The Hindu : Business : SME gold card scheme from Corporation Bank

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Tuesday, Jul 25, 2006

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SME gold card scheme from Corporation Bank

Staff Correspondent

Will provide hassle-free and immediate assistance; opens 842nd branch

MANGALORE: Vinod Rai, Special Secretary (Financial Sector), Union Ministry of Finance, launched the Corp SME Gold Card scheme and two other schemes and inaugurated the 842nd branch of Corporation Bank at Indirapuram, Ghaziabad, Uttar Pradesh, on Monday.

Mr. Rai complimented the bank for choosing Indirapuram in the Delhi region and said that it was going to be the future hub for all the commercial activities in the region. The other two schemes launched are: the Corp SME Credit Card Receivable Funding scheme and Corp SME Receivable Funding scheme.

The Corp SME Gold Card scheme provides hassle-free and immediate assistance to take care of the borrowers emergent requirements and temporary mismatch in liquidity by way of short-term additional finance up to 10 per cent of the limit sanctioned without any collateral to the existing loyal SME customers of the bank with nil margin.

The Corp SME Credit Card Receivable Funding provides finance against credit card receivables of SME units, including units which are extending hospitability services, namely, lodges, restaurants, clubs, units in healthcare services and retailers. It helps mitigate the liquidity constraints of SMEs by providing them funds against the receivables from OEMs. The maximum ceiling for finance is Rs. 50 lakh with a margin of 20 per cent, says a release from the bank.

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