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In 1937, M. Ct. M. Chidambaram Chettyar established the Indian Overseas Bank to encourage overseas banking and foreign exchange operations. IOB started up simultaneously at three branches, one each in Karaikudi, Madras, and Rangoon . It quickly opened a branch in Penang, Kuala Lumpur (1937 or 1938), and another in Singapore (1937 or 1941).
Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website or mobile app. Since the early 2000s this has become the most common way that customers ...
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IOB may stand for: Indian Overseas Bank, a public sector bank in India; Input/Output Block, see Execute Channel Program; Inside Outside Beginning, a file representation format for tagging tokens; Institute of Development Policy and Management, Instituut voor Ontwikkelingsbeleid en -beheer (University of Antwerp, Belgium)
The bank made a profit of Rs 14.42 Crore in the year 2013–14. [2] The bank had a CD ratio of 59.5% at the time of amalgamation. In 2015, Odisha Gramya Bank came third in the ranking of all banks in Odisha on Financial Inclusion parameters, with a score of 67 out of 100, becoming eligible to handle Government business including State PSU deposits.
These banks may not issue loans or credit cards, but may offer both current and savings accounts. Payments banks may issue ATM and debit cards, and offer net-banking and mobile-banking. The draft guidelines for licensing of payments banks in the private sector were formulated and released for public comments on 17 July 2014. [76]
The National Financial Switch was launched by the IDRBT on 27 August 2004, connecting the ATMs of three banks, Corporation Bank, Bank of Baroda and ICICI Bank. [3] [4] [5] The IDRBT then worked towards bringing all major banks in India on board and by December 2009, the network had grown to connect 49,880 ATMs of 37 banks, thereby emerging as the largest network of shared ATMs in the country.
With a view to provide focused attention and enable development of techno-banking in the country, the institute has promoted a new Section 8 company named The Indian Financial Technology and Allied Services (IFTAS). Headquartered in Mumbai, the mandate of the IFTAS is to provide IT-related services to the RBI, banks and other financial ...