Oriental Bank of Commerce (OBC) has launched a special microfinance product to provide hassle free credit to micro entrepreneurs for setting up new units or enhancing existing units.
This product — Oriental Grameen Swarojgar Card (OGSC) — was launched by Mr R. Gopalan, Secretary, Department of Financial Services here on Wednesday . The first set of OGSC was issued to micro-entrepreneurs in village Ghimana in Jind district of Haryana.
OBC also launched a new micro thrift product targeted at small depositors in villages that have been assigned for financial inclusion coverage.
Mr T.Y.Prabhu, Chairman and Managing Director, OBC, later told Business Line that the bank has decided to allocate Rs 25 crore for the OGSC product. Under OGSC, credit facility of up to Rs 25,000 would be provided to customers in semi-urban and rural areas. An interest rate of 10.5 per cent will be charged for the credit facility. There will be a concession of 0.5 per cent to the women beneficiaries, he said.
On regular weekly repayment, a borrower will be allowed enhanced loan as according to business requirement in future. The customers who could avail OGSC include cobbler, carpenters, blacksmiths, vegetable vendors, mobile repairing shops, saloon, beauty parlour, tailor, kirana shops and milkman.
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