Indian Overseas Bank (IOB) was founded on February 10, 1937 by M. Ct. M. Chidambaram Chettyar, a pioneer in many fields. 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. IOB was one of the major banks that were nationalized in 1969.
Presently the Bank has its overseas presence in some countries. IOB maintains a global presence that complements its domestic strength. The Bank’s long-standing focus on responsible credit, inclusive access, and core sector support has been supplemented by early investments in technology and digital systems, enabling it to modernise while preserving the values that shaped its foundation. The Bank’s ability to adapt while staying true to its roots reflects its strong institutional foundation. IOB is among India's first banks to introduce digital banking and computerisation.
Business area of the Bank
IOB offers a comprehensive suite of financial products and services across retail, agriculture, MSME, and corporate banking. The Bank operates on a universal banking model, catering to credit and deposit needs through a broad portfolio that includes housing loans, jewel loans, business finance, agri-credit, and a growing bouquet of ESG-linked products. The Bank’s diversified income mix reflects the strength of its core operations and the agility of its product design. The Bank’s green finance portfolio- including solar energy, EV loans, and sustainable infrastructure -is growing rapidly.
Product and services offered by the bank
Personal Banking
- Accounts
- Investments & Deposits
- Retail Loans
- Digital Banking
- NRI
- Insurance
Corporate
- Current Accounts
- Loans-and-Advances
- Export-Credit
- Electronic-Bank-Guarantee-e-BG
Agri & Rural
- Financial Inclusion
- Agriculture Credit
- Jewel-Loan
MSME Loans
FOREX
- IT & ITES BPO
- Merchant Banking
- IOB Expo Gold Card
Government Business
Awards and Accolades
2017-18
Runner Up Award for Best Payment Initiatives amongst Medium Banks from IBA.
Bank's quarterly Hindi Magazine ‘VANI’ has received prize in Bronze category from Association of Business Communicators, Mumbai.
2nd Prize for in-house Hindi magazine VANI for 2016-17 received by our MD & CEO on the occasion of Hindi Diwas from Hon’ble President of India
Bank was chosen as one of the winners (out of 36 banks) of Intelligent Enterprise Award (CategoryEnterprise Apps) presented by Indian Express group for the year 2017 for the product IOB PAY which is an online integration.
2018-19
2019-20
IOB ranked 5th position as on March 2019 under EASE 1.0 (FY 2018-19) with 75% score among PSBs.
IOB been awarded ‘Winner-Reforms Excellence’ and ‘Winner Deepening Financial Inclusion and Digitalisation’ out of 8 awards category of EASE 1.0.
IOB got a special mention in ‘Examples of Best Practice among PSBs’ for its Standardized Public Grievance Redressal System (SPGRS).
IOB awarded for Outstanding Performance in POS deployment in Northeast for the FY2018-19 by Meity.
IOB shortlisted by Infosys under Client Innovation Award -2020, for inhouse customization of Finacle on ‘Simplified Loan Account Opening’.
IOB awarded ISO 27001 for Information Technology Department.
2020-21
- The Bank was awarded 'Best Banker under MSME category - 1st Prize' for the years FY 2016-17, FY 2017-18 & FY 2018-19 from Hon'ble Chief Minister of Tamil Nadu.
- The Bank received recognition from PFRDA for qualifying in Shine and Succeed campaign during July-August 2020.
2021-22
- Bank has been awarded 2nd Position for achieving 2nd highest percentage of digital payment transactions under Small & Micro Public Sector Banks category by Ministry of Electronics & information Technology, Government of India.
- Shikhar Campaign launched for DSB Registration and Bank received the Award from IBA.
2022-23
- Bank has been awarded Certificate of Appreciation for securing 2nd Position in Group C and 2nd Position overall in the DSB monsoon Drive Lap 1.0 and also received Certificate of Achievement for qualifying in DSB mission 5 lakh campaign (February 15, 2023 to March 15, 2023).
- Bank has been awarded Certificate of Appreciation for excellent performance in the DSB Lakshya Reloaded 2.0 campaign (September 15, 2022 to September 27, 2022).
2023-24
- Indian Overseas Bank clinched 5 prestigious IBA Banking Technology Awards in the Medium-sized Banks category for 2023 at the IBA 19th Banking Technology Conference, Expo & Citations 2022-23 in Mumbai.
- Indian Overseas Bank clinched prestigious 1st Runner-up Award under Top Improver category in EASE Reforms Agenda for the year 2023 at the EASE 5.0 Citation Ceremony held at Presidential Ballroom in Mumbai on April 25, 2024.
- Bank has received the ICAI Awards for Excellence in Financial Reporting under “Plaque” category for commended Annual Report in Category I - Public Sector Banks for the year ended March 31, 2023, from The Institute of Chartered Accountants of India (ICAI).
2024-25
- Bank Received 5 Prestigious Citations at The IBA Banking Technology Awards.
- Bank Received Skoch Award 2024 for its Initiatives in The Area of Compliance.
- Bank Received Awards for PSU Highest DQI (Data Quality Index) Improvement FYʼ25 At Annual Conference Hosted by IBA & Transunion Cibil- Winner in Commercial Segment and First Runner up in Consumer Segment Categories.
Milestones
- 1937: Indian Overseas Bank (IOB) was founded on February 10, 1937 by M. Ct. M. Chidambaram Chettyar.
- 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.
- 1964: Inauguration of IOB's Head Office in Mount Road.
- 1969: Nationalisation of the Bank.
- 1973: Formation of United Asian Bank (Indian Bank/ IOB/ United Commercial Bank).
- 1977: Bank opened it Tsim Tsa Tsui Branch at Kowloon side of Hong Kong.
- 1984: 1000th branch opened (Gobindpuri Branch).
- 1990: Took over Bank of Thailand.
- 1996: Banks profit reached Rs100 crore for the first time.
- 2000: Initial Public Offer and Follow on Public offer in 2003.
- 2005: Launched Debit Card.
- 2006: Launched Visa Card, Retail Sale of Gold and Non-Life Joint Insurance.
- 2006: Bharat Overseas Bank was merged with IOB.
- 2007: First off-site ATM at Kamatchi Hospital, IOB.
- 2009: Achieved 100% CBS.
- 2010: Bank opened its 2000th Branch (Yamuna Vihar Branch).
- 2013: Bank surpassed the landmark of 3000 Branch by opening of Vaniangudi Branch.
- 2016: All branches migrated from in house CBS platform CROWN to FINACLE.
- 2021: RBI takes IOB out of PCA Framework on improvement in financial and credit profile.
- 2024: The Bank crossed the Rs5 lakh crore mark in total business for the first time during the year ended on March 31, 2024.
- 2024: IOB reached a noteworthy milestone by being the fifth public sector lender to reach Rs 1 lakh crore in market capitalization.
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