Indian Overseas Bank (IOB) launches new credit schemes for Landless farm laborers and also introduces schemes for SMES

February 17, 2011: Indian Overseas Bank (IOB), a leading Public Sector Bank has introduced a bunch of new credit and financial schemes for Small and Marginal Farmers, MSEs and holistic village development.

The scheme for small and marginal farmers, christened as Bhoomi Laxmi, is a credit scheme for purchase of land for agricultural purposes. The scheme aims to empower small and marginal farmers, share croppers and tenant farmers.

Similarly for the benefit of Micro and Small Enterprises (MSEs), IOB has introduced IOB MSE PLUS. Under this scheme MSEs can avail both their working capital and long term investment needs in the form of a single term loan in a hassle free manner and repay the entire loan (including working capital) over a period of time.

The Bank has also launched IOB Sampoorna, a total village adoption scheme, oriented towards total village development focusing beyond agriculture on areas such as education, health, rural tourism and ecology in the villages.

Mr. M. Narendra, Chairman and Managing Director, IOB said, “As we are celebrating 75th year of our operations and our unflinching commitment to our customers, we are pleased to introduce new schemes which are aimed at the welfare and development of small and marginal farmers and small and medium enterprises, both of which play a very crucial role in the growth of our country and its economy,”

IOB Smile, our bank’s financial inclusion initiatives have extended banking facilities through the business correspondent’s model to over 770 villages with a population of over 2000. The bank proposes to cover around 500 villages more by Dec 2011.

Among other schemes, IOB Sneha is our Financial Literacy & Credit Counselling Centre scheme (FLCCC). We have 14 FLCCCs including 10 opened to-day. In addition 13 RSETI (Rural Self Employment Training Institute) are in operation where we have so far conducted 525 training programmes benefiting 16606 farmers and SHG members.

The Chennai-headquartered bank established in 1937 with global operations from day one has entered into 75th year of its operation and the new schemes have been introduced as part of its Platinum Jubilee celebrations.

IOB have also introduced a scholarship for girl students from BPL families as an extension of its Corporate Social Responsibility initiatives. The scholarship will fetch an annual monetary support of Rs. 1,000 to meritorious girl students, who can be chosen from villages adopted under IOB Sampoorna Scheme, for 5 years or till completion of school education whichever is earlier. Expanding its network and reach, IOB has also opened 75 new branches and 75 ATMs across the country.

(This is a press release from Indian Overseas Bank)