Indian Overseas Bank to Open 88 New Branches in FY24
Indian Overseas Bank to Open 88 New Branches in FY24

Indian Overseas Bank, a public sector bank, plans to open 88 new branches across India this financial year, according to a top official. Headquartered in Chennai, the bank recently opened a new branch in Nagapattinam and its 126th ATM in Puducherry as part of its expansion drive.

Ajay Kumar Srivastava, Managing Director and CEO of Indian Overseas Bank, highlighted the bank's ambitious expansion plans during the inauguration of the bank's 3,240th branch at the Medical College in Nagapattinam.

Srivastava announced that the bank aims to open 88 new branches nationwide this year. Specifically, eight branches will be established in the districts of Puducherry, Cuddalore, Nagapattinam, and Mayiladuthurai to serve previously unbanked rural areas.

Indian Overseas Bank is also focused on introducing innovative banking products to meet customer needs. The bank's total business has surpassed Rs 5 lakh crore, demonstrating significant growth, according to the press release.

Indian Overseas Bank (IOB) is a major public sector bank headquartered in Chennai, India. Founded in 1937 by M. Ct. M. Chidambaram Chettyar, IOB was established to provide a broad range of banking services both domestically and internationally. Over the years, the bank has grown significantly, expanding its presence across India and overseas.

Indian Overseas Bank remains committed to innovation, customer satisfaction, and contributing to India's economic development through its comprehensive range of banking services.

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