The type initializer for 'OracleInternal.MTS.DTCPSPEManager' threw an exception

We have a .net application using Oracle.ManagedDataAccess.dll and Oracle.ManagedDataAccessDTC.dll for db connection.

I was not able to figure out "The type initializer for 'OracleInternal.MTS.DTCPSPEManager' threw an exception" error, and lot of googling led to installing vc++ 2010 redistributable component.



Fix
1) Download and install Microsoft Visual C++ 2010 Redistributable Package (x64). Pick 32 or 64 bit according to your application
2) Reset IIS