The State Bank of India (SBI) has introduced ‘SBI Asmita’, a collateral-free digital SME loan designed to support women entrepreneurs in expanding their businesses. The bank also unveiled the ‘Nari Shakti’ platinum debit card, catering to the diverse financial needs of women across various sectors.
SBI Asmita: A Digital Boost for Women-Led Businesses
SBI Asmita leverages a digital, paperless process to ensure quick and hassle-free loans for women-led Micro, Small, and Medium Enterprises (MSMEs). Using API-driven data verification, the system assesses applicants’ GSTIN records, bank statements, and credit history without requiring physical documentation.
Key benefits of SBI Asmita include:
- Collateral-free loans for women entrepreneurs
- Faster approvals through digital verification
- Support for working capital and business expansion
- Exclusive entrepreneurial and management training for top-performing women borrowers
Speaking about the launch, SBI Chairman Challa Sreenivasulu Setty stated, “SBI Asmita is crafted with the vision of providing faster and easier finance to women-led MSMEs through a fully digital and self-initiated process.”
‘Nari Shakti’ Debit Card: Financial Freedom for Women
The ‘Nari Shakti’ platinum debit card, powered by RuPay, is made from 100% recycled plastic and is designed to cater specifically to women. The card offers:
- Discounts and offers on shopping, travel, and entertainment
- Free airport lounge access (domestic and international)
- Insurance benefits and lifestyle perks
SBI Managing Director – Retail Banking & Operations, Vinay Tonse, noted that SBI Asmita and the Nari Shakti debit card reflect the bank’s commitment to women’s financial empowerment and sustainable banking initiatives.
Also read: MSME Credit Growth Rises, But Gaps Remain
Expanding Financial Services for Women NRIs
In a related development, Bank of Baroda (BoB) has launched the “bob Global Women NRE & NRO Savings Account”, specifically for women Non-Resident Indians (NRIs). The account offers:
- Higher interest rates through auto sweep facilities
- Concessional loan rates on home and auto loans
- Free personal and air accident insurance coverage
- Zero locker rental fees
With these initiatives, SBI and Bank of Baroda are reinforcing their commitment to empowering women entrepreneurs and professionals through tailored financial products. As digital banking solutions continue to evolve, these initiatives are expected to enhance financial inclusion for women-led enterprises and NRIs across the country.