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Chennai, Sept. 4

Indian Overseas Bank has signed an MoU with Rotary International - District 3230 for implementation of ‘IOB- Rotary Sampoorna Scheme’. Under this scheme, IOB will grant loans under DRI (differential rate of interest, i.e. 4 per cent) scheme to the weaker sections of society to undertake gainful economic activities. Rotary will identify prospective beneficiaries through its 103 clubs operating in Kancheepuram, Thiruvallur, Vellore and Tiruvannamalai districts of Tamil Nadu. Loans will be given to individuals with annual family income up to Rs 18,000 in rural areas and Rs 24,000 in semi-urban/urban areas. No margin is to be borne by the beneficiaries. The assets created out of the loan will be hypothecated to the bank, a press release said. —

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