Aug 102016
 

SBI offers loans to 7 lakh people under Jan-Dhan Yojana

There is great news for all the applicants who have enrolled themselves in the Jan Dhan schemes. The SBI has made an announcement to provide credit in terms of loans to those applicants. Jan Dhan project was launched by the central govt. to economically benefit common masses of the nation.  The SBI group has just shown its support towards the movement by offering the loan package. The declaration of giving the loans was announced by none other than the Chairperson of SBI, Smt. Arundhati Bhattacharya. The grand announcement was made on 3rd August, 2016 while she was in Kolkata.

Sl. No. Fields Related information
1 Participating bank State Bank of India
2 Supported scheme Pradhan Mantri Jan Dhan Yojna (PMJDY)
3 Total no. of loans to be provided 7 lakh
4 Loan amount To be declared soon
5 Present rate of account opening by SBI 60 thousand per day

Which loans will SBI provide?

The SBI has decided to provide loans to the participants of the Jan Dhan scheme. These loans will be small amount loans which will benefit around 7 lakh enrollers of the Jan Dhan scheme. There will be a wide variety of loans from which one can choose for. However, as per internal sources, the SBI officials are pushing for more consumer loans and personal loans. As the participants or borrowers of the Jan Dhan scheme are mostly middle to lower middle class people, so these types of small loans from the house of SBI will be very beneficial.

Communicating and relating with customers

As Jan Dhan scheme is all about uplifting the economic status of common man in the country, it has shown thousands the door to bank and enabled them to open and operate bank accounts of their own. SBI has started this campaign to provide hassle-free small amount loans to those members through their mobile numbers registered with the bank. SBI do not want these customers to have restrictions with just having a bank account, but wants to indulge them in more banking activities. Hence, it chose their mobiles as a way to communicate them in their regional languages and enlighten them about their new loan project. Hence technology is a vital factor in this SBI project.

Why this small loan scheme by SBI will be beneficial?

As SBI has long stood by the goals of the Jan Dhan scheme, right from its start, it now wants to give further economic strength to the borrowers of the Jan Dhan project. As per internal sources, SBI has identified nearly 7 lakh such beneficiaries who will get facility of overdraft. Thus, the lower income groups and smaller enterprises will get full benefit of this loan scheme as they are elsewhere denied of loans from other financial institutions. They can use the personal loans to support their entrepreneurship and small scale business and help it flourish. Hence the SBI has made them creditworthy which will surely help them expand. However, the chairperson has clearly stated that this is pure credit and it is not any financial aid or funding.

Use of technology for monitoring

The SBI chairperson has also made it very clear that adequate monitoring of banking transactions will be kept through the efficient use of technology. Communicating with the customers, mainly from rural belts via mobile messaging in their regional language is one of the biggest technological leaps SBI has taken so far. Business correspondents are also engaged who will look after the project and eliminate any frauds from the system. There is also a call to stop the cyber fraud cases and monitor the banking transactions more safely.

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