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Two New Schemes of Repco Bank Launched by Union Minister

Published on May 13, 2022
Current Context: Union Minister of State for Home Affairs Ajay Kumar Mishra has launched two new welfare schemes, a deposit scheme for Repco Bank, a microfinance loan scheme, and furthermore a mobile app for Repco Micro Finance Ltd. (RFML) in Chennai.
Two New Schemes of Repco Bank Launched by Union Minister
  • The New deposit scheme which is also called Repco Subiksham destined for senior citizens which are above the age of 60 years and super senior citizens who are above the age of 80 years.
  • The Interest rate under this scheme was decided as 7.15% for senior citizens and 7.25% for super senior citizens.
  • Apart from that Repatriate Youth Development Scheme was also designed which includes the class repatriate members along with their families from Myanmar or Sri Lanka and their family members are eligible. A maximum amount of 25,000/- scholarship will be given for those whose age ranges between 18 and 35 years.
  • One more scheme designed for self-help groups that aim at supporting income generation activities for the underprivileged sections is called Repco Mahila Samriddhi Scheme.
  • In which a woman whose household income is up to Rs. 3 lakhs can avail of collateral-free loans under this scheme.
  • The loan amount will vary between Rs. 50,000 and Rs. 2.5 lakh.
  • About Repco Bank
    • Established on 19th November 1969
    • Registered as a Cooperative Society functioning under the Administrative Control of the Union Ministry of Home Affairs.
    • Headquarters: Chennai
    • MD of Repco Bank –R.S Isabella

Question:

Q.1 What Interest Rate is provided for senior citizens under Repco Subhiskam?
a. 6.25%
b. 7.15%
c. 7.25%
d. 8.25%
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