Press Release: Indian Overseas Bank contributes to GOI’s ‘Gram Swaraj Abhiyan’ campaign
Posted on: 08/May/2018 6:32:03 PM
Bank extends Amma Two Wheeler Loans, Mudra Loans, Loan to Self Help Groups (SHGs)
Chennai, May 8, 2018-Indian Overseas Bank (IOB)-one of the leading public sector banks in Southern India-as part of the recently launched ‘Gram Swaraj Abhiyan’ has extended Amma Two Wheeler Loans, Mudra Loans, Loans to Self Help Groups (SHGs) and loans under Stand Up India Scheme to the beneficiaries.
The 22 days long Gram Swaraj Abhiyan campaign-an initiative by Government of India-which recently concluded had achieved 100% of the targets under various schemes namely; Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeeven Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). This remarkable success of the campaign received active participation by various banks in the state of Tamil Nadu.
A grand function was arranged in ‘Amma Maliagai of Corporation of Chennai’ premises which were graced by the Additional Chief Secretary of Rural Development and Panchayat Raj Department Sri. Hans Raj Verma, Senior level IAS officers from Government of Tamil Nadu and Sri Ajay Kumar Srivastava, Chairman, State Level Bankers’ Committee and the Executive Director, Indian Overseas Bank were part of the event. The function was well attended by Self Help Groups (SHG), loan beneficiaries, Bankers and the general public in large numbers.
About IOB:
Indian Overseas Bank (NSE: IOB) is one of the leading Public Sector Bank established in the year 1937 headquartered in Chennai with a strong domestic presence of 3342 Branches & 3278 ATMs as of Dec 2017. 57% of Branches catering to the needs of Rural and Semi Urban centres enhancing deeper Financial Inclusion. IOB is a strong brand that enjoys the trust of over 35 million active customers. As of 31st December 2017, the Bank had a total business of Rs. 3,68,128 crores with Deposits of Rs. 2,16,592 crores and Advances of Rs. 1,51,536 crores. The CASA portfolio of the Bank stood at Rs. 76,526 crores with a CASA% of 35.33%. The Credit to Deposit Ratio of the Bank stood at 69.96 %. The RAM (Retail/Agri/MSME) portfolio contributes to around 64.75% of domestic advances synchronising with the Banks efforts towards rebalancing its Balance sheet. Recently Moody’s upgraded Indian Overseas Bank Rating Outlook to `Positive`.
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