You are on page 1of 9

0 Review


Deepika Mathuvanthi.P Final Year MBA Anna University Of Technology, Tirunelveli

Madras (Chennai) and Rangoon (Yangon). probably before nationalization.  1960s: The banking sector in India was consolidating by the merger of weak private sector banks with the stronger ones. [edit]International expansion  1937-38: As mentioned above. including Kulitali Bank (est. IOB was international from its inception with branches in Rangoon. After nationalization it.  1941: IOB opened a branch in Malaya that presumably closed almost immediately because of the war. Malaya. It has nine branches in Pune. turned inward. 1933).  2009: IOB took over Shree Suvarna Sahakari Bank. two in Mumbai and one in Shirpur. In 2001 it had acquired the Mumbai-based Adarsha Janata Sahakari Bank. Chidambaram Chettyar establishes the Indian Overseas Bank (IOB) to encourage overseas banking and foreign exchange operations. which was founded in 1969 and had its head office in Pune. IOB started up simultaneously at three branches. Java. which gave it a branch in Mumbai.) The banks set up United Asian to comply . IOB absorbed five banks.  2000: IOB engaged in an initial public offering (IPO) that brought the government's share in the bank's equity down to 75%. It then quickly opened a branch in Penang and another in Singapore. 1963: The Burmese government nationalized IOB’s branch in Rangoon.  1969: The Government of India nationalized IOB.Name Of The Organization Indian Overseas Bank History of the organization History  1937: Shri. emphasizing the opening of branches in rural India.M. 1948: United Commercial Bank (see below) opened a branch in Malaya. like all the nationalized banks. As a result. Ct. 1947: IOB opened a branch in Bangkok and re-opened others. one each in Karaikudi. Penang. and Saigon. Burma (Myanmar).  1988-89: IOB acquired Bank of Tamil Nadu in a rescue. who were a mercantile class that at the time had spread fromChettinad in Tamil Nadu state to Ceylon (Sri Lanka).  1973: IOB. (Indian Bank had been operating in Malaysia since 1941 and United Commercial Bank Limited had been operating there since 1948. Indian Bank and United Commercial Bank established United Asian Bank Berhad in Malaysia. The total employee strength is estimated to be little over 100. from the beginning IOB specialized in foreign exchange and overseas banking (see below). M.      1946: IOB opened a branch in Ceylon. Singapore. Shree Suvarna Sahakari Bank has been in administration since 2006. and Singapore. Sumatra. At one point. The bank served the Nattukottai Chettiars. 1949: IOB opened a branch in Bangkok. IOB had twenty of its eighty branches located overseas.

Ct. Deputy Secretary. Bank of Baroda will own 40% and IOB the remaining 35%. the RRBs committed themselves to achieve targets under various business parameters for turning the corner within a span of five years. Also. Under the MOU. 1995 . 1969 . 2007: IOB took over [[Bharat Overseas Bank] 2009: IOB took over assets and liabilities of Shree Suvarna Sahakari Bank. The new bank.the bank had 208 branches and businessmix of Rs. IOB and six Indian private banks established Bharat Overseas Bank as a Chennai-based private bank to take over IOB's Bangkok branch.The bank has launched credit card in tie up arrangement with Cancard.  2010: Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Bank of Baroda.The founder Chairman was M. Indian Overseas Bank and Andhra Bank. Andhra Bank will hold a 25% stake in the joint-venture.Indian overseas bank was founded on 10th February. Pandyan Grama Bank (in Tamil Nadu) and Dhenkanal Gramya Bank (also in Orissa). 1992: Bank of Commerce (BOC). Karaikudi and Rangoon simultaneously commencing business on the inaugural day. acquired United Asian Bank (UAB). which has a large population of Indians. Ministry of Finance was appointed director of the Bank with effect from September 4.The Bank signed on July 26.When it was nationalised.156 crores.Puri Gramya Bank (in Orissa).Chidambaram Chennai. . will reside in Kuala Lumpur.The Bank of Tamil Nadu was merged with the Bank . . Bolina. in . 1990 . a Malaysian bank. 1998 . and had the distinction of three branches. YEAR EVENTS 1937 . P. India International Bank (Malaysia).with the Banking Law in Malaysia. 1979: IOB opened a Foreign Currency Banking Unit in Colombo.      1977: IOB opened a branch in Seoul. Sri Lanka. which prohibited foreign government banks from operating in the country.Ms. a MOU with the three Regional Rural Banks (RRBs) sponsored by it .

Indian Overseas Bank (IOB) has tied up with Dabur-All State Insurance to market the joint venture's life insurance products. .000 No.The Bank launched its improved version of Kisan Credit Card on November 27. 538.To benefit students undergoing studies in India and abroad.Indian Overseas Bank has launched its customer care cell in Chennai. Branches distributed 2. Nagappan was appointed director representing workmen employees with effect from October 12.12. The Scheme is gaining popularity speedily. disbursing a credit of Rs.20 crore.The Bank launched a Housing Scheme called `Subha Gruha' with simplified and borrower friendly features. The IPO is for an issue of 11. . a new system was introduced for reconciling high value demand drafts.The public sector Indian Overseas Bank will be setting aside about Rs 75 crore for offering voluntary retirement scheme package to about 1. .With effect from March 1. 1999 . .369 cards.500 of its employees. . Loan amounts for inland and foreign studies were increased and interest rates were reduced.Indian Overseas Bank.the place of Shri Paramjit Singh. . 2000 . of equity shares of Rs 10 each at par.Chennai-based Indian Overseas Bank is all set to go public on September 25 with an IPO to raise Rs 111. the first public sector bank to .0 lakh within the four months of inception of the Scheme. .00. Shri K. in the place of Shri Bhadresh U. Banker. the Bank's `Vidya Jyothi' educational loan scheme was further modified.

2001 .The Bank has launched its Any Branch Banking service in Hyderabad. .000 shares of Rs 10 each for casha t par aggregating Rs 111.introduce anywhere banking at its 129 branches in the four metros. Joint Secretary.Indian Overseas Bank chairman and managing director R V Shastri is expected to take over from R J Kamath as the new head of the nationalised Canara Bank. . Crisil has given a rating of `AA' for the issue and `P1+' for its certificate of deposit.00.S C Gupta.Indian Overseas Bank (IOB) has launched its gold loan scheme' for exporters taking advantage of the uniform sales tax on bullion adopted by the states recently.20 crore. executive director of Indian Overseas Bank will take over as the chairman and manaing director of the bank. .Indian Overseas Bank is set to raise Rs 125 crore through bond issue.Indian Overseas Bank the first public sector bank in the country to introduce mobile banking services using Wireless Application Protocol (WAP). Ministry of Finance. 2002 -Indian Overseas Bank has informed that the Government of India has nominated Smt. . -Ananda Kumar nominated as Director in the Board of Indian Overseas . . Department of Expenditure. Ahmedabad and Ludhiana. Indian Overseas Bank is coming out with a public issue of 11. is extending the connectivity to another 100 branches in Hyderabad. .One more public sector bank. Government of India. 2002. New Delhi in place of Shri Ram Mohan as Government Director in the Board with effect from March 20. . Usha Mathur.Mr R Natarajan has been appointed as executive director of Indian Overseas Bank.12. Bangalore.

RBI. -Indian Overseas Bank has informed that in the EGM held on December 07. 2003 -IOB slapped notices to 70 defaulters and has seized a number of properties. -Shri Pradeep K Deb has been appointed as the Director of Indian Overseas Bank. Chief General Manager. -Comes out with Initial Public Offering (IPO) of 10 crore equity shares of Rs 10 each at a premium of Rs 24 aggregating Rs 240 crore . 2002. -Indian Overseas Bank decides not to return any share capital to the government. General Manager started a new Automated Teller Machine(ATM) at the IOB in Pondicherry. issue was 7 times oversubscribed . -IOB hands over 'Credence Mercury-fx' inter branch messaging software contract to Credence Analytics(I) Pvt Ltd. Mr Christopher Thomas Kurien.650 cr. -Mr. RBI Director in the Board of IOB -IOB along with other 3 banks have tied up for ATM networks on cards with Canara Bank.Sivaram Swamy has been appointed as Compliance Officer in the place of Mr. -Government has appointed Shri Anand Sinha. -B Swaminathan. DICGC.Bank. the 4 candidates were declared elected as Directors of the Bank representing shareholders other than the Central Government.V Rajgopalan. -Rohit M Desai appointed as a Director on the Board of Indian Overseas Bank. Mumbai in place of Shri B Ghosh. Mr M N Venkatesan. Dr Harsh Mahajan and Mr S K Seghal. -IOB's non food credit has surged up by Rs.

000 for such beneficiaries at 4 per cent interest rate.Indian Overseas Bank (IOB) ties up with Times Online Money to launch an Internet-based remittance product. Regional Office. . ECGC products would be initially distributed through 21 AD (authorised dealer) branches of IOB. e-Cash Home. -IOB joins hand with NCR 2006 -IOB inks MoU with CRI Pumps -IOB launches new tax saving deposit scheme -IOB to acquire BhOB for Rs 170 cr 2007 -Indian Overseas Bank has announced a scheme to extend housing loan facility up to a maximum of Rs 20. targeted at NRIs in the US wishing to transfer money to India. .Rotary Sampoorna Scheme'. IOB.District 3230 for implementation of 'IOB.. -IOB sets up new ATM in Vizag -IOB pact with Chola for MF products 2005 -IOB joins hand with Visa to offer debit cards -IOB joins hand with Jatropha to promote biofuel -Indian Overseas Bank has tied up with the Export Creidit Guarantee Corporation of India to distribute the latter's products.-High Court restricts order on IOB staff dismissal 2004 -The government has chosen Indian Overseas Bank (IOB) for channelising government credit to other countries which runs into billions of dollars. disbursed loans to 639 beneficiaries to the tune of Rs 2. Karaikudi. 2008 -Chennai: Indian Overseas Bank has inked the pact with Rotary International .07 crore.

modernization and technology up-gradation of the coir industry. a Delhi-based financial services company. As per a release. loans under this MoU will be extended without any processing charges. 2009 -IOB signs MoU with Asia Motor Works 2010 .Indian Overseas Bank has inked a memorandum of understanding with Tata Motors for extending loans. -Indian Overseas Bank has inked a Memorandum of Understanding with Coir Board for implementation of rejuvenation. Title “Schemes Provided By Indian Overseas Bank For The Welfare Of Rural Development” Objectives of the project To find the various schemes provided by IOB for the welfare of Rural Development in Tuticorin region The methodology of approach to the project o Hypotheses if any . This is for the purchase of commercial transport vehicles.-Indian Overseas Bank has forged an alliance with Alankit Assignment Ltd.

o Goal of your project .