INSUBCONTINENT EXCLUSIVE:
State Bank Of India (Photo: Shutterstock)2 min read Last Updated : Oct 13 2024 | 1:57 PM IST
To ensure easy and adequate credit
availability to the MSME sector, the State Bank of India (SBI) is planning to enhance the threshold under the instant loan scheme from the
existing Rs 5 crore.
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"We have, last year, introduced a business rule engine based, data based assessment of the credit limits up to Rs 5 core
Anybody walking into our MSME branch has to give only their PAN and approval for sourcing GST data, we can give approval in 15-45 minutes,"
making lending cash flow based backed by the CGTMSE guarantee, he said.
This reduces the need for collateral, which would enable a lot of
people to come into the formal MSME borrowing system, he said.
"We still have a large number of MSME customers accessing the informal
We would like to bring them to the banking fold," he said.
As far as network expansion is concerned, Setty said SBI is planning to open
600 branches across the country in the current financial year.
SBI has a network of 22,542 branches across the country as of March
2024.
"We have strong branch expansion plans..
this would be mainly focused on emerging areas
A lot of residential colonies are not covered by us
Around 600 branches is something we are planning in the current year," he said.
Apart from a vast branch network, SBI reaches its
customers through 65,000 ATMs and 85,000 business correspondents.
"We serve about 50 crore customers and we take pride in saying that we
are the banker to every Indian, and, more importantly, to every Indian family," he said.
He also said it will be his endeavour to
transform SBI into the best and the most valued bank not only from a shareholder point of view but for every stakeholder who deals with the
lender.
"It could be my customers, it could be our shareholders, it could be the larger ecosystem -- the society, the institutional
framework -- all the stakeholders should be saying that this is the best bank to deal with," he added.(Only the headline and picture of this
report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First
Published: Oct 13 2024 | 1:56 PMIST
