The Full Form of ‘CED’ in Banking is ‘Centre For Entrepreneurship Development’.
Full Form of CED
Centre for Entrepreneurship Development (CED) is a specialized centre set up by commercial banks to provide financial and technical support to entrepreneurship development in India. It is mainly aimed at enabling budding entrepreneurs to realize their dreams and create new businesses with the help of credit, technology, information and training.
Entrepreneurship plays an important role in the economic growth of any country. It not only creates jobs but also boosts economic activity by introducing new products or services into the market. In India, commercial banks have recognized this importance and are taking initiatives to promote entrepreneurship development through CEDs.
The primary objective of CEDs is to promote small-scale industries and self-employment opportunities for aspiring entrepreneurs. To do so, they provide various services such as credit facilities, promotional activities, technology upgradation and skill development programs etc., which help them become successful business owners. They also act as a link between banks and other financial institutions that providing funds to the entrepreneurs.
The Centre for Entrepreneurship Development (CED) provides assistance in all aspects related to setting up a business venture including developing a project report, identifying potential markets/customers, arranging finance, arranging legal/statutory clearances/approvals etc. The CED staff also organizes workshops on topics like customer service, marketing strategies etc., which helps entrepreneurs understand how to successfully manage their enterprises.
Apart from providing financial assistance, CEDs also play an important role in creating awareness about entrepreneurship among the youth of India who are interested in starting their own ventures. Through its various programs such as seminars, lectures and workshops conducted by eminent personalities from the industry; it helps develop entrepreneurial skills amongst the younger generations who can then use these skills to set up successful businesses of their own.
In conclusion, it can be said that Centre for Entrepreneurship Development (CED) has been instrumental in promoting entrepreneurship development in India by providing credit facilities along with training and other services that are essential for successfully launching a business venture. Banks have recognized this importance and are now actively supporting CEDs which will go a long way towards improving the economic condition of the country through increased employment opportunities created by new businesses
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