Shri S R Bansal, Chairman & Managing Director of Corporation Bank receiving the National Award for Excellence in MSE Lending at the benign hands of Dr. Manmohan Singh, the Hon’ble Prime Minister of India, during the National Awards Function held at Vigyan Bhawan, New Delhi on 1st March 2014.
Mangalore: Corporation Bank has attained the First Rank based on outstanding performance in MSE lending and Second Rank based on excellent performance in lending to micro enterprises. The prestigious National Awards for Excellence were received by Shri S R Bansal, Chairman & Managing Director of the Bank at the benign hands of Dr. Manmohan Singh, the Hon’ble Prime Minister of India, during the National Awards Function held at Vigyan Bhawan, New Delhi on 1st March 2014.
The awards have been conferred by the Ministry of Micro, Small and Medium Enterprises, Government of India. The First National Award under “MSE Lending” and the Second Award for “Lending to Micro Enterprises” were for the financial year 2012-1.
The Micro and Small Enterprises portfolio of the Bank stood at Rs. 21,995 crore as at 31.12.2013 as against Rs.18,555 crore as on 31.03.2013. The Y-O-Y growth under the sector was Rs 5,313 crore (32%). The Bank is constantly taking efforts to improve lending to MSMEs by opening SME Loan Centres with dedicated processing and marketing teams in all major centres.
Realizing the constructive role played by MSME Sector in national development, Corporation Bank, a premier Public Sector Bank has taken several initiatives to promote the segment and ensure adequate and timely credit to the vital sector. Some of the initiatives are as under:
- Collateral free loans are offered up to Rupees One Crore under Credit Guarantee Scheme [CGTMSE].
- The Bank is bearing the cost of guarantee cover for loans up to Rs. 10 lakhs. To encourage the entrepreneurs, interest rate concession to the extent of 50 bps is offered below the card rate for loans covered under the guarantee scheme.
- Concession in interest rate (0.25% below the prevailing card rate) is offered to women beneficiaries to set up Micro and Small Enterprises.
- The Bank has customized loan schemes to cater to the needs of the MSME sector.
Corporation Bank is committed to extend its best services to Micro, Small and Medium Enterprises at a very competitive price and shall remain a hand holding partner in a journey of togetherness in realizing the entrepreneur’s dreams.