It was the founder M.Ct.M. Chidambaram Chettyar's deep concern for the indigenous traders venturing overseas for business opportunities that gave birth to Indian Overseas Bank. That concern continues to this day irrespective of the great strides made by the Bank and its global stature now. Even as it spread its wings across South East Asia, the Bank was thoughtful in expanding its services to small towns and villages of India. The selection of centres often had a social purpose.

It was, therefore, only natural that after nationalization the Bank continued to focus on small scale industries, small loans, personal loans and educational loans. The Bank was particular in opening branches in industrial estates and educational institutions. Its personal loan scheme was a path breaker, setting a new trend in consumer banking. Among the innovations introduced, was a novel drive-in banking in its flagship Cathedral Road branch where customers could transact without stepping out of their vehicles.

Starting as a small bank, IOB has carved a niche for itself as the small businesses' big bank. Its core strength now lies in the thousands of MSME businesses spread across the country. The priority targets given to the Bank are fulfilled with a due sense of purpose and nation building. The Bank is a popular choice for education loans, particularly in the south where the educational institutions are concentrated. The Bank's coverage and support to Self Help Groups has been extensive making a big difference in their lives.

If India’s future is MSMEs, Indian Overseas Bank has its future role cut out. I am proud to be associated with the Bank at this historic occasion.

Nupur Mitra
Executive Director
Indian Overseas Bank