A new branch of the Indian Overseas Bank (IOB) was inaugurated in Palasa, Srikakulam district, on Monday. The branch was officially opened by Ravi Kumar Gupta, Senior Regional Manager (SRM) of IOB’s Visakhapatnam region. Gupta was accompanied by several notable individuals, including Malla Srinivasa Rao, Malla Rameswara Rao, and Doki Rama Rao, among others.
During the inauguration ceremony, Gupta announced that the Palasa branch is the 74th IOB branch in the Visakhapatnam region. He emphasized the importance of the branch in supporting the local economy, particularly the cashew and rice industries in the Kasibugga and Palasa areas. The branch is expected to provide a range of banking services designed to cater to the diverse needs of customers.
The inauguration was attended by various officials, including D. Srinivasa Rao, Chief Manager of the Regional Office, and Kella Trinadha Rao, Branch Manager of Palasa. Additionally, D. Uma Maheswara Rao, Assistant General Secretary of the All India Overseas Bank Employees Union (AIOBEU), was present at the event. The ceremony was also attended by staff members, customers, and retired IOB employees, who gathered to mark the occasion.
The new branch is expected to play a significant role in supporting the local economy and providing banking services to the community. With its comprehensive range of services, the branch aims to cater to the needs of various customers, including individuals, businesses, and industries. The inauguration of the new branch is a notable development in the region, and it is expected to have a positive impact on the local economy and community.
The presence of senior officials and notable individuals at the inauguration ceremony underscores the importance of the new branch. The event was a significant milestone for IOB, and it marks the bank’s continued expansion and commitment to providing banking services to diverse communities. The new branch is expected to provide a range of benefits to the local community, including increased access to banking services, support for local businesses, and job opportunities. Overall, the inauguration of the new IOB branch in Palasa is a positive development for the region, and it is expected to have a lasting impact on the local economy and community.