SBT launches Mudra Credit Card, reduces Base Rate


Trivandrum: The launch of State Bank of Travancore Mudra Credit Card, a new financial product under Pradhan Mantri MUDRA Yojana (PMMY) to extend credit support to millions of Micro enterprises which are in the non-farm sector was organized at its Poonthura Branch in Thiruvananthapuram on September 29, 2015.

SBT has also announced the inauguration of the Mega Credit Camp organized at 38 centres across the country. The inauguration of the camp and the launching of Mudra Credit card were done by distributing Mudra Credit Card to first five beneficiaries and 21 Mudra Loan sanction letters by the Chief General Manager (Retail Banking), E K Hari Kumar. The function was presided over by M Deviprasad, General Manager (Network – I) and was attended by senior functionaries from Head office and Zonal office.

Meanwhile, following the Repo Rate reduction announced by the Reserve Bank of India, State Bank of Travancore has decided to reduce its Base Rate from 10.15% to 9.95% with effect from October 5, 2015, becoming the first Kerala based bank to reduce lending rates.

SBT had reduced its Base Rate last in March 2015 to 10.15%, the first bank in the country to reduce the Base Rate after RBI’s second bi-monthly policy announcement. The lending rate reduction will automatically benefit 13 lakh borrowers under various segments like housing loan, car loan, SME loans, etc. of the bank. The total loan portfolio of the bank aggregates to Rs. 68,000 crores.

SBT’s Managing Director, Jeevandas Narayan stated that the rate reduction reflects the bank’s commitment to pass on the benefit of lower rates to all of its borrowers immediately. “The RBI has signalled an accommodative monetary policy stand and it augers well for the economic growth of the country as also in Kerala which is our prime area of operation. The Mudra loans aimed at the smallest borrowers will also consequently become cheaper. We expect credit growth to pick up as the busy season is also approaching.”

Kerala Biz News


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