Corporation Bank Launches Three New Products
Mtoday news
Mangalore, Oct 27: Three new products of Corporation Bank were launched by P Shivashankar, chief executive officer, zilla panchayat, here on Wednesday October 27. Corp Shubha Vivah , Corp Ghar Shobha and Corp SB Smile are the products launched today. Speaking on the occasion he said “These new schemes will be of great help for the low income group of our society”. He hoped that these new products be made available to the needy in easy terms and procedures.
Mr Narendra Singh, Executive Director of the Bank greeted the customers and well-wishers on the happy occasion of launching of three new products. Speaking on the occasion he said, “Corporation Bank has always been responsive to the social realities and needs. We understand the financial difficulties faced by parents at the time of marriage of their children, especially daughters. Corp Shubha Vivah is specially designed to take care of the entire marriage expenses”. On Corp SB Smile Scheme he said, “Hawkers and Street Vendors are an important link in the overall supply chain in our marketing system.
In his presidential address, Mr. Asit Pal, Executive Director of the Bank said, “Corporation Bank, has taken birth in this beautiful district, which is fondly referred to as the Cradle of Banking. The District has contributed immensely to the economical prosperity of the country. Corporation Bank has taken rapid strides in fulfilling the ambitions and aspirations of the founding fathers and customers alike. Today, the Bank, which touches millions of loyal customers and people across the country and strives to bring smile on their face, has come a long way in responding to the varied needs of the vast client base, at the same time discharging its corporate responsibilities. Corporation Bank has been continuing to post excellent results year after year. During the current Financial Year, the Total Business of the Bank has crossed Rs.1,66,700 crore as on 30th September, 2010 and the Net Profit of the Bank stood at Rs.685 crore at the close of first half year of the current financial year and the Net Worth of Corporation Bank has risen to Rs.6,460 crore.”
Smt S M Swathi, General Manager, Corporation Bank, said “the new products of our Bank is launched today are specially designed, keeping in mind the specific needs of the low income group” Corp Ghar Shobha, is designed as a complete housing solution. Corp Shubha Vivah scheme is an attempt to mitigate the financial burden faced at the time of marriage of their children and the novel scheme Corp SB Smile is designed to provide an avenue for savings for the Hawkers and Street Vendors”, she added.
Corp Shubha Vivah is designed to take care of the social realities and needs of the people. The product is specially launched to take care of the expenses related to marriage. Corp Shubha Vivah meets the entire expenses related to marriage such as Shamiana, Hall Booking, Food & Catering, Purchase of Jewellery, Clothes etc. The loan can be repaid in 5 to 7 years and presently it is priced at a rate of interest of 12% (4.25% above the base rate).
Corp Ghar Shobha offers a complete housing solution to meet the cost of repairs / renovation / extension / improvement / furnishing of house / flat. It even takes care of the requirements of consumer durables like Refrigerator, Television, Washing Machine, Laptops, Digital Cameras etc. A maximum loan amount of Rs. 10 lakh can be availed at Metro Centres. The loan is repayable in the form of EMI in maximum period of 10 years. Presently, the product is priced at a rate of interest of 10% (2.25% above the base rate).
Corp SB Smile is a specially designed Flexi Savings Deposit with Sweep Facility for Micro Traders. With an initial deposit of Rs. 200 [Rupees Two Hundred] a person can open an account under this scheme. When the balance in the Corp SB Smile Account touches Rs. 6,000 [Rupees Six Thousand] the system would automatically transfer in units of Rs. 1,000 [Rupees One Thousand] to Fixed Deposit leaving a minimum balance of Rs. 5,000 [Rupees Five Thousand] in the SB account.
Mr. Devraj, Director, SDM Management institute, Mr. Ganesh Kanchgar, DGM and other executives of the bank were present on the occasion. Prabhakar Shenoy, deputy general manager of the Bank proposed the vote of thanks.