About Indian Overseas Bank History, Important News, Key Initiatives, CEO, Tagline, Product Information, and other details: The Indian Overseas Bank (IOB) is a major public sector bank in India. Its headquarters is in Chennai, Tamil Nadu. It was founded by M. Ct. M. Chidambaram Chettyar in 1937, and was nationalised in 1969. The IOB serves millions of customers across India. It offers banking services to urban, semi-urban, and rural areas. Over time, it has expanded its services, digital offerings, and reach. The IOB digital initiatives include internet banking, UPI, mobile banking, etc. The mobile app of Indian Overseas Bank is called "IOB Connect". At present, the MD & CEO of IOB is Ajay Kumar Srivatsava. Also, IOB's tagline is "Good People to Grow With." Like this, all key information about IOB bank is covered in this article. Go through this article to know all the product information and important details about the Indian Overseas Bank.

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About Indian Overseas Bank - PDF Download

You can find all the key details about Indian Overseas Bank from the PDF link given below. Download the PDF to know all the important information about IOB bank.

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History of Indian Overseas Bank

Here is the quick review of Indian Overseas Bank's history:

• IOB was established on 10 February 1937 by M. Ct. M. Chidambaram Chettyar.
• The founding aim was to specialize in foreign exchange and overseas banking.
• At the beginning, IOB started business simultaneously from three branches: in Karaikudi, Chennai, and Rangoon (then Burma, now Myanmar).
• Soon after, it expanded abroad — branches opened in places like Penang (Malaysia) and Singapore.
• After India’s independence, and over time, IOB’s domestic presence grew significantly.
• In 1969, IOB was one of the 14 major banks nationalized by the Government of India.
• Over the decades, IOB expanded its services, added branches, and adapted to banking needs.
• In 1984 – the 1000th branch was opened.
• In 1996 – IOB's profit reached INR 100 cr. for the first time.
• In 2006-07, the bank's Net Profit reached INR 1000 Cr.
• In 2010, the IOB opened its 2000th Branch in Yamuna Vihar, New Delhi.
• In 2011-12, the No. of Branches in Tamil Nadu reached 1000.
• On the 2nd of February 2024, Indian Overseas Bank (IOB) reached a noteworthy milestone by being the fifth public sector lender to reach ₹1 lakh crore in market capitalization.

Thus, from a humble beginning focused on overseas banking, IOB evolved into a major national bank serving diverse Indian customers.

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IOB Tagline, MD & CEO

The current Managing Director & Chief Executive Officer (MD & CEO) of IOB is Ajay Kumar Srivastava.

IOB’s tagline (or motto) is “Good People to Grow With.”This reflects its promise of being a trusted bank for growth — for customers and for communities.

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Branches, ATMs, & Government Shareholding

Here is some crisp factual data on Indian Overseas Bank (IOB) — number of branches, ATMs and government shareholding (as of latest available info):

• As on 31 March 2025, IOB has 3,335 domestic branches.

• Overseas Branches - Singapore, Hong Kong, Thailand, and Sri Lanka.

• As on 31 March 2025, IOB operates about 3,497 ATMs.

• The Government of India's shareholding in IOB is 94.61% as on 31 March 2025.

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Details of IOB Products and Services

IOB offers a wide array of banking and financial services for individuals, businesses, and institutions. Some of its key offerings:

• Savings and Current Accounts — for individuals, businesses, and enterprises

• Loans — home loans, personal loans, education loans, vehicle loans, etc.

• Deposit Products — fixed deposits, recurring deposits, and other savings schemes

• Credit / Debit Cards — for retail banking customers

• Corporate & Commercial Banking — services for businesses, trade finance, etc.

• Digital Banking — internet banking, mobile banking, online payments, etc. 

• International Banking & Forex Services — given its legacy in overseas banking, IOB continues to support trade finance and forex for eligible customers.

IOB’s service network includes branches, ATMs, and business correspondent outlets — helping reach customers even in rural and semi-urban areas.

About IOB Connect - The Mobile App

• IOB Connect is the official mobile-banking application of Indian Overseas Bank.

• It is designed for customers to access their IOB bank accounts from their smartphone or tablet.

• As a “one-stop banking platform,” it aims to bring many traditional banking services onto digital mode for greater convenience.

Key Initiatives & Recent Developments

In recent years, IOB has taken several steps to modernize, expand, and become more customer-friendly.

• In July 2025, IOB launched multiple customer-centric digital initiatives. These include: a QR-based real-time feedback system, so customers can share their experience and have issues addressed quickly.

• IOB also introduced Re-KYC via Business Correspondents, allowing customers to update KYC using Aadhaar-based biometric authentication at their doorstep or through digital means (SMS, ATM, website).

• Another key innovation is WhatsApp Banking — customers can check balances, get mini-statements, locate branches, etc., in multiple regional languages. This helps customers who may be less comfortable with traditional internet banking.

• IOB is also working on financial inclusion and social banking. For example, as on 30 June 2025, it had 3,345 domestic branches, of which 58% are in rural and semi-urban areas — showing focus beyond just metros.

• IOB increased its network of business correspondents — a model to reach under-banked regions. As of mid-2025, customer touchpoints had increased significantly.

• On the sustainability front, IOB has taken steps aligning with environmental and social responsibility, supporting national initiatives.

These steps reflect IOB’s shift from a traditional bank to a more modern, inclusive, and digital-first institution.

Recent Performance & Important News

• In FY25 (and recent quarters), IOB registered strong performance. The bank saw growth in profits and improved asset quality.

• IOB received recognition: in June 2025, it was ranked first among Public Sector Banks for “Outstanding Performance in Customer Service (CPGRAM)”.

• The bank is expanding its branch network: as of 30 June 2025, the number of domestic branches grew to 3,345, and total customer touchpoints (including BC outlets) rose to 17,678

• IOB is also focusing on social responsibility and sustainability: for example, it has signed on to global commitments to measure and reduce greenhouse-gas emissions in its loan and investment portfolio.

These developments show IOB’s ambition to grow, serve wider populations, and adapt to modern banking demands.

FAQs

Q: Where is the headquarters of Indian Overseas Bank?

IOB’s headquarters is in Chennai, Tamil Nadu.

Q: What is the tagline of Indian Overseas Bank?

IOB’s tagline is “Good People to Grow With.”

Q: Who is the MD & CEO of IOB?

The MD & CEO of Indian Overseas Bank is Ajay Kumar Srivastava.

Q: When was Indian Overseas Bank founded?

IOB was founded on 10th February 1937.

Q: Who founded Indian Overseas Bank?

IOB was founded by M. Ct. M. Chidambaram Chettyar.

Q: When was Indian Overseas Bank nationalised?

IOB was nationalised in 1969 along with 13 other major banks.

Q: Is IOB a public sector bank?

Yes, IOB is a public sector bank owned by the Government of India.

Q: Where did IOB open its first branches?

On day one, IOB opened branches in Karaikudi, Chennai, and Rangoon (Myanmar).

Q: What is the mobile app of Indian Overseas Bank called?

The IOB mobile app is called "IOB Connect".