State Bank of India's subsidiary, State Bank of Travancore has introduced a new loan product designed to support unskilled labourers who are being forced to return from Saudi Arabia.
According to Mr. P Nanada Kumaran, Managing Director of State Bank of Travancore, the new loan will provide financial assistance for starting ventures in the agricultural, manufacturing, services and trading sectors.
The project cost should not exceed Rs 20 lakh, Mr. Kumaran said while addressing the annual press conference on Monday.
Norka-Roots, the State government initiative for non-residents welfare will provide 10 per cent of the project cost as subsidy.
SBT proposed to bring down capital expenses and shift to alternate banking channels. It had proposed to spend Rs 120 to 150 crore under this head.
It opened 134 branches during 2012-13, taking the total number to 1,013. This year, it proposed to open 250 more.