30 September 2016 Current Affairs: The Union Government has appointed R Subramania Kumar as Executive Director (ED) of state-owned Indian Overseas Bank on 29 September 2016.
Kumar is currently serving as the Executive Director of Indian Bank.
Indian Overseas Bank : Indian Overseas Bank (IOB) is a major public sector bank based in Chennai. It has about 3700 domestic branches, including 1150 branches in Tamil Nadu, 3 extension counters, and eight branches and offices overseas as of 30 September 2014.
Indian Overseas Bank has an ISO certified in-house Information Technology department, which has developed the software that its branches use to provide online banking to customers.The bank has achieved 100% networking status as well as 100% CBS status for its branches. IOB also has a network of about 3300 ATMs all over India.
IOB has branches in Singapore, Hong Kong, Colombo, Seoul, and Bangkok. It has representative offices in Guangzhou, Vietnam, and Dubai. IOB also is part-owner of a joint-venture bank in Malaysia.