~ The new location will increase business, has customer friendly facilities, and provides convenient access
Chennai, May 14, 2018: Indian Overseas Bank (IOB) today moved its state-of-the-art, T Nagar branch to their own spacious premises at No. 69, Sir Theagaraya Road, Pondy Bazaar, T Nagar, Chennai – 600017. The new branch was inaugurated by Mr. R Subramaniakumar, MD & CEO, Indian Overseas Bank in the company of Padma Shri Dr Nalli Kuppuswami Chetti. Mr. K Swaminathan, Executive Director, IOB, Mr Ajay Kumar Srivatsava, Executive Director, IOB and other bank officials, were present.
On this auspicious occasion, the onsite ATM was also inaugurated and the bank officials distributed many loan sanction letters to various customers. The newly relocated branch now affords great all round visibility. The bright and spacious interior, accommodates more customers, and is fitted with a host of thoughtful customer friendly touches.
Indian Overseas Bank (NSE: IOB) is one of the leading Public Sector Bank established in the year 1937 headquartered in Chennai with a strong domestic presence of 3342 Branches & 3278 ATMs as of Dec 2017. 57% of Branches catering to the needs of Rural and Semi Urban centres enhancing deeper Financial Inclusion. IOB is a strong brand that enjoys the trust of over 35 million active customers. As of 31st December 2017, the Bank had a total business of Rs. 3,68,128 crores with Deposits of Rs. 2,16,592 crores and Advances of Rs. 1,51,536 crores. The CASA portfolio of the Bank stood at Rs. 76,526 crores with a CASA% of 35.33%. The Credit to Deposit Ratio of the Bank stood at 69.96 %. The RAM (Retail/Agri/MSME) portfolio contributes to around 64.75% of domestic advances synchronising with the Banks efforts towards rebalancing its Balance sheet. Recently Moody’s upgraded Indian Overseas Bank Rating Outlook to ‘Positive’.