SPECIALIST OFFICER

Indian Overseas Bank (IOB) is a major public sector bank in India, headquartered in Chennai, Tamil Nadu.¹ Here is a detailed overview of the bank:

History and Profile

• Founding: IOB was established on February 10, 1937, by M. Ct. M. Chidambaram Chettyar.² The bank was founded with the specific goal of specializing in foreign exchange and overseas banking to cater to the needs of the Indian community, especially those living abroad.³

  
  

• Early Expansion: The bank made a unique start by opening its first branches simultaneously in India (at Karaikudi and Chennai) and abroad (in Rangoon, now Yangon, and Penang, Malaysia).⁴

  
  

• Nationalization: Indian Overseas Bank was one of the 14 major banks that were nationalized by the Government of India in 1969.⁵ This event marked a significant shift in its focus towards expanding its network across rural India.

  
  

• Overseas Presence: While its focus turned inward after nationalization, the bank has maintained an overseas presence in countries like Singapore, Hong Kong, Thailand, and Sri Lanka.⁶

  
  

Products and Services

IOB offers a wide range of banking and financial products for individuals, businesses, and corporations.⁷ These include:

• Personal Banking:

  • Accounts: Various types of savings and current accounts, including schemes for pensioners, salaried individuals, and high-net-worth individuals.⁸

    
    

  • Loans: A comprehensive portfolio of loans, including home loans, vehicle loans (including for EVs), personal loans, education loans, and jewel loans.⁹

    
    

  • Deposits: Various fixed and recurring deposit schemes.¹⁰

    
    

• Digital Banking:

  • The bank has a strong focus on digital services, offering internet banking, mobile banking (IOB Mobile), UPI, FASTag, and online account opening with video-based KYC.¹¹

    
    

• Corporate Banking:

  • Services for businesses, including corporate loans, trade finance, and other financial solutions.¹²

    
    

• Other Services:

  • Cards: A variety of debit and credit cards, including RuPay, Visa, and others with different features and rewards.¹³

    
    

  • Investment Products: The bank offers services related to mutual funds, demat accounts, and IPOs.¹⁴

    
    

  • Government Schemes: Participation in various government-sponsored programs and schemes.

  • NRI Services: Specialized services for Non-Resident Indians.¹⁵

    
    

Leadership

• Managing Director & CEO: Ajay Kumar Srivastava.¹⁶

  
  

• Non-Executive Chairman: Srinivasan Sridhar.¹⁷

  
  

Subsidiaries and Joint Ventures

IOB has engaged in a number of joint ventures and has a few subsidiaries:

• ASREC (India) Limited: An asset reconstruction company aimed at resolving non-performing assets.

• Universal Sompo General Insurance Co. Ltd.: A joint venture for general insurance services.

  *source: google gemini