Indian Overseas Bank Launched Special Borrowing Scheme for SHGs

Published on April 28, 2020
Current Context: Indian Overseas Bank (IOB) introduced a special borrowing scheme for self-help groups to help them tide over the challenges inflicted by COVID-19.
Indian Overseas Bank Launched Special Borrowing Scheme for SHGs
  • In this scheme, each member of SHG will be able to avail a loan of Rs 5000/- with a cap of Rs 1 lakh for the group.
  • Also, a SHG with a good track record and a history of minimum two loans from IOB will be eligible for this loan facility, which can be availed till June 30, 2020.
  • As per the bank's rule, only thoseSHGs whose existing loans are standard and performing as on March 1, 2020 are eligible to avail loan under this special scheme.
  • The loans would be sanctioned and disbursed within six working days.

Static Part:

  • Headquarters of IOB– Chennai
  • Tagline of IOB– Good people to grow with
  • MD and CEO of IOB– Karnam Sekar

Question:

Q.1 Recently which bank has decided to provide Special Borrowing Scheme for SHGs amidst of COVID-19?
a. Indian Overseas Bank
b. Union Bank of India
c. Punjab National Bank
d. Bank of Baroda

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