IOB launches Electronic Bank Guarantee (e BG) facility on the 87th Foundation Day

Founder Day Celeberation

Chennai; Indian Overseas Bank celebrates its 87th Foundation Day today 10.02.2023 (Friday).

The day was marked by the garlanding of the Founder’s Statue by MD & CEO Shri Ajay Kumar Srivastava and other dignitaries.

The MD & CEO in his speech stated the contributions made by the founder family to build this great institution and exhorted that all IOBians should endeavor hard to take the bank to greater heights in the days to come.

On this occasion, Bank donated 37 Tricycle & 15 Wheelchairs to Physically challenged persons.

Further, Bank also donated Utility Vehicle to Akshaya Patra Foundation, Pondicherry for a mid-day meal feeding program to privilege Children under CSR Activities.

The day was marked by the launching of the following Activities Pan India:

Ø Launching of Electronic Bank Guarantee (e BG). This paperless facility will be an end-to-end solution.

BG will be issued in a completely paperless mode with digital stamping and digital signature.

Real-time issuance of e-BG will make it available for the beneficiary instantly leading to time-saving which in turn will fast-track all the business purpose for which it is issued. This will boost the economy as a whole.

e-BG cannot be tampered with or manipulated. No fraud is possible in e-BG. Our Bank is one of the pioneers in launching Bank Guarantees through digital mode. As of date, only a few Banks have the facility of issuance of e-BG.

Ø Launching of KCC more than Rs.1.60 lakhs and Jewel Loan Schemes for Retail, Agri, MSME (Under e-Sankalp–LOS)

Ø Launching of Revamped Current Account schemes IOB CD GOLD, IOB CD DIAMOND, IOB CD PLATINUM PLUS.

Ø Launching of 187 Hi-Tech Cash Recyclers with best security features (1st Phase ) on An India Basis

Ø Launching of 87 ICONIC ATMs in 1st Phase on An India Basis.

Ø Enterprise-wide Documents sharing portal for Branches and ROs were also launched.

The function was attended by ED Smt. S. Srimati and ED Shri. S.V. Mudaliar along with the founder’s family members and Bank executives.

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