Inauguration
The Branches were inaugurated by Dr. M. Veerappa Moily, Hon’ble Union Minister, Petroleum and Natural Gas & Environment and Forests. Shri N.H. Shivashankara Reddy, Hon’ble Deputy Speaker, Karnataka Legislative Assembly and MLA Gauribidanur, Shri S.N. Subbareddy and other dignitaries graced the inaugural function.
Dr. M. Veerappa Moily noted that post nationalization, Indian Overseas Bank has made a significant progress in reaching out to rural population, small artisans and MSME Entrepreneurs. He applauded the efforts made by IOB in reaching out to unbanked rural and semi-urban areas.
Reaching out to the rural areas
The hon’ble minister also appreciated IOB’s pro-poor & pro-agricultural approach in lending to farm sector & other allied activities. He appreciated the Chairman of bank Dr. M. Narendra’s efforts in opening a large number of branches in rural & semi-urban areas to serve unbanked & needy villagers.
IOB has made big strides in financial inclusion by opening about 60% of the branches in rural & semi-urban areas & providing banking facilities to farmers & other rural inhabitants.
Agro-based Event & Loan Sanctions
On the occasion of inauguration of new branches at Bagepalli & other places, an agro-related Mela/Exhibition was organized showcasing finance extended for purchase of agricultural equipment like tractors, for setting up of Green House, Horticulture & Floriculture etc. Dr. M. Veerappa Moily, the Hon’ble Minister along with Bank’s CMD Dr. M. Narendra distributed Loan sanctions to various SHG beneficiaries, majority of them women. 329 Loans for a sum of Rs. 27 Crores was sanctioned by the bank. About 1,000 villagers attended the inaugural & loan sanction distribution function. Nearly 300 women from SHGs also participated in the Event.
Shri S.N. Subbareddy, Hon’ble MLA, Bagepalli spoke about the good gesture of the bank in opening a branch in Bagepalli which is a relatively unbanked area. He hoped that bank will render good service to the needy and meet the expectations of the local population.
Dr. M. Narendra, Chairman and managing Director of IOB thanked Dr. Veerappa Moily for gracing the inaugural function. He assured that bank will extend its service coverage in Karnataka to meet the aspirations of women entrepreneurs and other sections of customers. IOB has opened about 135 new branches in Karnataka during the last three years and the Bank’s business in Karnataka which was about Rs.9,000 Crores has reached nearly Rs.16,000 Crores during the period.
Shri Chinnaiah, Director of the Bank noted that under the leadership of Chairman of the Bank Dr. M. Narendra, during the last three years business has grown from Rs.1,80,000 Crores to about Rs. 4,00,000 Crores at present.
Shri K. Anil, Chief Regional Manager, Bangalore welcomed Hon’ble Dr. M. Veerappa Moily, other dignitaries and customers and sought the whole hearted support for Bank’s growth.
