Indian Overseas Bank, CII Indian Green Building Council ink pact

Public sector Indian Overseas Bank has signed a memorandum of understanding with the Confederation of Indian Industry - Indian Green Building Council, to provide accessible and affordable financing solutions for developers and home buyers, a top official said.

As per the collaboration, Indian Overseas Bank would offer preferential financing options to developers engaged in construction of IGBC-rated green buildings. The bank would also provide tailored financial support to home buyers purchasing residential units in the IGBC - certified projects.

At an event recently, Indian Overseas Bank's General Manager and CRO Koustuv Majumder exchanged documents with CII Indian Green Building Council, Executive Director K S Venkatagiri in the presence of IGBC Chennai chapter Co-Chairman Mahesh Anand and Indian Overseas Bank Executive Directors Joydeep Dutta Roy and Dhanaraj T, a press release said on Saturday.

"This partnership with IGBC is a significant step toward ensuring that green buildings are not just an aspiration but a viable and affordable reality. By providing attractive financial solutions for sustainable projects, we aim to encourage developers and homeowners to choose eco-friendly construction, thereby contributing to a greener and healthier India," the bank's MD and CEO Ajay Kumar Srivastava said.

With green buildings being a key solution to combat environmental degradation and rising energy consumption, this collaboration would help create a positive change by encouraging widespread adoption of sustainable construction practices.

"With IOB's financing support, we are making green buildings not only environmentally viable but also financially accessible to a larger section of the population. This collaboration is a big leap in our mission to create an energy-efficient and resource conserving built environment," CII IGBC Executive Director K S Venkatagiri said.