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Indian Overseas Bank was the first Bank to venture into consumer credit. It introduced the popular Personal Loan scheme. In 1964, the Bank made a beginning in computerisation in the areas of inter-branch reconciliation and provident fund accounts. IOB was one of the 14 major banks that was nationalised in 1969. On the eve of Nationalisation in 1969, IOB had 195 branches in India with aggregate deposits of Rs 67.70 crores and Advances of Rs 44.90 crores. In 1977, IOB opened its branch in Seoul and the Bank opened a Foreign Currency Banking Unit in the free trade zone in Colombo in 1979.
As of March 2003, IOB had 1427 branches in India and 6 branches overseas. Besides the Bank has a network of over 240 ATMs and 243 Extension Counters. IOB has specialised branches to cater to the exclusive needs of Commercial & Industrial credit, Industrial finance, Small Scale industries, hi-tech agriculture and foreign exchange.
Head Office
763, Anna Salai,
Chennai - 600002.
URL: www.iob.com
