Bank bags ASSOCHAM award 2016 for priority sector lending

Bank bags ASSOCHAM award 2016 for priority sector lending

The Bank has been adjudged “Runner Up” of ASSOCHAM Social Banking Excellence Award 2016 under the “Regional Rural Banks Category”, in recognition of the significant initiatives undertaken by the Bank in the sphere of Priority Sector lending other than agriculture banking . Union Minister of State for Finance Mr. Arjun Ram Meghwal, presented the award to Mr. S Ravindran, Chairman of the Bank at 12th Annual Banking Summit held at Mumbai recently. The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has taken initiative to honour Banks who have done wonderfully well in elevating and uplifting the life of the people from all strata of society especially the lower strata. The bank had disbursed Rs.1057 crore covering nearly 64 thousand beneficiaries last year and during this fiscal the Bank has already disbursed Rs. 659 crore to MSME sector covering 51000 accounts . The Bank is also extending credit facilities to entrepreneurs to take up any enterprise by entering into an MoU with MUDRA (PMMY), STAND UP INDIA, with SIDBI/GoI and also entered into an MoU with GoK/KSRLPS for financing to entrepreneurs under Rajiv Gandhi Chaitanya Yojana (RGCY) .