India's largest lender State Bank of India has said that it has identified 7 lakh accounts, which were opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), for providing overdraft facility.
Commenting on the issue, SBI Chairman Arundhati Bhattacharya told the media, "We have identified 700,000 account holders who can take overdraft facility. Under financial inclusion, we have just crossed 10 crore accounts."
"Seven lakh loans (taking overdraft) will be provided for personal purposes also, not necessarily for entrepreneurship. These are small loans. Amount of loans depends up on account holder's turnover. This is basically for the people who have sufficient turnover in their accounts in order to get an overdraft," she added.
As per reports, with the help of evolving technology, the bank is looking at franchise model in which a person can provide all the banking services seamlessly and it helps to expand bank's reach.
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