Corporation Bank opens exclusive MSME Loan centres in eight cities

Corporation Bank opens exclusive MSME Loan centres in eight cities

Mangaloretoday News

Mangalore, April 30, 2012: With a view to catering to the SME segment in a big way, Corporation Bank declared open exclusive SME Loan centres in eight cities across the country today.

 

In a special Press Meet, held at the head office, Mangalore on 30th April, 2012, to launch these specialized SME Loan Centres, Shri Ajai Kumar, Chairman & Managing Director, Corporation Bank, announced that the new MSME Loan centres would give a fillip to the Bank’s efforts to augment the flow of Bank credit to the vital SME segment and would contribute to the growth of small and medium enterprises.   

 

 

 

 

While briefing about the Bank’s initiatives to provide timely and need-based credit to the MSME entrepreneurs, Shri Ajai Kumar said that the new centres being offered to serve the MSME segment, would facilitate effective use of Hi-tech banking technology available in the Bank, for speedy processing of proposals and making available the banking finance at an attractive rate.

The MSME Sector is the growth engine of our country. They are the nursery beds for the creation of MNCs of tomorrow. In the recent past the Indian markets have grown faster and the Indian industry has a huge ready made domestic demand to cater to,” he said. Shri Ajai Kumar, CMD, added that Corporation Bank has always been in the forefront in extending timely assistance to MSMEs and has responded positively to the demands of this sector. The Bank has drawn appropriate strategies for increasing the credit to this sector and has specialized loan schemes, at attractive interest rates, designed to cater to the specific requirements of the MSME Sector. These MSME Loan Centres are located at Bangalore, Chennai, Coimbatore, Hyderabad, Pune, Mumbai, Vadodara and Delhi and each Centre is ably supported by dedicated team of Relationship Managers and exclusive Central Credit Processing mechanism”, he said.

The Bank’s portfolio under MSME sector as on 31st March 2012 was Rs. 14,542 crore as against Rs. 10,707 crore as at March 2011. The Net Growth of MSME credit is around 25% and aggregating to Rs, 2936 crore. Within the SME sector, the Micro and the small Enterprise portfolio increased from Rs.10,707 crore as at March 2011 to Rs.13,752 crore as on March 2012, accounting a net increase to the tune of Rs. 3,045 crore [28%].

For the current FY 2012-13, the Bank’s target under this segment is Rs.18,300 crore, which is 14% of the projected Net Bank Credit of Rs.1,27,000 crore. Out of the targeted MSME lending of Rs.18,300 crore, Rs.17,000 crore would be deployed under the Micro and Small Enterprises. 

Along with the Customer Centric Approach, Corporation Bank aims for focused growth by adopting a targeted marketing approach that would help entrepreneurs convert their business blue print into a reality not only at a competitive cost but in a shortest possible time.Corporation Bank was the recipient of the “National Award for Excellence”, for lending to Micro Enterprises for 2010-11 by the Ministry of Micro, Small and Medium Enterprises, Government of India.

Shri Ashwani Kumar and Shri A.L. Daultani, Executive Directors as well as Shri K. Ramamurthy and B N Sathish, General Managers were present on the occasion.