Karnataka - Mysore   

SBI to open credit-processing cell in city

Staff Correspondent

MYSORE: State Bank of India (SBI) has announced the opening of a centralised Credit Processing Cell at Saraswathipuram in the city. Addressing a press conference here on Monday, SBI's General Manager, Bangalore, Mahpara Ali said the cell, which was the bank's first such initiative outside Bangalore in Karnataka, will act as a hybrid cell to disburse personal loans and loans to small and medium enterprises (SME).

The bank, which recently opened a personal banking branch (PBB) in the city, will start 8 a.m. to 8 p.m. convenience banking at the branch soon. SBI, which has 11 branches in the district, proposes to launch a Property Fair Utsav in Mysore before Dasara festivities begin this year. The fair will have on-the-spot approval for loans for houses and cars.

The bank also envisages the opening of a loan-disbursal counter at the Dasara Exhibition Grounds during the festival.

SBI has financed tobacco growers directly as well as through the Tobacco Board, Ms. Ali said. She said that more than 4,000 tobacco farmers have been given loans to the tune of Rs. 15 crores by the bank's Seegur branch.

Similiarly, employees of Mysore University have been given loans at a lower rate of interest through its credit society. In association with Bannari Amman Sugars Ltd., the bank has disbursed loans to around 750 new farmers, she said.

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