IOB funding Rs. 1000 Crore for Infrastructure Development in UT of J&K

CHENNAI, India, March 7, 2022 /PRNewswire/ -- As part of the Bank's Business plan to widen Credit Growth and funding towards Infrastructure Development across the nation, Indian Overseas Bank has sanctioned a loan of Rs. 1,000 cr (of which amount disbursed is Rs. 500 cr) to M/s. 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.

Indian Overseas Bank is one of the First Public Sector Banks to lend to Jammu and Kashmir Infrastructure Development Finance Corporation Limited, 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.

About Indian Overseas Bank

Founded on February 10, 1937 by M. Ct. M. Chidambaram Chettyar with the twin objectives of specialising in foreign exchange business and overseas banking, Indian Overseas Bank (IOB) has ever since created various milestones in Indian Banking Sector.

IOB is today a leading public sector bank headquartered in Chennai (India). The bank 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. Today, Indian Overseas Bank covers a vast domain in the banking sector with over 3,214 domestic branches, 3,270 ATMs and 4 overseas branches.

IOB is now aggressively focussing on 'Digital Banking', with a view to doing away with all the paperwork like cheques, pay-in slips, demand drafts and so on, through its robust digital platform. Through Digital Banking, IOB wants to give its customers the luxury of freely accessing and performing all traditional banking activities 24x7 without having to personally go to a bank branch to get one's work done. Digital Banking with IOB is possible through a laptop, tablet or one's mobile phone. Over the last few years, Digital Banking has drastically changed the way IOB and its customers interact with each other. More and more IOB customers are today being connected to its Digital Banking platform with each passing day.