Corporation Bank of India (CorpBank), a government-owned bank based in Karnataka, recently opened a microfinance branch in Hyderabad, the capital of the state of Andhra Pradesh. The opening of this branch increases CorpBank’s microfinance branch network to four locations. CorpBank’s microfinance offerings include microinsurance and micropension schemes as well as lending to self-help groups, nonprofit organizations and microfinance institutions (MFIs). Self-help groups are groups of individuals that collaborate to access financial services. As of June 30, 2010, Corporation Bank has a network of 3,500 outlets offering traditional banking services and products and reports a net worth of INR 61 billion (the equivalent of USD 1.32 billion), an annualized return on equity of 21.9 percent and an annualized return on assets of 1.25 percent.By Jacqueline Foelster, Research Associate
About Corporation Bank: Founded in 1906 in the Indian state of Karnataka, Corporation Bank is a public corporation now majority-owned by the federal government. Corporation Bank has about 3,500 service outlets across India, and its offerings include savings, loans and credit cards. As of 2011, it operates four branches that specialize in microfinance. As of June 30, 2010, Corporation Bank reports a net worth of INR 61 billion (the equivalent of USD 1.32 billion), an annualized return on equity of 21.9 percent and an annualized return on assets of 1.25 percent.
Source and Additional Resources:
[1] The Business Standard, May 10, 2011, “Corporation Bank opens microfinance branch”, http://www.business-standard.com/india/news/corporation-bank-opens-microfinance-branch/434976/
MicroCapital.org Brief, April 1, 2011, “Malegam Proposals on Indian Microfinance Likely to Be Ratified on April 1, Bankers Defend MFIs’ Priority Sector Status”, https://www.microcapital.org/microcapital-brief-malegam-proposals-on-indian-microfinance-likely-to-be-ratified-on-april-1-bankers-defend-mfis%E2%80%99-priority-sector-status/
MicroCapital.org Brief, September 6, 2010, “Corporation Bank of India and United India Insurance Company Limited Sign Memorandum of Understanding Regarding Marketing and Distribution of Microinsurance Products”, https://www.microcapital.org/microcapital-brief-corporation-bank-of-india-and-united-india-insurance-company-limited-sign-memorandum-of-understanding-regarding-marketing-and-distribution-of-microinsurance-products/
MicroCapital Universe Profile: Corporation Bank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Corporation+Bank
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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