Indian Overseas Bank launches MUDRA Debit Card under PMMY in Chennai
Updated: Sep 09, 2015 02:53:10pm
Chennai, Sept 9 (KNN) Indian Overseas Bank has launched the Rupay MUDRA Debit Card under Pradhan Mantri MUDRA Yojna (PMMY) here on Monday.
R Koteeswaran, MD & CEO of Indian Overseas Bank launched the card.
The card can be used by the micro units for their working capital requirements up to 20 per cent of the sanctioned limit. These cards will also be operative at ATMs, POS Machines and Online transactions for purchase of raw material and making small payments.
Koreeswaran said the Bank has already disbursed Rs 266.15 crore against the annual target of Rs 1495 crore which works out to be 17.80 per cent during the current financial year. The Bank has achieved 26.04 per cent of the target in the State of Tamil Nadu under the PMMY,
Further, according to a media report, he announced the reduction in rate of interest for loans up to Rs 2 lakh under PMMY at Base Rate of 9.90per cent pa which is one of the lowest in the industry.
The loans under the PMMY will be without any third party guarantee or collateral security.
Elaborating on various MSME schemes, he highlighted the features of the recently launched IOB SME Easy Scheme which is a hassle free with a credit limit upto Rs 5 core at a very competitive rate of interest especially to take care delayed realization of dues by the entrepreneurs. (KNN Bureau)
R Koteeswaran, MD & CEO of Indian Overseas Bank launched the card.
The card can be used by the micro units for their working capital requirements up to 20 per cent of the sanctioned limit. These cards will also be operative at ATMs, POS Machines and Online transactions for purchase of raw material and making small payments.
Koreeswaran said the Bank has already disbursed Rs 266.15 crore against the annual target of Rs 1495 crore which works out to be 17.80 per cent during the current financial year. The Bank has achieved 26.04 per cent of the target in the State of Tamil Nadu under the PMMY,
Further, according to a media report, he announced the reduction in rate of interest for loans up to Rs 2 lakh under PMMY at Base Rate of 9.90per cent pa which is one of the lowest in the industry.
The loans under the PMMY will be without any third party guarantee or collateral security.
Elaborating on various MSME schemes, he highlighted the features of the recently launched IOB SME Easy Scheme which is a hassle free with a credit limit upto Rs 5 core at a very competitive rate of interest especially to take care delayed realization of dues by the entrepreneurs. (KNN Bureau)
Loading...
