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IOB — Indian Overseas Bank
IOB Full-Form refers to Indian Overseas Bank. IOB is one of the famous banks in India. Its headquarters is in Madras. It has over one thousand branches in the state of Tamil Naidu. Additionally, it has eight offices and branches out of India as of the year 2014. The bank also has a department which is dedicated purely to information technology. The branches of the IOB use the software developed by this department for providing online banking services to its customers. It has obtained one hundred per cent networking status. All its branches have achieved one hundred per cent CBS status. Its network consists of over three thousand ATMs throughout India.
The branches of Indian Overseas Bank are present in Seoul, Hong Kong, Bangkok, Colombo, and Singapore. Its representative offices can be found in Dubai, Vietnam and Guangzhou. The bank earned a profit of two hundred and seventy-two crore rupees at the end of the year 2014. It achieved a growth of eight per cent and touched four hundred thousand crore rupees at the same time. Its total assets were of the worth sixty-one billion dollars. The IOB is the first among all public sector banks in India that introduced `anywhere banking’ at its one hundred and twenty-nine branches and is still extending to another one hundred branches in Ahmadabad, Hyderabad, Ludhiana, and Bangalore.
It was also the first Indian bank to have introduced the mobile-banking services by utilizing the WAP or Wireless Application Protocol. This bank has ventured into the business of non-life insurance with the USGI or Universal Sompo General Insurance Ltd and has nineteen per cent equity participation along with Dabur Investments, Karnataka Bank, and Allahabad Bank. Additionally, IOB has formed a partnership with Apollo Munich, a health-insurance company, and is providing products related to health as well as personal accidents to the bank’s customers.