Mangaluru, Sep 10, 2017: Corporation Bank has bagged ‘SKOCH Award for MUDRA Performance – 2017’ and ‘SKOCH Order-of-Merit Award for A Road Map to be Best in Insurance Penetration’ instituted by SKOCH Group for Financial year 2017-18.
D V Subramanya Varma, General Manager, Corporation Bank received the awards on behalf of the bank from the gracious hands of Jiji Mammen, CEO, MUDRA Limited at an award ceremony held in New Delhi on September 8.
Prime Minister’s MUDRA Yojana has provided ample opportunities to the bankers to fund the unfunded and to formalize the informal. Corporation Bank has taken advantage of this scheme and exhibited a better performance and achieved target during FY 2015-16 and 2016-17.
For the benefit of the customers and for speedy disposal of applications under MUDRA Yojana, the bank has taken various initiatives such as extending concession in interest rate to women beneficiaries, facility to apply both online through UdyamiMitra portal and offline. All loans under MUDRA are collateral free loans. Bank has also signed MoU with LIC of India for PMJJBY, a Social Security scheme of the union government to ensure better insurance penetration.