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Technology initiatives win IBA awards for CorpBank

The Corporation Bank has won three awards for 2010 for its use of technology in online banking, financial inclusion and training and e – learning initiatives. The awards had been instituted by the Indian Banks Association (IBA).

A bank release said it bagged highest awards in “Best Financial Inclusion Initiative” and “Best Use of Technology in Training and eLearning Initiatives” category and the Runner Up Award in “Best Online Bank” award amongst public sector banks.

The awards were given by the former President A.P.J. Abdul Kalam in Mumbai on 02 March, 2011. Ramnath Pradeep, Chairman and Managing Director of the bank, and Ashwani Kumar, its Executive Director, received the awards.

The bank launched a technology – based method to reach the urban poor who lacked time to visit a regular bank branch because of their occupations. The bank found a “niche” segment for financial inclusion in a large number of drivers and conductors who ply Short Distance Commercial Vehicles (SDCV), who visited a petrol pump for their fuel and lubricant needs.

To reach them, the bank entered into a Memorandum of Understanding (MoU) with Bharat Petroleum Corporation Limited (BPCL) to provide “branchless banking” services through its select outlets.

Under online banking, the bank offers customers a one – stop solution for all banking facilities.

They include “Unified Payment Gateway”, “Loan Tracking facility”, and “Electronic Bill Presentment and Payment”.

It has started implementing an e – learning process to supplement conventional classroom training. It has posted internally – developed study material on the Intranet for employees to learn on their own. The bank provides skill development through virtual classrooms accessible to participants from different parts of the country.

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