SBI commercial branch premises inaugurated in Guntur

The new premises of the specialised commercial branch (SCB) of the State Bank of India was on Tuesday inaugurated in Guntur to cater to the needs of the business enterprises.

Shyamal Acharya, Deputy Managing Director & Group Executive, mid corporate group of SBI, inaugurated the branch to be headed by V Sambasiva Rao, assistant general manager.

The SBI formed the mid-corporate group in 2004 to cater to the need of the business enterprises having annual turnover between Rs 50 crore to Rs 500 crore.

Sticking to its corporate style of functioning of late, the SBI will look after the business needs of corporates through relationship managers besides the fully-equipped international banking division dedicated to imports and exports, the bank officials said.

The bank will ensure that the forex needs like in-land and foreign LCs, bank guarantees, remittances are handled meticulously.

The SCB is the largest such branch in Guntur district. It has 30 mid-corporate companies engaged primarily into textile, tobacco, cotton, power and education.