Union Minister of State for Finance S. S. Palani Manickam inaugurated the renovated branch of Indian Overseas Bank on North Main Street on Saturday. Raghu Vatsa Chari, Chief Regional Manager, IOB, said that the branch had been functioning from the same place on North Main Street since 1990.
The branch has been made air conditioned now. The branch has a turnover of Rs.160 crore as on Saturday. The branch has given credit for education, housing, agriculture, and for women self-help groups.
In Tamil Nadu, education loans sanctioned by all the banks up to the quarter ended December 2012 was over Rs.63.3 crore to 43,595 persons. Out of this, Indian Overseas Bank had given over Rs.7.4 crore to 13,906 persons. In Thanjavur district, all the banks had given over Rs.4.1crore as education loans to 11,528 persons. The IOB had given over Rs.2.7 crore in the district to 6,139 persons, Mr. Chari said. S.Nandakumar, branch manager, participated.