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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.

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.
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