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IOB had the unique distinction of commencing business on 10th February 1937 (on the inaugural day itself) in three branches simultaneously - at Karaikudi and Chennai in India and Rangoon in Burma (presently Myanmar) followed by a branch in Penang.
At the dawn of Independence IOB had 38 branches in India and 7 branches abroad. Deposits stood at Rs.6.64 Crs and Advances at Rs.3.23 Crs at that time.
Pre - Nationalisation Era (1947- 69)
During the period, IOB expanded its domestic activities and enlarged its international banking operations. As early as in 1957, the Bank established a training centre which has now grown into a Staff College at Chennai with 9 training centres all over the country.
IOB was the first Bank to venture into consumer credit. It introduced the popular Personal Loan scheme during this period.
In 1964, the Bank made a beginning in computerisation in the areas of inter-branch reconciliation and provident fund accounts.
In 1968, IOB established a full-fledged department to cater exclusively to the needs of the Agriculture sector. .
At the time of Nationalisation (1969)
IOB was one of the 14 major banks that was nationalised in 1969.
On the eve of Nationalisation in 1969, IOB had 195 branches in India with aggregate deposits of Rs. 67.70 Crs. and Advances of Rs. 44.90 Crs.
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