Indian Overseas Bank has received approval to issue equity shares by the Bank on Preferential Basis to Government of India for the capital infusion of Rs 3806 crore received for Financial Year 2018-19. The Board of Directors of the bank at its meeting held on February 26, 2019 has approved the same.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.