Public sector lender Indian Overseas Bank (IOB) is planning to shut down 10 offices to improve efficiency. The bank is expected to close these branches by 1 March. The bank has 59 regional offices and 7 zonal offices, which provide support and guidance to branches which are undertaking business activities and are required to monitor the performance of branches.
The bank’s gross NPA for the July-September quarter of the current fiscal rose to 11.00%, as compared to 9.35% in the same quarter of the previous year. Besides, bank’s Net NPA stood at 7.41% in Q2FY16.