Corporation Bank launches Corp SMESuvidha for MSMEs

MANGALURU: Corporation Bank has launched ‘Corp SMESuvidha’, a unique product for GST registered MSMEs. P V Bharathi, managing director and CEO, Corporation Bank launched the product at bank's corporate office here in the presence of Gopal Murli Bhagat, executive director and general managers. Corp SMESuvidha has competitive interest rate structure in the industry and also has various concessions suiting the developing entrepreneur.
The product is designed as a part of the bank's efforts to improve the service and to provide best products to MSME sector.Corporation Bank is committed to extend its best services to MSMEs. Bank is actively participating in all the government’s flagship programs namely MUDRA and stand-up India to provide a much needed push to MSME sector. Bank has taken several proactive initiatives for MSME such as online loan facility for MSME borrowers.
PMJJBY/PMSBY claims settled
Corporation Bank has settled 987 claims under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) during FY 2018-19. The Bank settled 776 claims under the PMJJBY which provides insurance cover for citizens of India in the age group of 18 to 50 at an annual premium of Rs 330. During April 2019, the Bank has settled 45 claims under the scheme, the bank stated in a separate release.
The bank during last fiscal also settled 211 claims under PMSBY and 10 claims during April. PMSBY provides accident insurance cover to Indian citizens in the age group of 18 to 70 years at a premium of Rs 12 per annum. PMJJBY and PMSBY are government-backed life insurance scheme and accident insurance scheme, respectively launched by the PM. Schemes are linked to SB account and premium is deducted automatically from insured's bank account.