Mangaluru, March 19, 2016: Corporation Bank, a premier Public Sector Bank was awarded “SKOCH Achiever Award” for National SME enablement at New Delhi on 18th March, 2016. Shri. Jai Kumar Garg, Managing Director & CEO of the Bank received the award from Shri. M Venkaiah Naidu, Hon’ble Minister of Urban Development, Housing and Urban Poverty Alleviation and Parliamentary Affairs, Govt. of India.
Bank offers a range of products and services to meet the emerging needs of knowledge based Micro, Small & Medium Enterprises (MSME) and also trying to be digitally smart in terms of high level of digital skill and digital technology. Realizing the constructive role played by MSME Sector in the national development, Corporation Bank has taken several initiatives like:
Collateral free loans up to Rupees One Crore under Credit Guarantee Scheme [CGTMSE].Cost of guarantee cover for loans up to Rupees Ten Lakhs is borne by the Bank and to encourage the entrepreneurs, interest rate concession to the extent of 50 bps is offered.
Concessions in interest rate are offered to women beneficiaries and rated SME units.
Bank offers customized loan schemes to cater to the needs of the MSME sector. Bank has designated 109 branches across the country as “Specialised MSME Branches”. These branches effectively utilize hi-tech banking technology for financing MSME sector at attractive rate of interest.
The MSME advance as on December 2015 stood at Rs.26880 crores with Y-o-Y growth of Rs.2533 crores. Micro Enterprises stood at Rs.10337 crores as on December 2015 and has shown a growth of Rs.2269 crores over December-14.