is also one of the largest mortgage lenders in the country, having fulfilled the home buying dreams of around 30 lakh Indian families. The bank’s home loan portfolio has crossed Rs. 7.39 lakh crore.
As of June 2024, SBI has a deposit base of over Rs. 49.01 lakh crore with a CASA ratio of 40.70 per cent and advances of more than Rs. 38.12 lakh crore. The bank commands a market share of 26.3 per cent in home loans and 19.6 per cent in auto loans.
Network and Digital Strategy
SBI has a vast network of over 22,500 branches and 62,000 ATMs/ADWMs in India, along with close to 83,000 BC outlets. The number of customers using internet banking and mobile banking stands at 128 million and 274 million respectively.
The bank’s digital platform YONO has more than 7.76 crore registered users and witnessed 34.9 lakh new registrations in Q1 2025. During the same period, SBI disbursed pre-approved personal loans worth Rs. 1,399 crores through YONO.
SBI also has the highest number of followers on Facebook and X among all banks worldwide.
Doubts Revealed
SBI -: SBI stands for State Bank of India. It is the largest bank in India and offers various financial services like loans, savings accounts, and digital banking.
Rs 10,050 Crores -: Rs 10,050 Crores is a large amount of money. In Indian currency, ‘Rs’ stands for Rupees, and ‘Crores’ is a term used to denote ten million. So, Rs 10,050 Crores is 10,050 times ten million Rupees.
Damodar Valley Corporation -: Damodar Valley Corporation (DVC) is an organization in India that manages the Damodar River and its resources. It is involved in power generation and distribution.
Ultra Super Critical Thermal Power Project -: This is a type of power plant that uses very high temperatures and pressures to generate electricity more efficiently and with less pollution.
Koderma, Jharkhand -: Koderma is a district in the state of Jharkhand, India. Jharkhand is known for its rich mineral resources and forests.
2030 -: 2030 is a year in the future. It is the target year by which the power project aims to add more capacity.
YONO -: YONO stands for ‘You Only Need One.’ It is a digital banking platform by SBI that allows users to do various banking activities like transferring money, paying bills, and shopping online.
