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Home , Bharat Overseas Bank, Indian Overseas Bank, Madras Stock Exchange

Established in 1937, (IOB) is a leading bank based in , . IOB had the distinction of simultaneously commencing operations in three branches at , Chennai, and (Myanmar). Since IOB aimed to encourage overseas banking and foreign exchange operations, it soon opened its branches in and Singapore. Today, Indian Overseas Bank boasts of a vast domain in banking sector with over 1400 domestic branches and 6 branches overseas.

IOB was the first bank to venture into consumer credit, as it introduced the popular Personal scheme. In 1964, the Bank started computerization in the areas of inter-branch reconciliation and provident fund accounts. Indian Overseas Bank was one of the 14 major banks which were nationalized in 1969. After nationalization, the Bank emphasized on opening its branches in rural parts of India. In 1979, IOB opened a Foreign Currency Banking Unit in the free trade zone in .

In the year 2000, Indian Overseas Band undertook an initial public offering (IPO) that brought the government's share in the bank's equity down to 75%. The equity shares of IOB are listed in the (Regional), , and National Stock Exchange of India Ltd., . Since its inception, IOB has absorbed various banks including the latest — — in 2007.

The Bank's IT department has developed software, which is used by its 1200 branches to provide online banking to customers. Indian Overseas Bank also has a network of about 500 ATMs throughout India. Its International Card is accepted at all ATMs belonging to the Cash Tree and NFS networks. IOB also offers Internet Banking; it's one of the banks that the Govt. of India has approved for online payment of taxes.

Indian Overseas Bank offers investment options like Mutual Funds and Shares. It provides a wide range of consumer and commercial banking services, including Savings Account, Current Account, Depositary Services, VISA Cards, Credit Cards, Debit Cards, Online Banking, Any Branch Banking, Home , NRI Account, Agricultural Loans, Payment of Bills / Taxes, Provident Fund Scheme, Forex Collection Services, Retail Loans, etc.

VISION STATEMENT – 2013-2020

“To be among the top five nationalised banks in terms of business volumes and sustained profitability with global recognition guided by high standards of governance and ethics; and emerge as the “Most Preferred Banking Partner” to unlock value to all its stakeholders.”

CORE VALUES

• Customer Centricity: • Good people to grow with • Touching Hearts and Spreading Smiles • Honesty , Integrity, Fairness & Transparency • Build Leaders for Industry • Team of Skilled & dedicated Employees • Innovation & Risk Appetite • Green Banking

MISSION STATEMENT – 2013-2020

v Deliver the best of competitive products in terms of quality, range, utility and cost effectiveness v Optimize our HR resources through training, exposure, mentoring and incentive, relying on the “soft touch” instead of the “big stick“. v Develop quality bankers who would rise to be future leaders of the industry. v Contribute to country’s economic growth through dedicated efforts and customer focus. v Streamline the process of service delivery from time to time to meet emerging requirements. v Nurture a climate of creative problem-solving to resolve customers’ grievances with alacrity ensuring that the Bank is regarded as Customer Centric. v Emphasize a policy-oriented and rule-driven culture of compliance to meet evolving requirements. v Engineer CRM (Customer Relationship Management) and insights gained for further enhancement of products and service quality. v Expand IT infrastructure to deliver all banking services from “one tap” irrespective of customer location. v Adopt a multi disciplinary approach to facilitate future growth through the evolution of “banks within the Bank”

BOARD OF DIRECTORS

CONSTITUTION: The Constitution of the Board of the Bank is governed by "The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, formulated by the Central Government, after consultation with the Reserve , in exercise of the powers conferred by section 9 of "The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970".

COMPOSITION: The Composition of the Board of Directors of a Bank is governed by "The Nationalised Banks (Management and Miscellaneous Provisions) Scheme 1970" read with "The Banking Companies (Acquisition and Transfer of Undertakings) and Financial Institutions Laws (Amendment) Act 2006" and amendment vide Extraordinary Gazette Notification dated 19.02.2007 of the Central Government.

CONTRIBUTION: In terms of The Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, the General Superintendence, Direction and Management of the affairs and business of the Bank vests in the Board of Directors which is entitled to exercise all such powers and do all such acts and things as the Bank is authorized to exercise and do.

Milestones[edit] • 1957 - Bank established its own training centre

• 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

• 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 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.(USD 229.78 Mn) [1USD= Rs.43.5200] Bharat Overseas Bank Ltd. Was merged with IOB and First Off site ATM at Kamatchi Hospital, Chennai

• 2009 - 100% CBS

• 2010 - 2000th Branch -Yamuna Vihar, New Delhi-opened • 2011-12 - No. of Branches in reached 1000, and IOB celebrated Platinum Jubilee 2012-13. As on 31.3.2013, total deposits reached INR 202,135 cr. (USD 37,236Mn.) [1USD =Rs.54.2850]As on 31.3.2013,Total Advances reached INR 164,366cr. (USD30,278 Mn.) As on 31.3.2013,Total Business Mix is at INR 366,501cr. (USD 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.