The Hindu Business Line : SBI's `Karavali Loan Utsav' in Mangalore from Sept 11

ESTABLISHMENT of more number of branches and ATMs and introduction of various facilities for customers in coastal Karnataka seem to be the objectives of State Bank of India under its "Operation Karavali" scheme.

As part of the scheme, the bank will organise a two-day "Karavali Loan Utsav" in Mangalore from September 11. Officials of all SBI branches in Dakshina Kannada and Udupi districts will take part in the utsav.

Addressing presspersons here on Thursday, the Assistant General Manager of SBI, Bangalore, Dr V. Eswaran, said that housing, education and car loans would be sanctioned on the spot in the utsav. There will be a 0.25 per cent reduction in interest rates across the board, and processing fee will be waived. He said, "in the era of competition, we want to make SBI as the first choice of the people of coastal Karnataka with such initiatives."

The Assistant General Manager of SBI, Mangalore, Ms Vijayalaxmi A. Manelkar, said that the bank, which has around 25 branches in the region, has organised nearly 50 events to attract the customers.

To increase its presence, the bank is planning to open 5 to 10 branches in the region. She said that a branch would be opened in Manipal soon.

Plans are also there to set up an ATM for every five-10 km distance in the coastal region. The aim of the bank is to set up 10,000 ATMs in the country by the end of the year.

Sources in the banking industry said that SBI is not the first choice in an "over-banked" coastal region. For this reason, SBI is giving more attention to establish its presence vis-…-vis other banks that have their genesis in the region.

Dr Eswaran said the bank would soon introduce core-banking solution. This will make customers to progress from "branch customers" to "bank customers," he said. The Assistant General Manager, Mangalore, Mr Venkatachalapathy, was present on the occasion.

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