MSME loans will be 'focal point' for growth over next 5 years: SBI

SBI, the country's largest lender, on Tuesday said small business lending will be the "focal point" for growth and profit for the next five years.

The state-owned lender launched a product christened "SME (small and medium enterprises) Digital Business Loans", under which loans will be sanctioned in 45 minutes.

"MSME (micro, small and medium enterprises) advances have been identified as the focal point for the bank's growth and profitability over the next five years," an official statement said.

The bank is aiming to broaden credit accessibility for small businesses in the coming months by extending availability across all partner customer service point touchpoints and via QR codes at outdoor touchpoints in the coming months, the statement said.

For the year ended on March 31, 2024, the bank's overall SME book grew by over 20 per cent to Rs 4.33 lakh crore and gross non performing assets in the book came down to 3.75 per cent from a peak of 9.43 per cent in FY20.

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