Business EconomyPosted at: May 29 2024 8:56PM


IOB inaugurates 50th regional office in Andhra

Tirupati (Andhra Pradesh), May 29 (UNI) Indian Overseas Bank (IOB) inaugurated its 50th regional office here on Wednesday.
IOB Managing Director and CEO, Mr. Ajay Kumar Srivastava, inaugurated the new regional office in the August presence of Mr. B. Chandra Reddy, Director, Mr. Anup Deo Rao Wasnik, Senior Regional Manager, Vijayawada, and Mr. Sanjay Kumar Jha, Senior Regional Manager, Tirupati.
On this occasion, the bank also introduced a new innovative account opening through Tab Banking Services using facial authentication. This service validates the customer's details by matching them with the biometric information in the UIDAI database.
The extension to facial recognition authentication aims to alleviate difficulties faced by customers with unclear fingerprints. This innovative process ensures immediate KYC compliance and allows instant opening of savings bank accounts and access to services such as Internet banking, mobile banking, ATM cards, and cheque books within minutes. These services can be provided at the customer's doorstep, eliminating the need to visit any branch.
Speaking on the occasion, Ajay Kumar stated that the inauguration of the 50th regional office in Tirupati perfectly aligns with IOB’s strategic goals to expand its branch network this fiscal year and deepen its presence in this region.
He highlighted that IOB Bank remains committed to continuous innovation and customisation of its banking products to meet the evolving needs of its customers.
Notably, IOB has become the first public sector bank to offer account opening services via tab banking, employing advanced facial recognition and customer authentication technologies.
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