Corporation Bank lauded for innovative thinking

Bank managers, who sanction loans, should be monitored strictly, Basavaraj Patil Sedam, MP, told The Hindu on Wednesday.

He was speaking as part of a 10-member team of Members of Parliament and officials visiting Mangalore as part of a Parliamentary Standing Committee on Industry. The committee is headed by Tiruchi Siva, MP. The team started its tour from Mangalore. It will next visit Mumbai, Goa and Bangalore.

Mr. Sedam said that Corporation Bank is doing well in terms of granting loans to small and medium enterprises (SMEs). It is one of the best banks in the SME segment and has showed innovative thinking and creating products for the sector.

This is good because small-scale industry is the source of 8 per cent of the GDP and 45 per cent of the country’s exports.

He said that Mangalore Refinery and Petrochemicals Limited (MRPL) has been advised to go in for modernisation using research and development.

The company has challenges with regard to procuring crude oil, which it buys from the world market. It is completely dependent on the price of the raw material. The company goes through much financial ups and downs. There are several factors affecting its performance. Sometimes it does well and sometimes it may not, but is able to manage well because of a good past record.

Other issues discussed by the team were about people working on contract and issues worrying employees in MRPL.

About the discussions with Kudremukh Iron Ore Corporation Limited (KIOCL), he said that its officials had stated that they have found some new products and that they are willing to work along any plan that is in accordance with law. It is grappling with two challenges. One is that it has no iron ore production (of its own) and the other, iron ore coming from Bellary has stopped.

Mr. Sedam said: “We are trying to do something but there are problems. I belong here (Karnataka) and I know that the people of this region have a lot of concern for environment.”

Susheel Chandra, General Manager (HR), MRPL, told The Hindu that the Rajya Sabha Secretariat had organised the visit of the MPs and the team included officials from the Department of Public Enterprises (DPE). Issues to be taken up with the Ministry of Petroleum and Natural Gas, Ministry of Finance and Ministry of Steel and Mines were discussed.

P.P. Upadhya, MRPL, said that he had discussed with the House committee MRPL’s work done over the past five years.

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