Public sector lender Indian Overseas Bank has decided to increase the tenor of loans offered to borrowers in the retail and MSME segment. In response to the advice by the Union Ministry for increasing loan tenors so as to reduce the pressure of rising interest rates on borrowers, the lender has decided on this move.
CMD of the bank, Mr M Narendra confirmed the decision taken by the board of directors of the bank, while speaking at the Meet the Press' programme, organised by the Dakshina Kannada Working Journalists Association.
He further said that he expects the bank to attain 22% growth in loan book this fiscal.
In terms of opening new branches, the bank aims to set up 400 more new branches in this fiscal.
He said that with these the total branch count of the bank would go up to 2600.