Loan part of bank’s plan to widen credit growth and funding for infra
The Indian Overseas Bank (IOB) has sanctioned a loan of Rs.1,000 crore (of which amount disbursed is Rs.500 crore) to Jammu and Kashmir Infrastructure Development Finance Corporation Limited (JKIDFC) guaranteed by Union Territory of J&K, towards part funding for completion of the languishing infrastructure projects in J&K and other new infrastructure projects which are a priority for the state.
The sanctioned loan is also a part of its business plan to widen credit growth and funding towards Infrastructure Development across the country, said IOB on 7 Mar 2022.
IOB is one of the First Public Sector Banks to lend to JKIDFC which is incorporated to complete various projects belonging to various departments like Agriculture Production, Animal Husbandry, Housing & Urban Development, Industries & Commerce Department, Jal Shakti Department, Public Works Department, School Education Department etc.
IOB has the distinction of simultaneously commencing operations in three branches at Karaikudi, Chennai and Yangon (Myanmar). Since the bank aimed to encourage overseas banking and foreign exchange operations, it soon opened its branches in Penang and Singapore. fiinews.com
