IOB Bank Full Form

What is the full form of IOB?

The full form of IOB is Indian Overseas Bank, an Indian public bank based in Chennai. It was first established in Feb 1937 and has several branches in India as well as in foreign. It has 3,214 domestic branches, 4 foreign branches and representative offices and 3270 ATMs. The founder of this bank was M. Ct. M. Chidambaram Chettiar. His objective in starting IOB bank is to specialize in the foreign exchange business and his second objective was to achieve specialization in overseas banking. IOB bank has achieved several milestones in the present time.

This Story also Contains

1. What is the full form of IOB?
2. History of IOB Bank
3. Tie-Ups of IOB
4. Milestones Achieved by IOB

History of IOB Bank

• IOB started simultaneously at three locations Madras, Rangoon (Yangon), and Karaikudi, it also opened branches in Kuala Lumpur, Penang, and Singapore, and due to the second world war, IOB lost its two branches Rangoon and Penang.

• Then in 1945 or 1946, it opened its other branch in Colombo, in 1947 in Bangkok, and 1955 in Hong Kong. In 1960 IOB merged with many local banks.

• In 1969 IOB bank was nationalized by the government of India, In 1973 IOB bank along with Indian bank and United commercial bank inaugurated United bank Berhad in Malaysia.

• In 1977 IOB again opened a branch in Seoul, and in 1979 it also opened a foreign currency banking unit in Sri Lanka. But in 1983 ethnic sectarian violence in the form of anti-Tamil riots led to the burning and destruction of the IOB branch in Colombo.

• In 2000 IOB was engrossed in IPO (initial public offering) by which the government shares reached 75% of the bank's equity.

• In 2010, Malaysia awarded a commercial banking license to a locally incorporated bank to be jointly owned by Indian overseas banks, Bank of Baroda also and Andhra bank. Then in 2013 IOB opened an offshore banking unit in Colombo, Sri Lanka at present time there are 3214 domestic branches and 3270 ATMs.

• Now IOB is focusing on digital banking

Tie-Ups of IOB

IOB has done some of the tie-ups. These tie-ups are described below:

• IOB entered into a Non-Life insurance business with (USGI) company limited with equity participation of 19% with other Karnataka banks, Indian banks, and Dabur investment.

• IOB was in a tie-up with Apollo Munich Health insurance till 2021 to provide personal accident products, and specialized health products to its customers

• Now from June 2021, IOB is in a tie-up with Niva Bhupa to provide specialized health and personal accident products to its customers.

Milestones Achieved by IOB

The IOB has achieved many goals till now. Some of the milestones are explained below:

• In 1957, the bank established its training centre.

• In 1964, at Mount Road inauguration of the IOB head office

• In 1974 official language department established

• In 1984 1000th branch of IOB opened

• In 1991 Bank shifted its staff college premises to its learning spacious area

• In 2000 an initial public offer

• In 2005 debit cards launched

• In 2006 launched the VISA card

• In 2009 100% of CBS ( Core Banking Solution)

• In 2010 2000th branch of IOB opened in Yamuna vihar in New Delhi

• In 2015 IOB launched a new mobile banking passbook application

• In 2015 IOB began migration from its in-house CBS platform to Finacle.