The bank has indeed come a long way since its nationalisation in 1969 and has many achievements to its credit. As against 195 branches in 1969, its branch network now comprises 2153 branches. Its deposits and advances have multiplied manifold, aggregating over Rs.79,000 crore and Rs. 56,000 crore, respectively, as on March 31, 2008 compared to the corresponding figures of about Rs.
68 crore and Rs. 45 crore, at the time of nationalisation. I understand that the IOB had the distinction of being the first bank in the Indian banking industry to obtain ISO 9001 Certification for its Computer Policy and Planning Department in September 1999. The bank also made its maiden IPO in September 1999 and the Government’s ownership currently stands at 75 per cent.