Indian Bank, one of the leading public sector banks in the country, has launched its flagship business mentoring program for MSME entrepreneurs ‘MSME Prerana’ in the state of Rajasthan. Indian Bank’s unique program, “MSME Prerana”, is a first-of-its-kind initiative for MSME Sector in the country by any bank.
MSME Prerana: Aim
It is aims at empowering MSME Entrepreneurs through skill development and capacity building training in their local languages, assisting them in acquiring necessary financial and managerial skills, capacity to handle crisis in business, understanding of dynamics of credit rating and risk management. The training program is in collaboration with M/s Poornatha & Co, a firm that designs entrepreneurial development program in vernacular languages using online web interactive sessions and case studies. Indian Bank has already conducted this online program in 7 languages across 10 states.
What is Micro Small and Medium Enterprises (MSME)?
The Ministry of Micro, Small and Medium Enterprises is the ministry in the Government of India. It is the apex executive body for the formulation and administration of rules, regulations and laws relating to micro, small and medium enterprises in India. MSMEs are regulated under the ‘Micro, Small and Medium Enterprises Development Act, 2006’. The law had defined MSME in India. The enterprises or businesses which are engaged in either manufacturing or service sector are defined as Micro Small or Medium enterprises on the basis of their turnover (sales) and investment in plant and machineries.
Enterprises with an annual turnover of less than Rs 5 crore and the maximum investment in plant and machinery or equipment shall not be more than one crore rupees.
The enterprises where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees;
The enterprises where the investment in plant and machinery or equipment does exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
Important takeaways for all competitive exams:
- On 1 April 2020 Allahabad bank was merged with Indian Bank;
- Indian Bank Headquarters: Chennai;
- Indian Bank MD and CEO of Indian Bank: Shanti Lal Jain;
- Indian Bank Tagline of the bank: Your own Bank.
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