Credit Rating
Credit Rating Agency, M/s. CRISIL Limited has reviewed its ratings on various Instruments of our Bank and revised the outlook to 'STABLE' from 'NEGATIVE' The revision in Outlook is primarily driven by Government's PSB recapitalisation programme for this fiscal, which will improve the financial risk profile of Banks and also help them meet Basel III regulatory capital norms and provide cushion against expected rise in provisioning for non-performing assets (NPAs).... Capital infusion is govt's recognition for IOB's turnaround strategies: CEO
T E NarasimhanThe government's plan to infuse a Rs 46.94 billion into Indian Overseas Bank (IOB) would heklp the Bank to comply with the regulatory requirements and provide better headroom to improve its credit on niche areas, said R Subramaniakumar, chief executive officer of IOB.Speaking to Business Standard, he said, "We have taken this capital into consideration while working out of plan of action for turnaround in FY 19. It has reaffirmed our plan and thanks to the government for the timely and very positive and forward looking release of the capital".This is not only going to help the Bank in meeting its regulatory compliance but also give a fair amount of headroom enabling it to improve credit on niche areas. The niche area of the Bank is retail, MSME and agriculture. "We will positively respond to the faith by the government by increasing our exposure to these areas, and take forward Government of India's theme of deepening the financial inclusion," he said, adding that it is .
Indian overseas Bank transfers its Rs748 crore claim in Bhushan Steel to an ARC
The insolvency resolution professional for Bhushan Steel informed NCLT that Indian Overseas Bank has transferred its Rs748 crore claim in the firm to Assets Care & Reconstruction IOB, NHB tie up for rural housing push
Indian Overseas Bank has signed an MoU with National Housing Bank for the Rural Housing Interest Subsidy Scheme (RHISS) of the Ministry of Rural Development.The agreement was signed by R... Newspaper Publication
Further to our letter No.IRC/250/2017-18 dated 08.01.2018 enclosing Revised EGM Notice, we now enclose Corrigendum, published in the following newspapers in all editions on 12.01.2018, clarifying that the voting rights of the shareholders will be determined as on 23rd January 2018. 1. Business Standard (in English and Hindi) 2. The Hindu (in Tamil) Please take the above information on record. IOBOA backs move to set off accumulated loss against share premium account
Indian Overseas Bank Officers'Association (IOBOA), the officers' trade union in IOB, has extended support to the managements decision of balance sheet management by setting off the accumulated loss with the share premium amount. The move is aimed at giving out a fair, true and clearer picture of bank's balance sheet, which will infuse confidence in the minds of investors, it said. "The move will also benefit the customer and it is shortening the time limit for dividend delcaratiion by the bank as we are able to see the light at the end of the Tunnel with regard to earning profit," said the organisation in a statement. It may be noted that the Bank's move to use the share premium account of Rs 76.50 billion to set off the accumulated losses to the tune of Rs 69.79 billion raised the eye-brows of many."This is a prudent and wisse move in cleansing the Balance Sheet and to have a true picture of the financial poisition of the Bank," said the Association. Consequently IOB will be in a... Statement Of Investor Complaints For The Quarter Ended 31.12.2017
We refer to the captioned subject and enclose Quarterly Investor Grievance Report of our Bank pertaining to the quarter ended 31.12.2017 as per Regulation 13(3) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. IOB officers back management move to set off losses
On January 5, IOB got board approval to utilise the 7,650 crore balance available in the share premium account to write off its accumulated losses of about 6,979 crore Shareholding for the Period Ended December 31, 2017
Indian Overseas Bank has submitted to BSE the Shareholding Pattern for the Period Ended December 31, 2017. For more details, kindly Click here Fixation Of Record Date For Payment Of Coupon On Basel III Compliant Additional Tier I Perpetual Bonds - Series I - ISIN: INE565A09231
With reference to the above, the payment of coupon on the aforementioned AT1 Bonds Series I is due on 04.02.2018 and will be paid on 05.02.2018 as 04.02.2018 falls on a holiday. As per SEBI Circular CIR/IMD/DF-1/122/2016 dated 11.11.2016, interest will be calculated and paid upto 03.02.2018. We have fixed 19.01.2018 as RECORD DATE to ascertain the details of Beneficiaries. Please take the above information on record.