Banking, Trade & Commerce

In those days the people of this region  mainly depend upon the private money lenders for this needs. As Agriculture was the main occupation in the Cauvery tail end area, they have to raise the crops  only on  the money borrowed from money lenders who charged exorbitant  interest. Hence, the ryots suffered a lot as their major income from  the field have to be paid to the money lenders in the form of interest  leaving a handful of amount for their expense . In order to mitigate their suffering and to release them from the clutches of money lenders in 1975. The Indian Overseas Bank opened their branches in Karaikal, T.R.Pattinam and Thirunallar. Subsequently,  in the same year SBI, Canara Bank,Indian Bank have also been opened branches for the Welfare of the people living in this region. Now in Karaikal region all Nationalized banks have  opened branches. Private Banks and Co-operative Banks have also started banks in this region. Also loans are being sanctioned to the public at nominal interest. The growth of Banking sector have helped a lot to the poor and needy people to solve their financial problem as loan is granted with  low interest. Education loan is granted to this students to complete their studies without depending upon their parents.