About MSME Prerana:

MSME sector is the growth engines contributing about 30% of the country’s GDP & 40% of the overall exports providing employment to about 120 million people across the country. This sector is always vulnerable and is the worst hit in the current scenario witnessing disruption in production, delivery schedules, payables and receivables, ultimately affecting their future activity and repayment capacity. Govt. & RBI have taken proactive steps to provide financial stimulus and policy packages to help MSMEs tide over the unpreceded crisis created due to COVID 19.

MSME sector is a thrust area for Indian Bank. It has customer base of 16 lakhs MSMEs with credit exposure of over 65000 Cr. The Bank has always been front runner in providing financial support by rolling out various schemes at competitive rates and simple terms. Indian Bank was among the first bank to provide COVID 19 loans and also extended loans under various schemes of Aatmanirbhar Bharat Abhiyan to overcome the challenges of corona virus crisis.

In this critical juncture, MSMEs can’t be left alone to face the uncertain and volatile situation. It was felt that they needed, more than ever before non financial handholding support besides financial support to equip themselves to adopt this rapid transition to enable them to ensure their business continuity and take advantage of the benefits of the schemes / incentives provided by Govt. / RBI / Banks.

In response, Indian Bank has come out with a novel, unique and innovative business mentoring program, first of its kind to empower Entrepreneurs. Indian Bank has collaborated with Knowledge partner Ms Poornatha & Co to support MSME Entrepreneurs by imparting web based training to improve their managerial and financial skills besides creating awareness on various initiatives of Govt. of India / RBI / Bank.

Poornatha & Co, is an Entrepreneurial Development Organization set up in Madurai. Poornatha’s journey in entrepreneurial development and training started from ‘Journey in Joy’ a leadership transformation program for the first cohort of entrepreneurs. It is also associated and affiliated to MADE – Michigan Academy for Developing Entrepreneurs, a non-profit setup in the USA for the development of entrepreneurship in emerging economies.

The objective of the program is:

a)    Educate MSMEs on the measures initiated by Ministry/ Reserve Bank of India & Banks

b)    Appreciate the concepts of financial and managerial aspects of managing a MSME unit

c)     Understand concepts of Due Diligence, Credit Assessment, Compliance and Risk     Mitigation

d)    Prepare the MSMEs with necessary skills required for professional conduct of business

 

The flagship program ‘MSME Prerana’ was launched on 6^th Oct, 2020 by Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance and Corporate Affairs. While appreciating this noble gesture of Indian Bank, Finance Minister said “Indian Bank has taken out of box initiatives in launching ‘MSME Prerana’ which will handhold the Entrepreneurs through a mentoring program.”

The Hon’ble minister of finance further complemented the Bank’s leadership and Management in bringing out such a unique initiative amidst amalgamation process and COVID 19 challenges, a worthy effort that can be replicated by other Banks with the facilitation by Indian Bank’s Association (IBA).

 

Smt. Padmaja Chunduru, MD & CEO said “‘MSME Prerana’ is our effort to bridge this gap in the skill set. It is a business mentoring program that gives input in simple terms. There is no use of jargon and it is in local vernacular language. The program is live and interactive. The objective is to equip the Entrepreneurs with business skills as well as communication skill, HR etc and reduce their dependence on Chartered Accountants for accessing Bank loans.”

 

Program coverage:

The program focuses on managerial, financial and banking related areas as under:

(I) Managerial:

Ø  Structured decision-making tools covering HR and Leadership

Ø  Building confidence and enhancing communication skills

Ø  Surviving in a VUCA world (Volatile, Uncertain, Complex and Ambiguous) and Crisis handling

 (II) Financial:

Ø  Understanding of basic components of a balance sheet, Cash flow management, accounting of financial transactions

(III) Banking related:

Ø  Awareness on various incentives by GOI/ RBI / Banks

Ø  Various credit facilities and their assessment, Importance of Credit Rating

Ø  Registration in various portals like Udyami Mitra, GST, TReDS, psbloans in 59 mins etc.

Duration:

Ø  12 sessions of 1 hr 15 min each online classes through Webex / MS Teams

 

Training Methodology:

Ø  Online web based interactive sessions through use of polls, break out rooms, Chat box and other tools including live case studies

Ø  Online sessions are handled by Faculty members of Training system of Indian Bank and Knowledge partner “Poornatha & Co” in local dialects using simple terminologies without jargons.

Benefits of the Program:

Ø  Acquire finance and managerial skills

Ø  Gain requisite skills to handle business professionally

Ø  Awareness about the major new initiatives of Government of India, Reserve Bank of India etc.

Ø  Understanding of MSME loan products of Bank, Importance of Credit Rating & Risk Management

Certificate:

Ø  All participants would get a Certificate on successful completion of the Online Training, issued jointly by Indian Bank, Poornatha & Co and MADE (Michigan Academy for Developing Entrepreneurs), USA

 

Amid COVID 19 pandemic, Indian Bank continues to encourage and provide non–financial handholding support to MSME Entrepreneurs who have been worst hit because of economic shock. Indian Bank has conducted series of online business mentoring program ‘MSME Prerana’ for the MSME Entrepreneurs from various Industries like Textiles, Automobiles, Food Processing, Chemical Industries etc covering various districts of Tamil Nadu. The program has been so far well received and appreciated by MSME Entrepreneurs. Trainers and Coaches help provide insights and guidance to Entrepreneurs, the ways and means to cope with operational and financial stress generated by Covid 19 pandemic.

 

SHARING THE PERSONAL EXPERIENCE ABOUT THE ONLINE BUSINESS MENTORING PROGRAM, A FEW AMONG VARIOUS TESTIMONIALS NARRATED AS BELOW:

“Enlightening”

“During these difficult times, the Entrepreneurs are like boats sailing across the sea not knowing where the shore is. “MSME Prerana” is like a light house that has shined light on the path. Now we know, how to get to the shore.”

Ms Chitra, M/s Sumangali Choice, Kamraj Salai, Puducherry

 

“Conceptual clarity”

“The sessions were very useful and excellent, even 10^th standard student can understand the concepts easily. We can enhance our business profitability. This program should reach all MSME Entrepreneurs”.

Mr Chandra Kumar, Tiruvannamalai

 

“Confidence Building”

“The program was very good. It has given me the confidence to prepare our own balance sheet. By preparing the balance sheet we will understand our current business position. You have made it clear that ' You can prepare your own balance sheet for your business'. The program has made us an auditor.”

Mr S Siva, Subhaalaya silk, Sivananda Colony

 

“Indian Bank is rolling out next online programs in local languages PAN India to help the MSME Entrepreneurs to expand their capabilities and build sustainable business that add value to MSME Sector.”