SBP launches 25 branches and a novel CSR initiative

Fri, Jul 25, 2014 at 1:26 PM

Patiala-head quartered Bank’s network has reached 1254 

Ludhiana: 25th July 2014: (Rector Kathuria//Punjab Screen): 

State Bank of Patiala today opened 25 Branches in 7 States across the country in an on-line simultaneous inauguration in order to give a further push to the task of Financial Inclusion.

The Branches were inaugurated by Shri S A Ramesh Rangan, Managing Director of the bank at a function at the Bank’s Network Office in New Delhi. 

With these 25 branches, the Patiala-head quartered Bank’s network has reached 1254, spread across 23 States/ Union Territories of the country.

The bank has already opened 47 branches this financial year and plans to add 60-70 more branches by September this year.

An Associate of State Bank of India, SBP had a total business of over Rs 1,67,000 crores as at the end of March with a 23% growth in micro and small enterprise loans and a 27% growth in agricultural loans last year. The bank received a special award from the Government for excellence in MSE lending for the year 2012-13. This year the bank plans to achieve a growth of 21% in MSE loans and 35% in agriculture loans. SBP was the first public sector bank to totally computerize all its branches and was also the first public sector bank to migrate all its branches to CBS.

Shri S.A.Ramesh Rangan, Managing Director also announced a novel Corporate Social Responsibility (CSR) initiative of the bank, under which the bank will contribute Rs.5/- for each new saving account opened, Rs.50/-  for each new current account opened,  Rs. 2/- for every new user of Internet Banking/Mobile Banking and  10 paisa per transaction on the Alternate Delivery channels( Internet banking, mobile banking, ATM & POS etc.) towards CSR activities.

The amount so contributed will be used for social welfare activities like aid to old Age homes, orphanages etc, donations (cash & kind) to needy individuals/ sections of the society, helping the less privileged and organizations engaged in their welfare. The Bank has been actively involved in various social welfare activities like adopting and aiding SOS Children Village, donation of Buses and various daily use equipments like fans, water purifiers etc to various organizations and providing aid to bodies like orphanages, and society for welfare of the handicapped and other such organizations.