Indian Overseas Bank to open 400 new branches

Indian Overseas Bank to open 400 new branches

Mangalore:  Indian Overseas Bank (IOB) Chairman and Managing Director M Narendra said that the bank is planning to open 400 new branches across the country. With this, the total number of branches would be 2,600.

Speaking at a ‘Meet the Press’ programme organised at the Mangalore Press Club here on Saturday, he said 186 branches will be set up in underbanking and unbanked areas wherein the population is below 10,000.

“We also have plans to upgrade two of our Representative offices —at Guangzhou in China and Dubai into full-fledged branches after obtaining necessary approvals. We are also exploring opportunities to open branches in Africa and Middle East. The process of conducting exploratory survey would commence soon,” he said.

Narendra said “the Mangalore Regional Office started functioning from April 1, 2011 with a branch network of 21 branches and four more branches were added during the last three months. Preparation is on for opening another 11 branches shortly in places which are hitherto not represented by us. In addition, we will be opening 19 branches in other regions of Karnaraka shortly. We have also applied for 36 more licenses in Karnataka.”

Financial inclusion

The CMD said all the 1,235 villages allotted to the IOB spread across 19 states and 2 Union Territories have been covered under financial inclusion. Mangalore Region has covered all the seven villages allotted. One unallotted village Honnavara in Hassan district has also been covered for Financial Inclusion.

Hirikadluru village is covered under IOB Sampoorna project wherein the Bank has achieved 100 per cent recovery of the loan disbursed.

The Indian Overseas Bank, which is in the midst of the platinum jubilee celebrations, has crossed business level of Rs 2,59,000 crore recording an increase of 35.2 per cent growth as on March 31, 2011. As part of the platinum jubilee celebrations, the bank will adopt 85 villages and will strive for its overall development. The slogan for the platinum jubilee celebration is ‘touching the hearts, spreading the smile.’

The Indian Overseas Bank Bhoomi Lakshmi was intended to give assistance to the small farmers to buy land and IOB Sagar Lakshmi to extend working capital to fisherwomen, he said. It also has student card, MSME plus, NRI Plus Deposit and Bhoomi Shakthi scheme.

He said the number of ATMs would be raised from 1,210 to 3,000 at the shortest possible period.

To a query on credit growth, he said “there was subdue in credit growth in the country. However, we are expecting 22 per cent growth in the credit. There was no decline in demand for credit to retail, Micro, Small and Medium Enterprises and agriculture scetor,” he added. 

The board of the Bank has taken a decision to waive off pre payment charges for priority sectors, so that the hike in the interest rate will not affect them.

Bankers meet in Tamil Nadu

Indian Overseas Bank Chairman and Managing Director M Narendra said that IOB will host ‘Bancon 2011’—A bankers conference which is held every year to discuss and deliberate on a theme of paramount importnace to the banking industry.

The meet will be held at Mahabalipuram in Tamil Nadu.