Indian Overseas Bank has signed an MoU with National Housing Bank for the Rural Housing Interest Subsidy Scheme (RHISS) of the Ministry of Rural Development. The aim of the RHISS is to provide subsidy for housing loans taken by those living in rural areas for construction and modifications of their dwelling units.
The interest subsidy under the scheme is 3 per cent for a loan amount of Rs2 lakh for 20-year tenure. Indian Overseas Bank has become one of the first public sector banks to implement the scheme. The subsidy is offered at three per cent for a loan amount of Rs. 2 lakh and with a loan tenure of 20 years.
Static/Current Takeaways Important for Canara Bank PO 2018 Exam-
- MD and CEO of Indian Overseas Bank- R Subramaniakumar, Headquarters- Chennai.
- MD and CEO of the National Housing Bank- Sriram Kalyanaraman, Headquarters- New Delhi.
Source- The Hindu Business Line