The Hindu Business Line : IOB to support infrastructure projects

Indian Overseas Bank (IOB) is focused on supporting infrastructure projects, including real estate, as it will help generate income in these times of crisis.

With reference to interest rates, the bank will fall in line with other public sector banks, Mr P.K. Tripathy, General Manager, IOB, told Business Line here.

At Tirupur, the bank is facilitating purchase of generators and equipments as the small industries will not be able to afford high prices individually. The existing loans are also rescheduled, he further said.

Rs 2,000-cr mark

Referring to the Madurai region, he said that the total business has surpassed the Rs 2,000-crore mark. The business in the region, comprising Madurai, Theni and Dindigul, stood at Rs 2,114.84 crore as on November 7 from Rs 1,922.14 crore at the end of March this year.

For the bank as a whole, the business increased from Rs 1,38,103 crore at the end of March to Rs 1,60,514 crore by end-September, he mentioned.

Mr Tripathy inaugurated an ATM ( at the bank’s K-Pudur branch, eighth in the city. Three more ATMs would be added in the region by the end of December, he said.

More Stories on : Public Sector Banks | Infrastructure | Credit Market | Tamil Nadu

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