Corporation Bank institutes SME Awards

Kolkata, Jun 30 (UNI) Recognising the importance of Small and Medium Enterprises (SMEs), Corp Bank has initiated several measures to enhance flow of credit to SMEs and reach 20 per cent growth rate.

As part of its celebration of 100 years, Corporation Bank has decided to institute National SME Awards---'Corp Excel' to encourage the enterprises in the sector. Corp Bank's exposure to SMEs as at March 31, 2006 stood at Rs 2609 cr.

Bank Chairman B Sambamurthy talking to newsmen said, '' SMEs account for 95 per cent of industrial units and 50 per cent of India's total exports. We have decided to institute the awards to recognise the achievements of outstanding entrepreneurs in this field.

Drawing attention to the future plans of the bank, Mr Sambamurthy said the Bank aims to be a one-stop financial shop, besides introducing express counters. He also said the Bank expects to attain a turnover of Rs 1,00,000 cr by 2009.

The SME awards would focus on five areas---Food and Agro based processing sector, Auto component, Drugs and Pharmaceuticals, Textiles and Apparels and general category.

The selection of shortlisted SMEs will be done by a special committee constituted for the purpose.

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