Tamil Nadu

Union Minister launches new schemes of Repco Bank

Union Minister of State for Home Affairs Ajay Kumar Mishra has launched New Repatriate Welfare Scheme, a deposit scheme of Repco Bank, a micro finance loan scheme and an app for Repco Micro Finance Ltd. (RFML) in Chennai.

Repco Bank chairman E. Santhanam, Managing Director R.S. Isabella and Board of Directors were present.

“Repco Subiksham” provides a new deposit scheme for senior citizens. It is a retail deposit scheme meant for senior citizens (aged above 60) and super senior citizens (age above 80), an official release said. “Interest rate is at 7.15% for senior citizen and 7.25% for super senior citizen”, it said.

‘A’ class repatriate members from Myanmar or Sri Lanka and their family members are eligible for the ‘Repatriate Youth Development Scheme’. Sponsorship amount shall be upto a maximum of ₹25,000 and those aged between 18 and 35 are eligible to apply.

Repco Mahila Samriddhi Scheme meant for SHGs aims at supporting income generation activities for the underprivileged sections. “It will provide collateral free loan to women with household income of up to ₹3 lakh,” it said. The loan amount would be between ₹50,000 and ₹2.5 lakh.

Repco Bank was registered as a cooperative society under the Union Ministry of Home Affairs established in 1969 with the primary objective of rehabilitation of repatriates from Myanmar and Sri Lanka.

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Printable version | May 11, 2022 10:04:01 pm | https://www.thehindu.com/news/national/tamil-nadu/union-minister-launches-new-schemes-of-repco-bank/article65404764.ece