Indian Overseas Bank has won Runner-Up award in category of Best Payment Initiatives amongst mid-sized banks from Indian Banks Association (IBA), an
association of Indian banks and financial institutions. The award was conferred to the bank in the Banking Technology Conference, Expo 2017-18 on February 23, 2018 at Mumbai.
This award is an acknowledgement that IOB has always been adept in providing niche customer experience in banking technology to reach customers. This award was conferred to the bank for
its various products and services including “IOB Pay” which is a comprehensive Payment gateway to educational institutions, merchant establishments and charitable institutions using
any bank’s Internet banking or Debit/Credit Cards. This would facilitate any merchant or educational institution or religious establishment to integrate with the Bank’s integrated
payment gateway instantly.
Commenting on this recognition, Mr. R Subramaniakumar, MD .CEO, Indian Overseas Bank said,We are happy to receive this recognition as a result of steps taken towards offering
seamless banking technology to our valued customers. The bank is moving towards the growth trajectory and continuing to take efforts to empower our digital banking services across India
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 toPositive.