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Monday, 21-May-2012

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FEATURES OF THE CGTMSE SCHEME FOR MICRO & SMALL ENTERPRISES

i) Eligible Borrowers:

a)Eligible borrower would be new or existing Micro and Small Enterprises (both Manufacturing and Services) to which credit facility has been provided by the Bank without any collateral security and/or third party guarantees. Collateral Security would mean any asset other than business asset.

b) Under the Credit Guarantee Scheme, the CGTMSE encourages composite credit being extended to a single borrower by a Member Lending Institution of the CGTMSE. However credit facilities extended by a Bank for a unit already assisted by State/National Level Institutions are eligible for Guarantee Cover under the scheme. Joint financing by two commercial Banks to a single borrower shall not be eligible for guarantee cover. Joint Financing with SIDBI would however be eligible for guarantee cover.

c). All types of firms / companies or other legally constituted bodies, individual borrowers, small businesses. Group lending through SHGs not eligible

ii) Eligible Accounts

a) Both Term Loan and Working Capital (both fund based and non-fund based) can be covered.

b) Where the borrower is enjoying several distinct credit facilities, one or more out of the same can be covered upto the Eligible Amount (presently Rs.100 lakhs) provided collateral security and 3rd party guarantee are NOT obtained in such account/s.

iii) Credit Guarantee Cover

a). The guarantee cover is subject to the overall ceiling of Rs. 65 lakhs to Women Entrepreneurs and units located in North East Region and Rs 62.50 lakhs in respect of other categories.

b). The extent of guarantee cover is up to 85% of the credit facility ( up to Rs 5 lakhs) in respect of Micro Enterprises, 80% of the credit facility subject to a maximum of Rs 40 lakhs to Women Entrepreneurs /units located in North East Region(other than credit to Micro Enterprises)

The Guarantee Cover will commence from the date of payment of guarantee fee.

The Guarantee Cover shall run through the entire tenure of the Term Credit / Composite Credit.

Where working capital alone is financed, the tenure of guarantee cover is fixed at 5 years. Guarantee Fee has to be paid afresh for renewed guarantee cover thereafter for the next block of 5 years.

Term loan sanctioned or WC limit sanctioned / renewed in a particular calendar quarter should be covered latest by the end of next calendar quarter. Thus, maximum time of 6 months and minimum time of 3 months is available for filing of application for Guarantee Cover.

iv) Additional credit facilities in respect of accounts guaranteed under CGTMSE

Additional credit facilities sanctioned to units covered under CGTMSE will also be eligible for cover under the Scheme, if the unit is otherwise eligible for cover after sanction of additional limits.

Guarantee cover under the scheme is available for a maximum credit/loan ceiling of Rs.100 lakhs even though the actual loan/limit may be in excess of Rs.100 lakhs, provided the account is otherwise eligible for cover under the scheme.

v) Rehabilitation assistance:

For the unit covered under CGTMSE and becoming sick due to factors beyond the control of management, assistance for rehabilitation extended by the Bank could also be covered under the scheme provided the overall assistance is within the credit cap of Rs.100 lakhs.

vi) Guarantee Fee and Annual Service Fee

Guarantee Fee

One time guarantee fee at specified rate (currently 1.5 per cent) of the credit facility sanctioned, (comprising term loan and / or working capital facility) shall be paid upfront to the CGTMSE with the proviso that such applicable fee in respect of borrowers in the North Eastern region shall be 0.75%

Annual Service Fee:

Guarantee cover extended by CGTMSE in respect of any specific borrower shall be valid provided the Bank pays an annual service fee of 0.75% on the Sanctioned Limit of the borrowal account, as on March 31 of every year.

Announcement

Watch recorded webcast for Press Meet 30.04.2012

Watch recorded webcast for Analyst’s Meet 30.04.2012

Analyst Presentation for 31.03.2012

Financial Result for year ended 31.03.2012

Any complaint regarding NEFT transactions during 20.02.2012 to 6.03.2012 may be escalated to email ID Special.NEFT@bankofindia.co.in or on telephone No. 022-22886680 for immediate resolution.

Chairman & Managing Director's Message & Address

Bank has decided to decrease the Bank’s Base Rate from 10.75% p.a. to 10.50%p.a. and BPLR from 15.00% p.a. to 14.75% p.a. with effect from 01.05.2012

The Managing Committee of the Indian Banks’ Association has appointed Shri Alok K Misra , Chairman and Managing Director, BANK OF INDIA as Deputy Chairman of the Association

Pension Calculator is available on Knowledge Portal front page

Press release launching of Mobile Based Remittance, Urban Financial Inclusion and two factor Authentication

Notice for Debit and ATM cardholders

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