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SBI opens specialised micro-fin branch in Dharavi
MUMBAI: As a part of of its financial inclusion plans, public sector lender, State Bank of India, today set up a specialised micro-finance branch in Asia’s largest slum area, Dharavi, here today.
This is the second such branch opened by the bank in the country, the first being at Bhopal, which it established in 2008.
The branch would offer small-size loans ranging between Rs 10,000-50,000 to self-help groups, microfinance institutions as well as individuals at interest rates as low as 8-10 per cent.
“When we talk about financial inclusion, everybody thinks about rural financing. But there is a huge requirement and potential of financial inclusion in urban areas as well,” State Bank of India’s Chief General Manager, Mumbai Circle, Shayamal Acharya, told reporters after inaugurating the branch.
The establishment of such branches was also necessary due to the fact that the bank’s regular branches are occupied in other business activities, Acharya said.
“So we thought we should have a specialised outlet which could cater to this particular target group in financial inclusion,” he said.
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