Indian Overseas Bank (IOB) has got RBI’s nod for introducing a second branch in Bangkok. Moreover, it has also received approval from RBI to open two more branches in Sri Lanka. At present IOB is the only Indian bank to have a branch in Bangkok.
The bank already has full-fledged branch in Colombo, Sri Lanka, besides an extension counter. Now, the RBI has given the bank the approval to set up a specialized branch in Colombo and also convert the existing extension counter into a branch. IOB had inked pact with Deloitte to devise a strategy for the bank’s overseas expansion. The bank is also awaiting regulatory nod for upgrading its representative office in Vietnam into a branch.
