Indian Overseas Bank has launched Rupay MUDRA Debit Card under the Pradhan Mantri MUDRA Yojna. The card is aimed at targeting MSMEs. The product will allow micro units to meet working capital requirements. The cards can be used at ATMs, POS and also for online transactions. MD and CEO of the bank R Koteeswaran said the bank has disbursed Rs 266.15 crore against the annual target of Rs 1495 crore for the current financial year. Under the Pradhan Mantri MUDRA Yojna, the bank achieved 26.04% in the state Tamil Nadu in the current financial year and the bank has distributed sanction letters to several MSME applications in the state totalling Rs 50 crore, the bank said.
