Bhubaneswar,October 02 (Odisha.in) State Bank of India would expand its portfolio by launching an innovative product in Orissa.
The innovative products include General Micro-Insurance Scheme (GMIS) to cover the rural artisans, Small and Marginal farmers and more so the Self Help Groups (SHG) engaged in the upliftment of the rural economy, Chairman, State Bank of India O.P.Bhat here said.
Besides, the SBI has proposed to reduce the rate of interest as far as the Housing Loan is concerned, he said. “The proposed GMIS is ready and would be launched soon in collaboration with a reputed foreign Insurance Company”, he said.
The new scheme will reflect the commitment of SBI as a Banker having concern for the people living in the lowest ebb of the society, said Bhat who was here on a three day visit to Orissa.
He indicated that SBI had proposed a down-ward revision of the existing rate of interest on Housing Loan.
Stating that SBI has also evinced interest to invest in Orissa in a large Scale for its economic development , the SBI chairman said that the state has been advised to prepare an integrated investment plan.
To hold good his points, Bhat said that SBI had come out in a big Way in providing loan assistance to the Shelf Help Groups, which accounts 42 per cent of the total registered ones.
Besides, under the employment mission, 60,000 unemployed youths of the total one lakh as targeted by the state, were provided with loan assistance to ensure self employment, he said.