The back office of the State Bank of India (SBI), the largest lender by assets, has shot off letters to its 810,000 small- and medium-enterprise customers, offering them pre-approved collateral-free loans to restart their businesses. While 7,000 SBI branches are engaged in the sanction and disbursements of such loans, chairman Rajnish Kumar is monitoring the progress in real time.
The scene is no different in other public sector banks. The bosses of SBI’s neighbours at Mumbai’s business district Nariman Point — Union Bank of India and Central Bank of India — ...
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