IOB to open regional office in Mangalore. More branches too.

IOB to open regional office in Mangalore. More branches too.

Mtoday news

Mangalore, Feb 25: The Indian Overseas Bank (IOB) will open a regional office in Mangalore on Feb 26, to push forward the fast growth plan said Mr. M. Narendra, Chairman and Managing Director of the bank here today.

 

 

Mr. Narendra was speaking at a press conference organized on the occasion of the 75th year celebrations of the bank in Mangalore.  Mr. Narendra said the bank opened an ATM in R and R Colony of Mangalore SEZ recently and more are on the anvil. He said the bank is aiming at reaching the target of 1,500 ATMs and 1,500 branches this year.

Commemorating with the Platinum jubilee celebration of IOB many social welfare schemes have been introduced, he said. Families living below poverty level (BPL), including slum-dwellers and children, particularly girls, were the target group for this. The bank was focusing on women, especially on their health and well being.

Mr. Narendra, said that IOB is ready to extend assistance to the people of coastal Karnataka for any self help activities. The bank is planning to adopt some villages in and around Mangalore for their development.

Indian Overseas Bank (IOB) is on a mission to retrieve its lost position in terms of business and glory, Mr. Narendra who took charge as chairman and managing director of the Chennai-based IOB in November, has rolled out a medium-term plan to increase its business and is venturing into several new businesses plans. The immediate priority is to re-energise the bank in the area of human resources. “ Touching the heart; Spreading smile” is the motto adapted to bring about a change in the attitude and productivity of the bank staff.

 

 

Indian Overseas Bank, established in 1973. The bank has been growing much above the banking system during the this year. As against the system’s growth of 10.92% in deposits, the bank growth is 19.75%. In advances, the growth is 29.04% as against the growth of 14.95%. The bank has crossed global business Mix of Rs.2,37000. A year long program of Platinum Jubilee Celebrations is launched on February 10, 2011. The bank plan to reach business level of Rs. 2,50,00 by March 2011.

The bank has launched many need based customer friendly schemes: IOB Green Credit, IOB Horticulture, IOB Agri. Transport, SHG Lending, Agri. Jewel Loan, Bhumilakshmi, Education loan, IOB SME Plus etc.
IOB is in a fast growing path: More Branches in Mangalore, Udupi, Uthara Kannada, Shimoga, Hasan and Chikmagalure is on the anvil. IOB is a tech-savy bank which had developed and utilized its own banking software. The bank aims to achieve a much higher growth in this fiscal.

Mr. A  K Bansal and Smt. Nupur Mitra, Executive Directors, Mr. K. Anil, Regional Manager of the bank were among other officials present on the ocation.