Indian Bank launches its flagship programme 'MSME Prerana 'in Rajasthan

Tags: Economy/Finance State News

Government of India owned Public Sector Bank, Indian Bank has launched its flagship business mentoring program for Micro Small and Medium Enterprises (MSME) entrepreneurs – ‘MSME Prerana’ – in the state of Rajasthan.

“MSME Prerana”, is a first-of-its-kind initiative for the   MSME sector in the country by any bank. 

It aims at empowering MSME Entrepreneurs through skill development and capacity building training in their local languages, assisting them in acquiring necessary financial and managerial skills, capacity to handle crisis in business, understanding of dynamics of credit rating and risk management. 

Micro Small and Medium Enterprises (MSME)

MSMEs are regulated under the 'Micro, Small and Medium

Enterprises Development Act, 2006'. The law had defined MSME in India.

The enterprises or businesses which are engaged in either manufacturing or service sector are defined as Micro Small or Medium enterprises on the basis of their turnover (sales) and investment in plant and machineries.

Micro enterprises    

Enterprises with an annual turnover of less than Rs 5 crore and the maximum investment in plant and machinery or equipment shall not be more than one crore rupees.

Small Enterprise:

The enterprises where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees;

Medium Enterprise:

The enterprises where the investment in plant and machinery or equipment does exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.

Indian Bank 

It is a public sector bank owned by the government of India. 

The Indian bank was set up in 1907 as a private sector bank and it was nationalized by the government of India in 1969. 

On 1 April 2020 Allahabad bank was merged with Indian Bank. 

Bank’s Headquarters: Chennai 

MD and CEO of Indian Bank: Shanti Lal Jain 

Tagline of the bank: Your own Bank