According to recent press reports, Corporation Bank, has launched a new loan-linked savings bank account called ‘Corp Mahila Power’. The scheme was launched by Mr. Ramnath Pradeep, Chairman and Managing Director of the bank, at the 12th Commonwealth-India Small Business Competitiveness Development Program in Bangalore. The release said that ‘Corp Mahila Power’ was designed for working women or women with independent source of income. The account stipulates maintaining a quarterly average balance of Rs. 2,500.
The accountholder is provided with personalized cheque book, debit card, any-branch banking, Internet banking and SMS or mobile banking, free of cost. The bank also offers personal accident insurance cover of Rs. 1 lakh to the accountholder. The release said that the accountholder can take a personal loan of up to Rs. 1 lakh, depending on her income. The scheme includes terms as applicable to regular SB & Personal Loan and other loan Accounts.
The bank has planned to recruit 1,200 people this fiscal with an aim to achieve its target of adding 200 branches to its network. The banks processes of opening new branches are on and the expansion will be across the country, particularly in the northern states.