‘Loss-making IOB branches drop by 17.4%
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.
R Subramania Kumar, MD and CEO of IOB with Swaminathan and Ajay Kumar Srivatsav, EDs of IOB at the ceremony in Nungambakkam on Sunday |