Indian Overseas Bank
- Nationalised Banks
- February 10, 1937
- Chennai, India
- India and Worldwide
- Loans, Credit Cards, Savings, Investment vehicles etc.
- Rs. 34,550 crore (US$5.3 billion) (2012)
• IOB Branches in Alphabetical OrderA | B | C | D | E | F | G | H | I | J | K | L | M | N | P | R | S | T | U | V | W | Y | Z
763 Anna Salai
Indian Overseas Bank (IOB) is a major public-sector bank based in Chennai. The IOB has more than 3000 branches in India, 3 extension counters and six branches abroad. The in-house Information Technology (IT) department of Indian Overseas Bank helps in providing online banking to its customers; it has achieved 100% networking status as well as 100% CBS status for its branches.
Apart from over-3000 branches, IOB also has a network of more than 2100 ATMs all over India. Indian Overseas Bank's International VISA Debit Card is accepted at all ATMs belonging to the Cash Tree and NFS networks. The bank offers internet Banking & Mobile Banking to its customers and is also one of the banks approved by the Govt. of India for online payment of taxes.
The Indian Overseas Bank (IOB) was established by Thiru M Ct M. Chidambaram Chettyar in 1937. It was set up to encourage overseas banking and foreign exchange operations.In the 1960s, the IOB grew further as a result of taking-over five banks as a part of the government's policy of consolidation in the banking industry. The Government of India nationalized IOB in 1969. In 2000, IOB engaged in an initial public offering (IPO) that brought the government's share in the bank's equity down to 75%.
In 2007, IOB took over Bharat Overseas Bank followed by acquiring a commercial banking license in Malaysia (which was given to a locally incorporated bank to be jointly owned by Bank of Baroda, Indian Overseas Bank and Andhra Bank). The IOB will hold 35% share in this new bank - India International Bank (Malaysia).