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SBI Chairman Inaugurates New Office of ‘Financial Inclusion & Micro Market (FI&MM),” At New Delhi

In Business
October 01, 2020

Country’s largest lender State Bank of India (SBI) has relocated the office of its Dy MD, FI&MM Vertical to New Delhi. The new office was inaugurated by Rajnish Kumar, Chairman, SBI in the presence of senior officials of the organization, including Sanjeev Nautiyal, Deputy Managing Director, who is heading the vertical. To increase its focus on its journey of Financial Inclusion, Bank had recently created a separate FI&MM vertical within the Bank with an exclusive focus on Financial Inclusion & Micro markets especially in rural & semi-urban areas to vastly improve the customer experience for the citizens in the hinterland.

Under this newly launched Vertical, the Bank will offer loans predominantly for agriculture & allied activities, and micro/small enterprises. About 8000 branches in rural and semi-urban areas have been identified for providing specialized services to the micro-segment including micro-credit for small businesses and farmers.

Inaugurating the office in New Delhi, Rajnish Kumar, Chairman, SBI said, “Today is yet another important day in the history of the bank as we have shifted our FIMM Vertical office from Mumbai to New Delhi. This will help us to focus & improve our synergy with government agencies and functionaries. The thrust is also to improve service quality and availability of banking services for customers across all segments”.

To ensure special focus and smooth functioning at the local level, the FI&MM Vertical will comprise of a four-tiered structure under the Chief General Manager, General Manager, RMs at Regional Business Offices (RBO) & District Sales Hub to strengthen the credit delivery system and improve the turnaround time for quick sanctions and disbursement of small loans. The primary emphasis will be on consolidating the district level presence which will provide constant sales & recovery support to branches in the FI&MM Network. The DSHs will also play an important role in strengthening the reach of Customer Service Points (CSP) and ensure improvement in the quality & availability of services rendered to customers.