In a major restructuring exercise, India’s largest public sector bank SBI has created a separate vertical within the bank with an exclusive focus on financial inclusion and micro markets (FI&MM) especially in rural and semi urban areas. Under this newly launched vertical, the bank will offer loans predominantly for agriculture & allied activities, and micro or small enterprises.
At the national level, the FI&MM vertical will be headed by deputy managing director Sanjeev Nautiyal.
SBI said in a statement that it has identified around 8000 branches in the rural and semi urban areas to provide specialized services to the micro segment including micro credit for small businesses and farmers.
“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,” Rajnish Kumar, Chairman, SBI said in a statement.
The FI&MM vertical will comprise a four tiered structure under the Chief General Manager, General Manager, RMs at Regional Business Offices (RBO) and District Sales Hub (DSH) 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 and recovery support to branches in the FI&MM Network. SBI added in a statement that the DSHs will also play an important role in strengthening the reach of Customer Service Points (CSP) and ensure improvement in quality and availability of services rendered to customers.