The Institute of Chartered Accountants of India [ICAI] Inks Pact with Corporation Bank
Caption: (L-R) Shri Asit Pal, Executive Director, Corporation Bank, Shri Ramnath Pradeep, Chairman & Managing Director, Corporation Bank, Shri Vinod Rai, Comptroller and Auditor General of India, CA. Amarjit Chopra, President, ICAI, Shri Sanjeev Maheshwari, Central Council Member , ICAI.
The Institute of Chartered Accountants of India [ICAI] today signed an MoU with Corporation Bank, a premier public sector bank. This MoU will offer a specially designed scheme (Corp CA) to cater to various financial needs of Chartered Accountants. Shri Ramnath Pradeep, Chairman & Managing Director of the Bank, Shri Vinod Rai, IAS, Comptroller and Auditor General of India, CA. Amarjit Chopra, President, ICAI, Shri Sanjeev Maheshwari, Central Council Member , ICAI, Shri Asit Pal, Executive Director, Corporation Bank were present on the occasion.
The scheme – Corp CA is specially designed for the Chartered Accountants (CAs). Through the scheme, eligible Chartered Accountants can avail finance for construction of office premises including cost of furniture/fixture/office equipments-computers and other accessories. The scheme would also enable the Chartered Accountants to finance a part of the working capital for building their profession and will take care of the needs of freshers (CAs with experience below three years).
While addressing the gathering, CA.Amarjit Chopra, President, ICAI said “This union of two premier institutions of India will not only benefit the CA fraternity but would also mean additional business for the bank because of large and increasing membership base of Chartered Accountants. This initiative will specially benefit SMPs as it would help them build up the infrastructure and thus join the main stream of the profession and grow.”
Speaking on the occasion, Shri Ramnath Pradeep, Chairman & Managing Director of the Bank said, “The Chartered Accountants are industrious, intelligent professionals and are trustees of financial competencies and good governance. They touch the life of individuals as well as corporates. For Corporation Bank, Chartered Accountants are very important customers. Keeping these factors into account, the Bank has specially designed the product ‘Corp CA’ for Chartered Accountants.”
The Institute of Chartered Accountants of India is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its more than six decades of existence, ICAI has achieved recognition as a premier accounting body not only in the country but also globally. ICAI now is the second largest accounting body in the whole world.
ICAI has its headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi. It presently has 126 branches spread all over the country. In addition, it has also set up 22 chapters outside India and an overseas office in Dubai.
ICAI is one of the unique organizations with its activities encompassing education, training, examination, disciplinary mechanism, peer review, continuing professional development, government accounting, standard setting and alike. Its contribution to the work programmes of Government and other regulators has seen it being an important constituent of their select Committees.
About Corporation Bank
Corporation Bank, has been serving the nation for the last 104 years and earned a place in the hearts of generations of loyal customers belonging to all sections of the society. Corporation Bank is identified as the Tech-savvy Bank amongst the comity of banking industry. Apart from offering the innovative state-of-the-art banking services to the customers, the Bank continues to earn the recognition not only in the field of performance, but also in contributing to the economical prosperity of the country. The Bank has recorded a credible performance all through its existence and has declared uninterrupted dividend since its inception and this year was the highest ever Dividend of 165% declared by the Bank.