Daijiworld Media Network – Mangalore 

Mangalore, Apr 22: CorpBank and IIM-Ahmedabad have inked a pact, stated a press release from Corporation Bank here on Monday April 21.  

The release stated that Corporation Bank, a premier public sector bank and Indian Institute of Management (IIM), Ahmedabad have mutually agreed to have a tie-up arrangement for the students to pursue higher studies by availing educational loans from the Bank and thereby facilitate each other in respective activities. 

The Memorandum of Understanding (MoU) was signed by M Narendra, chief general manager of Corporation Bank and Prof Samir K Barua, director, IIM-Ahmedabad in the presence of B Sambamurthy, chairman and managing director of the bank and Mukul Singhal, joint secretary of the ministry of finance, department of revenue, government of India and member on the board of the bank. From IIMA, Prof Jayanth R Varma, dean and N V Pillai, chief administrative officer were also present.

As part of the MoU both Corporation Bank and IIM-Ahmedabad will work in close coordination with each through their branches and office. The institute will nominate the bank as a preferred financier for granting education loans to its bonafide students pursuing regular full time academic programmes and the bank will accept its nomination as a preferred financier for education loans.   

Apart from education loan, the bank also extends assistance for purchasing accessories such as laptops and personal computers to aid students in their studies. During the course of the interaction, IIMA evinced keen interest in the 'Branchless Banking' model evolved by the Bank, which takes technology to the remotest villages of the country for providing banking facility, stated the press release.