SBI Launches Separate Vertical for Financial Inclusion, Micro Credit
- India’s largest lender State Bank of India (SBI) on Tuesday said it has created a separate vertical to focus on financial inclusion and micro markets (FI&MM).
- The bank will offer loans predominantly for agriculture and allied activities and micro and small enterprises under the new vertical.
- “In a major restructuring exercise, SBI has created a separate FI&MM vertical within the bank with an exclusive focus on financial inclusion and micro markets, especially in rural and semi-urban areas,” the bank said in a statement.
- Under this plan, about 8,000 branches in rural and semi-urban areas have been identified to provide specialised services to the micro segment including credit for small businesses and farmers.
- SBI said it also aims to improve service quality and availability of banking services through the bank’s network of over 63,000 customer points in rural, semi-urban, urban and metro areas.
- Rajnish Kumar, chairman, SBI, said the new FI&MM vertical will provide an opportunity to serve the small business, agriculture and allied segment so that they can run their businesses smoothly, especially in the current times of uncertainty.
- “The creation of the FI&MM vertical was conceived, created and implemented fully in-house,” said Kumar.
- The vertical will be headed by Sanjeev Nautiyal, a deputy managing director (DMD) at the bank, at the national level, . The vertical will comprise a four-tier structure under the chief general manager, general manager, regional managers at regional business offices and district sales hub to strengthen the credit delivery system and improve the turnaround time for quick sanctions and disbursals, the statement said.
About SBI-
The State Bank of India is an Indian multinational, public sector banking and financial services statutory body. It is a government corporation statutory body headquartered in Mumbai, Maharashtra. SBI is ranked as 236th in the Fortune Global 500 list of the world’s biggest corporations of 2019.
- Founded – 1 July 1955
- Headquarters– Mumbai
- Chairman– Rajnish Kumar
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