News

IOB and IGBC have signed an MoU to support green finance for IGBC-certified projects.

Economy Business | Dated: 06 Mar 2025

In March 2025, Indian Overseas Bank (IOB), a public sector bank based in Chennai (Tamil Nadu), signed a Memorandum of Understanding (MoU) with the Confederation of Indian Industry (CII) - Indian Green Building Council (IGBC), which is based in Hyderabad (Telangana). The MoU aims to provide affordable and accessible financing solutions for developers and homebuyers.

🎯 Key Highlights:

Koustuv Majumder, the General Manager (GM) and Chief Revenue Officer (CRO) of IOB, exchanged the MoU documents with KS Venkatagiri, the Executive Director (ED) of CII-IGBC, in the presence of Mahesh Anand, Co-Chairman of IGBC Chennai chapter, and Dutta Roy and Dhanaraj T., Executive Directors (EDs) of IOB.
- IOB will offer preferential financing options to developers involved in constructing IGBC-rated green buildings.
- The bank will also provide customized financial support to homebuyers purchasing homes in IGBC-certified projects.

💡 Other Important Facts:

(i) This partnership aims to promote the use of sustainable construction methods, which are essential in addressing environmental issues and reducing energy consumption.
(ii) The MoU also focuses on developing new financing models for IGBC Green Affordable Housing, including IGBC NEST and NESTPLUS projects, designed for Economically Weaker Sections (EWS) and Lower Income Groups.
(iii) IOB and IGBC will continue to evaluate new trends and technologies in the green building sector to ensure the partnership remains at the forefront of sustainable construction.

📚 Test Your Knowledge:

Recently, which bank has signed an MoU with IGBC to support green finance for IGBC-certified projects?

Correct Answer: IOB

🚀 Quick Recap:

About Indian Overseas Bank (IOB)

MD & CEO : Ajay Kumar Srivastava
Headquarters: Chennai