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Indian Overseas Bank |
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Indian Overseas Bank (IOB) is a major bank based in Chennai (Madras), with 2018 domestic branches and six branches overseas. IOB has branches in Colombo, Hong Kong, Seoul, Singapore and Bangkok. IOB has an ISO certified inhouse Information Technology department, which has developed the software that 2018 branches use to provide online banking to customers; the bank has achieved 100% networking status as well as 100% CBS status of branches with a total number of 2018 CBS branches and Extension Counters. IOB also has a network of about 771 ATMs all over India and IOB's International VISA Debit Card is accepted at all ATMs belonging to the Cash Tree and NFS networks. IOB offers internet Banking (E-See Banking) and is one of the banks that the Govt. of India has approved for online payment of taxes. |
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Indian Overseas Bank is one of 20 major nationalised commercial banks in India. Nationalised banks dominate the banking system in India. The major objective behind nationalisation was to spread banking infrastructure in rural areas and make cheap finance available to Indian farmers. With this, the Government of India held a control over 91% of the banking industry in India. After the nationalisation of banks there was a huge jump in the deposits and advances with the banks. |
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