Chandigarh, June 3, 2020: In a major restructuring exercise, SBI, the largest lender of the country has created a separate FI&MM vertical within the Bank with an exclusive focus on Financial Inclusion & Micro markets specially in rural & semi urban areas to vastly improve customer experience for the citizens in the hinterland. Under this newly launched Vertical, the Bank will offer loans for micro market, agriculture & allied activities, and micro/small enterprises. Launched at a national level, the FI&MM vertical will be headed by Sanjeev Nautiyal, DMD of the Bank.

About 8000 branches in rural and semi urban areas have been identified all over India for providing specialized services to the micro segment including micro credit for small businesses and farmers. The new Vertical will provide a boost to the micro-finance sector.

Launching the Vertical, Rajnish Kumar, Chairman, SBI said “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 due to COVID-19.

The Pilot Project for FI & MM Vertical was run by Chandigarh Circle of the Bank with 672 Branches across the States of Haryana, Punjab and Himachal Pradesh designated for the purpose.