Mangaluru, Dec 06, 2016: Corporation Bank bagged the “Best MSME Bank Award 2016” instituted by The Associated Chambers of Commerce & Industry of India (ASSOCHAM).
Shri Jai Kumar Garg, Managing Direct and CEO of the Bank received the award from the benign hands of Shri Haribhai Parthibhai Chaudhary, Hon’ble Minister of State for MSME, Government of India at the 4th SMEs Excellence Award-2016 held at New Delhi on 6th December 2016.
ASSOCHAM initiated its endeavour of value creation for Indian industry since 1920. Having in its fold more than 300 Chambers and Trade Associations, and serving more than 4 lakh members from all over India ASSOCHAM has witnessed upswings as well as upheavals of Indian Economy, and contributed significantly by playing a catalytic role in shaping up the Trade, Commerce and Industrial environment of the country. ASSOCHAM Best MSME Bank Award seek to identify and honour Banks and provide role model of best practices in MSME lending.
The evaluation has been based on the Performance in MSME segment-Growth, targets, quality, innovation, Technology use to improve reach, service quality, penetration and reporting systems, CSR Activity for Social upliftment, Skill Building Initiatives including training, creating financial literacy and promoting awareness and Technology intervention.
Realizing the importance of MSME segment, Corporation Bank has taken several initiatives like:
Established 177 Specialised MSME Branches for focused lending under MSME.
Online loan application facility for MSME borrowers
Concession in rate of interest to women and SC/ST entrepreneurs
Exceeded the target allotted under Pradhan Mantri MUDRA Yojana for the FY 2015-16 by disbursing Rs. 985 crore to micro units.