Indian Bank Introduces Groundbreaking 'MSME Prerana' Program in Karnataka

by Psu Connect
Date: 25-08-23

Distinguished as a pioneering initiative, "MSME Prerana" stands as the first-of-its-kind program in the country's MSME sector initiated by a bank.

Indian Bank Introduces Groundbreaking 'MSME Prerana' Program in Karnataka

Karnataka: Indian Bank has taken a momentous step towards bolstering the entrepreneurial landscape in Karnataka with the launch of its flagship Business Mentoring Program, ‘MSME Prerana’. The program was inaugurated today by Dr. Bhagwat Kishanrao Karad, Hon’ble Minister of State in the Ministry of Finance, Government of India.

The event witnessed the presence of key dignitaries including Shri Imran Amin Siddiqui, Executive Director, and Shri Vikas Kumar, Chief General Manager (Retail & MSME) from Indian Bank. The ceremony, graced by the attendance of Shri Sudhir Kumar Gupta, Field General Manager, Bengaluru, alongside other senior officials of the bank and prominent MSME entrepreneurs, was nationally webcasted.

Distinguished as a pioneering initiative, "MSME Prerana" stands as the first-of-its-kind program in the country's MSME sector initiated by a bank.

The program made its inaugural appearance in October 2020 under the auspices of the Hon’ble Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, at the corporate headquarters of Indian Bank in Chennai. The central objective of this training initiative is to empower MSME entrepreneurs through skill enhancement and capacity-building exercises, conducted in the local language.

The program is meticulously designed to equip MSME entrepreneurs with vital financial and managerial skills, crisis management acumen, insights into credit rating dynamics, and risk mitigation strategies. The program operates in partnership with M/s Poornatha & Co., a firm specializing in developing entrepreneurial programs in vernacular languages through interactive online sessions and real-world case studies. This novel training approach has been successfully conducted across 10 states in 7 different languages, garnering high praise from entrepreneurs for its contribution to the seamless operation of their businesses.

In its Karnataka venture, Indian Bank is fully committed to conducting the program exclusively in the Kannada language. Entrepreneurs, nominated by various branches of Indian Bank spread throughout the state, will partake in this comprehensive training endeavor.

Shri Vikas Kumar commended the Government of India's initiatives that strive to fortify the MSME sector through financial aid, thereby contributing to the nation's economic growth. Shri Imran Amin Siddiqui, Executive Director, emphasized the substantial potential and employment opportunities inherent in the MSME sector. He underscored how 'MSME Prerana' would complement the efforts of business entrepreneurs by nurturing essential skills, enabling them to effectively utilize the diverse schemes provided by the Governments of Karnataka and India while efficiently managing their enterprises.

Dr. Bhagwat Kishanrao Karad, Hon’ble Minister of State, Ministry of Finance, Government of India, lauded Indian Bank for its pioneering and exceptional initiative. He expressed his conviction that this program would undoubtedly extend valuable support to MSME entrepreneurs in Karnataka. Dr. Karad emphasized the role of banks as pivotal partners of MSMEs, not only in extending financial support but also in investing in capacity building and skill development programs tailored to the sector's needs. The event concluded with a vote of thanks delivered by Shri Sudhir Kumar Gupta, Field General Manager.

About Indian Bank
Established in 1907, Indian Bank, 7th largest Public Sector Bank having roots in the Swadeshi movement and a dominant Pan-India presence.

The Bank has a vast branch network with 5798 branches including 3 Digital Banking Units (DBUs), 4804 ATMs & BNAs. The Bank has 3 overseas branches & 1 IFSC Banking Unit (IBU) and a business of more than 11 lakh Crores.Indian Bank has embraced technology to enhance its banking services and prioritize customer experience. The customer-centric approach and focus on trust, financial literacy, and empowerment highlight the bank's commitment to helping individuals and businesses achieve their financial goals. Over the years, Indian Bank has set new benchmarks in providing efficient banking services to its different client groups and has also emerged as a frontrunner in delivering excellent customer service.

Indian Bank has consistently taken the lead in providing digital products that prioritize convenience and safety for customers. The bank's proactive approach in digitalizing key business processes like Trade Finance and Foreign Exchange, while enhancing its CBS software capabilities, has undoubtedly delivered a world-class digital experience to its customers. This transformation is likely to offer greater convenience, efficiency, and satisfaction to customers engaging in these financial activities. These steps towards digitalization is likely to further streamline operations and enhance overall customer satisfaction.