Indian Overseas Bank (IOB): A Comprehensive Overview
1. History and Foundation
- Established: 1937 by Shri M. Ct. M. Chidambaram Chettiar in Chennai (formerly Madras), Tamil Nadu.
- Objective: Specialize in foreign exchange and overseas banking to support Indian businesses and diaspora.
- Nationalization: Acquired by the Government of India in 1969, aligning with India’s banking sector reforms.
2. Headquarters and Network
- Headquarters: Chennai, Tamil Nadu.
- Domestic Presence: Over 3,300 branches and 3,800 ATMs across India.
- International Presence: Branches in Hong Kong, Singapore, Sri Lanka, Thailand, and representative offices in South Korea, Vietnam, and Dubai.
3. Services Offered
- Retail Banking: Savings/current accounts, fixed deposits, loans (personal, home, education).
- Corporate Banking: Working capital, project finance, trade finance.
- NRI Services: Remittances, foreign currency deposits.
- Digital Banking: Mobile app (IOB Mobile Banking), internet banking, UPI, AePS.
- Government Schemes: Active participation in PMJDY, MSME support, and agricultural loans.
4. Financial Performance (as of 2023)
- Return to Profitability: Exited RBI’s Prompt Corrective Action (PCA) framework in September 2021 after reducing NPAs.
- NPA Reduction: Gross NPA ratio improved to ~8% (2023) from peak levels above 20%.
- Total Business: Over ₹4 lakh crore (deposits + advances).
5. Digital Transformation
- Initiatives: AI-driven customer service, paperless lending, and partnerships with fintech firms.
- Awards: Recognized for digital innovation in public sector banking.
6. Corporate Social Responsibility (CSR)
- Focus Areas: Education, healthcare, rural development, and environmental sustainability.
- Programs: Scholarships, health camps, and support for farmers and women entrepreneurs.
7. Leadership
- MD & CEO: Shri Ajay Kumar Srivastava (as of 2023).
- Vision: Emphasizes technology adoption and customer-centric growth.
8. Recent Developments
- Financial Inclusion: Expanded rural outreach through micro-ATMs and business correspondents.
- Global Collaboration: Partnerships to enhance cross-border trade and remittance services.
9. Challenges and Resilience
- PCA Exit: Successful turnaround through asset recovery, capital infusion, and operational efficiency.
- Future Goals: Strengthening digital infrastructure and MSME lending to boost economic growth.
Tagline: “Good People to Grow With” reflects IOB’s commitment to customer and community development.
Note: For the latest financial data and updates, refer to IOB’s official communications or annual reports.
