Corporation Bank has launched Grand Festival Bonanza for various loan schemes on August 29, 2012 to focus on retail and SME (small and medium enterprise) segments to boost growth during the second and third quarters of the current fiscal. This initiative will be in force for three months from September 1. The bank aims to increase the yield and give new current account and savings bank business through Grand Festival Bonanza.
Under this festival, home loans under the floating rate will get a concession of a minimum of 25 basis points (bps) and vehicle loans 75 bps. The reduction will be 50 bps for other schemes such as Corp Vyapar and Corp Doctor Plus.
The bank has registered a rise of 5.35% in its net profit at Rs 370.26 crore for first quarter ended June 30, 2012 under review as compared to Rs 351.45 crore for the same quarter in the previous year.
