Indian Overseas Bank (govt. of India undertaking), Nagpur Region has inaugurated Specialized Agri Credit Branch at Bela (Bhandara District) on 10th of October, 2013. On this Sanjay Narayan Gadhave (Chairman, Zila Parishad, Finance and Health(Bhandara)) has inaugurated the branch in the presence of Shardhaa Gayadhane (Sarpanch, Graam Panchaayat, Bela), Biswanath Bandhopadhyay (DGM, IOB, Chennai), Aswin K J (Chief Regional Manager, Nagpur) and other valued customers. The chief Guest has appreciated Indian Overseas Bank for this initiative in opening Specialized Agri Credit Branch.
As the name suggests, this branch will be catering to the credit needs of rural people and will have only agricultural officers and rural development officers as Supervisory Staff who will act as consultants for agri finance. On this occasion Bank has distributed more than 75 loans amounting to about Rs. 2 Crore and assured many more loans to farming community.
Bank has recently introduced various Agri credit related schemes namely; IOB Kisan Tatkal Scheme (Instant Credit for Farming Community to meet the emergency requirements for agriculture), BhumiShakti for women farmers for carrying out agriculture activities, IOB Green Credit Yojana for meeting the investment needs of Farming Community (including Purchase of Tractors/ Farm Equipment/ Farm Mechanization etc) and many other schemes for meeting the short term/ Long term Agri Credit Requirements. Apart from this bank has introduced various schemes for funding SHG’s and agri allied activities.