Multiple choice

Directions: Select the correct alternative from the given choices.

The first bank to launch the reverse mortgage scheme for senior citizens is

  1. PNB

  2. SBI

  3. BOB

  4. BOI

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Punjab National Bank (PNB) is credited as the first bank to launch the reverse mortgage scheme for senior citizens in India, introducing it in 2007. This scheme allows elderly homeowners to receive regular income by mortgaging their property without repayment obligations during their lifetime. SBI, BOB, and BOI launched similar schemes shortly after.