Indian Overseas Bank

Indian Overseas Bank raises FD rates; senior citizens to get 7.75% interest

This announcement is in line with the Reserve Bank of India's decision to keep the repo unchanged at 6.5%

PNB, IOB, DCB bank to offer AT1 bonds; may have to offer premium rates

It is important to note that AT1 bonds are unsecured, perpetual bonds that banks issue to improve their core capital base

Indian Overseas Bank disburses loans worth Rs 5.02 cr to self-help groups

Public sector Indian Overseas Bank has disbursed Rs 5 crore worth of loans to self help groups during a campaign held in the city recently coinciding with the Women's Day celebrations, the bank said on Thursday. The women entrepreneur branch of Indian Overseas Bank in the city sanctioned loans worth Rs 1.53 crore during the campaign organised by Chennai-I Region and Chennai II and another financial institution. Loans to the tune of Rs 502.09 lakh were sanctioned and disbursed to 84 self-help grops across Chennai district, Indian Overseas Bank general manager Shubhendu Kumar Verma along with senior officials participated in the event on the occasion, a press release said here.

BoB, IOB hike lending rates; SBI marginally increases deposit rates

Bank of Baroda and Indian Overseas Bank have increased their marginal cost of fund-based lending rates (MCLR), following a hike in the interest rates on loans and deposits by their largest public sector peer SBI. The latest hikes in the interest rates come days after the Reserve Bank of India (RBI) on February 8 increased the borrowing costs by 25 basis points (bps). The RBI's six-member Monetary Policy Committee had raised the benchmark repurchase or repo rate to 6.50 per cent in its latest bi-monthly policy review. This was the sixth straight increase in interest rates since May last year, and the cumulative hike now totals 250 bps. State-owned Bank of Baroda (BoB) has increased its MCLR by 5 bps across all tenors from February 12. The bank has revised one-year MCLR to 8.55 per cent from 8.5 per cent. The overnight, one-month and three-month MCLRs stand at 7.9, 8.2 and 8.3 per cent, respectively, according to its website. Another state-run lender Indian Overseas Bank (IOB) has .

Indian Overseas Bank launches electronic bank guarantee scheme

Public sector Indian Overseas Bank has launched the facility of issuance of e-BG (Electronic Bank Guarantee) scheme in association with the National e-Governance Services Ltd, the bank said on Wednesday. The e-BG is an instrument issued by the city-headquartered bank in which the bank undertakes to guarantee a specific amount against the non-fulfillment of some action/performance of the applicant. The main features of the e-BG are completely paperless mode with digital stamping and digital signature. Real time issuance of e-BG would make it available for the beneficiary instantly leading to time saving which in turn would fast track all the business purpose for which it is issued, the bank said. "Our bank is one of the pioneer in launching the Bank Guarantee through digital mode. As on date only few banks have the facility of issuance of e-BG," Indian Overseas Bank said in a statement here. Following the path to achieve vision mission statement 2021-2026 to provide best banking ...

IOB Q3 net profit up 23%, helped by interest income and credit growth

Slippages at Rs 1,556 crore, out of which Rs 200 crore was in education sector

Indian Overseas Bank Dec quarter profit rises 22% to Rs 555 crore

State-owned Indian Overseas Bank (IOB) on Thursday reported a 22 per cent growth in its profit at Rs 555 crore in the quarter ended December 2022 due to an increase in interest income and improved asset quality. The Chennai-based bank had posted a net profit of Rs 454 crore in the same quarter a year ago. The bank's total income increased to Rs 6,006 crore in the latest December quarter from Rs 5,317 crore in the year-ago period, IOB said in a regulatory filing. Interest income of the bank increased to Rs 5,056 crore as against Rs 4,198 crore in the third quarter of the previous fiscal. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 8.19 per cent, as compared to 10.4 per cent at the end of third quarter of previous fiscal. At the same time, net NPAs too eased to 2.43 per cent, as against 2.63 per cent in the same period a year ago. As a result, provisions for bad loans declined to Rs 711 crore as against Rs 937 cr

Indian Overseas Bank hikes term deposit interest rates up to 45 bps

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

Ajay Kumar Srivastava becomes new MD and CEO of Indian Overseas Bank

After successful completion of about 27 years in Allahabad Bank he was elevated as Executive Director of IOB in October 2017

SBI, LIC among key govt-run financial institutions set to see new faces

The first quarter of calendar 2023 will see new faces heading four large public-sector banks -- Canara Bank, Bank of Baroda, Indian Overseas Bank, and Bank of India

Indian Overseas Bank to revise rates on retail term deposits from Thursday

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.

Indian Overseas Bank, Bank of Maharashtra hike MCLR by up to 25 bps

One-year median MCLR of scheduled commercial banks has increased from 7.75 per cent in September

State-owned lenders raise MCLR, month after third repo rate hike

RBI has increased benchmark policy rate by 140 bps cumulatively since May

Banks in talks with Singapore's DBS to begin real-time remittance system

At least five Indian banks, including the State Bank of India and ICICI Bank, are in discussions with Singapore's DBS Bank to start a real-time remittance system using UPI as the backbone

Stocks to Watch: Bharti Airtel, Nykaa, Paytm, BPCL, SBI, Titan, Adani Ports

Stocks to watch today: Bharti Airtel and Adani Ports will report their June quarter results (Q1FY23); Titan saw 13-fold jump in net profit to Rs 790 crore in Q1FY23.

Indian Overseas Bank Q1 net profit rises 20% to Rs 392 cr on less bad loans

The bank's total income declined to Rs 5,028 crore in the first quarter of 2022-23, as against Rs 5,607 crore in the same period a year ago, IOB said in a regulatory filing.

Indian Overseas Bank gets board nod to raise up to Rs 1k cr equity capital

The Chennai-based state-owned lender said it will seek shareholders' approval for raising the equity capital

RBI approves former IOB chief Subramaniakumar as CEO of RBL Bank

Industry veteran started his career with Punjab National Bank and his new role is for three years.

Indian PSBs plan to exit Hong Kong as strict regulations, Covid woes pinch

State Bank of India (SBI) will likely be the only PSB in Hong Kong, alongside private sector banks ICICI and HDFC

Appointment of managing directors at three PSBs gets govt's approval

The appointments are in line with the recommendations made by the Banks Board Bureau