Profile Bank
1. Indian Overseas Bank (IOB) was founded on 10th February 1937 by Shri. M. Ct. M. Chidambaram Chettyar, a pioneer in many fields.
2. The Bank was founded by him with the main objective of specializing in foreign exchange business in banking to take the Bank across the globe.
3. IOB started business simultaneously - at Karaikudi, Chennai and Rangoon in Burma (presently Myanmar) followed by a branch in Penang, Malaysia.
4. At the dawn of Independence IOB had 38 branches in India and 7 branches abroad and Deposits stood at Rs. 6.64 Crores and Advances at Rs. 3.23 Crores at that time.
5. IOB was one of the 14 major banks that were nationalized in 1969. On the eve of Nationalization in 1969, IOB had 195 branches in India with aggregate deposits of Rs. 67.70 Crores. and Advances of Rs. 44.90 Crores.
6. Bank has its overseas presence in 5 countries Singapore, Hongkong, Thailand, Srilanka and south Korea.
Followings are the Major Milestones
1937
Opening of Bank Branch Simultaneously in India & Abroad
1938
Opening Branch in Kuala Lumpur
1941
Opening Branch in Singapore
1945
Opening Branch in Colombo
1955
Opening Branch in Hong Kong
1957
Bank Established its own Training Centre
1960s
Was a decade of inorganic expansion for the Bank. The Bank took over: The Coimbatore Standard Bank Limited, The Nanjinnad Bank Limited, The Coimbatore Vasunthara Bank Limited, The Kulitalai Bank Limited, The Srinivasaperumal Bank and The Venkateswara Bank.
1964
Inauguration of IOBs Head Office in Mount Road - A monument of highest Banking Tradition.
1969
Nationalisation of the Bank
1973
Formation of United Asian Bank Berhad (Indian Bank / IOB / United Commercial Bank)
1974
Official Language Department Established in 1974
1977
Bank opened its Tsim Tsa Tsui Branch at Kowloon side of Hong Kong
1990
Took over Bank of Thailand
1991
Bank Moved its Staff College Premises to a own Spacious Learning zone at Koyembedu
2000
Initial Public Offer, Follow on Public Offer in 2003
2005
Launched Debit Card
2006
Launched Visa Card, Retail Sale of Gold and Non Life Joint Insurance
Bank Reached INR 1 Lac Crore mark in Total Business
2006-07
Bharat Overseas Bank Ltd. was Merged with IOB
2007
First Off site ATM at Kamatchi Hospital, IOB
2009
100% CBS
2011-12
No of Branches in Tamil Nadu reached 1000, IOB celebrated Platinum Jubilee
2012-13
Received National Award for Excellence in MSME Lending and for outstanding performance for implementing PMEGP programme in South Zone
Received Bankers Excellence Award from Rotary International USA
2013-14
3000th Branch Vaniangudi opened on 17.08.2013 by Honourable Finance Minister
IOB Adjudged Best Public Sector Bank in Priority Sector Lending by Dun & Bradstreet
The New Indian Express & Sunday Standards Best Bankers Award Presented to IOB
Agriculture Leadership Award 2013 Conferred to our Bank
Award for Best RSETI in the Country Received by our RSETI Tanjore
2015-16
IOB has Migrated from In-house CBS Software "Crown" to Finacle
IOB adjudged 1) Skoch Order of Merit for Financial Inclusion and Automated Data Flow/MIS Project
2) IBA Award for the Best use of Data
2016-17
Express Intelligent PSU Award Received for Implementation of CBS Migration to Finacle 10.x Project. Our Core Banking Migration was Adjudged Amongst Top 100 Projects in India and Conferred SKOCH Order of Merit Award During 46th SKOCH Summit.
2018-19
In May 2018 Bank received special award from NPCI in recognition of excellent performance in Rupay, NFS ATM network, CTS and NACH.
In Feb 2019, Bank was declared WINNER by IBA for Best Use of Data Analytics in the group of Medium Size Banks.
In March 2019, DFS honored Bank with EASE BANKING REFORM AWARDs 2019 - Winner award for DEEPENING FINANCIAL INCLUSION & DIGITALISATION
In MeitY's fortnightly Scorecard for bank during FY 2018-19, for the fortnight ending 15th September 2018, our Bank secured a score of 70 and was ranked first among Public Sector Banks and ranked ninth amongst 56 scheduled commercial Banks.
Under Digidhan Mission: Bank has also beeen awarwed with Digital payments awards 2018-19 for outstanding performance in POS deployment in Northeast.