Indian Overseas Bank Full Details: Indian banking industry recruits thousands of aspirants among its officer and clerk cadre. Indian Overseas Bank is one among them.
This article discusses the Indian overseas Bank MD and CEO and Board of Directors along with Indian Overseas Bank Headquarters, History, Logo, Tagline etc.
Indian Overseas Bank is one among India's 12 Public Sector Banks. The primary objective of establishment of the Indian Overseas Bank to tap into the potential foreign exchange market.
Get Banking Exams Important Updates, Study-Notes, Free PDF's & more, Join BYJU'S Exam Prep Banking Telegram Group Join Now In this article, we have listed the Interest Rate of Indian Overseas Bank, subsidiaries and joint ventures of IOB, tagline and logo and many other important exam relevant facts. This article will help you prepare for the recruitment exams of many public sector banks of India such as SBI, PNB, BoB, UBI, Central Bank of India, Canara Bank, BoI, Indian Bank etc.
So, lets us discuss the details about the Indian Overseas Bank in detail.
History of Indian Overseas Bank:
- Indian Overseas Bank (IOB) was founded on 10th February 1937.
- Shri. M.Ct.M. Chidambaram Chettyar was the founder of the Indian Overseas Bank.
- The main objective of the bank was to specialize in the foreign exchange business in the banking industry.
- At the time of India's Independence, IOB had 38 branches in India and 7 branches abroad and Deposits stood at Rs.6.64 Crores and Advances at Rs.3.23 Crores.
- IOB was nationalized in 1969 along with 13 other banks by Government of India.
- At the time of Nationalization IOB had 195 branches in India.
- In 2006-07, Bharat Overseas Bank Ltd. was merged with Indian Overseas Bank.
Board Of Directors:
Indian Overseas Bank has one MD and CEO who is the head of the Board of Directors. Presently, there are 6 Directors on the Board of the Bank.
Board of Director | |
MD and CEO | Partha Pratim Sengupta |
Executive Director | Ajay Kumar Srivastava |
Executive Director | Ms. S Srimathy |
| Ms. Annie George Mathew |
| Deepak Kumar | |
Shareholder Director | Navin Prakash Sinha |
Indian Overseas Bank Headquarters:
Headquarters (HQ) | |
Corporate Centre | Chennai |
Zonal Offices | 7 |
Regional Offices | 58 |
Branches | 3259 |
ATMs | 3604 |
Subsidiaries of Indian Overseas Bank:
| Subsidiaries | |
Indian Overseas Bank, Asset Management Arm | Subsidiary |
Singapore - Indian Overseas Bank | Subsidiary |
| Hong Kong - Indian Overseas Bank | Subsidiary |
Indian Overseas Bank Logo & Tagline:
Logo:
The picture given below is the official logo of the Indian Overseas Bank.
(Picture Credit: Indian Overseas Bank)
Tagline:- Indian Overseas Bank Tag line is - Good people to grow with.
Deposits Interest Rates: (wef 09/11/2020)
| Rate of Interest | ||
| Details | Balance Up to Rs. 25 Lacs | Balance Above Rs. 25 lacs |
1. Savings Bank A/c. | ||
| A. Domestic | ||
| a. With cheque book facility | 3.05 | 3.05 |
| b. Without cheque book facility | 3.05 | 3.05 |
| c. No Frills Account | 3.05 | 3.05 |
| B. Non Resident | 3.05 | 3.05 |
| a. NRO | 3.05 | 3.05 |
| b. NRE | 3.05 | 3.05 |
Awards & Accolades:
- IOB was awarded the Best Public Sector Bank in Priority Sector Lending by Dun & Bradstreet in 2013-14.
- In 2013, IOB was Agriculture Leadership Award 2013.
- In 2015-16, IOB was awarded number one in Skoch Order of Merit for Financial Inclusion and Automated Data Flow/MIS Project.
- IOB won the Indian Banking Association award for the Best use of Data in 2015-16.
Interesting Facts About Indian Overseas Bank:
- IOB started its banking services simultaneously at Karaikudi, Chennai and Rangoon in Burma (presently Myanmar) and then in Penang, Malaysia.
- Indian Overseas Bank has its overseas presence in 5 countries namely Singapore, Hongkong, Thailand, Srilanka and South Korea.
- IOB took over the Bank of Thailand in 1990.
- In 2005, The bank has launched its first debit card.
Current Affairs about Indian Overseas Bank:
- Pratha Pratim Sengupta succeeded Karnam Sekar who retired on 30 June 2020 as the MD and CEO of the Indian Overseas Bank.
- In June, Moody’s Investors Service has downgraded the ratings of 11 Indian banks including Indian Overseas Bank.
- In May, IOB has launched special credit facilities under Working Capital
demand Loan – Agri (WCDL-Agri) for the agriculture sector as a relief measure to fight the pandemic till June 30. - Indian Overseas Bank has introduced a special borrowing programme to help self-help groups (SHG) under which maximum amount of Rs 5,000 will be given as loan to each member of a self-help group with a cap of Rs 1 lakh for one group.
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We have compiled a series of articles about Public Sector Banks of India. Go to the link to read about the HQ, CEO, MD, Logo, Tagline etc. about all PSBs of India.
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