SBI to open 50 more branches in Gujarat by fiscal-end

The nation”s largest lender State Bank of India will open 50 more branches in Gujarat by fiscal-end according to Gujarat Circle Chief General Manager P Nanda Kumaran.

Moving towards paperless banking culture, the state-run lender has proposed to open a separate 24X7 operationalSelf Service branch.

“We will open a Self Service branch in Ahmedabadbefore this fiscal-end in one of the non-banked areas of thecity, which shall be followed with another such branch inVadodara,” Kumaran said.

The concept of Self Service branch promotes paperlessbanking culture where automated machines offer routineservices like cash deposit, withdrawal, remittances, passbookupdates and statements.

The bank has proposed to add 225 ATMs in Gujarat toits existing network of 1,300 machines. It will also installhigh-end ATMs which provide direct cash deposit facility.

“In order to get rid of disputes arising from envelope-based ATM cash deposits, the bank has decided to introducedirect cash deposit ATMs at seven locations in five majorcities of Gujarat,” Kumaran said.

The bank has inked an MoU with Gujarat LivelihoodPromotion Company for lending Rs 5,000 crore over the next 3to 5 years with a view to link SHGs, producer groups and thepoor with banking channel, he said

The bank has signed an MoU with the Gujarat Government to provide financial assistance of Rs 50,000 crore to SME sector over a period of three years. The MoU was signed during the last month’s Vibrant Gujarat Summit, a SBI statement said.

Gujarat Circle has topped amongst the 14 SBI Circles when it comes to performance of gold deposit scheme.

“Gujarat Circle has ranked first amongst the 14 Circles when it comes to performance of the gold deposit scheme. So far, we have been able to garner 140 kg of gold deposits this year,” Kumaran said.

“The performance of our bullion scheme, where the traders can repay the loans in precious metals, has also been successful. We have been able to trade in 1,000 kg of bullion this year,” he said.

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