Indian Overseas Bank

Indian Overseas Bank (IOB) was founded on February 10, 1937 by Shri. M. Ct. M. Chidambaram Chettyar, a pioneer in many fields such as, Banking, Insurance and Industry with the twin objectives of specializing in foreign exchange business and overseas banking. IOB had the unique distinction of commencing business in 10th February 1937 (on the inaugural day itself) in three branches simultaneously - at Karaikudi and Chennai in India and Rangoon in Burma (presently Myanmar) followed by a branch in Penang.

The Products & Services of the bank includes NRI Services, Personal Banking, Forex Services, Agri Business Consultancy, Credit Cards, Any Branch Banking and ATM Banking. Saga of the IOB is covered into four categories, such as Pre-nationalisation era (1947- 69), at the time of Nationalisation (1969), Post - nationalisation era (1969-1992) and Post-Reform Period - Unprecedented developments (1992 & after).

In Pre-nationalisation Era (1947- 69), IOB expanded its domestic activities and enlarged its international banking operations. As early as in 1957, the Bank established a training centre, which has now grown into a Staff College at Chennai with 9 training centres all over the country. IOB was the first Bank to venture into consumer credit. It introduced the popular Personal Loan scheme during this period. In 1964, the Bank made a beginning in computerisation in the areas of inter-branch reconciliation and provident fund accounts. In 1968, IOB established a full-fledged department to cater exclusively to the needs of the Agriculture sector.

IOB was one of the 14 major banks that was nationalised in 1969. On the eve of Nationalisation in 1969, IOB had 195 branches in India with aggregate deposits of Rs. 67.70 Crore and Advances of Rs. 44.90 Crore.

In Post - nationalisation era (1969-1992), during the year 1973, IOB had to wind up its five Malaysian branches as the Banking Law in Malaysia prohibited operation of foreign government owned banks. This led to