Indian Overseas Bank (IOB), the public sector bank, has entered into a Memorandum of Understanding (MOU) with Naturals, a hair and beauty chain, to help the latter spread its wings in Northern India. Through this partnership, the bank will provide collateral free loan to 25 budding women entrepreneurs in Delhi promoting women empowerment and strongly supporting their aspirations in the field of beauty.
Recently, the bank has posted over two fold jump in its net profit to Rs 271.72 crore as compared to Rs 125.79 crore for the quarter ended June 30, 2013. Its total income has increased by 1.57% to Rs 6284.69 crore for the quarter under review from Rs 6187.15 crore for the corresponding quarter of the previous year.