Home > District > Financial Inclusion
The District Manager
Indian Overseas Bank /Lead Bank
Nagapattinam 611 001

TourismBoat on Fishing Plays a Key Economy for the District even though Agriculture and Fishing are the Major ones. Shrines, Places of Hindu Faith, Mosques forms the Spritual Tourism for the district. Annual Festivals and functions marks glory of the Year. Heritages like Tarangam padi Fort, Poompuhar speaks of the rich civilization of this land.  

This tarangam Padi Fort was the only busy trade centre on the Coromandal coast for the Danes.This fort was declared as a protected monument by the Department of Archaeology, Government of Tamilnadu in 1977 ADThe Danes constructed fortifications on the coast at Tranquebar. This fort was a busy trade centre till 1845 AD when the Danes handed over the fort to the English. It was used as a Public Works Department Travellers Bungalow for government servants and colonials till 1977 AD.  

FINANCIAL INCLUSION

ACTION PLAN FOR VILLAGES WITH POPULATION ABOVE 2000

FinancialIncluing the Poor inclusion is the process of ensuring access to appropriate financial products and services needed by vulnerable groups such as weaker sections and low-income groups at an affordable cost in a fair and transparent manner by mainstream institutional players. Financial inclusion has become one of the most critical aspects in the context of inclusive growth and development.

The importance of an inclusive financial system is widely recognized in policy circles and has become a policy priority in many countries. Several countries across the globe now look at financial inclusion as the means to more comprehensive growth, wherein each citizen of the country is able to use earnings as a financial resource that can be put to work to improve future financial status and adding to the nation's progress.

Initiatives for financial inclusion have come from financial regulators, governments and the banking industry. The banking sector has taken a lead role in promoting financial inclusion. Legislative measures have been initiated in some countries. For example, in the US, the Community Reinvestment Act (1997) requires banks to offer credit throughout their entire area of operation and prohibits them from targeting only the rich neighbourhoods. In France, the law on exclusion (1998) emphasizes an individual's right to have a bank account.

statement of service area distribution
Sl. No Name of Bank selected for allotment of villages No of identified villages
1. IOB 75
2. IB 28
3. SBI 41
4. CB 19
5. PNB 11
6. UCO 1
7. CBI 3
8. BOB 3
9. UBI 3
10. CUB 8
11. ICICI 4
12. KVB 4
13. ING VYSYA 1
14. LVB 2
15. TMB 2
16. SYB 1
17. VB 1
18. BOI 1
TOTAL 208
MODEL EDUCATION LOAN SCHEME
INTRODUCTION
The Model Education Loan Scheme formulated by RBI/IBA aims at providing financial support from the Banking System to "Deserving / Meritorious Students" for pursuing "Higher Education" in India and Abroad
ELIGIBLE COURSES
Professional / Management Courses : Engineering, Medical, Agriculture, Vet erinary, Law, Management, Computer Courses, etc., conducted by the "Approved" Colleges /Universities / Govt AICTE / etc.
STUDENT ELIGIBILITY
Admission secured through Entrance Test or Counseling or Selection Process.
ELIGIBLE STUDY
Studies in India & Abroad eligible.
QUANTUM OF FINANCE
Need based finance subject to repaying capacity of the parents / students
MARGIN
Upto Rs. 4.00 lakh
No security
SECURITY
Upto Rs. 4.00 lakh
No security
Above Rs. 4.00 lakh
Collateral Security equal to 100% of the loan amount or Guarantee of 3rd person for 100% of loan amt.
RATE OF INTEREST
Stipulated by Bank from time to time, depending upon their PLR.
SANCTION/ DISBURSEMENT
  1. Sanctioned preferably by the Branch nearest to the place of domicile.
  2. Disbursement in stages as per scheme/ directly to the Institution / Instruments.
REPAYMENT
The loan is to be repaid in 5 to 7 Years, after commencement of repayment.
REPAYMENT HOLIDAY
Course Period + 1 Year or 6 Months, after getting Job whichever is earlier.
LIST OF DOCUMENTS REQUIRED
  1. Bonafide Certificate issued by Inst.
  2. Approved Fees structure.
  3. Fees paid Receipt / Challans.
  4. Residential Proof (Ration Card/etc)
  5. SSLC, HSC, Degree Mark Statement
  6. Community Certificate
  7. Income Proof.
  8. Transfer Certificate.
  9. For Professional / Management courses / Technical Courses - Govt. / AICTE / University Approval where ever required by the Bank.
TIME NORMS
15 days to 30 days or as stipulated by RBI / Bank.