‘Loss-mak­ing IOB branches drop by 17.4%

The New Indian Express - - CHENNAI -

THE num­ber of loss in­cur­ring branches of In­dian Over­seas Bank (IOB) has re­duced by 17.4 per cent over the last one year, said R Subra­ma­ni­aku­mar, man­ag­ing di­rec­tor and chief ex­ec­u­tive of­fi­cer of the bank, speak­ing at its 82nd Founders’ day cel­e­bra­tion on Sun­day. “The per­cent­age of loss in­cur­ring branches have come down from 23 per cent to 5.6 per cent in the last year,” he said adding that the over­all growth of the bank has brought in two mil­lion new cus­tomers into the fold. The com­pe­tent work done by the bank and its em­ploy­ees has re­sulted in zero om­buds­man com­plaint at 14 out of the 21 cen­tres, he claimed. “Our in­te­grated cus­tomer ser­vice griev­ance re­dres­sal mech­a­nism is re­garded as one of the best in the in­dus­try. The sys­tem we have in place, has en­abled all im­por­tant stake­hold­ers to re­solve com­plaints ex­pe­di­tiously,” he added, stat­ing that IOB has also im­proved loan re­cov­ery. “When com­pared to 13 pub­lic sec­tor un­der­tak­ings, IOB equals the in­dus­try av­er­age in terms of re­cov­ery, and per­formed above av­er­age on sev­eral re­cov­ery pa­ram­e­ters,” he claimed. Subra­ma­nian said that the pos­i­tive changes in the bank were a re­sult of pro­vid­ing a vi­sion and an en­cour­ag­ing work en­vi­ron­ment for its em­ploy­ees. “Con­stant ca­pac­ity build­ing has been in­grained into the life cy­cle of IOB em­ploy­ees,” he said. A to­tal of 13,000 IOB em­ploy­ees have been trained across busi­ness seg­ments, he said. “In ad­di­tion to this, we have stream­lined and digi­tised all man­ual HR op­er­a­tions such as re-re­im­burse­ment and leave ap­proval. Pro­mo­tions and trans­fers have also been made very trans­par­ent,” he said. Ex­ec­u­tive di­rec­tors K Swami­nathan and Ajay Ku­mar Sri­vat­sava were also present at the cel­e­bra­tions. Some of the old­est and most loyal clients of the bank, in­clud­ing Thetakudi Har­i­hara Vi­nayakram, a Grammy-award win­ning per­cus­sion­ist, rep­re­sen­ta­tives of Loy­ola Col­lege and Madras Chris­tian Col­lege, were also fe­lic­i­tated at the event.

ASH­WIN PRASATH

R Subra­ma­nia Ku­mar, MD and CEO of IOB with Swami­nathan and Ajay Ku­mar Sri­vat­sav, EDs of IOB at the cer­e­mony in Nungam­bakkam on Sun­day |

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