Indian Overseas Bank (IOB), a leading financial institution, has signed a Memorandum of Understanding (MoU) with the TamilNadu State Rural Livelihood Mission (TNSRLM) on 20.06.2023. The primary objective of this collaboration is to foster the growth of Self Help Groups (SHGs) in the state and provide them with vital financial support.
The MoU signing ceremony witnessed the participation of esteemed representatives, including the Managing Director and CEO of Tamilnadu Corporation for Development of Women (TNCDW) and the General Manager of Indian Overseas Bank.
Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with Indian Overseas Bank. This strategic collaboration aims to streamline access to financial resources for SHGs, enabling them to undertake entrepreneurial activities, expand their ventures, and contribute to the economic development of the state.
By joining forces with TNSRLM, Indian Overseas Bank demonstrates its dedication to supporting grassroots entrepreneurship and fostering sustainable livelihoods. The collaboration is expected to catalyze the growth of SHGs targeting Rs.1875 Crores and increase the disbursal under DAY-NRLM (Deendayal Antyodaya Yojana-National Rural Livelihoods Mission) during the current Financial Year, effectively doubling the impact of financial assistance.