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Business News/ Industry / Banking/  SBI launches separate vertical for financial inclusion, micro credit
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SBI launches separate vertical for financial inclusion, micro credit

The bank will offer loans predominantly for agriculture and allied activities and micro and small enterprises under the new vertical
  • About 8,000 branches in rural and semi-urban areas have been identified to provide specialised services to the micro segment
  • Photo: MintPremium
    Photo: Mint

    MUMBAI: 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.

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    ABOUT THE AUTHOR
    Shayan Ghosh
    Shayan Ghosh is a national editor at Mint reporting on traditional banks and shadow banks. He has over 12 years of experience in financial journalism. Based in Mint’s Mumbai bureau since 2018, he tracks interest rate movements and its impact on companies and the broader economy. His interests also include the distressed debt market, especially as India’s bankruptcy law attempts recoveries of billions worth of toxic assets.
    Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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    Published: 02 Jun 2020, 01:05 PM IST
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