Indian Overseas Bank launches Rupay MUDRA Debit Card

CHENNAI: State-run Indian Overseas Bank has launched Rupay MUDRA Debit Card under the Pradhan Mantri MUDRA Yojna, targeting the micro, small and medium enterprises.

According to the scheme, the micro units can utilise the card for meeting working capital requirements. The cards can be used at ATMs, point of sales and for online transactions, the city-based bank said in a statement today.

"The bank has disbursed Rs 266.15 crore against the annual target of Rs 1,495 crore for the current financial year," its Managing Director and CEO R Koteeswaran said.

"Under the Pradhan Mantri MUDRA Yojna, the bank achieved 26.04 per cent in Tamil Nadu (during the year)", the statement said.

The bank has distributed sanction letters to several micro, small and medium enterprise applications in the state totalling Rs 50 crore, it added.