The Indian Overseas Bank opened its branch at Mazhaiyur village near Karambakudi on Wednesday.
B. Maheswari, Collector, inaugurated the branch and distributed crop loans to the tune of Rs.3 lakh to six farmers at the rate of Rs.50,000 each.
M. Ramadasu, chief regional manager, IOB, said that the village was started with a view to ensuring financial inclusion of those not served by the banking industry. This was the bank's 26-th branch in the district, he added. S.P. Muthukumaran, MLA and C.R. Amarnath Babu, lead district manager, IOB and K. Kandasamy, branch manager, spoke.