State Bank of India (SBI), the country’s largest government bank, turned 70 today. Established on July 1, 1955, it was formerly known as Imperial Bank of India. To mark this occasion, SBI launched a new loan scheme for small businesses (MSMEs), allowing them to get loans of up to Rs 1 lakh in just 15 minutes.
State Bank’s loan scheme is entirely digital, so you won’t need to visit the bank. Named ‘MSME Sahaj,’ this scheme is a fully digital invoice financing service. Business owners needing a loan must upload the necessary documents on the bank’s YONO app. The amount will be transferred to their bank account within 15 minutes of loan approval.
Facility available to SBI businessmen
The bank stated that this loan facility is available to SBI businessmen with a GST number and registered sales invoices. The purpose of this scheme is to provide financial assistance to small businessmen who cannot expand their businesses due to a lack of funds.
Across generations, from children to elders, from challenging trails to remote villages, from local assistance to global outreach, we are happy to serve you all! On this State Bank Day, we extend our heartfelt thanks for the support that has truly made SBI the Banker to Every… pic.twitter.com/iWp1mgB6U5
— State Bank of India (@TheOfficialSBI) July 1, 2024
To benefit from this facility, the businessman must have a GST number, a sole proprietorship firm, and a current account with SBI.
State Bank started on June 2, 1806, as the Bank of Calcutta. About 34 years later, on April 15, 1940, it was renamed the Bank of Bombay. Three years later, on July 1, 1843, it became the Bank of Madras, a name it kept for 78 years. On January 27, 1921, it was renamed the Imperial Bank of India. After independence, it kept this name until July 1, 1955, when it became the State Bank of India.
SBI is the largest public sector bank in the country and one of the best in the world. It currently has over 22,000 branches and more than 60,000 ATMs across the country, serving around 45,000 customers. The bank has a market cap of Rs 7.51 lakh crore and is listed on the stock market. Currently, one share is priced at Rs 842.80. Over the past 5 years, its shares have returned about 128 percent.
