1937 - Indian overseas bank was founded on 10th February, and had
distinction of three branches,at Chennai, Karaikudi and
simultaneously commencing business on the inaugural
- The founder Chairman was M.Ct.Chidambaram Chettiyar.
1969 - When it was nationalised,the bank had 208 branches and
of Rs.156 crores.
1990 - The Bank of Tamil Nadu was merged with the Bank .
- The bank has launched credit card in tie up arrangement
1995 - The Bank signed on July 26, a MOU with the three Regional
Banks (RRBs) sponsored by it - Puri Gramya Bank (in
Grama Bank (in Tamil Nadu) and Dhenkanal Gramya Bank
Orissa). Under the MOU, the RRBs committed themselves to
targets under various business parameters for turning
within a span of five years.
1998 - Ms. P. Bolina, Deputy Secretary, Ministry of Finance was
director of the Bank with effect from September 4, in
the place of
Shri Paramjit Singh. Shri K. Nagappan was appointed
representing workmen employees with effect from
October 12, in the
place of Shri Bhadresh U. Banker.
- The Bank launched its improved version of Kisan Credit
Card on November
27. The Scheme is gaining popularity speedily.
distributed 2,369 cards, disbursing a credit of Rs.
538.0 lakh within
the four months of inception of the Scheme.
1999 - The Bank launched a Housing Scheme called `Subha Gruha'
with simplified and borrower friendly features.
- To benefit students undergoing studies in India and
abroad, the Bank's
`Vidya Jyothi' educational loan scheme was further
amounts for inland and foreign studies were increased
rates were reduced.
- With effect from March 1, a new system was introduced
for reconciling high
value demand drafts.
2000 - Indian Overseas Bank has launched its customer care cell in
- Chennai-based Indian Overseas Bank is all set to go
public on September 25
with an IPO to raise Rs 111.20 crore. The IPO is for an
issue of 11,12,00,000 No.
of equity shares of Rs 10 each at par.
- The public sector Indian Overseas Bank will be setting
aside about Rs 75 crore
for offering voluntary retirement scheme package to
about 1,500 of its employees.
- Indian Overseas Bank (IOB) has tied up with Dabur-All
State Insurance to market the
joint venture's life insurance products.
- Indian Overseas Bank, the first public sector bank to
introduce anywhere banking
at its 129 branches in the four metros, is extending the
connectivity to another 100
branches in Hyderabad, Bangalore, Ahmedabad and
- One more public sector bank, Indian Overseas Bank is
coming out with a public
issue of 11,12,00,000 shares of Rs 10 each for casha t
par aggregating Rs 111.20 crore.
- Indian Overseas Bank (IOB) has launched its gold loan
scheme' for exporters taking
advantage of the uniform sales tax on bullion adopted by
the states recently.
- Indian Overseas Bank the first public sector bank in the
country to introduce mobile
banking services using Wireless Application Protocol
- The Bank has launched its Any Branch Banking service in
2001 - Indian Overseas Bank is set to raise Rs 125 crore through bond
issue. Crisil has given
a rating of `AA' for the issue and `P1+' for its
certificate of deposit.
- Indian Overseas Bank chairman and managing director R V
Shastri is expected to take
over from R J Kamath as the new head of the nationalised
- S C Gupta, executive director of Indian Overseas Bank
will take over as the chairman
and manaing director of the bank.
- Mr R Natarajan has been appointed as executive director
of Indian Overseas Bank.
-Indian Overseas Bank has informed that the Government of India has
nominated Smt. Usha Mathur, Joint Secretary, Department of
Expenditure, Ministry of Finance, Government of India, New Delhi in
place of Shri Ram Mohan as Government Director in the Board with
effect from March 20, 2002.
-Ananda Kumar nominated as Director in the Board of Indian Overseas
-Rohit M Desai appointed as a Director on the Board of Indian
-Indian Overseas Bank has informed that in the EGM held on December
07, 2002, the 4 candidates were declared elected as Directors of the
Bank representing shareholders other than the Central Government. Mr M
N Venkatesan, Mr Christopher Thomas Kurien, Dr Harsh Mahajan and Mr S
-IOB slapped notices to 70 defaulters and has seized a number of
-Indian Overseas Bank decides not to return any share capital to the
-Mr.Sivaram Swamy has been appointed as Compliance Officer in the
of Mr.V Rajgopalan.
-IOB hands over 'Credence Mercury-fx' inter branch messaging software
to Credence Analytics(I) Pvt Ltd.
-Shri Pradeep K Deb has been appointed as the Director of Indian
-B Swaminathan, General Manager started a new Automated Teller
at the IOB in Pondicherry.
-IOB's non food credit has surged up by Rs.650 cr.
-Government has appointed Shri Anand Sinha, Chief General Manager,
Mumbai in place of Shri B Ghosh, RBI Director in the Board of IOB
-IOB along with other 3 banks have tied up for ATM networks on cards
with Canara Bank.
-Comes out with Initial Public Offering (IPO) of 10 crore equity
shares of Rs 10 each at a premium of Rs 24 aggregating Rs 240 crore ,
issue was 7 times oversubscribed
-High Court restricts order on IOB staff dismissal
-The government has chosen Indian Overseas Bank (IOB) for
channelising government credit to other countries which runs into
billions of dollars.
- Indian Overseas Bank (IOB) ties up with Times Online Money to
launch an Internet-based remittance product, e-Cash Home, targeted at
NRIs in the US wishing to transfer money to India..
-IOB sets up new ATM in Vizag
-IOB pact with Chola for MF products
-IOB joins hand with Visa to offer debit cards
-IOB joins hand with Jatropha to promote biofuel
-Indian Overseas Bank has tied up with the Export Creidit Guarantee
Corporation of India to distribute the latter's products. ECGC
products would be initially distributed through 21 AD (authorised
dealer) branches of IOB.
-IOB joins hand with NCR
-IOB inks MoU with CRI Pumps
-IOB launches new tax saving deposit scheme
-IOB to acquire BhOB for Rs 170 cr
-Indian Overseas Bank has announced a scheme to extend housing loan
facility up to a maximum of Rs 20,000 for such beneficiaries at 4 per
cent interest rate. IOB, Regional Office, Karaikudi, disbursed loans
to 639 beneficiaries to the tune of Rs 2.07 crore.
-Chennai: Indian Overseas Bank has inked the pact with Rotary
International - District 3230 for implementation of 'IOB- Rotary
-Indian Overseas Bank has forged an alliance with Alankit Assignment
Ltd, a Delhi-based financial services company.
-Indian Overseas Bank has inked a Memorandum of Understanding with
Coir Board for implementation of rejuvenation, modernization and
technology up-gradation of the coir industry.
-IOB signs MoU with Asia Motor Works
- Indian Overseas Bank has inked a memorandum of understanding with
Tata Motors for extending loans. This is for the purchase of
commercial transport vehicles. As per a release, loans under this MoU
will be extended without any processing charges.
-Amex in credit card tie-up with Indian Overseas Bank.
-It has been reported that about 0 million (about Rs 2,250 crore)
has been raised by the
Indian Overseas Bank (IOB) from global markets.
-Bank received SKOCH AWARD for Financial Inclusion.
-Platinum Jubilee Celebrations.
-Indian Overseas Bank appoints Ajoy Misra as Director and Executive
-INTEGRATION OF SECTOR-26 BRANCH WITH NITHARI BRANCH
-Blocking of cards as a preventive measure
-‘Domestic Money Transfer – Relaxations’
-Smt. Deepa Chellam, Board Services Department has been designated as
Company Secretary and Compliance Officer of the Bank