SBI achieves 100pc financial inclusion in Sikkim

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Gangtok, Mar 22: The State Bank of India's Sikkim branch has achieved 100 per cent financial inclusion in the East district of the state and is on the way to add the South district in this exclusive bracket by June 30. Announcing this here yesterday, SBI Bengal circle Chief General Manager (CGM) Jayanata Sinha said the bank's financial business in Sikkim is worth Rs 1,400 crore out of which deposits stand at Rs 1,000 crore and advances Rs 400 crore.

The market share of Sikkim SBI is about 41 per cent in deposits and 46 per cent in advances and growth rate is 25 per cent, Mr Sinha said, adding that most of the investment is made in the hospitality, tourism and housing loans to individuals and commercial units.

''The recovery rate is 65 per cent in the priority sector,'' the CGM said.

Mr Sinha also inaugurated another branch of the bank at Rangpo, the border town of the state on March 19, taking the total number of branches in the state to 27.

The Rangpo branch has been opened with core banking facilities enabling customers with online and internet banking.

''We have plans to bring all the branches in core banking by June 30,'' the CGM said.

Plans are also on to expand the number of ATMs in Sikkim. There are currently 10 SBI ATMS in the state.

Besides, 156 self-help groups have been credit linked with SBI amounting to Rs 1.03 crore.


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