What is the full form of IOB

IOB: Indian Overseas Bank

IOB stands for Indian Overseas Bank. It is a public sector bank founded in 1937 with the objectives of specializing in foreign exchange and overseas banking. It is headquartered in Chennai, India. It operates through treasury, corporate banking, retail banking and similar banking operation segments. As of March 2017, it has a network of 3,373 branches including 922 rural branches, 1001 semi-urban braches, 692 urban branches and more than 700 metropolitan branches. IOB has an in-house Information Technology department which that has developed the software for its branches to offer online banking to customers.

Brief History:

• IOB was founded on 10th February 1937 by M.Ct. Chidambaram Chettiyar.
• It is the first bank to venture into consumer credit. It introduced the popular Personal Loan scheme in the late 1950s.
• In 1969, it was nationalized and had 208 branches and business mix of Rs. 156 crores.
• In 1990, Bank of Tamil Nadu was merged with IOB and credit card was launched by IOB in a tie-up with Cancard.
• On 26 July 1995, the bank signed a memorandum of understanding (MOU) with the three Regional Rural Banks: Puri Gramya Bank in Orissa, Pandyan Grama Bank in Tamil Nadu and Dhenkanal Gramya Bank in Orissa.
• On 27 November 1998, it introduced its improved version of Kisan Credit Card.
• In 1999, the bank introduced a housing scheme called "Subha Gruha" with simple and borrower-friendly features.
• On 25 September 2000, the bank was ready to go public with an IPO to raise Rs. 111.20 crore.
• In 2004, the government shortlisted Indian Overseas Bank (IOB) for channelizing government credit to other countries. In the same year, it entered into an agreement with Times Online Money to offer an internet-based remittance product, e-Cash Home particularly for the NRIs of the US willing to transfer their money to India.
• In 2005, IOB joined hands with Visa to introduce debit cards. In the same year, it joined hands with Jatropa to promote biofuel.
• In 2008, it signed an agreement with Rotary International-District 3230 for implementation of IOB-"Rotary Sampoorna Scheme". In the same year, it signed an MOU with Coir Board for technological up-gradation of the coir industry.
• In 2009, it signed MoU with Asia Motors Works.
• In 2011, Amex tied-up with American Express Banking Corp to offer credit cards. In the same year, the bank was awarded the SKOCH AWARD for financial Inclusion.
• In 2013, the bank signed a MoU with Deutsche Bank for cash management services.