Puducherry, May 23, 2024 – Indian Overseas Bank (IOB) celebrated the inauguration of its 126th ATM in the Puducherry region at the popular tourist attraction, Promenade Pony Marina. The ATM was inaugurated by Shri Ajay Kumar Srivastava, Managing Director & CEO of IOB, in the presence of Shri Anand Ganesh, CEO of Pondy Marina Eco Beach, CRM Shri R. Rakesh, and other officials.

On this occasion, Mr. Srivastava also virtually inaugurated IOB’s 3240th branch at the Medical College in Nagapattinam and announced the opening of new premises at the Lalpettai branch, aimed at serving the rural unbanked areas of the Cuddalore district.

Speaking at the event, Mr. Srivastava highlighted the bank’s aggressive expansion plans, stating that IOB aims to open 88 new branches across India this year, with 8 branches specifically targeted in the districts of Puducherry, Cuddalore, Nagapattinam, and Mayiladuthurai.

IOB is committed to introducing innovative banking products tailored to customer needs. The bank’s total business has crossed Rs. 5 lakh crores, showcasing substantial growth, which is one of the best among peer banks.

The bank also launched new jewel loan products to cater to the needs of customers, offering competitive interest rates without processing charges. Additionally, IOB’s 444-day deposit scheme is one of the highest in the system.