Chairman and Managing Director of Indian Overseas Bank M. Narendra handing over sewing machines to school students in Puducherry on Sunday.
CUDDALORE:
Indian Overseas Bank, which is in the midst of the Platinum Jubilee celebrations, has set an ambitious target of expanding its network of branches from the present 2,100 to 3,000 in the next two years and its business mix from Rs 2.25 lakh crore to Rs 5 lakh crore in three years, according to M. Narendra, Chairman-cum-Managing Director, IOB.
Mr Narendra who visited the Manjakuppam IOB branch here told The Hindu that the number of Automated Teller Machines would be raised from 1,025 to 3,000 in two years. The Chairman said that it was the endeavour of the bank to take banking services to the unreached areas. In the implementation of the financial inclusion scheme, the bank was doing extremely well. Of the total number of 1,273 villages under its purview, it had already covered 800 villages and the target would be achieved two months ahead of schedule.
The bank has designed many products for providing the last mile coverage for taking the banking services to unbanked areas. For instance, the IOB Sampoorna provides scholarships to girl students, medical aid to senior citizens, establish village libraries and install solar lighting. The IOB Bhoomi Lakshmi was intended to give assistance to the small farmers to buy land and IOB Sahar Lakshmi to extend working capital to fish vendors. The IOB SME Plus aimed at giving collateral free advances to the tune of Rs 1 crore.
The IOB was creating ‘bank within the bank' to start separate wings for rendering specialized services in the abovementioned fields. He said that it was fortunate that in IOB, only 22—23 per cent of the employees were in the retirement age as against the national average of 58 per cent facing retirement in the banking sector. It had also initiated the process of recruiting 1,100 clerical cadres, 1,000 probationary officers and 525 specialised officers such as MBAs and agricultural officers. The employees were motivated to energise, execute and excel in their services.
Asked whether the frequent revision of bank rates would be an effective way of tackling inflationary pressure Mr. Narendra said that the monetary intervention was intended to curb inflationary expectations and to prevent hoarding. The rate fluctuations were linked to the global phenomenon and moreover the upheavals in the countries such as Libya would have their impact on global economy. The inflation rate that remained at 8 per cent now was expected to moderate at 5 per cent by next March, he said. B. atarajan, Chief Regional Manager (Puducherry region), S.Kesavan, Senior Manager, Manjakuppam branch, were present.
PUDUCHERRY:
Chairman and Managing Director of Indian Overseas Bank M. Narendra on Sunday distributed loans and a slew of other benefits to school children. School children coming from poor backgrounds who excelled in sporting events at State and national levels were given sports kits. Besides, he handed over three sewing machines to students of Satyalayam School. Mr Narenda also distributed financial assistance to various people from economically poor backgrounds. He also called on Lieutenant Governor Iqbal Singh at Raj Nivas. The Chairman also held a meeting with managers of the bank. Chief Regional Manager B. Natarajan was also present, a release from the Bank said
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