The Indian Texprenuers Federation (ITF) and FICCI joined with Indian Bank to organize an exclusive program on the opportunities for collaboration.110 Managing Directors from Coimbatore representing the textile value chain participated in the meeting.
Prabhu Damodharan, Convener, ITF This kind of engagement platform with top level management will help the entrepreneurs and the banks to understand each other, and also to know more about what kind of transformation is happening in both industry and banking sector.
Speaking to the members of the press, Padmaja Chunduru, MD & CEO, Indian Bank said “Indian Bank is associated with all main industries in Coimbatore. This interaction helps to understand the issues and see how we can collaborate with entrepreneurs to fund not only their ventures but also to the supply chain.The interaction with them also helps us as a feedback to come up with new products, processes to take their initiatives further.”
She then announced 2 new products: Surya Shakthi and Corporate Loan were announced. Surya Shakthi is a long term loan scheme for setting up roof-top /solar power plants for captive consumption which will give a thrust to the renewable energy utilization culture in textile sector. This will be available for corporates, non-corporates and MSMEs. Corporate Loan is essential in aid of companies/units that are in some kind of stress on their working capital. These two are timely products in response to announced in response to industry demands.
Padmaja also announced that Indian Bank will open a corporate bank in Coimbatore headed by the DGM that exclusively focuses on MSME sphere with very good delivery of loans and also focus on resolution of issues.