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IOB meaning in Public Sector Bank in India ?

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Answer: What is Indian Overseas Bank mean?

Indian Overseas Bank (IOB) is a major Indian nationalised bank. It is under the ownership of Ministry of Finance, Government of India based in Tamilnadu, India, with about 3,400 domestic branches, about 6 foreign branches and representative office. Founded in February 1937 by M. Ct. M. Chidambaram Chettyar with twin objectives of specialising in foreign exchange business and overseas banking, it has created various milestones in Indian Banking Sector. During the nationalisation, IOB was one of the 14 major banks taken over by the government of India. It is one of the two banks recommended for privatization by NITI ayog as per various news reports. As on 31 March 2021, IOB's total business stands at ₹379,885 crore (US$50 billion).

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