PSU lender Indian Overseas Bank (IOB) announced that it has sanctioned a loan of ₹1,000 crore to Jammu and Kashmir Infrastructure Development Finance Corporation Ltd (JKIDFC)

The sanction is part of the Bank’s business plan to widen credit growth and funding infrastructure development across the nation. The bank has already disbursed ₹500 crore of the sanctioned amount, said a statement 

The loan, guaranteed by the Union Territory of J & K,  is extended towards part funding for the completion of the languishing infrastructure projects in J&K and other new projects that are a priority for the state. IOB is one of the first public sector banks to lend to JKIDFC..