Indian Overseas Bank (IOB), the public sector bank, has unveiled 'Connect Card', a new ATM cum Debit card in association with VISA. This new ATM cum Debit card can be used for e-commerce across five lakh merchant outlets. To encouraging e-payments, the bank offers five per cent cash back offer till the end of current financial year. The Connect Card is targeted at the younger generation aged between 10 and 28 years.
Meanwhile, the bank also launched Channel Financing for its corporate, institutional and SME credit customers. All activities under Channel Financing are digitally signed and electronically exchanged for speedy disposal and effective management
Indian Overseas Bank has reported a fall of 16.33% in its net profit at Rs 132.55 crore for the quarter ended September 30, 2013 as compared to Rs 158.43 crore for the same quarter in the previous year. Total income of the bank increased by 8.79% at Rs 5999.75 crore for quarter under review as compared to Rs 5515.02 crore for the quarter ended September 30, 2012.
