IOB

FCNR(B)/RFC depositors will get an interest rate up to 5 per cent on their term deposits

Public sector Indian Overseas Bank would increase the interest rates on its retail term deposits up to 60 basis points with effect from November 10, the city-based bank said on Wednesday. With the revision in interest rates, domestic and non-resident depositors would get a hike of up to 7.15 per cent for deposits with period of 444 days, three years and above. Term deposits for tenure of 270 days to one year and one year to three years, the interest rates have been increased by 60 basis points, the bank said in a statement here.

Bank of Baroda and Indian Overseas Bank have raised their MCLR rates by up to 0.10 per cent, which will make most loans costlier for the customers. Indian Overseas Bank has revised upwards the MCLR rates by 0.10 per cent across tenors, making consumer loans costlier from Saturday. The benchmark 1-year tenor marginal cost of funds based lending rate (MCLR) has been revised to 7.75 per cent against the existing rate of 7.65 per cent. This will impact car, personal and home loans. The two and three-year MCLRs have been hiked by a similar margin to 7.80 per cent each. Among others, the overnight MCLR will cost 7.05 per cent, while one month at 7.15 per cent. The three and six-month MCLRs are up at 7.70 per cent each. The revised MCLRs will come into effect from September 10, 2022, Indian Overseas Bank said in a regulatory filing. Bank of Baroda's one-year MCLR will be priced at 7.80 per cent against 7.70 per cent, the bank said in a regulatory filing. The six-month MCLR will be up

IOB also likely to tap debt capital market, say sources, though quantum of fund-raising being planned isn't clear

'This MoU will help the bank in leveraging innovation through the financial technologies engaged under the FinBlue initiative,' the statement said

After nine long years, the MACD on monthly chart for Indian Overseas Bank has crossed the zero line

The Reserve Bank on Wednesday removed Indian Overseas Bank (IOB) from the Prompt Corrective Action Framework

In the past one month, the stock price of IOB has zoomed 57 per cent as compared a 4 per cent decline recorded by PNB and a 5 per cent gain in BOB share price

On the back of resolution and pick up in advances, the bank aims to bring down the gross NPAs below 10 per cent mark by March.

The bank reported a net profit of Rs 144 crore in Q4FY20 as against a net loss of Rs 1,985 crore in Q4FY19.

The labour ministry will enforce the retirement fund body EPFO's decision to restore pension commutation, or advance part-withdrawal, under the Employees' Pension Scheme from January 1, 2020

The bank had earlier reported NPA provisions of Rs 18,647.23 crore for 2018-19, while the RBI assessment pegged the provisioning at Rs 20,909.23 crore

The bank had earlier reported NPA provisions of Rs 18,647.23 crore for 2018-19, while the RBI assessment pegged the provisioning at Rs 20,909.23 crore

Total income down 6% to Rs 5,024 crore; bad loans shrink

The bank said this is the first lot of non-performing asset accounts to be sold during the ongoing quarter of the current financial year.

The properties are spread across seven centres comprising Chennai, Coimbatore, Mumbai, Kolkata, Delhi, Bengaluru and Hyderabad

In a Q&A, the bank's chief also dwells the strategies to trim down the lender's non-performing assets

Govt held around 92.52 per cent stake in IOB in the quarter that ended in June 2019.

Lender's NPA ratios improve, recoveries surpass slippages during the quarter

R Subramaniakumar, MD & CEO, IOB, said while addressing shareholders that the capital infusion would help the bank shore up its capital adequacy requirements and enable it to build a robust loan book