Indian Overseas Bank: Learn Key Points Using Mind Map

Indian Overseas Bank: Learn Key point using Mind Map

Introduction:

  • Indian Overseas Bank is one of the public sector banks in India. 
  • It is the first public sector bank in India to introduce mobile banking using WAP (wireless Application Protocol). 
  • It is also the first one to get the latest digital banking software, Finacle 10 suite package from Infosys. 

History:

  • In 1937, Thiru M. Chidambaram Chettiyar established the Indian Overseas Bank to encourage overseas banking and foreign exchange operations. 
  • Then in 1969, Government of India nationalized IOB. 
  • In 1984, IOB opened its 1000th branch. 

Logo of Indian Overseas Bank:

Tagline: Good people to grow with
Headquarter: Chennai, Tamil Nadu
Founded on: 10 February 1937
Founder: M. Chidambaram Chettyar
CEO and ED: R. Subramania Kumar

Acquisitions:

  • Coimbatore Standard Bank 
  • Coimbatore Vasunthara Bank 
  • Nanjinnad Bank 
  • Kulitalai Bank 
  • Srinivasa Perumal Bank 
  • Venkateswara Bank 
  • Bank of Tamil Nadu 

Joint Ventures 

  • Universal Sompo General Insurance (USGI) Company 
  • Apollo Munich Health Insurance company 

Sponsored Regional Rural Banks (RRB)

  • Pandyan Grama Bank 
  • Puri Gramya Bank 
  • Dhenkanal Gramya Bank 

Awards Received Recently:

  • Best Performing Bank award in the implementation of PMEGP (Prime Minister’s employment generation Programme.)

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