State Bank of India shuns personal loans

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Newly launched State Bank of India (SBI) Botswana will not offer personal loans for the next three years.

 

 The move by the bank not to offer individuals unsecured loans is based on recent statistics that show household indebtedness is extremely high.  SBI managing director and CEO, Sophy Mathew has said they have studied the local market and decided to focus on lending financial support to the corporate sector. “Latest data from both the Bank of Botswana and IMF indicate that household lending is under stress, so we will not be getting into household lending for the next three years,” she said at the bank’s official launch in Gaborone yesterday. 

Editor's Comment
The people have spoken

In fact, early election results in some areas across the country, speak to large voter turnout which suggests that voters crowded at polling stations to decide appropriately. The Independent Electoral Commission (IEC) revealed that 80% of the 1,037,684 people who had registered to vote turned up to exercise their right.It’s unfortunate that at the time of cobbling this editorial comment, results had just started trickling in. We recognise that...

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