Indian Overseas Bank (IOB), a public sector bank has launched 24x7 cheque depositing machine, E-kiosk at the Cathedral branch in Chennai. eKiosk is a standalone machine which reads MICR data and captures digital image of the deposited cheque and also gives a receipt to the depositor. The bank plans to open 100 such kiosks.
Recently, the company had hiked interest rates payable on select tenures for its domestic term deposits. The bank decided to revise rates payable on domestic term deposit with effect from May 17, 2011.
IOB has reported a growth of 240.79% in its net profit to Rs 434.30 crore for the quarter ended March 31, 2011 as compared to Rs 127.44 crore for the quarter ended March 31, 2010. Total income has surged by 38.40% to Rs 3916.58 crore for the quarter under review whereas the same was at Rs 2829.80 crore in the corresponding previous quarter.
