SBI launches‘Financial Inclusion & Micro Market’ vertical
·
Separate vertical for special
focus on lending activities in FI, Agri &allied businesses.
·
Bank to offer micro credit
through nearly 8000 rural& semi urban branches pan India.
·
The special FI&MM Vertical
has been set-up mainly for addressing investment credit needs of agriculture
and small borrowers
·
The new Vertical will be headed
by a DMD rank official
Chennai, June2, 2020: In a major restructuring exercise, SBI, the largest lender of
the country has created a separate FI&MM vertical within the Bank with an
exclusive focus on Financial Inclusion &Micro markets specially in rural
& semi urban areas to vastly improve customer experience for the citizens in
the hinterland. Under this newly launched Vertical,the Bank will offer loans predominantly for agriculture
& allied activities, and micro/small enterprises.
About
8000 branches in rural and semi urban areas have been identified for providing specialized
services to the micro segment including micro credit for small businesses
and farmers.
The thrust is also to improve service quality and availability of banking
services through the Bank’s vast network of over 63000 Customer Service Points
in rural, semi urban, urban & metro areas. The new Vertical will provide a
boost to the micro-finance sector.
Launching the Vertical, Rajnish
Kumar, Chairman, SBI said “ Today is an important day in our resolve to re that
SBI stands with the citizens of the country, across all segments. The key
elements of creating the FI&MM 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 FI&MM Vertical will provide an opportunity to serve
the small business,Agri & 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.”
At the national level, the FI&MM
vertical will be headed by Shri.Sanjeev Nautiyal, DMD
To ensure special focus and smooth
functioning at the local level, the FI &MM Vertical will comprise of a four
tiered structure under the Chief General Manager, General Manager, RMs at Regional
Business Offices (RBO) & District Sales Hub to strengthen the credit delivery system and improve the turnaround
time for quick sanctions and disbursement of small loans. The primary emphasis
will be on consolidating the district level presence which will provide constant
sales & recovery support to branches in the FI&MM Network. The DSHs
will also play an important role In strengthening the reach of Customer Service
Points(CSP) and ensure improvement in quality& availability of services
rendered to customers.
Amidst the COVID-19 pandemic, SBI has been at the
forefront in providing relief measures to existing SME borrowers, such as 10%
of fund based working capital limits by way of CCECL (Common COVID 19 Emergency
Credit Line), easing of working capital finance along with moratorium on term
loans and working capital.
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