Indian Overseas Bank: Learn Key Points 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.)