The bank was formed by amalgamation, on the 31st March 2006, of the five banks, sponsored by SBI, to participate more energetically, with synergy, in the uplift and development of Rural Farm Sector and Rural Non-Farm Sector, with emphasis on the deprived, the Rural Poor, Rural ISB and Rural Crafts. The bank offers home loan, personal loan, education loan, agricultural loan, business loan etc.
Purpose – The loan is offered for any scheme or project that generates income or employment is eligible under the scheme.
Type of loan – A composite loan or term loan or working capital loan
Eligibility – The following are eligible for the loan
a) Small artisans
b) Handloom weavers
c) Fishermen
d) Self employed persons
e) Rickshaw owners and other micro entrepreneurs.
(Farm Sector activities like dairy, fishery, sheep rearing etc., can also be covered)
Quantum of Loan – Up to Rs 50,000/-
Disbursements – Direct to Supplier
Repayment – Five years for term loans
Insurance – Will be covered under PAIS