IOB inks MoU with the Tamil Nadu State Rural Livelihood Mission

Indian Overseas Bank (IOB) It signed a Memorandum of Understanding (MoU) with the Tamil Nadu Rural Livelihoods Mission (TNSRLM), on Tuesday, to promote the growth of self-help groups (SHGs) in the state and provide them with vital financial support.

Under the terms of the Memorandum of Understanding, TNSRLM will facilitate eligible self-help groups to link credit with the IOB. This strategic cooperation aims to simplify access to financial resources for self-help groups, enabling them to carry out entrepreneurial activities, expand their projects, and contribute to the economic development of the state.

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The collaboration is expected to stimulate the growth of self-help groups targeting ₹1,875 crore and increase disbursement under DAY-NRLM (Deendayal Antyodaya Yojana-National Rural Lives Mission) during this financial year, effectively multiplying the impact of financial assistance, According to a statement.