• KYC simplification: The anticipated rollout of CKYC 2.0 ("One Nation, One KYC") is expected to eliminate customer onboarding friction, enabling mutual fund penetration to expand substantially beyond the current 5.5 to 6 crore investor base.
• Customer conversion headroom: SBI Group has 35 crore KYC-compliant bank customers, but only 55 lakh (about 2%) currently invest with SBI Mutual Fund, offering significant room to scale up SBI's ₹2.5 lakh crore AUM contribution toward a 10% or higher penetration rate.
• Portfolio margin profile: Active equity accounts for ₹6.5 lakh crore of the total ₹13 lakh crore AUM and delivers yields exceeding 60 basis points, with portfolio-wide margins spanning from 2 basis points for index ETFs up to 65 basis points.
• Yield and efficiency: Supported by monthly SIP inflows surpassing ₹4,000 crore, management expects blended yields to expand from 37 basis points toward industry best-in-class levels of 40–44 basis points over the next two to three years, anchored by a low 20% cost-to-income ratio.