Indian Overseas Bank (IOB), which has been in the red for the last four-and-a-half years, is expecting to become profitable in the fourth quarter of the current financial year (Q4 FY20). As per the bank, once it becomes profitable, it will be out of the Reserve Bank of India's prompt corrective action (PCA) soon.
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.