Tamil Nadu Grama Bank

Tamil Nadu Grama Bank, a Regional Rural Bank (RRB) was formed as an amalgamation of Pallavan Grama Bank sponsored by the Indian Bank and Pandyan Grama Bank sponsored by the Indian Overseas Bank. This notification was passed vide the Gazette notification dated 28th of January, 2019 by the Ministry of Finance, Government of India, conferred under Regional Rural Banks Act of 1976 and was made effective from the 1st of April, 2019.

Overview

The newly amalgamated bank is headquartered at Salem, Tamil Nadu and it functions under the sponsorship of Indian Bank. Tamil Nadu Grama Bank has marked its presence in almost 32 districts out of the 33 districts present in the State excluding Chennai.

Mission & Vision

The primary mission of the Tamil Nadu Grama Bank is to provide banking services with simplified systems and procedures at an affordable cost. The bank also believes in serving customers with ease and in extending the banking services to the State’s last-mile person as well. Their sole vision is to scale-up Tamil Nadu Grama Bank to greater heights and to evolve as the No. 1 household name in the State of Tamil Nadu.

Salient Features of Tamil Nadu Grama Bank

The bank consists of a remarkable number of 630 branches in 32 districts of Tamil Nadu.
It enables 100% Core Banking Solutions (CBS) Platform, which allows customers to operate their accounts, and also avail the banking services regardless of the branch where the account is maintained.
Tamil Nadu Grama Bank has been rated ‘A’ by the National Bank for Agriculture and Rural Development (NABARD)
The bank also provides international money transfer facilities.
Apart from these, various online and offline payment modes are also offered by the bank.

Indian Bank’s Intervention

On account of its strong financials, the preference among a large section of the populace and positive contribution to the economy of the State, the Indian Bank is entrusted with the coveted responsibility of bringing a sponsor bank for the recently amalgamated RRB.
Indian Bank states that through the INR 21,000 Crore-business conducted by 625 branches and 800 business correspondent outlets spread throughout the State, the Tamil Nadu Grama Bank will continue to deliver premium products and services to its customers.
Tamil Nadu Grama Bank strives to deepen financial inclusion and to foster enrollment under Social Security initiatives to accelerate the economic progress in the rural regions of the State.

Area of Operation

Before the amalgamation of the RRBs, the Pallavan Grama Bank was headquartered at Salem and functioned in nearly sixteen districts. On the other hand, the Pandyan Grama Bank was headquartered at Virudhunagar and functioned in sixteen districts. After the amalgamation process, the bank operates in all the 32 districts of Tamil Nadu with its headquarters at Salem.

Share Capital

The paid-up capital amount of Tamil Nadu Grama Bank accounts to almost INR 46.96 Crores. This capital amount is shared by three different stakeholders namely:

Government of India: Contributes INR 23.48 Crores towards Tamil Nadu Grama Bank which is nearly 50% of the total capital.
Indian Bank: Contributes the second highest amount of INR 16.44 Crores, which is 35% of the capital amount.
And finally, the State of Government of Tamil Nadu has provided funds upto INR 7.04 Crores consolidating the remaining 15%.

Loans Offered

Personal/Individual Loan

Tamil Nadu Grama Bank offers these loans to help every individual meet their financial needs. While availing a personal loan, it is usually not required to pledge any security or collateral. Personal or Individual Loan extended under Tamil Nadu Grama Bank includes:

Vehicle Loan
Home Loan
Home Furnish Loan
Plot Purchase Loan
Education Loan
Mortgage Loan
Rent Encashment Loan
Gold Jewel Loan
Clean Loan
Solar Loan

Agriculture Loan

These loans are availed to meet the cost of farming, cultivation and to manage the working capital activities regarding agri-business and other associated activities. Tamil Nadu Grama Bank offers loans such as:

Short term Production Loan - KCC
Produce Marketing Loan
Farm Mechanisation Loan
Land Development and Irrigation Loan
Loans on Poultry, Dairy and Sheep/Goat

Small Medium Enterprises Loan

These SME Loans are distributed in order to provide the necessary funding for small and medium-sized enterprises. The bank loans serve as supplies for the finance capital of these firms.

Group Loan

These loans are offered to a group of individuals who are often a solidarity group. The purpose of this loan is to ensure collateral or credit guarantee in terms of group repayment. It comprises of:

Self-Help Group Loans
Joint Liability Group Loans

Services offered

The different services extended by Tamil Nadu Grama Bank ranges from various Payment methods to Aadhar seeding.

Payments Modes

In Tamil Nadu Grama Bank the payment modes permitted are:

National Electronic Funds Transfer (NEFT)
Real Time Gross Settlement (RTGS)
National Automated Clearing House (NACH) & Mandate Management System (MMS)
Aadhar enabled Payment System (AePS)
Aadhar Payment Bridge System (APBS) & Direct Benefit Transfer (DBT)

ATM Services

Tamil Nadu Grama Bank promotes ATM Services comprising of RuPay, the new domestic card payment scheme launched by the National Payments Corporation of India (NPCI).

RuPay Pradhan Mantri Jan-Dhan Yojana (PMJDY) Card
RuPay Kisan Credit Card (KCC)
RuPay Gold Card
RuPay Platinum Card

Miscellaneous Services

In addition to the amenities as mentioned earlier, the Tamil Nadu Grama Bank also consists of the following services.

Safe Deposit Lockers
Aadhar Seeding
Aadhar Enrollment Centers

Tamil Nadu Grama Bank Deposits

The bank manages the deposits, savings, investment details as two different streams which are stated below.

Regular Deposits

This term deposit assists the individuals with a monthly income to deposit a standard amount every month into their Regular Deposit account and to earn subsequent interest rates. The various accounts categorized under regular deposits are:

SB Account
Basic Savings Bank Deposit Account
Fixed Deposit Account
Recurring Deposit Account
Re-Investment Plan Account

Special Deposits

Tax Saver accounts fall under this category as the deposit is accepted in joint names. However, the eligibility for tax deduction under section 80C is applicable only for the first holder. These accounts can be opened with a minimum of INR 100 upto a maximum of INR 1.5 Lakhs.

Financial Inclusions

It is a facility offered by every bank where the individuals, as well as businesses, have complete access to profitable yet affordable financial products and services that meet their needs that are delivered responsibly. The schemes falling under financial inclusions of Tamil Nadu Grama Bank are mentioned as follows:

Pradhan Mantri Jan-Dhan Yojana (PMJDY)
Atal Pension Yojana (APY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Branch Locators

In order to contact or track the location of Tamil Nadu Grama Bank in various districts of the state click here. For further information required or enquiry to be made about the Tamil Nadu Grama Bank kindly visit their official website or reach out at 0427-2402904 or draft a mail to headoffice@tngb.co.in.