The Hindu Business Line : Corpn Bank ties up with India Post

In tune with intensifying its efforts to serve the rural community more effectively, Corporation Bank has initiated a process to sell its loan products in villages with the help of India Post.

Corporation Bank, in association with India Post, has launched `Corp Gram Mitra Yojana' - a security-free consumption loan scheme for rural beneficiaries. To begin with, the scheme has been introduced on a pilot basis in Goa.

A bank release said here on Monday that this tie-up between the bank and India Post is a part of Corporation Bank's endeavour to reinvent delivery mechanisms to spread banking habits to far-flung areas beyond the normal reach of the bank. This tie-up brings benefits to all stakeholders - post office by way of fee income, borrowers by way of credit on easy terms, and the bank by way of new business. This would also promote inclusive growth, the release said.

As per the scheme, loans will be security-free and no guarantee will be insisted upon. The maximum amount of loan will be Rs 20,000, repayable along with interest within two years in the form of monthly instalments. Application and documentation of loans will be done through the designated post offices in the respective places.

Ms Noorjehan, Principal Chief Postmaster General, Maharashtra Circle, formally launched `Corp Gram Mitra Yojana', at Nagoa in Goa on Monday. Mr K.L. Gopalakrishna, Executive Director of the bank, presided.

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