Indian Overseas Bank > Company History > Banks - Public Sector > Company History of Indian Overseas Bank - BSE: 532388, NSE: IOB
Indian Overseas Bank
BSE: 532388|NSE: IOB|ISIN: INE565A01014|SECTOR: Banks - Public Sector
Oct 09, 16:01
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Oct 09, 16:01
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Company History - Indian Overseas Bank
YEAR                                                        EVENTS
 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
 with Cancard.
 1995 - The Bank signed on July 26,  a MOU with the three Regional
              Banks (RRBs) sponsored by it - Puri Gramya Bank (in
 Orissa), Pandyan
              Grama Bank (in Tamil Nadu) and Dhenkanal Gramya Bank
 (also in
              Orissa). Under the MOU, the RRBs committed themselves to
              targets under various business parameters for turning
 the corner
              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
 modified.  Loan
               amounts for inland and foreign studies were increased
 and interest
                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
 Canara Bank.
            - 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
 Overseas Bank.
 -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
 K Seghal.
 -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
 Overseas Bank.
 -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
 Sampoorna Scheme'.
 -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
 -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
 -Indian Overseas Bank (IOB) has signed a memorandum of understanding
 (MoU) with Deutsche Bank to establish a relationship in cash
 management services.
 -Indian Overseas have declared an interim dividend of 7% i.e. at the
 rate of Rs.0.70 paise per equity share of Rs. 10/- each.
Source : Dion Global Solutions Limited
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