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Union Minister announces Repco Subiksham, a new Repco Bank initiative

In Chennai, Union Minister of State for Home Affairs Ajay Kumar Mishra announced the New Repatriate Welfare Scheme, a Repco Bank deposit scheme, a Repco Micro Finance Ltd. (RFML) micro finance lending scheme, and an application. E. Santhanam, Chairman of Repco Bank, Managing Director R.S. Isabella, and the Board of Directors were in attendance.

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KEY POINTS:

  • A new deposit scheme for senior folks is offered by Repco Subiksham. According to an official announcement, it is a retail deposit system for senior persons (over 60) and super senior citizens (over 80).
  • Senior citizen interest rates are 7.15 percent, and super senior citizen interest rates are 7.25 percent.
  • The Repatriate Youth Development Scheme is open to A class repatriate members from Myanmar or Sri Lanka, as well as their family members.
  • The sponsorship amount will be up to $25,000, and applicants must be between the ages of 18 and 35.
  • The Repco Mahila Samriddhi Scheme for SHGs is aimed at assisting impoverished women in generating income. It will grant collateral-free loans to women with household income of up to 3 lakh. The loan amount would range from 50,000 to 2.5 lakh.
  • Repco Bank was founded in 1969 as a cooperative enterprise under the Union Ministry of Home Affairs with the primary goal of rehabilitating Myanmar and Sri Lankan repatriates.

Important Takeaways For All Competitive Exams:

  • Union Minister of State for Home Affairs: Ajay Kumar Mishra

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