State run Indian Overseas Bank (IOB) has unveiled Rupay MUDRA Debit Card under the Pradhan Mantri MUDRA Yojna, targeting the micro, small and medium enterprises. With launch of MUDRA Debit Card, the micro units can use the card for meeting working capital requirements and the cards can be used at ATMs, point of sales and for online transactions.
Under the Pradhan Mantri MUDRA Yojna, the bank has allotted annual targets of Rs 1,495 crore in current financial year of 2015, out of which the bank has disbursement of Rs 266.15 crore. The bank has distributed sanction letters to several micro, small and medium enterprise applications totaling Rs 50 crore in the Tamil Nadu state.
Indian Overseas Bank (IOB) was founded on February 10th 1937, a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
