On October 6, 2020, Union Minister of Finance & Corporate Affairs, Nirmala Sitharaman, launched “MSME Prerana” an online business mentoring programme for Micro, Small & Medium Enterprises (MSMEs) by Indian Bank in collaboration with Poornatha & Co, at the bank’s headquarters in Chennai, Tamil Nadu.
- As per Indian Bank, it is the first-of-its-kind initiative by a bank in India for the MSME sector.
- Poornatha & Co designs entrepreneurial development programs in vernacular languages using online web-based interactive sessions and case studies.
Key Points:
i.MSME Prerana will bridge the gap in business skills as well as communication & Human Resource (HR) by providing inputs in simple terms and in the local vernacular.
ii.Its 12 session programmes will be available in local languages. The first two programs will be in Tamil for the Coimbatore clusters of Indian Bank. After which it will be expanded pan-India in Hindi, Telugu, Kannada, Bengali and Gujarati.
iii.Notably, the sessions on managerial and financial skills will be conducted by Poornatha & Co while the banking related topics will be handled by Indian Bank.
iv.On successful completion, all participants will get a certificate, issued jointly by Indian Bank, Poornatha & Co and MADE (Michigan Academy for Developing Entrepreneurs), United States (US).
Need for this Initiative:
The MSMEs face barriers of language, an incomplete knowledge about loan applications, management of cash flows, availability and suitability of government schemes. In order to avoid this confusion among young entrepreneurs this initiative is started by Indian Bank.
Recent Related News:
i.National Bank of Bahrain (NBB) and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, announced that the bank has decided to adopt the Finacle Cash Management Suite to digitally transform its transaction banking business.
ii.On August 15, 2020 S S Mallikarjuna Rao, Managing Director and Chief Executive Officer of Punjab National Bank (PNB) launched a campaign, ‘DIGITAL APNAYEN’ to encourage customers to use digital banking channels and participate in the noble cause of donating to PM CARES Fund for COVID-19.
About Indian Bank:
On April 1, 2020, Allahabad Bank amalgamated with Indian Bank.
Managing Director (MD) & Chief Executive Officer (CEO)– Padmaja Chunduru
Tagline– Your Own Bank
