In a major restructuring exercise, SBI, the largest lender of the country, has created a separate ‘Financial Inclusion and Micro Market’ vertical, which will exclusively focus on rural and semi-urban areas to improve customer experience. Under this newly launched vertical, SBI will offer loans predominantly for agriculture and allied activities, and micro/small enterprises.
SBI has identified about 8,000 branches in rural and semi urban areas for providing specialized services to the micro segment including micro credit for small businiesses and farmers.
The thrust is also to improve service quality and availability of banking services through the bank’s network of over 63,000 Customer Service Points in rural, semi urban, urban and metro areas, SBI said, with an aim to boost to the micro-finance sector.
Rajnish Kumar, chairman of SBI said: “The key elements of creating the vertical are to bring sharper focus to different business lines and improve the quality of interaction with customers at the branch. This is a key initiative by SBI to cater to financial requirements of people residing in the hinterland of the country, as part of its financial inclusion journey. The new vertical will provide an opportunity to serve the small business, agri and allied segment so that they can run their businesses smoothly, especially in the current times of uncertainty. "
The vertical will be headed by Sanjeev Nautiyal.
The new vertical will have a four-tiered structure under the chief general manager, general manager, RMs at regional business offices (RBO) and district Sales Hub to strengthen the credit deliver system and improve the turnaround time for quick sanctions and disbursement of small loans.