Indian Overseas Bank to address cash crunch in Vijayawada

Vijayawada: The Indian Overseas Bank (IOB) is ready to address the cash crunch in the Capital region. The IOB has two Cash chests in Guntur and Vijayawada, and in case of emergency, it can address the issue instantly, said R. Subramaniakumar, managing director  and CEO of IOB. Speaking to the media here on Thursday, Mr. Subramaniakumar said that due to calibration of ATM machines, the cash withdrawals issue has arised and added that the ATMs are being calibrated to accept Rs 200 denomination notes. However, he said, in the two regions-Vijayawada and Visakhapatnam, the IOB branches are not facing any difficulty, in cash withdrawals.

The IOB MD&CEO said that the bank will install 700 cash deposit machines (CDM) in three states - Karnataka, Andhra Pradesh and Tamil Nadu, by June this year. Apart from these customer-friendly measures, the IOB regional office at Vijayawada will have one mobile CDM, he added. Sharing details on the bank’s support to the MSME, vehicle loans, and housing loans, the MD&CEO said that MSME loans have shown an improvement of 26 per cent, housing 33 per cent and vehicle loans 29 per cent Year on Year (YoY).

Speaking about NPA management, Mr. Subramaniakumar said that Gross NPA, as on 31st December, 2017, is at Rs 33,266.88 crore, with ratio of 21.95 per cent as against Rs 34,502.13 crore with a ratio of 22.42 per cent as on 31st December, 2016. “There has been a reduction in Gross NPA by Rs 1,235.25 crore with reduction of 47 bps YoY in quarter that ended in December 2017,” he explained. On the corporate loans percentage, the IOB MD&CEO said that it has been reduced to 49 per cent from 52 per cent of the total NPAs.

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