IOB to extend repayment periods on retail, MSME loans

10 Sep 2011

1

Indian Overseas Bank has decided to increase the repayment period for its retail loan customers in a bid to ease the impact of interest rate hike on EMIs.

The decision follows finance ministry directions to banks to help borrowers in the retail and MSME (micro, small and medium enterprises) segments to tide over the rising interest costs.

The board of directors of the Chennai-based IOB took a decision on Friday to increase the repayment period for retail and MSME borrowers, M Narendra, chairman and managing director of the bank, said at a 'meet the press' programme organised by the Dakshina Kannada Working Journalists Association.

He also allayed fears that credit growth in general, although a little subdued in the current economic scenario, has not affected credit demand from MSME, retail and agriculture sector.

Narendra hoped that IOB would be able to achieve a credit growth of 22 per cent against the industry projection of 18 per cent this fiscal.

During the current financial year, he said, IOB planned to locate 55 per cent of its new branches in rural and semi-urban areas.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers