On International Women’s Day 2025, which Indian bank launched ‘Asmita’, a collateral-free digital SME loan tailored for women entrepreneurs?

Correct option is C

The correct answer is (c) State Bank of India

• On March 7, 2025, the State Bank of India (SBI) launched ‘Asmita’, a collateral-free digital SME loan aimed at empowering women entrepreneurs.

• The loan is designed to offer low-interest rates and faster processing for women-led micro, small, and medium enterprises (MSMEs).

• Digital verification using GSTIN, bank statements, and credit bureau data eliminates the need for physical documentation, making it more accessible for women entrepreneurs.

• The loan is part of SBI’s commitment to empowering women and supporting their business ventures.

• SBI also launched the ‘Nari Shakti’ platinum debit card, providing benefits for women in areas like shopping, travel, and insurance.

Information Booster:

• State Bank of India (SBI):

  • Founded: 1806 as the Bank of Calcutta; rebranded as State Bank of India in 1955 after the merger of the Imperial Bank of India and several state banks.

  • Significance: It is the largest public sector bank in India, with a wide network of branches and ATMs.

  • Headquarters: Mumbai, Maharashtra.

  • Role: SBI plays a crucial role in providing loans, financial services, and credit facilities to individuals, businesses, and the government.

  • Women Empowerment Initiatives: SBI has numerous initiatives to promote financial inclusion for women, such as ‘SBI Asmita’, and other schemes offering tailored financial services to women entrepreneurs.

• Bank of Baroda (BoB):

  • Founded: 1908 in Baroda, Gujarat.

  • Significance: BoB is one of India's oldest and largest public sector banks, with operations across multiple countries.

  • Headquarters: Vadodara, Gujarat.

  • Role: BoB provides a range of banking services, including savings accounts, loans, and investment products. It also supports women entrepreneurs through initiatives like the ‘Baroda Ghar Loan’, designed to empower women by offering affordable housing loans.

• HDFC Bank:

  • Founded: 1994 as Housing Development Finance Corporation Limited (HDFC).

  • Significance: HDFC Bank is one of the leading private sector banks in India, known for its innovation and customer-centric services.

  • Headquarters: Mumbai, Maharashtra.

  • Role: HDFC Bank offers a wide range of financial products, including savings and current accounts, loans, and investment solutions. It also offers financial products specifically designed for women, such as the ‘Smart Woman Savings Account’, which provides benefits to women customers, including discounts and easy access to financial services.

• Axis Bank:

  • Founded: 1993 as UTI Bank and later rebranded as Axis Bank in 2007.

  • Significance: Axis Bank is one of the top private sector banks in India, with an extensive range of banking and financial products.

  • Headquarters: Mumbai, Maharashtra.

  • Role: Axis Bank provides various services, including loans, mortgages, and investment solutions. It has also launched several initiatives for women, such as the ‘Axis Bank Women Empowerment’ program, which focuses on providing financial education and products to women entrepreneurs.