SBI to launch special service for visually handicapped

State Bank of India (SBI), the country's largest lender is planning to start a new service for the visually handicapped persons, as part of its responsibility to better service society

The new service named Self Service Banking Centre (SSBC) will become operational shortly. The Centre of this service has been set up at the Delhi Head office of SBI at Parliament Street. The Centre has handicapped friendly design with a ramp for wheelchairs.

For visually handicapped, the ATM has a dedicated Braille keypad facility.

Basically, SSBC is a staff less banking group offering multiple banking facilities, namely ATMs, Internet banking and mobile banking.

Senior Bank officials told, “Roll out of the SSBCs is aimed at increasing customer convenience and improving access to financial services.”

Recently SBI Chairman OP Bhatt inaugurated the Centre soon it will be opened for public.

India is possible a unique to country to have an extensive and elaborated program of financial inclusion. Currently it has tied-up with state-run Banks to provide 40 per cent of their lending to customers from the priority sector, including agriculture, artisans, small and medium enterprises and scheduled castes and tribes.

Most of the government owned banks are giving loans to students for pursuing studies, which is growing rapidly.

The public sector banks are also in the process of covering the unbanked sectors of the economy in the urban and rural areas where up till now banking has not reached. In these areas large segment of society remains under the clutches of money lenders, who charge exorbitant rate of interest.

The state-owned banks are also taking new measures to reach out to the less privileged groups and those having problems by virtue of a chance of birth or that developed later on in life. They need compassion and help.

The private sector banks who are earning profit are also reluctant to start such services the Banks like HSBC has already started offering financial inclusion services.

In countries like South Africa, the banking services are highly expensive for common customers. For instance, on not maintaining minimum balance in the account the banks charge for this, there is charge for account statement also.

In spite of a nationwide program of Black empowerment, the black population of South Africa is still poor and finding difficulty in using financial services, including banking and insurance.

According to experts India is being looked as a role model by many countries for other developing countries to follow especially for financial services. India banking sector was not much affected by the global meltdown while the banking sector in the West faced very bad financial crisis. The Indian banking sector financial services include elaborate program of financial inclusion and now special facilities for certain sections like women and small enterprises and the latest special services for visually handicapped persons by the biggest bank of the country.

Public sector banks fix base rate at 8.25%, higher than SBI

Most of the public sector banks were looking at country’s largest lender the State Bank of India for setting their base rates. Now most of them have fixed their minimum base rate in the range of 7.75 per cent to 8.25 per cent, higher than that of market leader SBI.

From July 1, the new rate system has replaced the Benchmark Prime Lending Rate (BPLR) that varies between 11-13.75%. The new lending rate system has been introduced to bring about more transparency in the lending operations of banks.

Bank of Baroda, Oriental Bank of Commerce, Allahabad Bank, Bank of India, Indian Bank and IDBI Bank have set their rate at 8 per cent. Syndicate Bank, Dena Bank and Indian Overseas Bank have fixed it at 8.25 per cent.

Among the private sector banks Dhanalakshmi Bank and DBS Bank India have fixed the rate at 7 per cent, lower than that of SBI, while Karur Vysya Bank’s- Kerala based private sector lender has fixed the rate at 8.5%.

Mangalore based Corporation Bank, State Bank of Mysore and Federal Bank has fixed the rate at 7.75 per cent. UCO bank has fixed its rate at 8 per cent.

Under this new system banks will charge interest rates over the base rate depending on borrower’s credit profile. RBI has clarified that the new system will not be applicable to concessional loans such as agriculture, export and other specified sectors.

The base rate system will be applicable for all new loans as well as existing loans that come up for renewal. Existing loans based on the BPLR system might continue till maturity of the existing contract and will be renewed on the basis of new system.

The existing borrowers have been given the option to switch over to the base rate system before the renewal or expiry of the existing contract without any charges.