Public sector banking stocks are performing well amid improving fundamentals, and Nifty PSU Bank has moved higher by 17 per cent on a year-to-date basis. Nevertheless, four of its constituents, namely UCO Bank, Bank of Maharashtra, Central Bank of India, and Indian Overseas Bank were among the top 10 stocks that were offloaded in the mid-cap basket by mutual funds in the October month. Besides, Bandhan Bank is another private bank from the mid-cap space that saw the highest selling by funds. As per the ICICI Direct report, AMCs reduced their holding in Indian Overseas Bank from 1.37 crore shares in September to 1.24 shares in October. For UCO Bank, fund houses have diluted their…
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Category: Indian Overseas Bank
IOB embraces digital medium to offer online allotment of locker facility
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Public sector Indian Overseas Bank has introduced online allotment of safe deposit locker facility to serve its customers, the lender said on Tuesday.
The safe deposit locker facility is accessible at the bank’s online portal to customers who seek to avail of the service.
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“Importantly, there is no need to physically visit a branch for allotment and the allotment letter will be sent to their email and SMS on their cell phones immediately,” the city-headquartered…
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PSU Bank stocks like IOB, Central Bank gain as much as 11%
Shares of state-run lenders like Indian Overseas Bank, Central Bank of India and others are trading with gains of as much as 11 percent after comments from Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman in the Lok Sabha on Thursday.The index has added nearly Rs 25,000 crore in market capitalisation so far in today’s trading session. Indian Overseas Bank is the top gainer on the index, trading 11 percent higher.Indian Overseas Bank has crossed the mark of Rs 30 for the first time in today’s trading session after January this year. The stock has added nearly Rs 6,000 crore to its overall market capitalisation in today’s session.Prime Minister Narendra Modi spoke about…
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PM SVANidhi Loan Mela by IOB
Chennai, India September 23, 2023: Indian Overseas Bank’s Chennai-1 Region organized a loan distribution event for Street Vendors on September 20, 2023. The event was graced by the presence of the Honourable Additional Commissioner (Revenue & Finance), Greater Chennai Corporation, Ms. R. Lalitha IAS, who attended as the chief guest. Mr. Sukumar Chittibabu, City Revenue Officer of Greater Chennai Corporation, also joined the gathering as special guest.
Mr. Davender Kumar, Chief Regional Manager of Indian Overseas Bank, Chennai-1 Region, and Mr. Varun Deepak R, Lead District Manager of IOB Chennai District, presided over the event. During the ceremony, a total of Rs 55…
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Source: https://businessnewsthisweek.com/business/pm-svanidhi-loan-mela-by-iob/
Indian Overseas Bank’s Stock Soars with Positive Trading
22 Jan 2024, 08:12:13 AM ISTIndian Overseas Bank share price Live :Indian Overseas Bank closed at ₹44.2 on last trading day On the last day, the Indian Overseas Bank recorded a trading volume of 3,669,998 shares on the Bombay Stock Exchange (BSE). The closing price for the stock was ₹44.2.
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Indian Overseas Bank posts strong Q2 results on improved asset quality
Indian Overseas Bank posts strong Q2 results on improved asset qualityNet profit soars 4.6% to Rs 624.6 crore against Rs 501 crore (YoY)Source: Pexels Net Interest Income (NII) climbs over 20% to Rs 2,345.8 crore annuallySource: Pexels Gross Non-performing Assets (GNPA) improved to Rs 9,893.3 crore against Rs 13,629 in the previous quarter of the current fiscalSource: Pexels Net Non-performing Assets (NNPA) appreciated to Rs 1,364.3 crore sequentially Source: Pexels
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IREDA, Indian Overseas Bank ink MoU to strengthen renewable energy financing, ET EnergyWorld
New Delhi: Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) with Indian Overseas Bank (IOB) to bolster financial support for renewable energy projects across India. The MoU, aimed at co-lending and loan syndication, was signed at IREDA’s Business Centre in New Delhi, marking a key step towards enhancing India’s renewable energy capacity.This strategic collaboration will provide a range of services, including co-lending, co-origination support for all renewable energy projects, and management of Trust and Retention Account (TRA) for IREDA borrowers. The partnership also aims to…
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Indian Overseas Bank to auction ₹457-crore NPA from MSMEs
CHENNAI – Indian Overseas Bank (NS:) (IOB), in a move to address its non-performing assets (NPAs), has announced an e-auction of a ₹457-crore portfolio consisting of non-performing loans from micro, small, and medium enterprises (MSMEs). The bank is targeting a minimum recovery of 60%, which would equate to ₹137 crore in cash. The auction is scheduled to start on November 28.The portfolio that IOB is putting up for auction includes 91 MSME loan accounts, with each account’s outstanding balance ranging between ₹3 crore and ₹10 crore. In an effort to maximize recoveries, IOB has set a reserve price at ₹274 crore for the portfolio and has expressed a preference for bids that…
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Source: https://in.investing.com/news/indian-overseas-bank-to-auction-457crore-npa-from-msmes-93CH-3910615
Indian Overseas Bank Ventures into Startup Lending, Plans Exclusive Branch for Entrepreneurs
News Update
ByStartupStory | November 24, 2023
Indian Overseas Bank (IOB) is set to make its foray into the startup lending space, with plans to establish an exclusive startup branch, initially in Chennai, targeting startups based in Tamil Nadu. The public sector bank aims to have the specialized branch operational before the end of March 2024, with a focus on tailoring financial products to suit the specific needs of startups.
IOB’s Managing Director and CEO, Ajay Kumar Srivastava, shared insights into the bank’s strategy, stating, “The bank is entering into the startup financing space for the first time. We are devising products and services depending on…
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RBI levy penalties aggregating to Rs 10.34 crore on Citibank, Bank of Baroda, and IOB
The Reserve Bank of India (RBI) fined Citibank, Bank of Baroda, and Indian Overseas Bank a total of Rs 10.34 crore on Friday for non-compliance with several regulatory rules.The RBI levied the maximum penalty of Rs 5 crore on Citibank NA for non-compliance with the depositor education and awareness fund program and code of conduct on outsourcing of financial services, according to a statement.According to another announcement, the state-owned Bank of Baroda was fined Rs 4.34 crore for violating various orders pertaining to the formation of a central repository of major common exposures, among other things.The RBI fined Chennai-based public sector lender…
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