Towards this initiative, Indian Overseas Bank General Manager (MSME) Naval Gupta exchanged documents with Bharatiya Yuva Shakti Trust, Founder Trustee, Lakshmi V Venkatesan in the presence of bank Chairman, M Narendra recently, a bank statement here said.
Bharatiya Yuva Shakti Trust (BYST) is a not-for-profit organisation supported by Confederation of Indian Industry (CII) enabling youngsters to become entrepreneurs. As per the MoU, Chennai-based Indian Overseas Bank would extend finance upto Rs 50 lakh for entrepreneurs in the manufacturing sector and Rs 25 lakh for services sector to eligible entrepreneurs sponsored by BYST.
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BYST would provide the business mentoring, marketing, training and development support to the youngsters, it said.
In the past 20 years, BYST has set up eight regional clusters across the country and has financed around 2,900 entrepreneurs, it said.
"Now, with this partnership, there is a focused mechanism to handhold and guide the entrepreneur towards their success. Mentoring is there to take care of a professional and emotional needs which are of paramount importance for a new person in business", Narendra said.
IOB stock price
On January 07, 2014, Indian Overseas Bank closed at Rs 49.90, down Rs 0.45, or 0.89 percent. The 52-week high of the share was Rs 94.85 and the 52-week low was Rs 37.15.
The company's trailing 12-month (TTM) EPS was at Rs 4.69 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 10.64. The latest book value of the company is Rs 145.63 per share. At current value, the price-to-book value of the company is 0.34.
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