A recent press report said Public sector Corporation Bank and Andhra Pradesh Small Scale Industries Association (APSSIA) have signed an MoU to support small and micro industries in the city and its surrounding areas.
According to reports, Mr. B. Laxminarayna, Corporation Bank Deputy General Manager (Vijayawada region) and Mr. D. V. K. Rama Rao APSSIA President signed the memorandum of understanding in the presence of Mr. K. Pardhasaradhi Andhra Pradesh Minister for Secondary Education.
Reports said that the bank will have to provide finance to micro and small industries to the extent of Rs. 5 lakh without any collateral security, according to the agreement. The Association will identify the industries and recommend them to the bank for financing. The MoU will benefit a number of small and tiny industries in Autonagar and industrial estate of Vijayawada. Mr. Laxminarayna said that the MoU is first of its kind in the state.
Corporation Bank was started about 105 years ago in 1906, with an initial capital of just Rs.5000, it has recorded Rs. 2,00,000 Crore mark in business and even far more, with over 5000 service outlets across the nation, served by committed and dedicated 13,000 plus Corp Bankers. It offers a variety of loans to choose from. The various retail loans are given as ‘Corp Schemes’ highlighting the traditional Corp Bank commitment on giving the best in terms of service, speedy disposal and of course at very competitive interest rates. Corp Bank offers Housing Loans, Education Loans, Consumer Loans, loans against shares, loans for purchase of medical and other such sophisticated equipments, loan to acquire office premises/building and furniture, personal loans, loans to women to buy pure gold/jewellery, loan against mortgage of property etc