Corporation Bank launches ‘Corp SME Suvidha’ for MSMEs
Corporation Bank recently launched ‘Corp SME Suvidha’, a unique product for GST registered MSMEs at its corporate office in Mangaluru. It was launched by PV Bharathi, Managing Director and CEO of Corporation Bank, in the presence of Gopal Murli Bhagat, Executive Director and General Manager, according to a press release.
According to the bank, the product offers a competitive interest rate structure in the industry and also has various concessions beneficial for a developing entrepreneur. The product is said to have been designed as a part of the bank’s efforts to improve the services offered to MSMEs.
Corporation Bank provides a comprehensive range of innovative and business-friendly banking products and services for MSME entrepreneurs through its branches across the country. There are various loans and advances offered by the banks to MSMEs including, Corp SME Tex Plus Scheme, Corp SME Auto Plus Scheme, Corp SME Credit Card Receivable Funding Scheme, Credit Linked Capital Subsidy Scheme (CLCSS), Technology Upgradation Fund Scheme (TUFS), etc.
The bank has around 177 branches across the country as ‘specialised MSME branches’ that enable online loan application facility for MSME borrowers. In total, the bank has a network of 2,432 branches, 3,049 ATMs, and 4,525 branchless banking units across the country.
Last year, this public sector bank also bagged the award for ‘Best MSME Bank Winner 2018’ instituted by Assocham at the ‘6th Assocham SMEs Excellence Award – 2018’ held in New Delhi. The bank’s DGM, Shivanand Hebbar, received the award from Chief Minister of Meghalaya Conrad K Sangma.
Corporation Bank actively participates in all the government’s flagship programmes to provide a push to the MSME sector, which is a backbone to the Indian economy. The bank states that it has taken various proactive initiatives for MSMEs, including online loan facility for MSME borrowers.