Shri K. Taraka Rama Rao launches Indian Bank's 'MSME Prerana' in Telangana

Indian Bank launches its flagship Business Mentoring Program 'MSME Prerana' in the state of Telangana. 'MSME Prerana' is a novel, unique and innovative business mentoring program, first of its kind to empower MSME Entrepreneurs. The program is launched in the vernacular language of the state - Telugu.

While launching the program, Shri K. Taraka Rama Rao, Hon'ble Minister of Municipal Affairs & Urban Development, Industries, Commerce and IT, State Govt. of Telangana said, "I would like to congratulate Indian Bank for launching the MSME Prerana in Telangana and extend my compliments for pioneering a unique initiative to support MSMEs across the country. Indian Bank has been the frontrunner in lending to this sector and the unique MSME Prerana program has played a pivotal role in helping entrepreneurs understand the financial aspect of running a business. On behalf of the Telangana State Finance Corporation (TSFC), we would like to collaborate with Indian Bank and work together to develop innovative mechanisms to help MSMEs. Telangana is the only state in the country that can boast of a T-Hub which is India's largest technology incubator as well as the one of its kind WE-Hub, which is the Women Entrepreneur Hub. Indian Bank has always been very supportive to the Telangana state on a number of its flagship projects and we invite Indian Bank to collaborate with us on WE-Hub and T-Hub initiative."

Indian Bank has always been at the forefront in providing financial support to its 20 lakhs MSMEs with credit exposure of over Rs. 70,180 Cr. While Indian Bank is the 7th largest Public Sector Bank in the country, however, in the MSME segment Indian Bank is the second largest in terms of percentage growth (15%). 'MSME Prerana' has been launched with an aim to develop managerial and financial capabilities of MSME Entrepreneurs besides creating awareness on various initiatives taken by GOI / State Govts. / RBI and Other agencies.

The share of Telangana's economy in the national GDP has gone up by 26 basis points to touch 5% in 2020-21 against 4.74% in 2019-20. Telangana State houses around 26.05 lakh MSME units, including around 25 lakh Micro Enterprises. The state has Rs. 66,507 crore credit facilities from formal banking channels. Around 8,25,197 units have availed around Rs 63,251 crore financial support from commercial banks which is 95.10% of total credit extended to MSME Units in Telangana.

Indian Bank is very active in Telangana in MSME Segment. The Bank's CD (Credit Deposit) ratio in the State is around 179% which is higher than commercial bank average 110%.

Smt. Padmaja Chunduru, MD & CEO, Indian Bank said, "We are elated to expand the footprint of our flagship program MSME Prerana to our customers in Telangana. We are to channelize our resources towards empowering MSME entrepreneurs. We look forward to equip customers with relevant knowledge and enhance their confidence as well as decision making abilities. We at Indian Bank believe in extending our complete support to the MSME community, which is the backbone of our economy, thereby enabling them to become Aatmanirbhar."

The program christened MSME Prerana has been designed in collaboration with Poornatha and Co. to empower entrepreneurs in driving business more efficiently by optimizing value and capacity. This business mentoring program enhances the confidence & sense of empowerment especially among women Entrepreneurs. MSME Prerana' has broken the geographical and language barriers by extending web-based training to Entrepreneurs in local dialects using simple terminologies without using jargons. A series of 10 virtual programs have been successfully conducted in the state of Uttar Pradesh, Tamil Nadu, Pondicherry and parts of Uttarakhand. 'MSME Prerana' is spreading its outreach to Andhra Pradesh and Gujarat during the month of July 2021 and will be conducted in all major languages pan India in a phased manner.

Shares of INDIAN BANK was last trading in BSE at Rs.140.7 as compared to the previous close of Rs. 142.35. The total number of shares traded during the day was 103484 in over 2028 trades.

The stock hit an intraday high of Rs. 143.9 and intraday low of 139.25. The net turnover during the day was Rs. 14680431.

Source : Equity Bulls

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