Mangaluru :

City based Corporation Bank bagged MSME Banking Excellence Awards – 2014 instituted by Chamber of Indian Micro Small and Medium Enterprises. The Bank bagged two awards under the categories ‘Best MSME Bank award for other bank (winner)’ and ‘Best Bank award (runner up)’. S R Bansal, chairman and managing director of the bank received the award from KalrajMishra, Union minister for MSME at the award ceremony in New Delhi.

CIMSME is a non-profit organization which represents interest of companies in SME sector with banks, financial institutions, concerned ministries and organizations to promote bilateral dialogue for benefit of MSMEs. The awards are evaluated by knowledge partner of the process – PWC. The evaluation has been based on parameters like overall bank performance, infrastructure available with the bank, priority sector lending, among others.

Realizing the constructive role played by MSME sector in the national development, Corporation Bank has taken several initiatives that include collateral free loans up to Rs 1 crore under Credit Guarantee Scheme, cost of guarantee cover for loans up to Rs 10 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.

The Bank offers customized loan schemes to cater to needs of MSME sector. Bank has launched SME loan centres across the country. Each SME centre is ably supported by dedicated team of relationship managers and exclusive processing mechanism. These exclusive SME centres will facilitate effective use of hi-tech banking technology available in the Bank, for speedy processing of proposals and making available bank finance at an attractive rate.

source: http://www.timesofindia.indiatimes.com / The Times of India / Home> City> Mangaluru / by Jaideep Shenoy, TNN / January 12th, 2014