A recent press report said that Corporation Bank has received the first prize under the ‘National Award for Excellence in Lending to Micro Enterprises’ for 2010-11 from the Union Ministry of Micro, Small and Medium Enterprises.
Reports said that the award was presented by the President, Ms Pratibha Devisingh Patil, in New Delhi. The award was received on behalf of the bank by Mr. Ramnath Pradeep, Chairman and Managing Director of the bank.
Reports also said that the award was instituted by the Union Ministry of Micro, Small and Medium Enterprises in recognition of the efforts of the banks in lending to micro enterprises. The awards were instituted in 2005-06.
The bank was nationalized in the year 1980; it was the forerunner when it came to evolving and adapting to the financial sector reforms. It became the Second Public Sector Bank in the country to enter capital market, in the year 1997. The bank was the first to introduce Cash Management Services, Gold Banking, m-Commerce, ” Online ” approvals for Educational loans, 100% CBS Compliance and more recently, its pioneering efforts to take the technology to the rural masses in remotest villages through low-cost branch less banking – Business Correspondent model. It also offers home loans, personal loans, business loans, mortgage loan, educational loan etc.