Tamil Nadu man deposits Rs 246 crore in account, will pay 45% of it as tax
Officers told that an individual in Tiruchengode in Namakkal district deposited Rs 246 crore in a branch of the Indian Overseas Bank.26-03-2017
26-03-2017
Government infuses Rs 1,100 capital into Indian Overseas Bank
Chennai-based Indian Overseas Bank (IOB), which has been going through tough time due to increasing NPAs, to get Rs 1,100 crore from the Government of India, which is the major shareholder in the Bank. The development comes after the Government has achieved the parameters set by the Government to turn around the back.Sources in the Bank said that the Ministry of Finance has communicated to that the bank that Rs 1,100 crore has been allocated to the Bank as part of turnaround linked capital infusion plan. It may be noted, the Bank was expecting around Rs 1550 crore from the Centre, but the amount was reduced since the capital was redistributed to IDBI.The Government has acknowledged that the Bank is taking right steps and put in place right strategies to turnaround the Bank, that is why they have allocated the additional capital, said an official from the Bank.IOB's net loss in 2015-2016 was Rs 2,897.33 crore. Net loss during the nine months period ended December 31, 2016 was Rs...23-03-2017
Updates
We wish to inform that the Bank has received a communication from Ministry of Finance, Government of India, vide its letter F No. F/38/2014-BOA dated 16th March 2017, informing inter alia, capital allocation of Rs.1100 crore in our Bank, as a part of turnaround linked capital infusion plan. Please take the above information on record22-03-2017
Updates
Continuous Disclosure Requirements in terms of Regulation 30 of SEBI (LODR) Regulations 2015 - Ms. Annie George Mathew, Government Nominee Director17-03-2017
PAC members for forensic audit ofPSBdefaulters
According to people privy to PAC deliberations, the Indian Overseas Bank (IOB) authorities told PAC that its gross NPAs as of December 2016 stood at Rs 32,402 crore.03-03-2017
Increase in Authorised Capital
Indian Overseas Bank has informed BSE that as per Department of Financial Services, Ministry of Finance, Government of India, Notification dated February 27, 2017, the authorized capital of the Bank is increased from three thousand crores rupees to ten thousand crores rupees in exercise of the powers conferred by sub-section (2A) of Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, (5 of 1970).27-02-2017
Change in Directorate
Indian Overseas Bank has informed BSE about the change in Bank's Board of Directors.Government of India, vide its Notification dated February 16, 2017, hereby appoints SHRI T C A RANGANATHAN as Part Time Nonofficial Director as well as Non-Executive Chairman of the Bank.24-02-2017
Proposed All India Strike on Feb 28, 2017
Indian Overseas Bank has informed BSE that the members of United Forum of Bank Unions (UFBU) proposed to go on strike on February 28, 2017 on various issues and demands.Hence, the operation in the Bank's branches and offices will be affected partially or fully in case the above strike materializes.24-02-2017
Change in Direcors - Inclusion
Indian Overseas Bank has informed BSE about the change in the Bank's Board of Directors.Government of India, vide its Notification dated February 16, 2017, hereby appoints SHRI K SWAMINATHAN as Executive Director of the Bank and he has assumed charge on February 17, 2017.17.02.2017.21-02-2017