Indian Overseas Bank | Business Upturn

Indian Overseas Bank reports 43.20% rise in Q4 FY26 net profit to ₹1,505 crore

Kinjal — Wed, 29 Apr 2026 09:04:12 +0000

Indian Overseas Bank (IOB) has announced a significant increase in its net profit for the fourth quarter of the fiscal year 2026, reaching ₹1,505 crore. This marks a 43.20% rise compared to ₹1,051 crore in the same quarter of the previous year. For the entire fiscal year, the bank’s net profit surged by 56.16%, totalling ₹5,208 crore.

The bank’s operating profit also saw a modest increase of 1.80% in Q4 FY26, amounting to ₹2,665 crore, up from ₹2,618 crore in Q4 FY25. Over the 12-month period, the operating profit climbed by 15.40% to ₹10,026 crore.

Net Interest Income (NII) for the quarter rose by 11.11%, reaching ₹3,470 crore, compared to ₹3,123 crore in Q4 FY25. For the full year, NII increased by 15.46%, totalling ₹12,574 crore. The bank’s domestic Net Interest Margin (NIM) stood at 3.35%, while the global NIM was 3.25% in Q4 FY26.

IOB’s total business grew by ₹1.16 lakh crore, reaching ₹6.79 lakh crore as of March 2026, a year-on-year growth of 20.76%. The bank’s total deposits increased by 18.03% to ₹3.68 lakh crore, while total advances rose by 24.16% to ₹3.10 lakh crore.

In terms of asset quality, the bank reported a reduction in its Gross NPA ratio by 72 basis points year-on-year, standing at 1.42%. The Net NPA ratio also decreased by 16 basis points to 0.21%. The Provision Coverage Ratio (PCR) improved by 20 basis points to 97.50%.

The bank’s capital adequacy ratio (CAR) increased by 74 basis points to 19.78% in Q4 FY26. Tier-I capital stood at 16.94%, while Tier-II capital was at 2.84% as of March 2026.

IOB continued to expand its branch network, adding 159 branches to reach a total of 3,494 branches across India. The bank also increased its ATM/CR network by 154, bringing the total to 3,651 as of March 2026.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Overseas Bank postpones earnings call originally scheduled for 29 April 2026

Kinjal — Fri, 24 Apr 2026 14:58:35 +0000

Indian Overseas Bank has announced the postponement of its earnings call and analyst meet, which was initially slated for 29 April 2026. The call was intended to discuss the audited financial results for the quarter and year ending 31 March 2026. Originally scheduled to take place virtually at 17:00 IST, the meeting will now be conducted in person in Mumbai. The bank has stated that the revised date, time, and venue for the meeting will be communicated in due course.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Overseas Bank reduces MCLR by 5 bps effective 15 April 2026

Yash Agarwal — Mon, 13 Apr 2026 13:32:13 +0000

Indian Overseas Bank has announced a reduction in its Marginal Cost of Funds based Lending Rate (MCLR) by 5 basis points (bps) for select tenors. This decision was made during the Asset Liability Management Committee (ALCO) meeting held on 13 April 2026. The revised rates will come into effect from 15 April 2026.

The bank has reduced the Overnight, 1-Year, and 2-Year MCLR by 5 bps each. The Overnight MCLR will decrease from 7.95% to 7.90%, while the 1-Year and 2-Year MCLR will both be reduced from 8.80% to 8.75%. The rates for the One-Month, Three-Month, Six-Month, and Three-Year MCLR remain unchanged at 8.20%, 8.40%, 8.65%, and 8.85%, respectively.

The revised MCLR rates are part of the bank’s periodic review of its lending rates, aimed at ensuring competitive pricing for its customers. The changes are effective from 15 April 2026 and will remain in place until the next review.

The decision to revise the MCLR is significant for borrowers as it directly impacts the interest rates on loans linked to these benchmarks. A reduction in MCLR typically results in lower interest rates for borrowers, thereby reducing the cost of borrowing.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Overseas Bank reports ₹3,165 crore in outstanding debt securities as of March 2026

Business Desk — Tue, 07 Apr 2026 13:33:51 +0000

Indian Overseas Bank has disclosed its half-yearly statement of debt securities, revealing a total outstanding amount of ₹3,165 crore as of 31 March 2026. The statement, submitted in accordance with SEBI guidelines, details various debt issues by the bank.

The bank’s debt securities include four issuances, each with distinct terms and conditions. The first issuance, with an ISIN of INE565A08035, was issued on 24 September 2019 and is set to mature on 24 September 2029. This issuance carries a coupon rate of 9.0802% with an annual interest payment frequency, and the entire issued amount of ₹500 crore remains outstanding.

Another notable issuance, with an ISIN of INE565A08043, was issued on 31 March 2022 and will mature on 31 March 2032. This issuance has a coupon rate of 8.60% and also features an annual interest payment frequency. It includes a call option at the end of the fifth year, subject to prior approval from the Reserve Bank of India (RBI). The issued amount of ₹665 crore remains fully outstanding.

The third issuance, identified by ISIN INE565A08050, was released on 24 March 2023 and is due to mature on 24 March 2033. With a coupon rate of 9.00% and an annual interest payment frequency, this issuance also includes a call option at the end of the fifth year. The entire issued amount of ₹1,000 crore is outstanding.

The most recent issuance, with an ISIN of INE565A08068, was issued on 23 January 2026 and is set to mature on 23 January 2036. This issuance carries a coupon rate of 7.80%, with interest paid annually. It features a call option at the end of the fifth year, pending RBI approval. The full issued amount of ₹1,000 crore remains outstanding.

The debt securities are managed by IDBI Trusteeship Services Ltd and SBICAP Trustee Company Limited, ensuring compliance and oversight.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Overseas Bank reports 92.44% equity held by President of India as of March 2026

Kinjal — Mon, 06 Apr 2026 07:19:07 +0000

Indian Overseas Bank has announced that the President of India holds a significant 92.44% of the bank’s equity shares as of 31st March 2026. This information was disclosed in compliance with Regulation 31(4) and 31(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The bank further declared that the promoter, along with persons acting in concert, did not create any encumbrance, directly or indirectly, on the shares during the financial year 2025-26. This statement ensures transparency and compliance with the regulatory requirements set by the Securities and Exchange Board of India (SEBI).

The substantial holding by the President of India underscores the government’s significant stake in Indian Overseas Bank, reflecting its strategic importance in the banking sector.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Paisalo partners with Indian Overseas Bank to expand BC network

Kinjal — Wed, 25 Mar 2026 08:08:50 +0000

Paisalo Digital Limited, a prominent NBFC focused on inclusive lending, has announced its appointment as a Business Correspondent (BC) partner for Indian Overseas Bank (IOB). This partnership marks a significant expansion of Paisalo’s Banking‑as‑a‑Service (BaaS) platform, which already includes partnerships with State Bank of India (SBI) and Bank of India (BOI).

By adding Indian Overseas Bank to its BC partner network, Paisalo strengthens its role as a key player in delivering last‑mile banking and financial services. The company leverages its extensive on‑ground network and technology-driven operating model to provide banking services to underserved and underbanked communities across rural and semi‑urban India.

Paisalo’s BC network facilitates the delivery of essential banking services such as account opening, deposits and withdrawals, remittances, and social security schemes. It also acts as a trusted local interface for customers entering the formal financial ecosystem.

The strategic rationale behind this partnership with Indian Overseas Bank supports Paisalo’s long-term strategy in several ways:

– Multi-bank BC platform: Enhances Paisalo’s position as a bank-agnostic BaaS partner with diversified public-sector banking relationships.
– Capital-light scalability: Enables network expansion and customer engagement without incremental balance-sheet risk.
– Customer lifecycle monetisation: Strengthens early-stage customer relationships, creating a structured funnel for future cross-sell and credit demand.

This development aligns with Paisalo’s broader strategy of building a high‑tech, high‑touch distribution architecture that integrates physical presence with digital capabilities. The BC network complements Paisalo’s branch and distribution point infrastructure, enabling efficient customer acquisition, service delivery, and relationship deepening at scale.

Commenting on the development, Santanu Agarwal, Deputy Managing Director of Paisalo Digital Limited, stated: “Our appointment as Business Correspondent for Indian Overseas Bank represents a strategic progression of our multi-bank Banking-as-a-Service platform. We view the BC business as a long-duration franchise, anchored in customer lifecycle engagement rather than transactional distribution. The addition of Indian Overseas Bank strengthens the durability of this franchise and enhances our ability to participate meaningfully in customers’ evolving financial needs.

Being onboarded by another bank is also a validation of the maturity of our compliance, operating, and governance frameworks. As we scale our distribution footprint, such partnerships allow us to deepen engagement and build long-term monetisation while preserving a capital-efficient growth model. With SBI, Bank of India, and now Indian Overseas Bank, our BC platform continues to evolve into a resilient, multi-bank ecosystem delivering sustained value to all stakeholders.”

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

This article is written by Kinjal and reviewed by Aman Shukla before publication.

Indian Overseas Bank reschedules non-deal roadshows to commence on 17 March 2026

Business Desk — Mon, 16 Mar 2026 15:45:58 +0000

Indian Overseas Bank has announced the rescheduling of its non-deal roadshows, which will now commence on 17 March 2026. This change follows a previous disclosure dated 10 March 2026 regarding the event.

The bank has also attached an investor presentation for review. Indian Overseas Bank, founded on 10 February 1937, has a significant presence in the Indian banking sector, with a network of 3,438 branches and 3,622 ATMs as of 31 December 2025. The bank’s global business stood at ₹6,44,276 crore, with deposits amounting to ₹3,49,302 crore and advances at ₹2,94,974 crore as of the same date.

The bank’s financial performance for the nine months ending December 2025 reported a net interest income of ₹9,104 crore and a net profit of ₹3,703 crore. The domestic net interest margin was recorded at 3.42%, while the global net interest margin was at 3.32%.

Indian Overseas Bank’s asset quality remains robust, with a gross non-performing asset (GNPA) ratio of 1.54% and a net non-performing asset (NNPA) ratio of 0.24% as of 31 December 2025. The bank also maintains a high provision coverage ratio (PCR) of 97.49%.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Overseas Bank reduces one-month MCLR by 10 bps effective 15 March 2026

Business Desk — Thu, 12 Mar 2026 12:33:54 +0000

Indian Overseas Bank has announced a reduction in its one-month Marginal Cost of Funds based Lending Rate (MCLR) by 10 basis points, effective from 15 March 2026. This decision was made during the Asset Liability Management Committee meeting held on 12 March 2026.

The revised one-month MCLR will now stand at 8.20%, down from the previous rate of 8.30%. Other MCLR tenors, including overnight, three-month, six-month, one-year, two-year, and three-year, remain unchanged at 7.95%, 8.40%, 8.65%, 8.80%, 8.80%, and 8.85% respectively. The bank’s adjustment reflects its ongoing efforts to optimise its lending rates in line with market conditions.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Overseas Bank to participate in non-deal roadshows from 13 March 2026

Business Desk — Tue, 10 Mar 2026 14:56:07 +0000

Indian Overseas Bank has announced its participation in non-deal roadshows aimed at engaging with institutional investors. The roadshows are scheduled to commence on 13 March 2026, and will involve one-to-one, in-person meetings with investors.

The bank has clarified that no unpublished price-sensitive information will be disclosed during these meetings. Discussions will be based solely on publicly available information and documents. The dates of the meetings are subject to change due to potential exigencies involving either the investors or the bank.

The bank also mentioned that a presentation copy for the meet will be shared in due course. The event is in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Indian Overseas Bank Q3 FY25 Results: Net Profit jumps 21% YoY, Gross NPA improves to 2.55%

Aditya Bhagchandani — Mon, 20 Jan 2025 07:10:12 +0000

Indian Overseas Bank (IOB) has announced its Q3 FY25 financial results, showcasing strong performance across key metrics while improving its asset quality.

Key Financial Highlights (₹ in Lakhs):

Total Income: ₹8,40,925, up from ₹8,48,414 in Q2 FY25 but increased significantly from ₹7,43,717 in Q3 FY24.
Net Profit: ₹87,366, marking a YoY increase of 21% from ₹72,256 in Q3 FY24 and a QoQ rise of 12.86% from ₹77,716 in Q2 FY25.
Operating Profit: ₹2,26,601, reflecting a YoY growth of 27.25% from ₹1,78,020 in Q3 FY24.

Asset Quality:

Gross NPA: Improved to ₹6,07,051 lakh, representing 2.55% of total advances, compared to 2.72% in Q2 FY25 and 3.90% in Q3 FY24.
Net NPA: Reduced to ₹97,591 lakh, with a ratio of 0.42% against 0.47% in Q2 FY25 and 0.62% in Q3 FY24.

Operational Highlights:

Interest Income: ₹7,11,172, up from ₹6,85,067 in Q2 FY25 and ₹6,17,551 in Q3 FY24.
Other Income: ₹1,29,753, a slight decline from ₹1,63,347 in Q2 FY25 but higher than ₹1,26,166 in Q3 FY24.
Total Expenditure: ₹6,14,324, reflecting controlled expenses compared to ₹6,35,592 in Q2 FY25.

Improvements in Return Ratios:

Return on Assets (ROA): Improved to 0.93%, up from 0.82% in Q2 FY25 and 0.76% in Q3 FY24.

The significant improvement in net profit and reduction in gross NPA underline Indian Overseas Bank’s operational efficiency and enhanced asset quality management. These results position the bank for sustained growth in the coming quarters.

Top Stocks In Focus Today: HG Infra, Awfis Space Solutions, Senco Gold, Indian Overseas Bank, BEML, and more

Markets Desk — Wed, 11 Dec 2024 02:15:05 +0000

The Indian stock market wrapped up Tuesday’s trading session with a flat performance. The Sensex ended marginally higher by 1.59 points at 81,510.05, while the Nifty slipped 8.95 points to close at 24,610.05. Among Nifty constituents, 23 stocks advanced while 27 declined. Shriram Finance, Bajaj Finserv, HCL Technologies, Wipro, and Infosys were the top gainers, while Bharti Airtel, Dr. Reddy’s Laboratories, Adani Ports, Adani Enterprises, and HDFC Life were the top losers.

Stocks in News Today:

Tata Consumer/CCL Products: Global coffee prices have surged to a 47-year high, rising 83% year-on-year due to a supply shortage from Brazil.

Indian Overseas Bank: The bank received an order for a refund of ₹1,359.29 crores from the Income Tax Department for the assessment year 2015-16.

NTPC Green Energy: The company secured an order from SECI to set up an energy storage system with a capacity of 250 MW/1000 MWh.

Dr. Morepen: The company has ventured into the wellness segment with a weight management initiative.

L&T Mindtree: The company announced a strategic partnership with GitHub to advance AI-driven software engineering.

HG Infra Engineering: The company received a Letter of Award (LOA) from the Ministry of Road Transport and Highways for a project worth ₹8.99 billion.

Cement Stocks: Cement companies across India are reportedly planning price hikes.

Saakshi Medtech: The company bagged an order worth ₹250 crores from Mahindra & Mahindra for the supply of EV panels.

Asian Granito: The company formed a joint venture, Klyn AGL Ltd., in the UK with Shudh Investments Ltd. and Klyn Stone Ltd.

Asian Paints: LIC increased its stake in the company from 5.001% to 7.010%, purchasing shares at an average price of ₹2,891.25 apiece.

Biocon/Syngene: Biocon sold 8 million equity shares of Syngene International through a block deal.

Senco Gold: The company opened a ₹500 crore QIP with a floor price of ₹1,139.49 per share.

Awfis: Bisque, Link Investment Trust, and Peak XV Partners Investment are set to sell a 12.2% stake in Awfis Space Solutions via block deals.

Ashiana Housing: The company disclosed that a search was conducted by the Directorate General of GST Intelligence.

Adani Ports: The company has withdrawn its request for financing the Colombo West International Terminal project from the U.S. Development Finance Corporation (DFC).

Stay tuned for market movements as these stocks remain in focus today.

PSU bank stocks: Bank of India gains 4.08%, Indian Overseas Bank up 3.48%, Bank of Maharashtra rises 3.10% this week

News Desk — Sun, 01 Dec 2024 05:15:21 +0000

Public sector banks (PSU) showed a positive trend during the week of November 25–29, 2024, with most counters closing in the green.

Bank of India Ltd led the pack, gaining ₹4.33 (4.08%) to close at ₹110.35. Indian Overseas Bank followed with a strong performance, rising ₹1.81 (3.48%) to ₹53.79. Bank of Maharashtra also saw significant buying interest, gaining ₹1.70 (3.10%) to close at ₹56.60.

Other gainers included Union Bank of India with a rise of ₹3.33 (2.82%) to ₹121.45 and Central Bank of India, which added ₹1.50 (2.76%) to close at ₹55.86. Modest gains were observed in Punjab National Bank (+0.93%), Bank of Baroda (+0.43%), Canara Bank (+2.10%), and Punjab & Sind Bank (+2.08%).

Weekly Performance Table

Stock	Closing Price (₹)	Weekly Gain (₹)	Weekly Gain (%)
Bank of India Ltd	110.35	+4.33	+4.08
Indian Overseas Bank	53.79	+1.81	+3.48
Bank of Maharashtra	56.60	+1.70	+3.10
Union Bank of India	121.45	+3.33	+2.82
Central Bank of India	55.86	+1.50	+2.76
Punjab & Sind Bank	49.95	+1.02	+2.08
Canara Bank	101.99	+2.10	+2.10
Bank of Baroda	246.30	+1.05	+0.43
Punjab National Bank	104.85	+0.93	+0.89
State Bank of India	838.70	+1.90	+0.23

The PSU banking sector displayed resilience, reflecting continued investor confidence in government-backed institutions.

Disclaimer:

This article is for informational purposes only and should not be interpreted as financial or investment advice. Readers are advised to consult with a professional financial advisor before making any investment decisions.

Indian Overseas Bank market cap drops by Rs 1,975 crore – Know More

Aditya Bhagchandani — Thu, 21 Nov 2024 06:32:41 +0000

Shares of Indian Overseas Bank fell 2.05% today, closing at Rs 50.08, down from the previous close of Rs 51.13. This decline led to a reduction of approximately Rs 1,975 crore in the bank’s market capitalization, which now stands at Rs 94,663.28 crore.

Key Trading Highlights:

Previous Close: Rs 51.13
Closing Price: Rs 50.08
Market Cap Loss: Rs 1,975 crore
Current Market Cap: Rs 94,663.28 crore

Price and Volume Details:

Opening Price: Rs 51.18
Intraday High: Rs 51.29
Intraday Low: Rs 49.35
Volume Traded: 38.03 lakh shares
Turnover: Rs 18.99 crore

52-Week Performance:

52-Week High: Rs 83.75 (February 8, 2024)
52-Week Low: Rs 38.95 (November 28, 2023)

The stock faced pressure as profit-booking activity was observed amid recent fluctuations in the public sector banking segment.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. The author or platform is not liable for any losses arising from the use of this information.

GOI plans minority stake sale in UCO Bank, Punjab and Sind Bank, Indian Overseas Bank and Central Bank of India: Report

Aman Shukla — Tue, 19 Nov 2024 05:08:28 +0000

The Indian government is considering selling minority stakes in four major state-run banks to comply with the public shareholding norms set by the Securities and Exchange Board of India (SEBI), a government source informed Reuters. The proposal aims to align with SEBI’s regulations that require listed companies, including government-owned firms, to maintain at least 25% public shareholding.

The four banks under consideration for stake dilution are Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank. Currently, the Indian government holds significant stakes in these banks, with ownership figures standing at over 93% in Central Bank of India, 96.4% in Indian Overseas Bank, 95.4% in UCO Bank, and 98.3% in Punjab and Sind Bank, according to data from the Bombay Stock Exchange (BSE) as of September.

As per Reuters report, the finance ministry plans to seek the approval of the federal cabinet for this proposal in the coming months. The stake sale would likely occur through an offer for sale (OFS) in the open market, allowing investors to buy shares directly from the government.

The Securities and Exchange Board of India (SEBI) requires listed companies to maintain a 25% public ownership, however government-owned companies are exempted from meeting these requirements until August 2026.

The timing and scale of the stake sale will be determined based on the prevailing market environment, the source added, as reported by Reuters.

Indian Overseas Bank shares surge nearly 3% following strong Q2 results

Aditya Bhagchandani — Thu, 17 Oct 2024 09:46:01 +0000

Shares of Indian Overseas Bank saw a notable rise of 2.47%, climbing to ₹55.96 on October 17, following the release of its robust Q2 FY2024 financial results. The stock gained ₹1.35 from its previous close of ₹54.61, driven by investor confidence in the bank’s strong performance and improvement in asset quality.

Indian Overseas Bank Q2 Results: Net Profit surges 24% YoY to ₹779.62 crore; GNPA improves to 2.72%, NNPA at 0.47%

The bank reported a 24% year-on-year increase in net profit, which stood at ₹779.62 crores for Q2 FY2024, compared to ₹627.18 crores in the same period last year. Additionally, Indian Overseas Bank’s asset quality showed improvement, with its gross non-performing assets (GNPA) ratio decreasing to 2.72% from 2.89% in the previous quarter, and its net non-performing assets (NNPA) ratio dropping to 0.47% from 0.51%.

This solid quarterly performance and improved asset quality have fueled the stock’s upward movement, reflecting the

Dhanaraj T joins in as Executive Director at Indian Overseas Bank

Markets Desk — Mon, 11 Mar 2024 09:45:41 +0000

Dhanaraj T, 53, has taken charge as the Executive Director of Indian Overseas Bank for a three-year term, effective March 10th, 2024. Prior to this role, he served as the Chief General Manager at Indian Bank and commenced his career as a Rural Development Officer in 1994.

Shri T Dhanaraj holds an Agricultural Engineering Degree from Tamil Nadu Agricultural University, accompanied by additional qualifications such as CAlIB and completion of a ‘Leadership Development Program’ for PSU bank leaders conducted by IIM-Bangalore. Moreover, he has undertaken an ‘Executive program in HR Analytics’ (EPHRA) from IIM, Lucknow.

Indian Overseas Bank (IOB) was established on 10th February 1937, by Shri. M.Ct.M. Chidambaram Chettyar, a pioneer in various fields. Founded with the primary objective of specializing in foreign exchange business in banking to extend the Bank’s reach globally, IOB was one of the 14 major banks nationalized in 1969.

As of 31st December 2023, Indian Overseas Bank operates 3226 Branches, 4 overseas branches, 3516 ATMs & CDMs, and 2 Digital Banking units, with aggregate deposits of Rs. 2.78 Lakh Crores and Advances of Rs. 2.16 Lakh crores, resulting in a total business mix of Rs. 4.94 Lakh crores

Indian Overseas Bank reports net profit of Rs 454 crore in Q3

Malvika Choudhary — Wed, 02 Feb 2022 16:08:38 +0000

On Wednesday, a major Indian nationalised bank, Indian Overseas Bank (IOB) reported a 113 per cent hop in its standalone profit at Rs 454 crore in the third quarter which was aided by lower provisions and higher cash recovery.

In FY21, the bank had reported a net profit of Rs 832 crore. Interest income subsequently dwindled to Rs 4,198 crore during the third quarter ended December 31, 2021, against Rs 4,244 crore last year.

“The profit in the quarter was driven by lower provisioning requirements, improvement in cash recovery and also as we were able to contain our operational cost,” said the bank’s Managing Director and CEO Partha Pratim Sengupta.

Its COVID-19 restructured book stood at Rs 5,500 crore. Provisions sank to Rs 1,073 crore from Rs 1,518 crore in the year-ago period. The provision coverage ratio (PCR) enhanced to 92.33 per cent as against 91.91 per cent.

The bank is targeting for the net profit to adjoin around Rs 1,600 crore in the current financial year which came out of the RBI’s instantaneous curative action (PCA) framework in September 2021. The bank retrieved Rs 1,200 crore in the December quarter when fresh slippages were at Rs 1,254 crore, along with Rs 650 crore of adjustment against the earlier divagation in acquisition variety.

The total cash convalescence stood at Rs 1,199.51 crore which incorporates a recovery of Rs 247.37 crore. Its gross non-performing assets (GNPAs) lowered to 10.45 per cent, against 12.19 per cent a year ago.

On 5 December 2021, IOB got Degidhan Award 2020-21 by the Ministry of Electronics & Information Technology for achieving the second-highest percentage of digital payment transactions among public sector banks. As of 31 March 2021, IOB’s total business stands at ₹379,885 crores (US$50 billion).

Cabinet Secretary conducts a high level panel meeting over privatization of banks

Diya S. — Sun, 27 Jun 2021 09:51:52 +0000

The Cabinet Secretary Rajiv Gauba conducted a meeting with leading a high level panel to crush multiple regulatory as well as administrative issues in such a way that the proposal can be placed with the group of ministers for the approval on disinvestment or Alternative Mechanism (AM) and hence, approaching a step closer to the privatization of two public sector banks.

According to sources familiar with the matter, after Finance Minister Nirmala Sitharaman’s announcement in the Budget Speech, 2021, several names of banks have been suggested by the NITI Aayog for privatization to the Core Group of Secretaries on Disinvestment led by Cabinet Secretary in the month of April.

The panel after tying up all loose ends will be sending the names of PSU banks that have been shortlisted to the AM for consideration. After receiving a clearance from AM, it will go to the Prime Minister for the final indication.

Secretaries in the department of Economic Affairs, Revenue, Expenditure, Corporate Affairs and Legal Affairs, Secretary of Administrative Department, Department of Public Enterprises, Department of Investment and Public Asset Management (DIPAM) secretary were the members of the panel to attend the meeting.

The panel also looked into issues in terms of protection of interests of bank’s workers which is possibly going to get privatized.

Reportedly, Central Bank of India and Indian Overseas Bank are the probable privatization candidates. On February 1, the FM had said, “Other than IDBI Bank, we propose to take up the privatization of two public sector banks and one general insurance company in the year 2021-22.”

Shares of Central Bank of India, Indian Overseas Bank hit 20% upper circuit after media reports on divestment

Diya S. — Mon, 21 Jun 2021 09:50:32 +0000

The share prices of Central Bank of India and Indian Overseas Bank (IOB) marked a 20 per cent upper circuit on the National Stock Exchange (NSE) on the back of heavy volumes amidst media reports that both financial institutions are shortlisted for divestment.

In a report by CNBC Awaaz, Central Bank of India and IOB have been shortlisted by the centre for divestment. In the first phase of divestment, the two lenders might witness a sale of 51 per cent. The report added that the government will be amending the Banking Regulations Act and other banking laws necessary for divestment.

The plan for privatization was announced in the Union Budget for 2021-22 as a part of the centre’s larger divestment goals for FY22 including plans of privatizing several other non-financial state-run entities and the listing of the wholly-owned Life Insurance Corporation of India (LIC).

Mumbai-based Central Bank of India was trading at ₹24.30, adding Rs 4.05 or 20 per cent. A combined shares of 80.5 million have changed hands and pending buy orders for 2.9 million shares existed on the NSE and BSE.

On NSE, Chennai-based IOB’s shares hit a 52-week high of ₹23.60. It was up by ₹3.90 or 19.80 per cent. Additionally, the counter saw a more than doubled trading volumes with a combined shares of 71 million changing hands on NSE as well as BSE. With no sellers available, pending buy orders for 3.6 million shares existed on both the exchanges.

Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India shares gets boom of 10% on Potential Privatisation

Chirag Jha — Tue, 16 Feb 2021 06:21:10 +0000

On February 16, shares of Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India gained more than 10 percent each in the early trade. The reports of privatisation of these banks lead to this boom in shares.

According to some reports, these four are the state run banks which would be privatised in the FY 21-22.

Two officials told Reuters on condition of anonymity as the matter is not yet public, the government has shortlisted four mid-sized state-run banks for privatisation, under a new push to sell state assets and shore up government revenues. The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India. Two of those banks will be selected for sale in the 2021/2022 financial year which begins in April.

Bank of India has a workforce of about 50,000 and Central Bank of India has 33,000 staff, while Indian Overseas Bank employs 26,000 and Bank of Maharashtra has about 13,000 employees, according to estimates from bank unions. Bank of Maharashtra’s smaller workforce could make it easier to privatise and therefore potentially one of the first to be sold, the sources said.

On Tuesday, Bank Of India touched 52-week high of Rs 66 and quoting at Rs 64.10, up Rs 5.25, or 8.92 percent. Also Bank of Maharashtra touched 52-week high of Rs 18.50 and quoting at Rs 18.35, up Rs 2.45, or 15.41 percent.

Banks mark RComm account as fraud, ‘unjustified and unwarranted’, says Reliance Group

Devanshu Singla — Wed, 30 Dec 2020 14:30:06 +0000

On 29 December, three state-run lenders, State Bank of India (SBI), Union Bank of India (UBI) and Indian Overseas Bank (IOB) classified accounts of the Anil Ambani owned Reliance Communication Ltd (RCom) and its two units Reliance Telecom Ltd (RTel) and Reliance Infratel Ltd (RInfra) as fraudulent.

Additionally, the SBI and the UBI have also marked Reliance Telecom Ltd account as fraud.

The Delhi High Court has also suggested that the union government is free to investigate or file any complaint proceedings against RCom and RTel. The resolution professional for RCom has accepted claims worth Rs 49,224 crore from 53 creditors, including banks, non-banking finance companies (NBFCs) and mutual funds (MFs), the Economic Times reported.

Today, Reliance Group in a statement has said that certain banks labelling accounts of the now defunct telecom firm – Reliance Communications (Rcom) – and its units as fraud was “unjustified” and “unwarranted”.

It also denied the reports on social media that RCom and its units owe lenders Rs 86,188 crore, saying they owe around Rs 26,000 crore to Indian banks and financial institutions as on the date of filing before the dedicated bankruptcy court.

On Wednesday, Reliance Group in a statement said, “The alleged ‘fraud’ classification by certain banks is entirely unjustified and unwarranted, and the Delhi High Court by an interim order has directed the same to be kept in abeyance for the time being, and the matter is now sub judice.”