A recent press report said that Indian Overseas Bank (IOB) is negotiating with the Government for capital funding to the tune of Rs. 1,400 crore in the current year.
Mr. M. Narendra, Chairman and Managing Director, IOB said that the bank had received capital infusion of Rs 1,054 crore from the Government in March this year, taking the latter’s holding to around 66 per cent. He also said that the market conditions were not favorable for going in for a public issue and hence the decision to seek Government support.
He said that if it turns up good, the Government holding will go up by a further around three per cent.
Mr. Narendra said that the bank has planned to add about 1,000 to its current network strength of 1,189 ATMs in the near future. Also, 400 new branches are planned to be opened across the country, mostly at unbanked and under-banked centres.
Mr. Narendra said that the bank had been allotted 1,273 unbanked villages, with a population of more than 2,000, for financial inclusion and it had already covered 1,189 villages. The bank’s loan portfolio includes home loan, car loan, personal loan, business loans, educational loan etc.