Media Release
Pics: Dayanand Kukkaje
Daijiworld Media Network - Mangalore
Mangalore, Oct 27: Corporation Bank launched three new products – Corp Shubha Vivah (loan scheme to meet expenses related to marriege), Corp Ghar Shobha (loan scheme for house renovation/extension/furnishing) and Corp SB Smile (flexi savings deposit scheme for micro traders) here on Wednesday October 27.
The three new products were launched by P Shivashankar, chief executive officer, zilla panchayat.
P Shivashankar in his address said that social pressure is more a matter of concern than financial pressure. These schemes should have been introduced much earlier as they have been long-awaited, he said, and added that loan procedures should be simple and easy so as to be easily understood by the common people.
Narendra Singh, executive director of the Bank greeted the customers and well-wishers on the occasion and said, “Corporation Bank has always been responsive to the social realities and needs. We understand the financial difficulties faced by parents at the time of marriage of their children, especially daughteRs Corp Shubha Vivah is specially designed to take care of the entire marriage expenses”.
On Corp SB Smile Scheme he said, “Hawkers and street vendors are an important link in the overall supply chain in our marketing system. But, they are not formally integrated into the system. Their banking needs are limited. Owing to the limited exposure to education, they are not comfortable with the banking system and hence they try to fulfil their banking needs outside the system with a daily collection account or sometimes a term deposit. The Bank has come up with a novel scheme Corp SB Smile, especially focused to cater to the needs of this segment.”
“Corp Ghar Shobha is designed as a complete housing solution, providing financial assistance for repair, renovation, extension, improvement, and furnishing of house”, Narendra Singh informed.
In his presidential address, Asit Pal, executive director of the Bank said, “Corporation Bank has taken birth in this beautiful district, which is fondly referred to as the Cradle of Banking. The district has contributed immensely to the economical prosperity of the country. Corporation Bank has taken rapid strides in fulfilling the ambitions and aspirations of the founding fathers and customers alike. Today, the Bank, which touches millions of loyal customers and people across the country and strives to bring smile on their face, has come a long way in responding to the varied needs of the vast client base, at the same time discharging its corporate responsibilities. Corporation Bank has been continuing to post excellent results year after year. During the current financial year, the total business of the Bank has crossed Rs 1,66,700 crore as on September 30, 2010 and the net profit of the Bank stood at Rs 685 crore at the close of first half year of the current financial year and the net worth of Corporation Bank has risen to Rs 6460 crore.”
“The new products of our Bank are specially designed keeping in mind the specific needs of the targeted segments. Corp Ghar Shobha, is designed as complete housing solution. Corp Shubha Vivah scheme is an attempt to mitigate the financial burden faced at the time of marriage of their children and repay the loan over a period of time and the novel scheme Corp SB Smile is designed to provide an avenue of savings for the hawkers and street vendors,” he explained.
Asit Pal welcomed the gathering. S M Swathi, general manager and other executives of the bank were present on the occasion. Prabhakar Shenoy, deputy general manager of the Bank proposed the vote of thanks.
Corp Shubha Vivah is designed to take care of the social realities and needs of the people. The product has been specially launched to take care of the expenses related to marriage. Corp Shubha Vivah meets the entire expenses related to marriage such as shamiana, hall booking, food and catering, purchase of jewelery, clothes etc. The loan can be repaid in 7 to 15 years and presently it is priced at a rate of interest of 12% (4.25% above the base rate).
Corp Ghar Shobha offers a complete housing solution to meet the cost of repairs/renovation/extension/improvement/furnishing of house/flat. It even takes care of the requirements of consumer durables like refrigerator, television, washing machine, laptops, digital cameras etc. A maximum loan amount of Rs 10 lac can be availed at metro centres. The loan is repayable in the form of EMI in maximum period of 10 yeaRs Presently, the product is priced at a rate of interest of 10 % (2.25% above the base rate).
Corp S B Smile is a specially designed Flexi Savings Deposit with Sweep Facility for Micro TradeRs With an initial deposit of Rs 200 a person can open an account under this scheme. When the balance in the corp SB smile account touches Rs 6000 the system would automatically transfer in units of Rs 5000 in the SB account.