Corporation Bank has launched three products in Mangalore - Corp Shubha Vivah (loan scheme to meet expenses related to marriage), Corp Ghar Shobha (loan scheme for house renovation/extension/furnishing) and Corp SB Smile (flexi savings deposit scheme for micro traders). The products were launched by P Shivshankar, chief executive officer, zila panchayat.
Narendra Singh, executive director of the Bank 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”.
While explaining about the 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 fulfill 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.”
Narendra Singh said, “Corp Ghar Shobha is designed as a complete housing solution, providing financial assistance for repair, renovation, extension, improvement, and furnishing of house.”
Products
Corp Shubha Vivah loan has been designed specially to take care of the expenses related to marriage. The loan will cover the entire expenses related to marriage such as shamiana, hall booking, food and catering, purchase of jewelry, clothes, etc. The loan repayment period is 7 to 15 years and at present bank is offering loan at an interest rate of 12% (4.25% above the base rate).
Corp Ghar Shobha is a loan designed to provide complete housing solution. The loan covers cost of repairs/renovation/extension/improvement/furnishing of house/flat. This loan also covers consumer durables like refrigerator, television, washing machine, laptops, digital cameras etc. In the metro centers the maximum loan amount is Rs 10 lac. The loan can be repaid in the form of EMI in maximum period of 10 years. At present the rate of interest is 10% (2.25% above the base rate).
The third product Corp S B Smile is a loan specially designed Flexi Savings Deposit with Sweep facility for Micro Traders. Under this scheme an account can be opened with an initial deposit of Rs 200. When in Corp SB Smile account balance touches to Rs 6000 the system will automatically transfer in units of Rs 5000 in the SB account
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In the quarter ended June 2010 Indian Bank posted unexpected spurt in NPA, in the quarter September 2010 banks like U Co bank and Union bank has exhibit unparallel growth in NPA and in coming quarter many more banks will follow the way to register addition of maximum bad assets in NPA portfolio to include their bank in the list of best performing banks. Government in USA realized the guilt after much damage and Obama openly admitted that banking culture in USA was not as good as it was portrayed by financial experts. Similarly Indian government will also realize after losing lacs of crores in NPA and when most of the banks will face survival crisis. Already government of India has infused lacs of crores as capital in PSU banks to keep them healthy during last one decade.
Now CMD of the bank which has shown abnormal fall in profit and abnormal increase in Non Performing Assets (NPA) should introspect and assess policy of allowing recruitment of direct officers in scale II,III and scale IV and even scale V or VI superseding and humiliating several working officers who have been devotedly working in the bank for last two three decades but who are not having any God father to ensure promotion and good posting .Such high profile CMD and ED should get the work of existing executives assessed from unbiased honest team of officers of other banks and also ascertain how much NPA has been added by existing team of executives only due to their malicious intention. The outcome of such inquiry will make it clear that selection of executives was also wrong and judgment of such executives is also ill motivated. Top executives are mostly indulged in corrupt practices and hence stinking and polluted water is flowing from the top. It is top officials who have inculcated bad practices in the bank and are mainly responsible and punishable for wide spread frustration and depression in officer community. Employees in general are not interested to give their all to the bank. They think it better to keep patience till the corrupt lobby is exposed or kicked out. “Na Nau Man Ghee Hota Hai Aur Na Radha Nachti Hai” this is why entire talk of growth of Bank appears Bakwas to the banker who works at ground level.
However, even now, If bank’s big bosses are still not ready to accept their guilt, bank should prepare a list of Regional Heads and rank their performance on the basis of total amount of NPA they have added during last three year or five years. Regional Head who contributed maximum NPA should be ranked as number one star performer as per tradition of the Bank. Gold medal should be given to the Regional Head who has contributed maximum NPA in last one decade.
Hitherto officers mobilizing maximum deposits were treated as Star Performers even though they indulged in bad quality of lending. Now the time has come to identify officers who contributed maximum NPA. Time has come to identify Top ten Regional Heads whose selection of BM and whose ‘Kabile Tarif’ management helped in addition of maximum NPA in the bank .gold medal should be given to those Branch Manager who have contributed maximum NPA in shortest span of time and also to those BMs who have a track record of generating NPA in branches. Special prize should be given to BM (and regional head) who has produced crores of NPA in one year of opening of Branch. Human Resource Department should now prepare History of each executive at least for last ten years which can precipitate the name of executives and Branch Managers who have contributed maximum bad assets to bank.
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