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Karnataka Bank has benefited from the Union Budget of 2016-17 focus on reviving the rural economy and doubling rural income.
This could support rural consumption demand more enduringly going forward as many MSMEs may benefit in the hinterland that may ultimately lead to increased business opportunities for banks.
The Centre’s reform-oriented initiatives such as ‘funding the unfunded’ through Pradhan Mantri Micro Units Development and Refinance Agency (Mudra) Yojana, Skill Development scheme opening up job opportunities for a vast majority of young Indians, smart cities mission, ‘Make in India’ initiative to facilitate investment, foster innovation, enhance skill development, protect intellectual property and build best in class manufacturing infrastructure, determination to ease business environment etc will augur well for the banking industry and your bank is also poised to capture the opportunities to expand its business in the coming years.
Bank has also provided facilities such as online application system and credit proposal tracking system for Micro, Small and Medium Enterprises (MSME). This has helped the bank put in place under which entrepreneurs/applicants can submit applications online for credit facility from any branch of their choice and track the status of such applications besides tracking the status of their applications submitted directly at branches.
“Bank has also established a special purpose vertical called IT-enabled Business Solution Cell i.e. “IT Bus Cell”, which is expected to identify/provide/enable IT-based solutions to the business and other units of the bank by conceiving/conceptualising new products, services and processes ultimately to enhance the customers satisfaction,” said a senior Bank official.
Recently, the bank launched a system that enables customers to submit online applications for MSME credit to be availed themselves of at any of the bank’s branches. They will also be able to track the status of their applications, which would be intimated through e-mail. Apart from online application tracking, the system will also enable customers to track applications for MSME credit submitted directly at branches.
The bank has hosted a number of loan products to suit the requirements of MSMEs, it said. The bank has 160 specialised MSME branches spread over 100 clusters of 16 States for lending to this sector.
Bank has also won many accolades like MSME Banking Excellence Awards in 2015 [Runner Up] for Eco -Technology Emerging Banks, instituted by CIMSME [Chamber of Indian Micro Small & Medium Enterprises]. Bank has also been awarded for Export Excellence for MSME by the Federation of Indian Export Organisations -Western Region.
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