BOB customers can operate accounts with IOB

Vijayawada, Apr 3: With the Centre approving the merger of Bharat Overseas Bank (BOB) with Indian Overseas Bank (IOB), the customers of BOB here will now be able to operate their accounts as customers of IOB.

IOB Chief Regional Manager A J Prasad here today said all the 103 branches of BOB, including the branch at Bangkok, had started functioning as the branches of IOB.

On the bank's performance in Vijayawada region, Mr Prasad said the bank had recently launched a hassle-free credit scheme for traders at a low interest rate.

The total business in the region as on February 28 was Rs 2500 crore, which included total deposits of Rs 1164 crore and advances of Rs 1336 crore.

Of the total advances of Rs 1336 crore, Rs 503 crore had been given to agricultural sector.

About 5800 Self Help Groups (SHGs) in the region were financed by the bank at an outlay of Rs 40 crore, he added.

UNI