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In 1937, Indian overseas bank was being founded as of 10th February, and it had the distinction of 3 branches at Chennai, Karaikudi, and Rangoon together commencing business on an inaugural day. Its founder Chairman was M.Ct.Chidambaram Chettiyar. In 1969, the bank was nationalized, and it had about 208 branches and a business mix of INR 156 crores.

Some of the Milestones:

  • 1990:
  • The Bank of Tamil Nadu was being merged with the Bank.
  • It launched a credit card in a tie-up arrangement with Cancard.
  • 1995: It signed a MoU as of July 26, with the three Regional Rural Banks (or RRBs) sponsored by it. Also, Puri Gramya Bank (in Orissa), Pandyan Grama Bank (in Tamil Nadu) and Dhenkanal Gramya Bank (in Orissa). As per the MOU, the RRBs committed themselves to accomplish targets under several business parameters for turning the corner within 5 years.
  • 1998:
  • Also, Ms. P. Bolina, Deputy Secretary, Ministry of Finance was appointed as the director of the Bank since September 4, replacing Shri Paramjit Singh. Moreover, Shri K. Nagappan was appointed director representing workmen employees since October 12, in place of Shri Bhadresh U. Banker.
  • It launched its improved version of the Kisan Credit Card as of November 27. As the scheme gained popularity speedily. The branches distributed about 2,369 cards, disbursing a credit of INR 538.0 lakh in 4 months of inception of the scheme.
  • 1999:
  • Also, it launched a Housing Scheme known as 'Subha Gruha' with both simplified and borrower-friendly features.
  • Also, to benefit students undergoing studies in India and abroad, its 'Vidya Jyothi' educational loan scheme was modified. Also, loan amounts for inland as well as international studies were increased, and interest rates were reduced.
  • Since March 1, a new system was launched for reconciling high-value demand drafts.
  • 2000:
  • It launched its customer care cell in Chennai.
  • Also, the Chennai-based Indian Overseas Bank went public on September 25 with an IPO to raise INR 111.20 crore. Also, the IPO was for the issue of about 11, 12, 00,000 no. of equity shares of INR 10 each at par.
  • Also, the public sector of the bank set aside about INR 75 crore for offering a voluntary retirement scheme package to about 1,500 employees.
  • It also tied-up with Dabur-All State Insurance to market the joint venture's life insurance products.
  • It is also the first public sector bank to introduce anywhere banking at its 129 branches in the 4 metros and extends the connectivity to another 100 branches in Bangalore, Hyderabad, Ahmedabad, and Ludhiana.
  • Also, it came out with a public issue of 11, 12, 00,000 shares of INR 10 each for cash at par aggregating INR 111.20 crore.
  • It also launched its "gold loan scheme' for exporters taking advantage of the uniform sales tax on bullion that was recently adopted by the states.
  • It is also the first public sector bank nationwide to introduce mobile banking services using Wireless Application Protocol (or WAP).
  • It also launched its Any Branch Banking service in Hyderabad.
  • 2001:
  • It raised INR 125 crore via a bond issue. Crisil also gave a rating of 'AA' for the issue and 'P1+' for its certificate of deposit.
  • Its chairman and managing director R V Shastri took over from R J Kamath as the new head of the nationalized Canara Bank.
  • Also, S C Gupta, executive director of Indian Overseas Bank, took over as the chairman and managing director of the bank.
  • R Natarajan was appointed as executive director of Indian Overseas Bank.
  • 2002:
  • It informed that the Government of India had nominated Smt. Usha Mathur, Joint Secretary, Department of Expenditure, Ministry of Finance, Government of India, New Delhi, replacing Shri Ram Mohan as Government Director in the Board since March 20, 2002.
  • Also, Ananda Kumar was nominated as Director in the Board of the bank.
  • Rohit M Desai was appointed as a Director on the Board of the bank.
  • It informed that in the EGM held on December 07, 2002, and the 4 candidates were declared elected as the Directors of the Bank representing shareholders other than the Central Government. Mr. Christopher Thomas Kurien, Mr. M N Venkatesan, Dr. Harsh Mahajan, and Mr. S K Seghal.
  • 2003:
  • It slapped notices to 70 defaulters and also seized several properties.
  • It made the decision of not returning any share capital to the government.
  • Sivaram Swamy was appointed as Compliance Officer, replacing Mr.V Rajgopalan.
  • It hands over 'Credence Mercury-fx' inter branch messaging software contract to Credence Analytics(I) Pvt Ltd.
  • Shri Pradeep K Deb was appointed as the Director of the bank.
  • Its non-food credit was surged up by INR 650 cr.
  • The Government appointed Shri Anand Sinha, Chief General Manager, DICGC, RBI, Mumbai, replacing Shri B Ghosh, RBI Director in the Board of the bank.
  • IOB, along with the other 3 banks tied-up for ATM networks on cards with Canara Bank.
  • It came out with Initial Public Offering (or IPO) of 10 crore equity shares of INR 10 each at a premium of INR 24 aggregating INR 240 crore, and the issue was oversubscribed 7 times.
  • Also, the High Court restricted order on IOB staff dismissal.
  • 2004:
  • The government chose IOB for channelizing government credit to the other countries that run into billions of dollars.
  • It tied-up with Times Online Money to launch an Internet-based remittance product named, e-Cash Home, and targeted at NRIs in the US wishing to transfer money to India.
  • It set up a new ATM in Vizag.
  • It had a pact with Chola for MF products.
  • 2005:
  • It joined hands with Visa to offer debit cards.
  • It joined hands with Jatropha to promote biofuel.
  • It tied-up with the Export Credit Guarantee Corporation of India to distribute the latter's products. Also, ECGC products were initially distributed via 21 AD (authorized dealer) branches of the bank.
  • It joined hands with NCR.
  • 2006:
  • It inked a MoU with CRI Pumps.
  • It launched a new tax-saving deposit scheme.
  • It acquired BhOB for INR 170 cr.
  • 2007: It declared a scheme to extend the housing loan facility up to a maximum of INR 20,000 for such beneficiaries at a 4% interest rate.
  • 2008:
  • Chennai: It inked the pact with Rotary International - District 3230 for the execution of 'IOB- Rotary Sampoorna Scheme.'
  • It allied with Alankit Assignment Ltd, which is a Delhi-based financial services company.
  • It inked a MoU with Coir Board for the execution of rejuvenation, modernization, and technology up-gradation of the coir industry.
  • 2009: It also signed a MoU with Asia Motor Works.
  • 2010: It inked a MoU with Tata Motors for extending loans. It was for the purchase of commercial transport vehicles.
  • 2011:
  • Also, Amex in credit card tied-up with the bank.
  • It was reported that the bank raised about $500 million (about INR 2,250 crore) from global markets.
  • It received the SKOCH AWARD for Financial Inclusion.
  • The Platinum Jubilee Celebrations.
  • It appointed Ajoy Misra as Director and Executive Director.
  • 2012:
  • The blocking of cards as a preventive measure.
  • Deepa Chellam, Board Services Department was designated as Company Secretary as well as Compliance Officer of the Bank.
  • 2013: It signed a memorandum of understanding (or MoU) with Deutsche Bank to establish a relationship in the cash management services.
  • 2014: It declared an interim dividend of about 7%, i.e., at the rate of INR 0.70 paise per equity share of INR 10 each.

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