Indian Overseas Bank (IOB) aims to have 3,000 branches and 3,000 automated teller machines (ATMs) by end-March 2013, its Chairman and Managing Director, Mr M. Narendra, said here on Thursday.
Currently, IOB has 2,020 branches and 1,000 ATMs across the country. To mark the inaugural of the Platinum Jubilee year, IOB on Wednesday launched 75 new branches and 75 new ATMs at an event in the capital. The branches were inaugurated by the Minister of State for Finance, Mr Namo Narain Meena.
In the coming months, IOB plans to focus on enhancing branch network in States such as Rajasthan, Madhya Pradesh, Chattisgarh, Jharkhand and Bihar. “In these States our branch presence is somewhat on the lower side. We would like to have more presence in these States”, Mr Narendra told
He highlighted that IOB already had good presence in North India, including Punjab, Uttar Pradesh Haryana and Delhi.
On capital raising plans to fund business growth and branch expansion, Mr Narendra said that the bank has no plans to raise capital this fiscal. “We may look at it next fiscal. Several options are there,” he said.