IOB plans regional office in Sambalpur

The Indian Overseas Bank (IOB) is set for a massive expansion in the State with plans afoot to open a Regional Office in Sambalpur.

It would be made functional in the ensuing 2013-14 fiscal and would work towards establishment of pan-Odisha presence of IOB, Chairman-cum-Managing Director (CMD) M Narendra told mediapersons here.

The bank has two regional offices in  Bhubaneswar and Berhampur. With the opening of the new office, the target of the branch network will increase from 114 to 200 within next two years. As many as 40 branches are planned to be opened in 2013-14 fiscal.

The CMD, however, admitted that the credit-deposit ratio of the bank in the State was below the RBI stipulated level. Priority sector lending, which was around ` 700 crore, is not satisfactory. Earnest efforts should be made to raise the priority sector lending by the bank in the State to the expected level by the end of next financial year, he said.

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