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Our Bureau

Chennai, Sept. 11 Indian Overseas Bank has entered into a Memorandum of Understanding with Repco Foundation for Micro Credit (RFMC) for accelarating microcredit development in Thiruvallur and Tiruvarur Districts of Tamilnadu.

Under Business Correspondent Model to be taken up in Thiruvallur District, RFMC will identify potential SHGs and enable them to open savings bank accoutns with the nearest IOB Branch in association with the established NGOs of the area.

Promotion of capacity building activities for the groups, entertaining credit proposals, appraisal of proposals, documentation, disbursement, follow-up and recovery of loan, will also form part of RFMC’s responsibilities as Business Correspondent for IOB. Credit linkages will be permitted at 3 times of Self-help groups (SHG) savings for the first loan and 6 times of savings for the subsequent loans.

Under the business facilitator model to be implemented in Tiruvarur District where IOB’s network is strong, Repco Foundation will co-ordinate with the NGOs.

More Stories on : Alliances & Joint Ventures | Credit Market | Rural Development

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