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Indian Overseas Bank (IOB) is negotiating with the Government for capital funding to the tune of Rs. 1,400 crore in the current year.
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, according to Mr. M. Narendra, Chairman and Managing Director, IOB.
He said that the market conditions were not conducive for going in for a public issue and hence the decision to seek Government support. If it materialises, the Government holding will go up by a further around three per cent.
Mr Narendra said that about 1,000 ATMs would be added to the bank's 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.
Kerala Plan
Referring to the bank's plans in Kerala, Mr. Narendra said that the IOB Student card, which enables ATM transactions as also payment of college fees through swiping, would be popularised in the State. It has already distributed over 1,000 such multi-purpose cards in Kerala. The bank would also adopt measures for easy disbursal of education loans and for undertaking financial literacy drives in the State.
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