There is good news for the MSME sector from the country’s largest bank, State Bank of India ( SBI ). SBI is planning to increase the loan limit under the instant loan scheme from the current Rs 5 crore.
The aim of this initiative is to provide adequate loans to the MSME sector easily. ‘MSME Sahaj’ is an end-to-end digital invoice financing scheme. Under this, the facility is provided to apply for a loan, provide documents and disburse the approved loan within 15 minutes.
SBI chairman told the plan
SBI Chairman C S Shetty said, “We started a data-driven assessment for loan limits up to Rs 5 crore last year. Anyone visiting our MSME branch only needs to provide access to their PAN and GST data. We can give approval within 15-45 minutes.”
He said the bank is pushing for simplification of MSME loans. This reduces the need for collateral, and will allow many people to come into the formal MSME borrowing system. “There are still a large number of MSME customers who are taking informal loans. We would like to bring them into the bank’s fold,” Shetty said.
SBI’s focus is also on expanding the network
On the question of network expansion, Shetty said that SBI is planning to open 600 branches across the country in the current financial year. As of March 2024, SBI had a network of 22,542 branches across the country. He said, “We have strong plans for branch expansion. It will mainly focus on emerging areas. We have not reached many residential colonies. We are planning to open about 600 branches in the current year. ”
Apart from a large branch network, SBI serves its customers through 65,000 ATMs and 85,000 bank correspondents. “We serve nearly 50 crore customers and are proud to say that we are the banker to every Indian and every Indian family,” he said. Shetty said his endeavour is to transform SBI into the best and most valuable bank not only for shareholders but for every stakeholder.
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