What is the full form of IOB?
The full form of IOB is Indian Overseas Bank. It was established in the year 1937, by M Ct. M Chidamabaram Chettiyar, to incentivize and encourage overseas banking and ForEx operations. IOB is a major nationalized bank, under the ownership of the Ministry of Finance, Government of India. It is based in Chennai, with about 3,400 domestic and 6 foreign branches to its name. IOB was one of the 14 major banks which were nationalized by the Government of India in 1969. Interestingly, IOB is one of the two banks recommended for privatization by NITI ayog, according to various news reports. As of the 31st of March 2021, IOB has earned a business of over ₹379,885 crores (approximately $34 billion).
Apart from learning the full form of IOB, here are some key important facts about the bank.
IOB Quick Facts
- IOB was established by M Ct M Chidambaram Chettiyar in the year 1937 to promote overseas banking and Foreign exchange activities. IOB began with tree branches in Karaikudi, Madras, and Rangoon.
- Within a year of its inception, IOB opened another branch in Penang, Kuala Lumpur, and Singapore. However, due to the second world war, the branches in Rangoon, Penang, and Singapore were lost.
- Post World War II, IOB opened branches in Colombo, Ipoh, Klang, Malacca, Hong Kong, Rangoon, Mandalay, and Moulmein.
- In the 1960s, the Indian government began consolidating through merging weak private sector banks with stronger ones. In this process, IOB acquired many local banks, including Coimbatore Standard Bank, Nanjinnad Bank, Coimbatore Vasundhara Bank, Kulitalai Bank, Srinivasa Perumal Bank, and Venkateswara Bank.
- Prior to nationalization in 1969, the bank had 80 branches, 20 of which were located overseas. However, since laws of overseas countries prevented operations of foreign government-owned banks on their soil, the focus of IOB turned to cater to the needs of domestic clients, like all other national banks in India.
- In 2000, IOB was involved in an IPO, as a partial disinvestment strategy by the Government.
- IOB is involved in 2 joint ventures
- Non-Life insurance business with USGI Company limited, along with Allahabad Bank, Karnataka Bank, and Dabur Investments.
- Provides specialized health insurance and personal accidents products, thanks to IOB’s tie-up with Apollo Munich Health Insurance.
- IOB has migrated completely to CBS and has established over 3000 ATMs in India.
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