Corporation Bank has been awarded ‘excellence award on empowering MSMEs’ by the Federation of Industry, Trade and Services (FITS). As per bank its MD and CEO Mr. Jai Kumar Garg has received the award from Kalraj Mishra, Union Minister for Micro, Small and Medium Enterprises (MSME), in New Delhi.
As per the MSMEs department, the bank is realizing the needs of this developing sector so offering a range of products and services related to this. It encouraged entrepreneurs by giving interest rate concession to an extent of 50 bps on some guarantee covered accounts.
MSME officials also stated that the bank had reached the regulatory target of 7 per cent of annual net bank credit under micro enterprises for 2015-16. And to make MSMEs lending environmentally sustainable, the Bank has adopted Environment and Social Risk Framework (ESRF) guidelines of World Bank/SIDBI for SME borrowers.
So let’s discuss some questions related to this post :
1. Name the bank which has got the MSME award by the FITS ?
2. Who is the union minister for Micro, Small and Medium Enterprises ?
Courtesy : Hindu Business Line