CHENNAI: Indian Overseas Bank (IOB) has signed a memorandum of understanding (MoU) with the Tamil Nadu State Rural Livelihood Mission (TNSRLM) to provide financial support to the self-help groups (SHGs). The MoU was signed on Tuesday.
A statement here on Thursday said, the target for IOB under SHG National Rural Livelihood Mission (NRLM) for the current fiscal (FY 2023-24) is Rs 1,875 crore set by Tamil Nadu Corporation for Development of Women to increase disbursal under Deendayal Antyodaya Yojana-National Rural Livelihoods Mission, thus effectively doubling the impact of financial assistance.
Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with the 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, it added.
A statement here on Thursday said, the target for IOB under SHG National Rural Livelihood Mission (NRLM) for the current fiscal (FY 2023-24) is Rs 1,875 crore set by Tamil Nadu Corporation for Development of Women to increase disbursal under Deendayal Antyodaya Yojana-National Rural Livelihoods Mission, thus effectively doubling the impact of financial assistance.
Under the terms of the MoU, TNSRLM will facilitate eligible SHGs for credit linkage with the 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, it added.
