Mangalore: Indian Overseas Bank is in its 75th year of pioneering excellence. The business level crossed Rs 2,59,000 as on 31st March 2011, recording an increase of 35.20% growth over the previous year. The net profit also showed an increase of 51.71% over the previous year to reach Rs1072 crore. The global business level has reached Rs Rs 2,76, 316 crores as of 8th September 2011, said M Narendra, Chairman and Managing Director of Indian Overseas Bank.
He was speaking to the media representatives, at ‘Meet the Press’, organized at Press Club on September 10, Saturday. Speaking on the occasion, the growth and deposits and advances of the Bank was much above that of the Banking system. During the period from March 25 to August 12, the system’s deposit grew 5.51%, IOB’s deposits grew by 9.68%. For the same period, IOB’s advances grew by 9.155 as compared to the system’s 2.68%.
He also said that the market share of the Bank in deposits advances grew to 2.64% and 2.63% respectively as on September 12, 2011, from 2.54% and 2.48% respectively as on March 25, 2011.
As the bank entered its Platinum Jubilee year on 10th February 2011, a grand function was organized in New Delhi which was presided over by the Ministers of state of Finance, Sri Namo Narain Meena and S S Palanimanickam.
Explaining on the new products launched by the Ban, he said that they have introduced student card, ‘Bhoomi Laxmi’ for buying agricultural land, MSME plus- loan scheme for medium and small enterprises, NRI Plus Deposit- a FCNR Deposit with forward cover, IOB Sagarlakshmi- to finance fisherwomen in the form of working capital term loan is given up to a maximum of Rs 10 lakhs.  The Ban has even launched ‘Bhoomi Shakti’ to extend financial assistance to women for all activities under agriculture.
All the 1235 villagers allotted to the Bank, spread across 19 states and 2 union territories, and have been covered under Financial Inclusion. The bank is engaging services of 1142 business correspondents. IOB has been given the Skoch Award for the concept of last mile banking when took the banking services to the Kaannni Tribal hamlets in Papanasam, Tamil Nadu.