Corporation Bank intense To Contribute In MSME Sector’s Growth!

On Wednesday, Corporation Bank officials reinstated their commitment towards the micro, small and medium enterprises sector by announcing that the bank has been eager to continue with helping in the growth of the sector and opening new branches in unreached areas.

spYy120014PM1042014 The bank’s new branch was  inaugurated in Bangalore and at the  inaugural event, chairman and MD S  R Bansal said that last year the bank  recorded 30 per cent growth in the  MSME sector and this year they are  aiming at 10 per cent more. The  bank sees huge potential in this  sector and the bank will contribute  to this sector’s growth, as per Bansal.  Last year, 314 branches of the bank were opened and 500 more are there in the pipeline. Bansal said more that among last year’s 314 branches, 111 were opened in unbanked areas. As per RBI norms, 25 per cent of Corporation Bank’s branches should be in unbanked areas but the limit was crossed last year. The focus is still there on the unbanked areas.

The Bangalore branch, with a ‘24 x 7 e-Lobby’, was opened on Wednesday by Karnataka Government’s additional chief secretary of Commerce and Industries Department, K Ratna Prabha. As detailed by Bansal more, the bank has two overseas branches presently, in Dubai and Hong Kong. The process of opening more overseas branches is halted now as RBI is no more granting provision for the same. When granting resumes, the bank will apply for more abroad branches.

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