IOB Question Papers - IOB Interview Questions and Answers updated on Jun 2024

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IOB has been committed to and involved in various social causes, the most prominent being women empowerment - the Sakthi IOB Chidambaram Chettiar Memorial Trust and IOB's Promotion of the Agricultural Seed Bank.

The Sakthi IOB Chidambaram Chettiyar Memorial Trust is a public charity trust initiated by the Bank and its Staff Representative organisations in February 1996 in memory of Shri M.Ct.M.Chidambaram Chettiyar, the founder of 


To enable women in the lower strata of society to equip themselves with the essential skills and knowledge required for embarking on a career of their choice.

IOB's Promotion of Pulses Seed Bank is a project in association with M.S.Swaminathan Research Foundation, Chennai for the establishment of Seed Banks in various villages under Dryland farming.


The Districts of Ramanathapuram and Pudukottai in Tamil Nadu were chosen for the 1st Phase of this project.

The aim of this project is...
To increase the availability of good quality seeds at the right time to the small and marginal farmers
The provision of market linkages for pulses
Sending in experts from the MSSR Foundation for demonstration of pulses cultivation in the rain fed areas

How it began
Indian Overseas Bank (IOB) was founded on February 10th 1937, by Shri.M.Ct.M. Chidambaram Chettyar, a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.

IOB had the unique distinction of commencing business on 10th February 1937 (on the inaugural day itself) in three branches simultaneously - at Karaikudi and Chennai in India and Rangoon in Burma (presently Myanmar) followed by a branch in Penang.

At the dawn of Independence IOB had 38 branches in India and 7 branches abroad. Deposits stood at Rs.6.64 Crs and Advances at Rs.3.23 Crs at that time.

Pre-nationalisation era (1947- 69)

During the period, IOB expanded its domestic activities and enlarged its international banking operations. As early as in 1957, the Bank established a training centre which has now grown into a Staff College at Chennai with 9 training centres all over the country.

IOB was the first Bank to venture into consumer credit. It introduced the popular Personal Loan scheme during this period.

In 1964, the Bank made a beginning in computerisation in the areas of inter-branch reconciliation and provident fund accounts.

In 1968, IOB established a full-fledged department to cater exclusively to the needs of the Agriculture sector. .

At the time of Nationalisation (1969)

IOB was one of the 14 major banks that was nationalised in 1969.

On the eve of Nationalisation in 1969, IOB had 195 branches in India with aggregate deposits of Rs. 67.70 Crs. and Advances of Rs. 44.90 Crs.

Post - nationalisation era (1969-1992)

In 1973, IOB had to wind up its five Malaysian branches as the Banking law in Malaysia prohibited operation of foreign Government owned banks. This led to creation of United Asian Bank Berhad in which IOB had 16.67% of the paid up capital.

In the same year Bharat Overseas Bank Ltd was created in India with 30% equity participation from IOB to take over IOB’s branch at Bangkok in Thailand.

In 1977, IOB opened its branch in Seoul and the Bank opened a Foreign Currency Banking Unit in the free trade zone in Colombo in 1979.

The Bank has sponsored 3 Regional Rural Banks viz. Puri Gramya Bank, Pandyan Grama Bank, Dhenkanal Gramya Bank

The Bank setup a separate Computer Policy and Planning Department (CPPD) to implement the programme of computerisation, to develop software packages on its own and to impart training to staff members in this field.

Post Reform Period - Unprecedented developments (1992 & after)

IOB entered Web site during the month of February 1997.

IOB got autonomous status during 1997-98

IOB had the distinction of being the first Bank in Banking Industry to obtain ISO 9001 Certification for its Computer Policy and Planning Department from Det Norske Veritas (DNV),Netherlands in September 1999. This Certification covers Design, Development, Implementation and Maintenance of software developed in-house, procurement and supply of hardware and execution of turnkey projects.

IOB started STAR services in December 1999 for speedy realisation of outstation cheques. Now the Banks has 14 STARS centres and one Controlling Centre for providing this service.

During 1999, IOB started tapping the potential of internet by enabling ABB card holders in Delhi to pay their telephone bills by just logging on to MTNL web site and by authorising the Bank to debit towards the telephone bills.

A Voluntary Retirement Scheme was introduced in the Bank on the lines of IBA package with Boards approval. The scheme was offered to Officers/Employees from December 15, 2000.

The Bank made a successful debut in raising capital from the public during the financial year 2000-01, despite a subdued capital market. The issue opened on September 25, 2000 for raising Rs.111.20 crore and was oversubscribed by 1.87 times. The issue closed on September 29, 2000 - on the earliest closing day. The allotment was made in October 2000. Consequent to the public issue, the share of the Government in the Bank's capital came down to 75%. The shares of the Bank have been listed on the Madras Stock Exchange (Regional),Stock Exchange at Mumbai and the National Stock Exchange of India Ltd.

IOB bagged the NABARD's award for credit linking the highest number of Self Help Groups for 2000-2001 among the Banks in Tamil Nadu.

IDRBT (Institute for Development and Research in Banking Technology) conferred the Best Award under Banking Technology to IOB. The award was given for the innovative use of banking applications on INFINET (Indian Financial Network) for the year 2001. Mobile banking under SMS technology implemented in Ahmedabad and Baroda. Pilot run of Phase I of the Internet Banking commenced covering 34 branches in 5 Metropolitan centres. IOB was one among the first to join Reserve Bank of India’s negotiated dealing system for security dialing online.

The Bank has finalised an e-commerce strategy and has developed the necessary internet banking modules in-house. For the first time a Total Branch Automation package developed in-house has been customised in one of the Overseas Branches of the Bank.

Most software developed in-house.

IOBNET connects Central Office with all Regional Office.

The Bank has paid a maiden dividend of 10% p.a for 2000-01, followed by 12% during 2001-02.

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