Pic: Dayanand Kukkaje
Daijiworld Media Network – Mangalore (PS)
 
Mangalore, Sep 11: Indian Overseas Bank, which is in its 75th year, has crossed business level of Rs 2,59,000 crore as on 31st March this year, said M Narendra, chairman of the Indian Overseas Bank.

Addressing a ‘meet the press’ programme here on Saturday September 10, he said the net profit showed an increase of Rs 51.71 % over the previous year to reach Rs 1072.54 cr.

In order to position IOB as a strong, vibrant and futuristic global bank there are plans to open 400 new branches across the country, mostly at unbanked and underbanked centres and to upgrade two representative offices at Guaungzhou in China and in Dubai into full fledged branches after obtaining necessary approvals. The bank also has plans to open branches in Africa and Middle East.

In all, Mangalore has 25 branches already and preparation is on for another 11 branches, he said. The bank has adopted 85 villages and required loan among other facilities have been availed. Rs 18000 cr agricultural loans have been distributed. Rs 14,000 cr loan has been availed to micro and small scale industries. In 6 villages of the district 100 % recovery has been achieved, he added.
 
In the period from March 25, 2011 and August 12, 2011, bank deposits grew by 9.68 % and advance by 9.15 %. Many new products like student card, ‘Bhoomi Laxmi’ for buying agricultural land, MSME plus - loan scheme for medium and small enterprises, NRI plus deposits, IOB Sagarlaxmi – to finance fisherwomen with loan upto maximum of Rs 10 lac were introduced, he said.
 
DK Working Journalist Union president P B Harish Rai, secretary Shreenivas Nayak were present. Business Line senior reporter Vinayak welcomed. Udayavani chief reporter Surendra Wagle handed over a memento to the chairman of the bank.