Minister launches schemes of Repco Bank; assures it of RBI license

Union Minister of State for Home Affairs Ajay Kumar Mishra launched many new schemes of Chennai-based Repco Bank, in a function organized at Hotel Grand Chola Guindy in Chennai on Wednesday.

It bears recall that Repco Bank falls under the Ministry of Home Affairs. The Junior Minister hinted at setting up a committee to expedite the process of securing licence to the Repco Bank from the RBI.

The Minister launched a new Repatriate welfare scheme, a deposit scheme for Repco Bank, a microfinance loan scheme, and a mobile app for Repco Micro Finance Limited (RFML) in Chennai in the presence of bank Chairman E. Santhanam, Managing Director R.S.Isabella and board of directors.

While addressing the gathering, Mishra lauded the efforts of Repco Bank and said it is one of the most powerful cooperative societies in the country. We will help the bank in getting the universal banking license sooner than later, this statement received thunderous applause from the audience.

In his speech, Repco Bank Chairman E Santhanam said that the newly launched schemes will help the customers of the bank in a big way. Obtaining the license from the RBI is the need of the hour and it should be given to the bank.

“Repco Subiksham” provides a new deposit scheme for senior citizens. It is a retail deposit scheme meant for senior citizens (aged above 60) and super senior citizens (age above 80). “Interest rate is at 7.15% for senior citizens and 7.25% for super senior citizens”.

Besides, the Repco Mahila Samriddhi Scheme meant for SHGs aims at supporting income generation activities for the underprivileged sections. “It will provide collateral-free loans to women with a household income of up to Rs 3 lakh,” it said. The loan amount would be between Rs 50,000 and Rs 2.5 lakh, according to information provided by the bank.

It was established on 19th* November 1969 with the primary objective of Rehabilitation of Repatriates from Burma and Sri Lanka. The Bank is registered as a Cooperative Society functioning under the Administrative Control of the Union Ministry of Home Affairs.

The Head Office of the Bank is situated in Chennai with branches spread across locations in the Five Southern States and Union Territory of Puducherry with 108 branches.

The Bank has a total business mix of around Rs. 16500 Crores. The Bank is consistently making profits for the past three decades and completed 52 successful years in the field of Banking and entered into 53 years.

Repco Bank has promoted two financial institutions Viz. Repco Home Finance Ltd., (RHFL) is a housing company, and Repco Micro Finance Ltd (RMFL) provides Micro Finance to Self Help Groups.