DaijiWorld, an online Indian news publication, recently reported that the nationalized commercial bank, State Bank of India (SBI), has set up a specialized microfinance branch in Dharavi, Mumbai. The branch will offer loans ranging between INR 10,000 (USD 110) and INR 50,000 (USD 554) to individuals at annual interest rates of eight to ten percent.
SBI Chief General Manager, Shyamal Acharya, explained that while there is already an SBI branch in the area, “we thought we should have a specialized outlet, which could cater to this particular target group in financial inclusion.”
This is the second of SBI’s specialized microfinance branches in India, the first being in Bhopal, which was established in 2008.
By Matthew Fox, Research Assistant
Sources and Addition Resources
DaijiWorld: SBI Opens Specialized Microfinance Branch in Dharavi: http://www.daijiworld.com/news/news_disp.asp?n_id=80513&n_tit=SBI+Opens+Specialised+Micro-finance+Branch+in+Dharavi
MicroCapital Brief: KC Chakrabarty, Deputy Governor of Reserve Bank of India, Stresses Importance of Competition Among Microfinance Institutions (MFIs) to Increase Financial Inclusion, 12 June 2010: https://www.microcapital.org/microcapital-brief-kc-chakrabarty-deputy-governor-of-reserve-bank-of-india-stresses-importance-of-competition-among-microfinance-institutions-mfis-to-increase-financial-inclusion/
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