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IOB to finance MSMEs

Indian Overseas Bank would provide finance up to Rs 50 lakh to micro, small and medium enterprises in the manufacturing sector while Rs 25 lakh for service sector. The bank has tied up with Bharatiya Yuva Shakti Trust, a not-for-profit organisation supported by Confederation of Indian Industry (CII) enabling youngsters to become entrepreneurs, in this initiative. As per the MoU, the bank would extend finance up to Rs 50 lakh for entrepreneurs in the manufacturing sector and Rs 25 lakh for services sector to eligible entrepreneurs sponsored by BYST. BYST would provide the business mentoring, marketing, training and development support to the youngsters. In the past 20 years, BYST has set up eight regional clusters across the country and has financed around 2,900 entrepreneurs.

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