Indian Overseas Bank (IOB) has signed a Memorandum of Understanding (MoU) with the Tamil Nadu State Rural Livelihood Mission (TNSRLM), on Tuesday, to foster the growth of Self Help Groups (SHGs) in the State and provide them with vital financial support.
Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with IOB. This strategic collaboration aims to streamline access to financial resources for SHGs, enabling them to undertake entrepreneurial activities, expand their ventures, and contribute to the economic development of the State.
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The collaboration is expected to catalyse the growth of SHGs targeting ₹1,875 crore and increase the disbursal under DAY-NRLM (Deendayal Antyodaya Yojana-National Rural Livelihoods Mission) during this fiscal, effectively doubling the impact of financial assistance, according to a statement.