State-run Indian Overseas Bank is likely to borrow $500 million in the overseas market next year to meet dollar demand from Indian companies. The bank will be considering Chinese, Japanese markets for raising money as India's central bank eased overseas borrowing rules for local corporate in the last month.
The bank’s net profit for the second quarter ended September 30, 2011 has increased marginally by 0.64% at Rs 207.46 crore as compared to Rs 206.15 crore for the corresponding quarter of the last year. The bank’s total income has surged 56.84% at Rs 4822.56 crore for the quarter under review as compared to Rs 3074.74 crore for the second quarter of the previous year.
