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Profile

IOB

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 t