M.Narendra taken over as Chairman and Managing Director of Indian Overseas Bank (IOB)

Mr.M.Narendra new CMD, Indian Overseas Bank (IOB)

Mr.M.Narendra who took over as the new Chairman and Managing Director, Indian Overseas Bank (IOB) on 1st November, 2010 addressed the media here for the first time in Bangalore since taking over as CMD unveiled his future plans for the upcoming financial year 2011-12. Mr.B.G.Ranganatha, General Manager, IOB- Bangalore Region was also present at the press meet.


Addressing the media Sri. M. Narendra, CMD, IOB said “I am honoured for the responsibility that has been given to me. Despite last years economic turmoil worldwide, we have been successful as we grew at the rate of 10% last financial year, while in last six months alone we have grown at a rate of 11%. We are expecting to touch this figure to 30% by the end of one complete financial year. My emphasis is on agriculture sector particularly in Karnataka”

Indian Overseas Bank presently has a network of over 2015 branches across India and with a total deposits of 2.2 lakh crores. The Bank plans to ramp up its operations by adding new portfolios in forthcoming years.

IOB has been growing at a steady pace and has created a Knowledge Banking approach in order to cater to the requirements of a growing India. Its main focus has been on the developmental agenda through an intervention in various sunrise sectors such as Food & Agribusiness, Infrastructure, Education & Urban Development etc., with a strong focus on Sustainability, while providing a Superior Customer Experience, through its world-class, state-of-the-art branch architecture.

IOB’s objective for the next financial year 2011-12 is to increase its human capital base and having a pan India presence by venturing into newer areas.