Corporation Bank bags 'Best MSME Bank Award' | SupportBiz

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Corporation Bank bags 'Best MSME Bank Award'

 
The Corporation Bank bagged the ‘Best MSME Bank Award 2016’ instituted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Bank MD and CEO Jai Kumar Garg, received the award from Haribhai Parthibhai Chaudhary, Minister of State for Micro, Small and Medium Enterprises at the 4th SMEs Excellence Award-2016. ASSOCHAM initiated its endeavour of value creation for Indian industry since 1920.
Having in its fold more than 300 chambers and trade associations and serving more than 4 lakh members from all over India, ASSOCHAM has witnessed upswings as well as upheavals of Indian Economy. 
 
It has also contributed significantly by playing a catalytic role in shaping up the trade, commerce and industrial environment of the country. ASSOCHAM Best MSME Bank Award seeks to identify and honour banks and provide role model of best practices in MSME lending.
 
The evaluation has been based on the performance in MSME segment—growth, targets, quality, innovation, technology use to improve reach, service quality, penetration and reporting systems, CSR activity for social upliftment, skill building initiatives including training, creating financial literacy and promoting awareness and technology intervention.
 
Some of the key initiatives of the bank on MSME includes:
 
Established 177 Specialised MSME Branches for focused lending under MSME.
 
Online loan application facility for MSME borrowers
 
Concession in rate of interest to women and SC/ST entrepreneurs
 
Exceeded the target allotted under Pradhan Mantri MUDRA Yojana for the FY 2015-16 by disbursing Rs. 985 crore to micro units.