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Indian Overseas Bank

May 04, 2023

Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai. It has about 3,214 domestic branches, about 4 foreign branches and representative office. Founded in February 1937 by M. Ct. M. Chidambaram Chettyar with twin objectives of specialising in foreign exchange business and overseas banking, it has created various milestones in Indian Banking Sector. During the nationalisation, IOB was one of the 14 major banks taken over by the government of India. On 5 December 2021, IOB got Degidhan Award 2020–21 by Ministry of Electronics & Information Technology for achieving second highest percentage of digital payment transaction among public sector banks. As on 31 March 2022, IOB's total business stands at ₹417,960 crore (US$52 billion).

Indian Overseas Bank
Logo of the Bank
An Indian Overseas Bank branch in Lemalle, Andhra Pradesh
TypePublic
BSE: 532388
NSE: IOB
IndustryBanking
capital markets
Founded10 February 1937; 86 years ago (1937-02-10)
FounderM. Ct. M. Chidambaram Chettyar
HeadquartersChennai, Tamil Nadu, India
Number of locations
3218 - Branches & 3270 ATM
Key people
  • Ajay Srivastava J
    (MD & CEO)
ProductsLoans, Credit cards, Savings, Current Account, Government Sponsored Schemes, Investment Vehicles etc.,
Revenue₹22,422.91 crore (US$2.8 billion) (2021)[1]
₹5,840.81 crore (US$730 million) (2021)[1]
₹831.47 crore (US$100 million) (2021)[1]
Total assets₹274,000.35 crore (US$34 billion) (2021)[1]
OwnerGovernment of India
Number of employees
23,579 (2021)[1]
Capital ratio10.32% (2021)[1]
Websitewww.iob.in

History

Pre-World War II

In 1937, M. Ct. M. Chidambaram Chettyar established the Indian Overseas Bank to encourage overseas banking and foreign exchange operations. IOB started up simultaneously at three branches, one each in Karaikudi, Madras, and Rangoon (Yangon). It quickly opened a branch in Penang, Kuala Lumpur (1937 or 1938), and another in Singapore (1937 or 1941). The bank served the Nattukottai Chettiars, who were a mercantile class that at the time had spread from Chettinad in Tamil Nadu state to Ceylon (Sri Lanka), Burma (Myanmar), Malaya, Singapore, Java, Sumatra, and Saigon. As a result, from the beginning IOB specialised in foreign exchange and overseas banking (see below). Due to the war, IOB lost its branches in Rangoon and Penang, and Singapore, though the branch in Singapore resumed operations in 1942 under Japanese supervision.

After World War II

In 1945 or 1946 IOB opened a branch in Colombo. In 1947, IOB opened a branch in Bangkok. Then IOB added a branch each in Ipoh, Klang, and Malacca, all in Malaya. Some years later, in 1955, IOB opened its first branch in Hong Kong. Others would follow.

In 1963 the revolutionary government in Burma nationalised Indian Overseas Bank's branches in Rangoon, Mandalay, and Moulmein, which became People's Bank No. 4.[2]

In the 1960s, the banking sector in India was consolidating through the merger of weak private sector banks with stronger ones. IOB acquired a number of local banks: Coimbatore Standard Bank (acq. 1963; one branch at Madras), Nanjinnad Bank (or Nanjanad Bank), Coimbatore Vasunthara Bank (or Coimbatore Vasundara Bank; est. June 1924; Head office and three branches; acq. 1964), Kulitalai Bank (est. 1933; acq. 1964; six branches), Srinivasa Perumal Bank (est. November 1935 at Coimbatore; acq. 1966), and (Sri/Lord) Venkateswara Bank (est. June 1931 as Salem Shevapet Sri Venkateswara Bank; acq. 1967; two branches in Salem, Tamil Nadu).

Then in 1969, the Government of India nationalized IOB. At one point, probably before nationalization, IOB had twenty of its eighty branches located overseas. However, Malaysian law forbade foreign government ownership of banks in Malaysia. After nationalization Indian Overseas Bank, like all the nationalized banks, turned inward, emphasizing the opening of branches in rural India.

In 1973, IOB, Indian Bank, and United Commercial Bank established United Asian Bank Berhad in Malaysia. (Indian Bank had been operating in Malaysia since 1941 and United Commercial Bank had been operating there since 1948.) The banks set up United Asian to comply with the Banking Law in Malaysia, which prohibited foreign government banks from operating in the country. Each contributed their operations in Malaysia to the new joint-venture bank, with each of the three-parent banks owning a third of the shares. At the time, Indian Bank had three branches, and Indian Overseas Bank and United Commercial Bank had eight between them. Also, IOB and six Indian private banks established Bharat Overseas Bank as a Chennai-based private bank to take over IOB's Bangkok branch.

In 1977 IOB opened a branch in Seoul. it also opened a branch in Tsim Sha Tsui, Kowloon, Hong Kong. Two years later, IOB opened a foreign currency banking unit in Colombo, Sri Lanka.

In 1983 ethnic sectarian violence in the form of anti-Tamil riots resulted in the burning of IOB's branch in Colombo. Indian Bank, which may have had stronger ties to the Sinhalese population, escaped unscathed.[3]

In 1988–89, IOB acquired Bank of Tamil Nadu, and its 99 branches, in a rescue. Bank of Tamil Nadu (or Bank of Tamilnad), had been established in 1903 in Tirunelveli as the South India Bank.

In 1992 Bank of Commerce (BOC), a Malaysian bank, acquired United Asian Bank (UAB).

The new millennium

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 2001 IOB acquired the Mumbai-based Adarsha Janata Sahakari Bank, which gave it a branch in Mumbai. Then in 2009 IOB took over Shree Suvarna Sahakari Bank, which was founded in 1969 and had its head office in Pune. Shree Suvarna Sahakari Bank had been in administration since 2006. It had nine branches in Pune, two in Mumbai and one in Shirpur. The total employee strength was estimated to be little over 100.

IOB opened an extension counter at New Kathiresan Temple complex, Bambalapitiya, Sri Lanka, on 29 August 2003.

In 2005 IOB opened a representative office in Guangzhou, China. The next year IOB opened another representative office, this time in Kuala Lumpur. In 2009 IOB opened a Representative office in Dubai, United Arab Emirates.

In the new millennium, international expansion picked up once again. In 2007, IOB took over Bharat Overseas Bank. Then in 2009 IOB acquired Pune-based Shree Suvarna Sahakari Bank, which had been established in 1969; the bank had nine branches in Pune, two in Mumbai, and one in Shripur.

In 2010 Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Bank of Baroda, Indian Overseas Bank and Andhra Bank. The new bank, India International Bank (Malaysia), commenced operations in 2012 in Kuala Lumpur, which has a large population of Indians. Andhra Bank holds a 25% stake in the joint-venture, Bank of Baroda owns 40%, and IOB the remaining 35%.

IOB opened an Offshore Banking Unit in Colombo, Sri Lanka, on 31 August 2013. The bank also upgraded its existing Extension Counter at Bambalapitiya into a full-fledged branch.

Today, Indian Overseas Bank covers a vast domain in the banking sector with over 3214 domestic branches, 3270 ATMs and 4 overseas branches.

IOB is now aggressively focussing on ‘digital banking’, with a view to doing away with all the paperwork like cheques, pay-in slips, demand drafts and so on, through its robust digital platform. Through Digital Banking, IOB wants to give its customers the luxury of freely accessing and performing all traditional banking activities 24x7 without having to personally go to a bank branch to get one’s work done. Digital Banking with IOB is possible through a laptop, tablet or one’s mobile phone. Over the last few years, Digital Banking has drastically changed the way IOB and its customers interact with each other. More and more IOB customers are today being connected to its Digital Banking platform with each passing day.

Milestones

  • 1957 – Bank established its own training center
  • 1964 – Inauguration of IOB's Head Office in Mount Road.
  • 1974 – Official Language Department established in 1974
  • 1984 – 1000th branch opened
  • 1991 – Bank moved its Staff College premises to an own spacious learning zone at Koyambedu
  • 1996 – Banks profit reached INR 100 cr. for the first time i.e. USD16.69Mn [1USD=Rs. 59.9150]
  • 2000 – Initial Public Offer. Follow on Public Offer in 2003.

-The first public sector bank to introduce anywhere banking at its 129 branches in the four metros, is extending the connectivity to another 100 branches in Hyderabad, Bangalore, Ahmedabad and Ludhiana
-The first public sector bank in the country to introduce mobile banking services using the Wireless Application Protocol (WAP).

  • 2005 – Launched Debit Card
  • 2006 – Launched VISA Card, Retail Sale of Gold and Non-Life Joint Insurance Bank reached INR 1 lac crore mark in Total Business
  • 2006 – 07 Net Profit reached INR 1000 Cr.(US$229.78 Mn) [1USD= Rs. 43.5200] Bharat Overseas Bank Ltd. Was merged with IOB and First Offsite ATM at Kamatchi Hospital, Chennai
  • 2009 – 100% CBS
  • 2010 – 2000th Branch -Yamuna Vihar, New Delhi-opened
  • 2011-12 – No. of Branches in Tamil Nadu reached 1000, and IOB celebrated Platinum Jubilee 2012–13. As on 31.3.2013, total deposits reached INR 202,135 cr. (US$37,236Mn.) [1USD =Rs. 54.2850]As on 31.3.2013, Total Advances reached INR 164,366cr. (US$30,278 Mn.) As on 31.3.2013, Total Business Mix is at INR 366,501cr. (US$67,514Mn.), Total No. of Branches 2908
  • 2014-15 Bank has surpassed the landmark of 3000 ATMs as on 31.07.2014 – Tirumalaipatti Branch
  • 2015 – IOB launched new Mobile Banking, m Passbook applications.
  • 2015-IOB started migration from its in-house CBS platform to Finacle.
  • January 2016- All branches successfully migrated from in house CBS platform "CROWN" to FINACLE.

Joint Ventures/Tie Ups

  • IOB entered into Non-Life Insurance Business with Universal Sompo General Insurance (USGI) Company Limited with equity participation of 19% along with Indian Bank, Karnataka Bank, and Dabur Investments.
  • IOB was in tie-up with Apollo Munich Health Insurance to provide specialized health and personal accident products to its customers till May 2021.
  • Now IOB is in tie up with Niva Bhupa to provide specialized health and personal accident products to its customers from June 2021.

See also

References

  1. ^ a b c d e f "Balance Sheet 31.03.2021".
  2. ^ Turnell (2009), p.226.
  3. ^ Kumar (2008), p.169.

Sources


May 04, 2023
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This article has multiple issues Please help improve it or discuss these issues on the talk page Learn how and when to remove these template messages This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Indian Overseas Bank news newspapers books scholar JSTOR January 2021 Learn how and when to remove this template message This article may rely excessively on sources too closely associated with the subject potentially preventing the article from being verifiable and neutral Please help improve it by replacing them with more appropriate citations to reliable independent third party sources January 2021 Learn how and when to remove this template message This article includes a list of general references but it lacks sufficient corresponding inline citations Please help to improve this article by introducing more precise citations January 2021 Learn how and when to remove this template message Learn how and when to remove this template message Indian Overseas Bank IOB is an Indian public sector bank based in Chennai It has about 3 214 domestic branches about 4 foreign branches and representative office Founded in February 1937 by M Ct M Chidambaram Chettyar with twin objectives of specialising in foreign exchange business and overseas banking it has created various milestones in Indian Banking Sector During the nationalisation IOB was one of the 14 major banks taken over by the government of India On 5 December 2021 IOB got Degidhan Award 2020 21 by Ministry of Electronics amp Information Technology for achieving second highest percentage of digital payment transaction among public sector banks As on 31 March 2022 IOB s total business stands at 417 960 crore US 52 billion Indian Overseas BankLogo of the BankAn Indian Overseas Bank branch in Lemalle Andhra PradeshTypePublicTraded asBSE 532388NSE IOBIndustryBankingcapital marketsFounded10 February 1937 86 years ago 1937 02 10 FounderM Ct M Chidambaram ChettyarHeadquartersChennai Tamil Nadu IndiaNumber of locations3218 Branches amp 3270 ATMKey peopleAjay Srivastava J MD amp CEO ProductsLoans Credit cards Savings Current Account Government Sponsored Schemes Investment Vehicles etc Revenue 22 422 91 crore US 2 8 billion 2021 1 Operating income 5 840 81 crore US 730 million 2021 1 Net income 831 47 crore US 100 million 2021 1 Total assets 274 000 35 crore US 34 billion 2021 1 OwnerGovernment of IndiaNumber of employees23 579 2021 1 Capital ratio10 32 2021 1 Websitewww wbr iob wbr in Contents 1 History 1 1 Pre World War II 1 2 After World War II 1 3 The new millennium 2 Milestones 3 Joint Ventures Tie Ups 4 See also 5 References 5 1 SourcesHistory EditPre World War II Edit In 1937 M Ct M Chidambaram Chettyar established the Indian Overseas Bank to encourage overseas banking and foreign exchange operations IOB started up simultaneously at three branches one each in Karaikudi Madras and Rangoon Yangon It quickly opened a branch in Penang Kuala Lumpur 1937 or 1938 and another in Singapore 1937 or 1941 The bank served the Nattukottai Chettiars who were a mercantile class that at the time had spread from Chettinad in Tamil Nadu state to Ceylon Sri Lanka Burma Myanmar Malaya Singapore Java Sumatra and Saigon As a result from the beginning IOB specialised in foreign exchange and overseas banking see below Due to the war IOB lost its branches in Rangoon and Penang and Singapore though the branch in Singapore resumed operations in 1942 under Japanese supervision After World War II Edit In 1945 or 1946 IOB opened a branch in Colombo In 1947 IOB opened a branch in Bangkok Then IOB added a branch each in Ipoh Klang and Malacca all in Malaya Some years later in 1955 IOB opened its first branch in Hong Kong Others would follow In 1963 the revolutionary government in Burma nationalised Indian Overseas Bank s branches in Rangoon Mandalay and Moulmein which became People s Bank No 4 2 In the 1960s the banking sector in India was consolidating through the merger of weak private sector banks with stronger ones IOB acquired a number of local banks Coimbatore Standard Bank acq 1963 one branch at Madras Nanjinnad Bank or Nanjanad Bank Coimbatore Vasunthara Bank or Coimbatore Vasundara Bank est June 1924 Head office and three branches acq 1964 Kulitalai Bank est 1933 acq 1964 six branches Srinivasa Perumal Bank est November 1935 at Coimbatore acq 1966 and Sri Lord Venkateswara Bank est June 1931 as Salem Shevapet Sri Venkateswara Bank acq 1967 two branches in Salem Tamil Nadu Then in 1969 the Government of India nationalized IOB At one point probably before nationalization IOB had twenty of its eighty branches located overseas However Malaysian law forbade foreign government ownership of banks in Malaysia After nationalization Indian Overseas Bank like all the nationalized banks turned inward emphasizing the opening of branches in rural India In 1973 IOB Indian Bank and United Commercial Bank established United Asian Bank Berhad in Malaysia Indian Bank had been operating in Malaysia since 1941 and United Commercial Bank had been operating there since 1948 The banks set up United Asian to comply with the Banking Law in Malaysia which prohibited foreign government banks from operating in the country Each contributed their operations in Malaysia to the new joint venture bank with each of the three parent banks owning a third of the shares At the time Indian Bank had three branches and Indian Overseas Bank and United Commercial Bank had eight between them Also IOB and six Indian private banks established Bharat Overseas Bank as a Chennai based private bank to take over IOB s Bangkok branch In 1977 IOB opened a branch in Seoul it also opened a branch in Tsim Sha Tsui Kowloon Hong Kong Two years later IOB opened a foreign currency banking unit in Colombo Sri Lanka In 1983 ethnic sectarian violence in the form of anti Tamil riots resulted in the burning of IOB s branch in Colombo Indian Bank which may have had stronger ties to the Sinhalese population escaped unscathed 3 In 1988 89 IOB acquired Bank of Tamil Nadu and its 99 branches in a rescue Bank of Tamil Nadu or Bank of Tamilnad had been established in 1903 in Tirunelveli as the South India Bank In 1992 Bank of Commerce BOC a Malaysian bank acquired United Asian Bank UAB The new millennium Edit 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 2001 IOB acquired the Mumbai based Adarsha Janata Sahakari Bank which gave it a branch in Mumbai Then in 2009 IOB took over Shree Suvarna Sahakari Bank which was founded in 1969 and had its head office in Pune Shree Suvarna Sahakari Bank had been in administration since 2006 It had nine branches in Pune two in Mumbai and one in Shirpur The total employee strength was estimated to be little over 100 IOB opened an extension counter at New Kathiresan Temple complex Bambalapitiya Sri Lanka on 29 August 2003 In 2005 IOB opened a representative office in Guangzhou China The next year IOB opened another representative office this time in Kuala Lumpur In 2009 IOB opened a Representative office in Dubai United Arab Emirates In the new millennium international expansion picked up once again In 2007 IOB took over Bharat Overseas Bank Then in 2009 IOB acquired Pune based Shree Suvarna Sahakari Bank which had been established in 1969 the bank had nine branches in Pune two in Mumbai and one in Shripur In 2010 Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Bank of Baroda Indian Overseas Bank and Andhra Bank The new bank India International Bank Malaysia commenced operations in 2012 in Kuala Lumpur which has a large population of Indians Andhra Bank holds a 25 stake in the joint venture Bank of Baroda owns 40 and IOB the remaining 35 IOB opened an Offshore Banking Unit in Colombo Sri Lanka on 31 August 2013 The bank also upgraded its existing Extension Counter at Bambalapitiya into a full fledged branch Today Indian Overseas Bank covers a vast domain in the banking sector with over 3214 domestic branches 3270 ATMs and 4 overseas branches IOB is now aggressively focussing on digital banking with a view to doing away with all the paperwork like cheques pay in slips demand drafts and so on through its robust digital platform Through Digital Banking IOB wants to give its customers the luxury of freely accessing and performing all traditional banking activities 24x7 without having to personally go to a bank branch to get one s work done Digital Banking with IOB is possible through a laptop tablet or one s mobile phone Over the last few years Digital Banking has drastically changed the way IOB and its customers interact with each other More and more IOB customers are today being connected to its Digital Banking platform with each passing day Milestones EditThis section contains content that is written like an advertisement Please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view November 2022 Learn how and when to remove this template message 1957 Bank established its own training center 1964 Inauguration of IOB s Head Office in Mount Road 1974 Official Language Department established in 1974 1984 1000th branch opened 1991 Bank moved its Staff College premises to an own spacious learning zone at Koyambedu 1996 Banks profit reached INR 100 cr for the first time i e USD16 69Mn 1USD Rs 59 9150 2000 Initial Public Offer Follow on Public Offer in 2003 The first public sector bank to introduce anywhere banking at its 129 branches in the four metros is extending the connectivity to another 100 branches in Hyderabad Bangalore Ahmedabad and Ludhiana The first public sector bank in the country to introduce mobile banking services using the Wireless Application Protocol WAP 2005 Launched Debit Card 2006 Launched VISA Card Retail Sale of Gold and Non Life Joint Insurance Bank reached INR 1 lac crore mark in Total Business 2006 07 Net Profit reached INR 1000 Cr US 229 78 Mn 1USD Rs 43 5200 Bharat Overseas Bank Ltd Was merged with IOB and First Offsite ATM at Kamatchi Hospital Chennai 2009 100 CBS 2010 2000th Branch Yamuna Vihar New Delhi opened 2011 12 No of Branches in Tamil Nadu reached 1000 and IOB celebrated Platinum Jubilee 2012 13 As on 31 3 2013 total deposits reached INR 202 135 cr US 37 236Mn 1USD Rs 54 2850 As on 31 3 2013 Total Advances reached INR 164 366cr US 30 278 Mn As on 31 3 2013 Total Business Mix is at INR 366 501cr US 67 514Mn Total No of Branches 2908 2014 15 Bank has surpassed the landmark of 3000 ATMs as on 31 07 2014 Tirumalaipatti Branch 2015 IOB launched new Mobile Banking m Passbook applications 2015 IOB started migration from its in house CBS platform to Finacle January 2016 All branches successfully migrated from in house CBS platform CROWN to FINACLE Joint Ventures Tie Ups EditThis section contains information of unclear or questionable importance or relevance to the article s subject Please help improve this section by clarifying or removing indiscriminate details Non important content should likely be moved to another article pseudo redirected or removed November 2022 Learn how and when to remove this template message IOB entered into Non Life Insurance Business with Universal Sompo General Insurance USGI Company Limited with equity participation of 19 along with Indian Bank Karnataka Bank and Dabur Investments IOB was in tie up with Apollo Munich Health Insurance to provide specialized health and personal accident products to its customers till May 2021 Now IOB is in tie up with Niva Bhupa to provide specialized health and personal accident products to its customers from June 2021 See also EditBanking in India List of banks in India Reserve Bank of India Indian Financial System Code List of largest banks List of companies of India Make in IndiaReferences Edit a b c d e f Balance Sheet 31 03 2021 Turnell 2009 p 226 Kumar 2008 p 169 Sources Edit IOB ANALYST PRESENTATION MARCH 2022 1 Kumar Ranjana 2008 A New Beginning The Turnaround Story of Indian Bank Tata McGraw Hill Education Turnell Sean 2009 Fiery Dragons Banks Moneylenders and Microfinance in Burma NAIS Press ISBN 9788776940409 NDTV https www ndtv com business stock indian overseas bank iob reports text Indian 20Overseas 20Bank 20 IOB 20was in 20Burma 20 presently 20Myanmar 20 Hindu Business Line https www thehindubusinessline com money and banking iob extends 1000 cr loan to jkidfc article65191093 ece Business Standard https www business standard com article companies indian overseas bank software technology park of india ink mou 122040101411 1 html Economic Times https economictimes indiatimes com markets stocks earnings indian overseas bank clocks 58 rise in q4 net profit at rs 552 crore articleshow 91643806 cms Times of India https timesofindia indiatimes com business india business iob doubles net profit in fy22 articleshow 91649353 cms Portal Banks Retrieved from https en wikipedia org w index php title Indian Overseas Bank amp oldid 1145744187, wikipedia, wiki, book, books, library,

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