Rajkot, October 18: Country's largest public sector lender State Bank Of India (SBI) has launched two new schemes - Reverse Mortgage Loan and SBI Home Cash - for people in Gujarat.
The Reverse Mortgage Loan has been specially designed for senior citizens, SBI Chief General Manager and Gujarat Circle Head H C Patnaik told reporters in Rajkot on Wednesday night.
Under the scheme, as senior citizens have inadequate income to support themselves, bank makes payment to the borrower against mortgage of his property, either by way of periodic instalments or lump sum payment.
The Home Cash product has been launched to meet any personal exigencies, he added.
On the bank's Non Performing Assets (NPA), Patnaik said SBI's performance in its gross NPA has improved. It has
reduced from 3.88 per cent to 3.15 per cent till Sept-07, which is better then the industry average in Gujarat.
Besides banking service, SBI was also concentrating on social works by adopting girl children and organising blood donation camp.
"More than 300 girl children have been adopted so far and our target is to adopt 1,000 girls in all by the current academic year," Patnaik said, adding that the bank will provide financial help and bear their educational expenses.
The bank has also extended support to 85 children affected by thalassemia and organised over 60 blood donation camps to provide blood to needy children, he added.
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