Dharavi Has New SBI Branch
By Sayanee, Gaea News NetworkThursday, July 22, 2010
MUMBAI, INDIA (GaeaTimes.com)- State Bank of India, the largest nationalized commercial bank functioning in the country has announced the opening of its new branch in the slum area of Dharavi in Mumbai. According to reports circulating in India’s top publications and the television media, the new venture by State Bank of India will be a specialized micro finance branch. It has been reported that the Dharavi branch will offer loans to all interested customers in the range of INR 10,000 or US $110 and INR 50,000 or US $554. The interest rates on the loans will stand somewhere between eight to ten percent.
The State Bank of India has branches all over the country and Dharavi is no exception. The Mumbai slum region too has its own SBI branch. However the new branch which is to start its operations this year is a little different from the previous branch in the sense that this will be a micro finance branch. Dharavi is the second place in the country which will enjoy the special services of the State Bank of India. In a statement issued by Shyamal Acharya, the bank’s Chief General Manager, he says that the outlet offering special services to its customers was launched in Dharavi keeping in mind the needs of a particular target group in the financial capital of the country.
The special State Bank of India branch in Dharavi is the second micro finance branch set up by the banking group after a span of two years. The first specialized branch providing micro finance services was opened in Bhopal back in the year 2008. The new plan of SBI will help to include more and more poor people in the finance scenario of the country.
