Indian Overseas Bank, a prominent public sector bank headquartered in Chennai, has revealed its ambitious expansion plans for the current financial year. According to a statement from the bank, Managing Director and CEO Ajay Kumar Srivastava announced the inauguration of the 3,240th branch in Nagapattinam's Medical College as part of this expansion initiative.
Highlighting the bank's aggressive approach, Srivastava disclosed that Indian Overseas Bank aims to establish 88 new branches across India within this fiscal year. Specifically, 8 of these branches are earmarked for areas in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts, targeting rural regions that lack banking services.
Furthermore, the bank emphasises its commitment to introducing innovative banking products tailored to meet customer demands. Notably, Indian Overseas Bank has witnessed significant growth, with its total business surpassing Rs 5 lakh crore, indicating a robust performance.
