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Indian Overseas Bank Company History and Annual Growth Details

YEAR EVENTS
1937 - Indian overseas bank was founded on 10th February, and had the
distinction of three branches,at Chennai, Karaikudi and Rangoon
simultaneously commencing business on the inaugural day.

- The founder Chairman was M.Ct.Chidambaram Chettiyar.

1969 - When it was nationalised,the bank had 208 branches and businessmix
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 Rural
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 achieve
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 appointed
director of the Bank with effect from September 4, in the place of
Shri Paramjit Singh. Shri K. Nagappan was appointed director
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. Branches
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.

- 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 Ludhiana.

- 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 (WAP).

- The Bank has launched its Any Branch Banking service in Hyderabad.

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.
2002

-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 Bank.

-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.

2003

-IOB slapped notices to 70 defaulters and has seized a number of properties.

-Indian Overseas Bank decides not to return any share capital to the government.

-Mr.Sivaram Swamy has been appointed as Compliance Officer in the place
of Mr.V Rajgopalan.

-IOB hands over 'Credence Mercury-fx' inter branch messaging software contract
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 Machine(ATM)
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, DICGC, RBI,
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

2004

-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

2005

-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

2006

-IOB inks MoU with CRI Pumps

-IOB launches new tax saving deposit scheme

-IOB to acquire BhOB for Rs 170 cr

2007

-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.

2008

-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.

2009

-IOB signs MoU with Asia Motor Works

2010

- 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.
 
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