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Indian Overseas Bank Launched Special Borrowing Scheme for SHGs

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
Indian Overseas Bank Launched Special Borrowing Scheme for SHGs Indian Overseas Bank Launched Special Borrowing Scheme for SHGs Reviewed by Neha Verma on April 28, 2020 Rating: 5

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