Canara Bank to award best small, medium enterprises

As part of the centenary celebrations, the Bangalore-based Canara Bank has announced an initiative to select and award the best entrepreneurs in the small and medium enterprises of the country. The bank has invited applications for the award from small and medium enterprises in the manufacturing sector as classified by the Reserve Bank of India.

According to R Prabha, general manager, Canara Bank, the award carries a cash prize of Rs 1 lakh and a citation.

The bank has entrusted the job of selecting the best small and medium enterprises to the N S Raghavan Centre for Entrepreneurial Learning (NSRCEL) of the Indian Institute of Management, Bangalore.

There will be separate awards for small and medium entrepreneurs. The best entrepreneurs will be selected by the NSRCEL under the categories: growth, technology and innovation, and employment generation. In all 12 awards will be given under these categories. The award distribution ceremony will be held in June 2006.

Speaking to reporters here on Wednesday, Prabha said that the award will be a one-off event for the bank and is part of the centenary celebrations. Any small enterprise with an investment of up to Rs 5 crore on the new plant and machinery and medium enterprise with an investment of up to Rs 10 crore will be eligible to apply for the award.

Sundararajan, chairperson, NSRCEL said that the selection process comprises three stages. First, the applications will be received and reviewed.

They will then be shortlisted and an expert panel will visit the organisations and interviews will be held with the entrepreneurs before finalising the awardees.

The applications can be collected from any branch of Canara Bank or downloaded from the website "" www.canbankindia.com. The last date for submitting the application forms is February 28.