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    Indian Overseas Bank

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    ramarm3
    Indian Overseas Bank (IOB) is a major public sector bank based in Chennai, India that was founded in 1937. IOB has 2555 domestic branches and 6 international branches. It has expanded internationally over the years, opening branches in Southeast Asia in the late 1930s and 1940s before nationalizing in 1969 and focusing more on rural India. Today IOB offers banking services both within India and jointly owns a bank in Malaysia.

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    Indian Overseas Bank

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    ramarm3
    194 views3 pages
    Indian Overseas Bank (IOB) is a major public sector bank based in Chennai, India that was founded in 1937. IOB has 2555 domestic branches and 6 international branches. It has expanded internationally over the years, opening branches in Southeast Asia in the late 1930s and 1940s before nationalizing in 1969 and focusing more on rural India. Today IOB offers banking services both within India and jointly owns a bank in Malaysia.

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    Indian Overseas Bank (IOB) is a major public sector bank based in Chennai, India that was founded in 1937. IOB has 2555 domestic branches and 6 international branches. It has expanded internationally over the years, opening branches in Southeast Asia in the late 1930s and 1940s before nationalizing in 1969 and focusing more on rural India. Today IOB offers banking services both within India and jointly owns a bank in Malaysia.

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    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    194 views3 pages

    Indian Overseas Bank

    Uploaded by

    ramarm3
    Indian Overseas Bank (IOB) is a major public sector bank based in Chennai, India that was founded in 1937. IOB has 2555 domestic branches and 6 international branches. It has expanded internationally over the years, opening branches in Southeast Asia in the late 1930s and 1940s before nationalizing in 1969 and focusing more on rural India. Today IOB offers banking services both within India and jointly owns a bank in Malaysia.

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    Indian Overseas Bank

    From Wikipedia, the free encyclopedia

    Indian Overseas Bank

    Type

    Public (BSE: 532388)

    Industry

    Banking Capital Markets

    Founded

    Madras, February 10, 1937

    Headquarters

    Chennai, India

    Key people

    M. Narendra (Chairman & MD)

    Products

    Loans, Credit Cards, Savings, Investment vehicles etc.

    Website

    www.iob.in

    Indian Overseas Bank (IOB) (BSE: 532388) is a major bank based in Chennai (Madras), with 2555 domestic branches and six branches overseas. Indian Overseas Bank has an ISO certified inhouse Information Technology department, which has developed the software that 2555 branches use to provide online banking to customers; the bank has achieved 100% networking status as well as 100% CBS status of branches with a total number of 2555 CBS branchs and 6 Extension Counters. IOB also has a network of about 1300 ATMs all over India and IOB's International VISA Debit Card is accepted at all ATMs belonging to the Cash Tree and NFS networks. IOB offers internet Banking (E-See Banking) and is one of the banks that the Govt. of India has approved for online payment of taxes.The bank's business more than doubled in the last four years. According to "A profile of banks (2009-10)" published by RBI, the bank's deposits increased from Rs.50529 crore as on 31.03.06 to Rs.110795 crore as on 31.03.10 and advances from Rs.34756 crore to Rs.79004 crore.

    Contents
    [hide]

    1 History

    1.1 International expansion

    2 See also 3 External links

    [edit]History

    1937: Shri.M. Ct. M. Chidambaram Chettyar establishes the Indian Overseas Bank (IOB) to encourage overseas banking and foreign exchange operations. IOB started up simultaneously at three branches, one each in Karaikudi, Madras (Chennai) and Rangoon (Yangon). It then quickly opened a branch in Penang and another in Singapore. The bank served the Nattukottai Chettiars, who were a mercantile class that at the time had spread from Chettinad in Tamil Nadu state to Ceylon (Sri Lanka), Burma (Myanmar), Malaya, Singapore, Java, Sumatra, and Saigon. As a result, from the beginning IOB specialized in foreign exchange and overseas banking (see below).

    1960s: The banking sector in India was consolidating by the merger of weak private sector banks with the stronger ones; IOB absorbed five banks, including Kulitali Bank (est. 1933).

    1969: The Government of India nationalized IOB. At one point, probably before nationalization, IOB had twenty of its eighty branches located overseas. After nationalization it, like all the nationalized banks, turned inward, emphasizing the opening of branches in rural India.

    1988-89: IOB acquired Bank of Tamil Nadu in a rescue. 2000: IOB engaged in an initial public offering (IPO) that brought the government's share in the bank's equity down to 75%.

    2009: IOB took over Shree Suvarna Sahakari Bank, which was founded in 1969 and had its head office in Pune. In 2001 it had acquired the Mumbai-based Adarsha Janata Sahakari Bank, which gave it a branch in Mumbai. Shree Suvarna Sahakari Bank has been in administration since 2006. It has nine branches in Pune, two in Mumbai and one in Shirpur. The total employee strength is estimated to be little over 100.

    [edit]International

    expansion

    1937-38: As mentioned above, IOB was international from its inception with branches in Rangoon, Penang, and Singapore.

    1941: IOB opened a branch in Malaya that presumably closed almost immediately because of the war. 1946: IOB opened a branch in Ceylon.

    1947: IOB opened a branch in Bangkok and re-opened others. 1948: United Commercial Bank (see below) opened a branch in Malaya. 1949: IOB opened a branch in Bangkok. 1963: The Burmese government nationalized IOBs branch in Rangoon. 1973: IOB, Indian Bank and United Commercial Bank established United Asian Bank Berhad in Malaysia. (Indian Bank had been operating in Malaysia since 1941 and United Commercial Bank Limited had been operating there since 1948.) The banks set up United Asian to comply with the Banking Law in Malaysia, which prohibited foreign government banks from operating in the country. Also, IOB and six Indian private banks established Bharat Overseas Bank as a Chennai-based private bank to take over IOB's Bangkok branch.

    1977: IOB opened a branch in Seoul. 1979: IOB opened a Foreign Currency Banking Unit in Colombo, Sri Lanka. 1992: Bank of Commerce (BOC), a Malaysian bank, acquired United Asian Bank (UAB). 2007: IOB took over Bharat Overseas Bank 2009: IOB took over assets and liabilities of Shree Suvarna Sahakari Bank. 2010: Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Bank of Baroda, Indian Overseas Bank and Andhra Bank. The new bank, India International Bank (Malaysia), will reside in Kuala Lumpur, which has a large population of Indians. Andhra Bank will hold a 25% stake in the joint-venture, Bank of Baroda will own 40% and IOB the remaining 35%.

    [edit]See

    also

    Indian banking List of banks in India

    [edit]External

    links

    Indian Overseas Bank Find IFSC Code of all INDIAN OVERSEAS Bank branches in India, or Branch Details by IFSC Code IFSC Code List - INDIAN OVERSEAS BANK (IOB) IFSC code, MICR code number, address list of all branches

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