State Bank of India (SBI) has so far installed 45 ATMs all over Nagaland covering 7 districts out of 11district headquarters. A statement issued by SBI regional business office informed that the bank would be covering four other districts very soon.
According to the statement, there are 50 branches spreading across all 11 districts.
All branches are connected by the core banking system and the customer of one branch in Nagaland is the customer of all 14000 branches of State Bank of India in India and abroad.
The bank has opened 40,000 accounts this financial year, covering large number of students and farmers.
Bank has also sponsored 75 of farmers clubs during the financial year, of which about 50 clubs have also been aided by the NABARD.
Besides providing technological banking, instant money transfer, financial planning and wealth management services, the State Bank of India has also been extending community services banking by recognising the need of charitable institution engaged in managing orphanage and old age home.
Every year, the bank earmarks 1% of its profit for contributing to activities under corporate social responsibility. Under which, 111 number of girl children were adopted by State Bank of India incurring an expenditure of Rs.6.5 Lakhs per annum, vehicles were donated to charitable organisations, institution, societies incurring an average expenditure of Rs.3 lakhs.
State Bank of India also donates to different organisations, societies, in the form of materials like computers, furniture as well as financial aid for social and economic development.
Credit deposit ratio of State Bank of India stands at 42% vis-à-vis 33% of all banks in Nagaland. However, whole state credit deposit ratio is not reflective of the bank’s performance in various district and backward area of the state.
The bank’s loan given to the Nagaland stands at Rs.935.22 crore against deposit of Rs.2233.18 crorers.