IDBI Bank, one the leading public sector banks, signed a MoU with National Housing Bank (NHB) on Aug. 26, 2015. This MoU is a part of the implementation process of the credit linked interest subsidy scheme under the Pradhan Mantri Awas Yojana.

"The objective of the said scheme is to address the funding requirements of the urban poor belonging to the economically weaker section or lower income groups aspiring to acquire or construct residential houses," the bank said.

The subsidy at the rate of 6.5% would be available up to Rs. 6 lakhs for the loan tenure up to a maximum period of 15 years.

Shares of the bank gained Rs 2.6, or 4.63%, to settle at Rs 58.70. The total volume of shares traded was 487,116 at the BSE (Thursday).