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iob_bank_genesis

Last Updated:06/02/2026

1. Indian Overseas Bank (IOB) was founded on 10th February 1937 by Shri. M. Ct. M. Chidambaram Chettyar, a pioneer in many fields.

2. The Bank was founded by him with the main objective of specializing in foreign exchange business in banking to take the Bank across the globe.

3. IOB started business simultaneously - at Karaikudi, Chennai and Rangoon in Burma (presently Myanmar) followed by a branch in Penang, Malaysia.

4. At the dawn of Independence IOB had 38 branches in India and 7 branches abroad and Deposits stood at Rs. 6.64 Crores and Advances at Rs. 3.23 Crores at that time.

5. IOB was one of the 14 major banks that were nationalized in 1969. On the eve of Nationalization in 1969, IOB had 195 branches in India with aggregate deposits of Rs. 67.70 Crores. and Advances of Rs. 44.90 Crores.

6. Bank has its overseas presence in 5 countries Singapore, Hongkong, Thailand, Srilanka and south Korea.

Followings are the Major Milestones

Key moments that shaped Indian Overseas Bank's legacy

  1. 1937
    Opening of Bank Branch Simultaneously in India & Abroad
  2. 1938

    Opening Branch in Kuala Lumpur

  3. 1941

    Opening Branch in Singapore

  4. 1945

    Opening Branch in Colombo

  5. 1955

    Opening Branch in Hong Kong

  6. 1957

    Bank Established its own Training Centre

  7. 1960

    Was a decade of inorganic expansion for the Bank.

  8. 1964

    Inauguration of IOBs Head Office in Mount Road - A monument of highest Banking Tradition.

  9. 1969

    Nationalisation of the Bank

  10. 1973

    Formation of United Asian Bank Berhad(Indian Bank / IOB / United Commercial Bank)

  11. 1974

    Official Language Department Established in 1974

  12. 1977

    Bank opened its Tsim Tsa Tsui Branch at Kowloon side of Hong Kong

  13. 1990

    Took over Bank of Thailand

  14. 1991

    Bank Moved its Staff College Premises to a own Spacious Learning zone at Koyembedu

  15. 2000

    Initial Public Offer, Follow on Public Offer in 2003

  16. 2005

    Launched Debit Card

  17. 2006

    Launched Visa Card, Retail Sale of Gold and Non Life Joint Insurance

  18. 2006-07

    Bharat Overseas Bank Ltd. was Merged with IOB

  19. 2007

    First Off site ATM at Kamatchi Hospital, IOB

  20. 2009

    100% CBS

  21. 2011-12

    No of Branches in Tamil Nadu reached 1000, IOB celebrated Platinum Jubilee

  22. 2012-13

    Received National Award for Excellence in MSME Lending and for outstanding performance for implementing PMEGP programme in South Zone

  23. 2012-13

    Received Bankers Excellence Award from Rotary International USA

  24. 2013-14

    3000th Branch Vaniangudi opened on 17.08.2013 by Honourable Finance Minister

  25. 2015-16

    IOB has Migrated from In-house CBS Software "Crown" to Finacle

  26. 2016-17

    Express Intelligent PSU Award Received for Implementation of CBS Migration to Finacle 10.x Project. Our Core Banking Migration was Adjudged Amongst Top 100 Projects in India and Conferred SKOCH Order of Merit Award During 46th SKOCH Summit.

  27. 2018-19

    In May 2018 Bank received special award from NPCI in recognition of excellent performance in Rupay, NFS ATM network, CTS and NACH.

    In Feb 2019, Bank was declared WINNER by IBA for Best Use of Data Analytics in the group of Medium Size Banks.

    In March 2019, DFS honored Bank with EASE BANKING REFORM AWARDs 2019 - Winner award for DEEPENING FINANCIAL INCLUSION & DIGITALISATION

    In MeitY's fortnightly Scorecard for bank during FY 2018-19, for the fortnight ending 15th September 2018, our Bank secured a score of 70 and was ranked first among Public Sector Banks and ranked ninth amongst 56 scheduled commercial Banks.

    Under Digidhan Mission: Bank has also beeen awarwed with Digital payments awards 2018-19 for outstanding performance in POS deployment in Northeast.

  28. 2019-20

    Bank on wheels launched in 13 districts of Tamil Nadu, one district in Kerala and one is Andhra Pradesh under EASE

  29. 2020-21

    PSB Alliance Door step Banking introduced for providing door step banking services to customers of more than 70 years’ age and differentially abled persons.

    Top Achiever in Points Earned – Award by IBA in Shikhar Conquest Campaign launched for PSB Alliance Door step Banking Registration

  30. 2023-24

    19th IBA Annual Banking Technology Conference, Expo & Citations
    Indian Overseas Bank received 5 awards under Medium Size Banks Category in the following fields:
    1. Winner- Best Technology Talent
    2. Winner- Best Financial Inclusion
    3. Runner Up-Best Fintech & DPI Adoption
    4. Special Mention- Best Technology Bank
    5. Special Mention- Best AI&ML Bank

  31. 2024-25

    Indian Overseas Bank has been recognized as a TOP IMPROVER in the EASE 5.0 rankings.