IOB funding Rs. 1000 Cr for Infrastructure Development in UT of J & K

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As part of the Banks Business plan to widen Credit Growth and funding towards Infrastructure Development across the Nation, Indian Overseas Bank has sanctioned a loan of Rs. 1000 Cr (of which amount disbursed is Rs.500 cr) to M/s. Jammu and Kashmir Infrastructure Development Finance Corporation Limited (JKIDFC) guaranteed by Union Territory of J & K, towards part funding for the completion of the languishing infrastructure projects in J&K and other new infrastructure projects which are a priority for the state.

Indian Overseas Bank is one of the First Public Sector Banks to lend to Jammu and Kashmir Infrastructure Development Finance Corporation Limited which is incorporated to complete various projects belonging to the various departments like Agriculture Production, Animal Husbandry, Housing & Urban Development, Industries & Commerce Department, Jal Shakti Department, Public Works Department, School Education Department, etc.

(Economy India)