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Indian Overseas Bank

Indian Overseas Bank
Company nameIndian Overseas Bank
Company typePublic (BSE - 532388)
Capital Markets
FoundedMadras, February 10, 1937
HeadquartersChennai, India
Key peopleM. Narendra
(Chairman & MD)
ProductsLoans, Credit Cards, Savings, Investment vehicles etc.

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Indian Overseas Bank (IOB) (BSE - 532388) is a major bank based in Chennai (Madras), with 2018 domestic branches and six branches overseas. Indian Overseas Bank has an ISO certified inhouse Information Technology department, which has developed the software that 2018 branches use to provide online banking to customers; the bank has achieved 100% networking status as well as 100% CBS status of branches with a total number of 2018 CBS branchs and Extension Counters. IOB also has a network of about 771 ATMs all over India and IOB's International VISA Debit Card is accepted at all ATMs belonging to the Cash Tree and NFS networks. IOB offers internet Banking (E-See Banking) and is one of the banks that the Govt. of India has approved for online payment of taxes.The bank's business more than doubled in the last four years. According to "A profile of banks (2009-10)" published by RBI, the bank's deposits increased from Rs.50529 crore as on 31.03.06 to Rs.110795 crore as on 31.03.10 and advances from Rs.34756 crore to Rs.79004 crore.

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