In Tamil Nadu, efforts to improve access to financial mechanisms by the Self Help Groups (SHGs) under the Deendayal Antyodaya Yojana (DAY - NRLM) programme has resulted in a Memorandum of Understanding (MoU) between the Indian Overseas Bank (IOB) and Tamil Nadu State Rural Livelihood Mission (TNSRLM). 

IOB is a public sector bank based in Chennai and has been given a target of Rs 1,875 crore for FY 2023-24 by Tamil Nadu Corporation for Development of Women to increase disbursal under the scheme. DAY - NRLM aims at creating effective and efficient institutional platforms to enable the rural poor to increase their household income by means of sustainable livelihood enhancements and better access to financial services. 

This collaboration will enable access to financial resources for SHGs, encourage them to undertake entrepreneurial activities and help in the overall economic development of the state.