The State Bank of India (SBI) inaugurated two more Retail Assets Credit Processing Centres (RACPC) in the city, in addition to the existing one in Basavanagudi.
RACPC is set up to process loan applications and sanction loans for retail segment which includes housing, education and vehicle loans. The new centres were inaugurated by A Krishna Kumar, managing director and group executive (national banking) of SBI at Koramangala and Banaswadi.
“The average size of the loan amount sanctioned is about Rs 23 lakh in Bangalore, as compared to Rs 12-14 lakh at the national level. The demand is more here and hence the need to set up three units with 80 employees dedicated to the service,” said Kumar.
The RACPC concept is introduced in order to synchronise and strengthen SBI’s retail financing home loans portfolio.
Speaking on the sidelines, he also mentioned that the bank is targeting a growth of about 25 per cent in retail segment in the current fiscal.