IOB plans to increase branches to 2,630

Public sector Indian Overseas Bank today said it plans to increase the number of branches to 2,630 across the country by this financial year.

The city-based bank has opened 433 branches in 2011-12 and plans to add 13 more branches, taking the total number to 2,630, Indian Overseas Bank said in a statement.

Inaugurating their third GenNext branch in Manipal, IOB Chairman and Managing Director M Narendra said his vision was to increase total business of the bank to Rs 5 lakh crore and take IOB to be among the top five nationalised banks.

The GenNext branch is the 145th in Karnataka equipped with an ATM, a special kiosk to get computerised receipts for depositing cheques, besides providing e-commerce facilities, the statement added.