IOB not to hike rates of interest:: Chairman

IOB not to hike rates of interest:: Chairman

IOB not to hike rates of interest:: Chairman

Even as the Reserve Bank of India (RBI) has increased the repo rate, the Indian Overseas Bank (IOB) will not hike the current rate of interest on loans, disclosed chairman and managing director of the bank M Narendra.

Addressing media, in the city, on Wednesday, Narendra said, the bank will continue to maintain the same rates of interest for housing, vehicle and education loans.

Tracing the growth of the bank, Narendra said, since nationalisation of the set up, the bank has treaded a long path and has been adjudged the seventh biggest facility in the nation. From 43 regional offices across the nation, it has reached 59.

In Karnataka State alone, there are 215 branches, accounting for a business of Rs 16,000 crore. The Mysore circle office, since its inception in February, has seen an additional 10 branches in the last nine months, increasing the turnover to Rs 1,070 crore against the earlier Rs 888 crore from 29 branches.

Narendra declared the Bogadi branch of the bank as ‘All women branch’.

He said Hubli and Mangalore regional offices have now become independent, having 49 and 59 branches respectively. Earlier, they were under the control of Goa region.

Staff strength

In all, the bank has a staff strength of 31,600 with 10,600 among them recruited in the last one year.

Narendra appealed to the youth from Karnataka to take up a career in banking as the rate of eligible candidates for jobs is dwindling.

He promised to take initiatives to open more branches in rural areas. He also succinctly said that the main aim of the Mysore circle is to disburse more agriculture loans.

Later, participating in the inaugural session of the regional office of the bank, chief manager of Bangalore zone, C S Vasanthkumar said, when Narendra assumed charge there were 1,800 branches in the nation. Now, it is more than double, at 3,800 branches, recording an increase in business of Rs 4,000 crore against the earlier Rs 3,89,000 crore. In Karnataka too, the number of branches have grown manifold from 75 to 215.

To mark the occasion, agriculture loans, totalling Rs five crore, were distributed to over 400 farmers under the ‘Krishi Mela 100’ scheme of the bank.

Earlier, Suttur Seer Sri Shivarathri Deshikendra dedicated the regional office of the bank on Hunsur road.

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