In an attempt to reach people in remote areas, Public Sector Banks, including the State Bank of India, will reach out to people by organizing ‘credit shamianas’ to facilitate loan disbursement. The move was the brainchild of Finance Minister Nirmala Sitharaman and aims to help farmers across the country.
The Center has selected about 226 districts for the first phase of the proposed public sector bank (PSB) customer outreach program.
According to the list, in the first phase, State Bank of India, the largest PSB would have the largest number of camps, with around 49 districts under its umbrella. Bank of Baroda would camp in around 26 districts across the country.
The camps would be held on different days in different districts from October 3-7.
The development follows Finance Minister Nirmala Sitharaman’s announcement in September, according to which she said PSBs will organize credit “shamiana meetings” in 400 districts starting October 3 to make loans to NBFC and retail borrowers, including buyers. housing and farmers.
The Ministry of Finance announced the implementation of these programs after meeting with the heads of PSB, in a context of low consumption and demand for credit in the economy, which caused a slowdown.