The full form of IOB is Indian Overseas Bank. IOB was founded in 1937 as a public sector bank specialising in international exchange and banking. Its headquarters are in Chennai, India. It provides financial services, banking services, retail banking, and other banking activities.
IOB was the first bank to enter into consumer lending by creating a personal loan scheme. During the nationalisation era, IOB was one of the fourteen major financial institutions held by the government of India.
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Tie-Ups of IOB
- With a 19% ownership participation, IOB, Karnataka Bank, Allahabad Bank, and Dabur Investments entered into a non-life insurance industry with USGI (Universal Sompo General Insurance) Company Limited.
- IOB has a contract with Apollo Munich Health Insurance to provide sophisticated medical and personal injury services to its consumers.