IOB LENDING HAND TO MSME's

Public sector Indian Overseas Bank would provide finance up to Rs 50 lakh to micro, small and medium enterprises in the manufacturing sector while Rs 25 lakh for service sector. Towards this initiative, Indian Overseas Bank General Manager (MSME) Naval Gupta exchanged documents with Bharatiya Yuva Shakti Trust, Founder Trustee, Lakshmi V Venkatesan in the presence of bank Chairman, M Narendra recently, a bank statement here said. Bharatiya Yuva Shakti Trust (BYST) is a not-for-profit organisation supported by Confederation of Indian Industry (CII) enabling youngsters to become entrepreneurs.
As per the MoU, Chennai-based Indian Overseas Bank would extend finance upto Rs 50 lakh for entrepreneurs in the manufacturing sector and Rs 25 lakh for services sector to eligible entrepreneurs sponsored by BYST.
BYST would provide the business mentoring, marketing, training and development support to the youngsters, it said. In the past 20 years, BYST has set up eight regional clusters across the country and has financed around 2,900 entrepreneurs, it said. "Now, with this partnership, there is a focused mechanism to handhold and guide the entrepreneur towards their success. Mentoring is there to take care of a professional and emotional needs which are of paramount importance for a new person in business", Narendra said.