Indian Overseas Bank
27.300.05 (0.18%)
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Prev Close27.25
Bid0.00 x
Ask0.00 x
52wk Range20.85 - 40.90
Day's Range27.20 - 27.50
Avg Vol (3m)2,392,356
As of 5:59 AM EDT. Market closed.
  • Bloomberg2 years ago

    Are Toilets and Bank Accounts Connected? In India, Yes

    Prime Minister Narendra Modi ’s plan to develop India includes creating toilet access for all 1.2 billion people and opening a bank account for every adult who doesn’t already have one. India’s state-owned lenders are being called on to do both, threatening to erode profits and add expenditures at firms saddled with nonperforming loans. Modi has asked banks to open branches within 5 kilometers (3 miles) of all of India’s 664,000 villages in order to reach 75 million households that have no access to formal financial services. After he announced on Aug. 15 a mission to build toilets in public schools, the Finance Ministry sent a memo to state-owned lenders urging them to pay for construction, according to a senior banking executive who saw it and didn’t want to be identified as the communication wasn’t public.

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