New Delhi : State Bank of India i.e. SBI, one of the largest banks in the country, has made a scheme for the MSME sector. Under this scheme, there is a plan to increase the loan limit given under the Tatkal Loan Scheme to easily provide adequate credit to this sector. This limit can be increased to more than Rs 5 crore.
'MSME SAHAJ' is a 'Digital Invoice' funding scheme. Under this scheme, the facility to apply for loan, provide documents and release of approved loan is provided within 15 minutes without any human intervention. Speaking to PTI, SBI Chairman C S Shetty said, “We had started a data-based valuation last year for loan limits up to Rs 5 crore. Anyone visiting our MSME branch will only need to provide their PAN and GST data to allow access. We can approve this loan in 15-45 minutes.”
MSME loan simplification
He said that the bank is emphasizing on simplification of MSME loans. This reduces the need for mortgage and will bring many people into the organized MSME lending system. Shetty said, “There are still a large number of MSME customers who are taking loans from the unorganized sector. We would like to bring them under the ambit of the bank.”
Plan to open 600 branches
On the question of expanding the network, Shetty said that SBI is planning to open 600 branches across the country in the financial year 2024-25. As of March 2024, SBI had a network of 22,542 branches across the country. He said, “We have strong plans for branch expansion, which will mainly focus on emerging sectors. We have not reached many residential colonies. We are planning to open around 600 branches in the financial year 2024-25.”
Serving 50 crore customers
Apart from a vast branch network, SBI serves its customers through 65,000 ATMs and 85,000 bank correspondents. He said, “We serve approximately 50 crore customers and we are proud to say that we are the banker of every Indian and every Indian family.” Shetty said his endeavor is to transform SBI into the best and most valuable bank not only for the shareholders but for each of the stakeholders.
(with agency input)
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