INSUBCONTINENT EXCLUSIVE:
in 250 districts from Thursday
The launch of "loan melas" is aimed at meeting the demand of borrowers during the festival season
as well as micro-small and medium enterprises (MSMEs) on the spot
National Bank (PNB), Bank of Baroda (BoB) and Corporation Bank will participate in the programme to take advantage of festival season
demand.SBI is the lead banker in 48 districts across the country, whereas Bank of Baroda is the lead banker in 17 out of 250 districts in
the first phase.Bank of Baroda has announced the "Baroda Kisan Pakhwada" event from October 1 to October 16 during which most of its
undertake the outreach exercise in 400 identified districts
Later, the private sector too expressed the willingness to join the initiative.This is part of the systematic bank reform process which
envisioned taking banks to the doorsteps of customers.These camps will provide a one-stop destination for MSMEs, small retail businesses and
norms and due diligence will be followed by public sector banks while disbursing loans, a top official of the public sector bank
said.Awareness camps will be held in these districts to let people know about the event.For spreading information, the banker said, local
vendor associations, commercial organisations and chambers of commerce may also be engaged to spread the message among merchants and
customers.In line with the government's Digital India initiative, the "loan melas" will focus on financial inclusion schemes and digital
payment methods to encourage consumers and merchants to increasingly shift to these payment modes, the sources said.Apart from public sector
banks, non-banking financial companies, housing finance companies, microfinance institutions, the Small Industries Development Bank of India
and private sector banks can also participate in the scheme.The second phase will be in 150 districts and will be held between October 21
and October 25, just before Diwali.Get Breaking news, live coverage, and Latest News from India and around the world on
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