In a bid to drive income growth, Indian Overseas Bank (IOB) is planning to focus on low-risk mid-corporate and jewellery loan segments. The bank has created new relationships through several initiatives in the mid-corporate segment. The refocus efforts appear to have paid dividends.
In the jewellery segment, its advances fell to Rs 10,000 crore in March 2017 from about Rs 17,000 crore in March 2014. To revive momentum in this business, IOB has established a new jewellery loan cell at its head office, a first-of-its-kind initiative.
Also, the bank is aiming to focus on the housing loan segment and as part of the retail push, a separate retail vertical has been established and the processes moved totally to digital from lead generation to sanction.
