Canara Bank has roped in Small Industries Development Bank of India (SIDBI) along with five other nationalised banks – Allahabad Bank, Indian Overseas Bank, Corporation Bank, Oriental Bank of Commerce, and Vijaya Bank; to launch a venture capital fund – Bharat Nirman Fund. The fund, set up with a corpus of Rs.550 million is to be floated by Canara Bank’s subsidiary – Canbank Venture Capital Fund (CVCF). This new fund has been set up with an aim to promote entrepreneurial ventures and to give a much needed thrust to manufacturing and services. Canara Bank has become the leader of the pack of nationalised banks and invested Rs.150 million for the fund, while Rs.100 million has been chipped in by both Oriental Bank of Commerce and Vijaya Bank. The remaining two banks and SIDBI invested Rs.50 million each for the fund.
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Source: IIPM Editorial-2006
