Indian Overseas Bank planning to open 88 new branches in FY24

The Chennai-headquartered bank within its diversification thesis has recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry.

Indian Overseas Bank planning to open 88 new branches in FY24

Public sector Indian Overseas Bank is setting up plans to open 88 new branches across India this financial year, as per official sources.  The Chennai-headquartered bank within its diversification thesis has recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry.

Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release stated.

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He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam, and Mayiladuthurai districts to serve the unbanked rural areas.

Indian Overseas Bank is committed to introducing innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

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