Chennai, June 19, 2023: Indian Overseas Bank (IOB), Avadi Branch, proudly commemorates 59 years of exceptional service since its establishment in 1964. Thiru M. Appavu, Hon’ble Speaker of the Tamil Nadu State Legislative Assembly, and Thiru S. M. Nasar, the Honourable Member of the Tamil Nadu Legislative Assembly (Avadi Constituency) were the chief guests for the inauguration.
During the inauguration of new premise in Avadi Agrahara Street, IOB announced the sanction of various loans totalling Rs. 2.32 Crores. These loans encompassed educational loans of Rs. 60.00 lacs, housing loans of Rs. 30.00 lacs, personal loans of Rs. 7.00 lacs, Mudra loans of Rs. 10.00 lacs, SHG loans of Rs. 50.00 lacs, and jewel loans of Rs. 75.00 lacs.
At present, the branch boasts an impressive business mix, comprising the following figures:
– Current Account and Savings Account (CASA): Rs. 100 Crores
– Term Deposits: Rs. 106 Crores
– Advances: Rs. 32 Crores
During the ceremony, Hon’ble Speaker Thiru. M.Appavu, the esteemed chief guest, shared the state government’s vision for assisting the underprivileged, while emphasizing the crucial role played by Indian Overseas Bank in supporting these efforts. To commemorate, the branch has been relocated to a spacious and elegant premises at Avadi Agrahara Street.
