The Full Form of IOB
IOB Full Form – The Full Form of IOB in banking terms is Indian Overseas Bank, which was founded in 1937 and is headquartered in Chennai. The IOB is a public sector bank with several domestic and foreign branches, which is owned by the Government of India. The IOB was established to promote foreign exchange operations and overseas banking, later it also collaborated with several other banks with a participation of 19 percent equity share to enter into the nonlife insurance business. The IOB provides health and personal accident products to its customers as it has a tie-up with Apollo Munich Health Insurance.
The IOB has its branches in Colombo, Bangkok, Hong Kong, and several other countries. The IOB acquired several local banks during the period when weak private banks were merged with the stronger ones and established the Bharat Overseas Bank in collaboration with six Indian private banks. IOB ventures into consumer credit and has a personal loan scheme for its customers, it also offers internet banking and payment of taxes online.
The IOB is managed by a board of directors, which is governed under the Nationalized Banks Scheme of 1970. The Scheme was formulated by the central government, in consultation with the Reserve Bank of India. The bank has 6 directors on its board and contributes towards the direction and management of affairs related to the banking business. IOB offers investment options like mutual funds and provides a provident fund scheme, depositary services, and forex collection services.
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