Corporation Bank was awarded “National MSME Excellence Award 2017” instituted by the Federation of Industry, Trade and Services on February 10, 2017 at a function in New Delhi. D V Subramanya Varma, General Manager of Corporation Bank received the award from Union Minister of State for Micro Small and Medium Enterprises, Haribhai P Choudhary. The award is instituted by the Federation of Industry, Trade and Services (FITS). Corporation Bank provides various facilities to MSME sector like online loan facility for MSME borrowers, online facility for revival and rehabilitation of MSME, Concessions and collateral free loans up to Rs 2 Crore under Credit Guarantee Scheme. Concessions in interest rate are also offered to women beneficiaries and rated MSME units. Besides, the bank has also organized campaign for growth of MSME sectors.
FITS is a national industry body working in the form of a bridge between the industry and the State/Central authorities to bring about desired reforms in the MSME sector. It has taken many initiatives to bring about the reforms in the MSME sector, especially in finance, quality of production with employability and skill development.A release from the bank here said that it has taken several initiatives recognising the constructive role played by the MSME sector in nation development such as online loan facility for MSME borrowers; online facility for Revival and Rehabilitation of MSME; campaign for growth with various concessions; collateral-free loans up to Rs. 20 crore under Credit Guarantee Scheme of CGTMSE with 50 bps concession in interest rate; and concessions in interest rate.