Indian Overseas Bank sanctions Rs. 1000 cr to JKIDFC for infrastructure development in J&K

AgenciesUpdated: Monday, March 07, 2022, 02:48 PM IST
article-image
Indian Overseas Bank is one of the First Public Sector Banks to lend to Jammu and Kashmir Infrastructure Development Finance Corporation Limited./ Representative image |

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.

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.

(With inputs from PTI)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Mumbai updates: Tata Marathon to be held in city on January 15 after two-year gap

Mumbai updates: Tata Marathon to be held in city on January 15 after two-year gap

Maharashtra legislature's monsoon session extended by two days; to conclude on August 25

Maharashtra legislature's monsoon session extended by two days; to conclude on August 25

University of Essex, UK launches free online for Indian students; read details here

University of Essex, UK launches free online for Indian students; read details here

Income tax payers barred from enrolling in Atal Pension Yojana from October 1

Income tax payers barred from enrolling in Atal Pension Yojana from October 1

Bengal school jobs scam: Two arrested ex-officials remanded to seven-day CBI custody

Bengal school jobs scam: Two arrested ex-officials remanded to seven-day CBI custody