IOB inks MoU with TNSRLM to Provide Financial Support

Current Context: Indian Overseas Bank (IOB) has signed a memorandum of understanding (MoU) with the Tamil Nadu State Rural Livelihood Mission (TNSRLM) to provide financial support to the self-help groups (SHGs).

• Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with Indian Overseas Bank.
• This strategic collaboration aims to streamline access to financial resources for SHGs, enabling them to undertake entrepreneurial activities, expand their ventures and contribute to the economic development of the state.

Question:

Q.1 What is the purpose of the MoU between IOB and TNSRLM?
a. To provide financial support to SHGs
b. To provide loans to small businesses
c. To provide scholarships to students
d. To provide healthcare to rural areas