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Hyderabad, Feb 17 () Indian Overseas Bank (IOB), whichhas been in the red for the last four-and-a-half years, ismulling to raise funds through a Follow-on Public Offering(FPO) next year, a senior official of the state-owned lendersaid here on Monday. Ajay Kumar Srivastava, Executive Director IOB, said thatthe FPO idea was still "at the drawing board level" and theBoard would take a decision on the quantum of funds to beraised and the percentage of stake to be diluted. The centre holds nearly 95 per cent stake while LIC hasthree per cent and others-two per cent in the bank, which iscurrently under the Prompt Corrective Action (PCA) frameworkof the Reserve Bank.Raising money from public is on the cards. We plan to doit in the second or third quarter. We will go to the marketwith FPO.First we have to go to our Board, we have to go to RBIand SEBI also ( for necessary approvals). It is on the drawing board, but nothing has beenconcretised. But it is in our action for next year, he toldreporters at a press conference here. The centre recently increased IOB's authorized capitalfrom Rs 10,000 crore to Rs 25,000 crore.The Government also infused Rs 4,360 crore capital intothe bank.He said the Chennai-based lender is in the process ofimproving its performance in terms of controlling Non-performing Assets (NPA) and Net Interest Margin (NIM). The banks NIM is currently at about 1.94 per cent and isexpected to touch two per cent during the current quarter."It would take another three of four quarters to touchthe three per cent-NIM... We will prefer to go for FPO afterwe come out of PCA, he said.The Reserve Bank of India's PCA framework, which intendsto nurse financially weak banks back to health, restrictslending and expansion of lenders. Srivastava said going forward the focus of the creditwould more for MSMEs and wants to be recognized as "MSME-focused bank".He said currently the exposure to the sector is Rs 31,000crore and efforts are on to take it Rs 50,000 crore in thenext 18-24 months.IOB also classified 200 of its branches as "MSME-focused". GDK APRAPR APR

Indian Overseas Bank mulls FPO next fiscal

New Delhi, July 2 () Public sector Indian Overseas Bank (IOB) on Thursday said its managing director and chief executive Karnam Sekar retired on June 30. The lender in a regulatory filing said "Karnam Sekar has demitted office as MD &amp; CEO of the bank on June 30, 2020, being the date of his superannuation". Karnam had joined the bank as an OSD (officer on special duty) and whole-time director on April 1, 2019 and was elevated as MD and CEO on July 1, 2019 after the retirement of Subramaniam Kumar. Sekar was appointed as OSD of IOB after merger of Dena Bank and Vijaya Bank into Bank of Baroda. He was MD and CEO of Dena Bank since September 21, 2018. Prior to that, he was deputy managing director and chief credit officer in State Bank of India, heading its Highest Credit Committee. In SBI, he was also responsible for formulating loan policy of the bank. Sekar had joined State Bank of India as Probationary officer in December 1983. IOB posted a standlaone net profit of Rs 143.79 crore in the last quarter of fiscal ended March 2020, as it was able to bring down its bad loan proportion significantly. KPM MKJ MKJ

Karnam Sekar retires as Indian Overseas Bank MD & CEO

New Delhi, Jun 7 () Public sector lender Indian Overseas Bank has cut marginal cost of funds based lending rate (MCLR) by up to 0.30 per cent across all tenors, which will bring down cost for consumer loans. The benchmark one-year MCLR, against which most of the consumer and retail loans are priced, has been cut by 0.20 per cent from June 10, Indian Overseas Bank (IOB) said in a release on Sunday. IOB reduced its interest rate on loans linked to MCLR by 30 basis points in overnight tenor and by 20 bps in one month to one year tenors. Hence, loans linked to MCLR will become cheaper, said the Chennai-based state owned bank. The bank has also reduced its interest rate on loans linked to Repo Linked Lending rate (RLLR) from 7.25 per cent to 6.85 per cent per annum, IOB said. Retail loans (housing, education, vehicle etc) and credit to micro, small and medium enterprises (MSMEs), which are linked to RLLR, will now be available at cheaper rates, it added. KPM BAL BAL

Indian Overseas Bank cuts MCLR by up to 30 bps

Chennai, Apr 28 () Public sector Indian Overseas Bankhas unveiled a special loan scheme for members of self helpgroups with a maximum cap of Rs one lakh for a group, the banksaid on Tuesday.The city-based bank said the eligibility of the borrowersis that they need to have a good track record and should haveavailed minimum two credit loans from the bank.As per the Bank's criteria only those self help groupswhose existing loans are performing as on March 1, 2020 wereeligible under this scheme, which is valid till June 30, banksaid in a statement. The maximum loan amount for an individual is Rs 5,000while for a group it is Rs one lakh, the bank said. The loan would be sanctioned and disbursed within sixworking days and they are payable in 30 EMIs after initialmoratorium of six months. The rate of interest for the loans is 9.4 per cent. "Self Help Group borrowers are an important part of theeconomy... we are working to best of our ability to extend oursupport to SHGs in the wake of coronavirus", bank's ManagingDirector Karnam Sekar said."These loans will assist the SHGs pass through thedifficult times..", he added. The borrowers would not be charged with pre-paymentcharges or processing fee under the special scheme, it said. VIJ ROH ROH

Indian Overseas Bank introduces special loans for SHGs

New Delhi, Jan 24 () Former executive director of Indian Overseas Bank A D M Chavali has been inducted into a five-member advisory board for banking and financial frauds created by the CVC to act as the "first-level of examination" in respect of general managers and above rank officers, according to an official order.
The tenure of Chavali would be up to August 20, 2021, the order issued by the Central Vigilance Commission (CVC) said.
The board, headed by former vigilance commissioner and the then chief of Indian Bank T M Bhasin, has former urban development secretary, Madhusudan Prasad, former director general of the Border Security Force, D K Pathak, and the then managing director and chief executive officer of Andhra Bank, Suresh N Patel as its members. 
No action can be initiated against top bankers for involvement in suspected frauds before the advisory panel reconstituted recently by the CVC gives its nod for it. 
"The advisory board for banking and financial frauds shall function as the first-level of examination, in respect of officials in the rank of GM and above in public sector banks and equivalent thereof in public financial institutions incase of frauds amounting to more than Rs 50 crore, before such organisations initiate action in matters of banking and financial frauds," the probity watchdog said.
The board will also tender advice in respect of these top ranking officers under all relevant laws, including all composite cases, it said.
The move followed a fortnight after Finance Minister Nirmala Sitharaman had assured bankers that honest commercial decisions taken by them will be protected and a distinction would be made between genuine commercial failures and culpability.
All administrative ministries and entities of the government have been asked to ensure that the advice of the board "has been sought, received and made available, in respect of officials in the rank of general managers (GM) and above in public sector banks and equivalent thereof in public financial institutions incase of frauds amounting to more than Rs 50 crore to the investigating agencies", the CVC said.
These probe agencies may take such advice into account while taking consequential action to initiate preliminary enquiry or investigation and follow due procedure under the Prevention of Corruption Act, 1988, it said. 
"Incase during the course of investigation, the involvement of a public servant employed in public sector banks and public financial institutions above the rank of GM comes to the notice of the investigating agency, they may refer the matter to the board for advice before proceeding further," the order said. AKV KJ

Ex-ED of Indian Overseas Bank appointed CVC board member on bank frauds

New Delhi, Apr 27 () Indian Overseas Bank (IOB) on Monday said it has introduced a special borrowing programme for self help groups to help them tide over the challenges inflicted by COVID-19.The maximum loan amount is Rs 5,000 per member of a self help group (SHG) with a cap of Rs 1 lakh for the group. The bank said SHGs with a good track record and a history of minimum two loans from IOB will be eligible for this loan facility, which can be availed till June 30, 2020. As per the bank's rule, only those SHGs whose existing loans are standard and performing as on March 1, 2020 are eligible to avail loan under this special scheme.The state-owned lender said interested borrowers can apply through branches directly or through business correspondents.IOB said the loans would be sanctioned and disbursed within six working days. The loans are to be repaid in 30 EMIs after initial moratorium of six months, it said, adding the rate of interest for these loans is 9.4 per cent.The bank said it will not charge any processing fee or pre-payment fee for this loan scheme."SHG borrowers are an important part of the economy...we are working to the best of our ability to extend our support to SHGs and help them in the wake of Coronavirus. Our efforts are aligned with the Government of India's advice to help all sectors in the economy to function properly and sustain amidst the crisis at hand. These loans will assist the SHGs pass through the difficult times they are encountering in the present scenario," IOB MD&amp;CEO Karnam Sekar said.Also these loans will have no correlation with the corpus of the SHG. Moreover, to encourage this segment of borrowers no additional security will be required from the group. KPM ANUANU

COVID-19 : Indian Overseas Bank launches special scheme for SHGs

<ul><li>RBI superseded the board of <keyword id="487262" type="DOMAIN" weightage="20" keywordseo="Dewan-Housing-Finance-Corporation">Dewan Housing Finance Corporation</keyword> (DHFL). </li><li>The Central Bank was concerned with governance concerns and defaults on various debt instruments. </li><li>It appointed R Subramaniakumar, the former managing director of <keyword id="107781" type="COMPANY" weightage="20" keywordseo="Indian-Overseas-Bank">Indian Overseas Bank</keyword> as the administrator. </li></ul> The Reserve Bank on Wednesday superseded the board of the troubled Dewan Housing Finance Corporation (DHFL) due to governance concerns and defaults on various debt instruments. The central bank has also appointed R Subramaniakumar, the ex-managing director of Indian Overseas Bank as the administrator of the third largest pureplay mortgage lender. The announcement comes after the government last week empowered the RBI to refer stressed NBFCs and HFCs having assets worth of at least Rs 500 crore to insolvency court. "The Reserve Bank has today superseded the board of DHFL owing to governance concerns and defaults by DHFL in meeting various payment obligations," RBI said in a statement. It further said shortly initiate the process of resolution of the company under the bankruptcy code, 2019 and would also apply to the NCLT for appointing the administrator as the resolution professional.

Wadhawans lose control of DHFL after RBI dissolves the board after multiple defaults

Mumbai, Apr 4 () State-owned Indian Overseas Bank (IOB) on Saturday said the government has nominated it for collection of donations for PM-Cares Fund.The Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM-Cares Fund) was set up on March 28 to raise money for combating the Covid-19 crisis and to provide relief to the affected."Indian Overseas Bank (IOB), has been nominated by the government for collection of funds, which will be used to support the community during the Coronavirus outbreak. The funds will be assigned to PM-Cares Fund," the bank said in a statement.The contributions can be made by RTGS, NEFT, IMPS, cheques and demand drafts drawn in favour of PM-Cares Fund.One can also remit contributions directly by electronic clearing system (ECS) to the designated savings bank account of Indian Overseas Bank.All such contributions will be entitled to 100 per cent income tax exemption under Section 80G of the Income Tax Act.Political leaders, corporates, defence personnel, employees of PSUs such as Railways and Bollywood personalities are among a cross-section of organisations and people who have announced their contribution to the PM-Cares Fund.All officials of the external affairs ministry are also donating a day's salary, while some of them are voluntarily donating more.The Army, Navy and Indian Air Force as well as employees of the defence ministry have decided to donate one day's salary totalling around Rs 500 crore. HV BALBAL

Govt nominates IOB for collecting donations for PM Cares Fund

New Delhi, May 30 () The Banks Board Bureau (BBB) on Saturday recommended names of Ashwini Bhatia, M V Rao and P P Sengupta for the post of managing director of three state-owned lenders -- State Bank of India, Central Bank of India and Indian Overseas Bank, respectively. Bhatia is currently serving as deputy managing director (DMD) at SBI, while Rao is executive director with Canara Bank. The bureau members interfaced with 20 candidates from nationalised banks on May 30 for the position of managing director in State Bank of India and the position of MD and CEO of Indian Overseas Bank and Central Bank of India, an official statement said. Bhatia will be appointed in place of P K Gupta who superannuated on March 31, while Rao will replace Central Bank of India MD Pallav Mohapatra who will retire in February next year. Sengupta, currently DMD SBI, will replace Indian Overseas Bank MD and CEO Karnam Sekar, who retires on June 30. With this exercise, the government has completed the process of appointment of head of PSU banks for the current fiscal. The decision on the appointment will be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. BBB, the headhunter for state-owned banks and financial institutions, is headed by former Department of Personnel and Training Secretary B P Sharma. The Prime Minister, in 2016, approved the constitution of BBB as a body of eminent professionals and officials to make recommendations for appointment of whole-time directors as well as non-executive chairpersons of public sector banks (PSBs). It was also entrusted with the task of engaging with the board of directors of all PSBs to formulate appropriate strategies for their growth and development. Besides, it was asked to frame strategy discussion on consolidation based on requirement. The government wanted to encourage bank boards to restructure their business strategy and also suggest ways for their consolidation and merger with other banks. DP BAL

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