Indian Overseas Bank Partners with CII-IGBC to Boost Green Building Financing

Chennai, March 1: In a significant push toward sustainable development, Indian Overseas Bank (IOB) has signed a memorandum of understanding (MoU) with the Confederation of Indian Industry - Indian Green Building Council (CII-IGBC) to facilitate affordable financing solutions for developers and home buyers investing in eco-friendly construction.

As part of this collaboration, IOB will offer preferential financing options to developers engaged in the construction of IGBC-rated green buildings. Additionally, home buyers purchasing residential units in IGBC-certified projects will receive tailored financial support from the bank, further promoting the adoption of sustainable housing.

At a recent event, Koustuv Majumder, General Manager and CRO of Indian Overseas Bank, exchanged documents with K S Venkatagiri, Executive Director of CII-IGBC. The signing took place in the presence of IGBC Chennai chapter Co-Chairman Mahesh Anand and Indian Overseas Bank Executive Directors Joydeep Dutta Roy and Dhanaraj T, according to an official press release.

Encouraging Sustainable Development​

Speaking on the partnership, IOB Managing Director and CEO Ajay Kumar Srivastava highlighted the bank’s commitment to making green buildings both viable and affordable.

"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," he said.

With environmental sustainability becoming a pressing concern, the initiative aims to accelerate the adoption of green buildings, which play a critical role in reducing environmental degradation and curbing rising energy consumption.

A Leap Toward a Greener Future​

K S Venkatagiri, Executive Director of CII-IGBC, emphasized the importance of financial accessibility in promoting sustainable construction.

"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," he said.

The partnership between Indian Overseas Bank and CII-IGBC is expected to significantly enhance the green building movement in India by enabling more developers and buyers to invest in eco-friendly infrastructure.