Avadi is a residential city near Chennai in the Indian state of Tamil Nadu. It is considered to be a Special Grade Municipality of the Chennai Metropolitan Area which is soon to receive an upgrade to a Corporation. It is a developed area with around 3.5 lakh population. It is believed that the citys name is an acronym for Armoured Vehicles and Ammunition Depot of India. The lies on the banks of the huge and thriving Avadi Lake. The water from the lake is often utilized for the cultivation of farmlands and it also attracts several birds during various seasons. This advanced city has a renowned waste management system which converts solid household wastes into compost and manure. Avadis government establishment mainly drives its economy. The major military divisions in the vicinity of Avadi are the Indian Army, Indian Air Force, Indian Navy, Heavy Vehicles Factory, Combat Vehicles Research and Development Establishment, CRPF, The Ordnance Depot, Central Vehicle Depot, etc. The city is known for its plenty of Hindu temples.
In 1964 the head office of Indian Overseas Bank was inaugurated at Mount Road. The Indian Overseas Bank has been the first public sector bank to introduce mobile banking services using Wireless Application Protocol(WAP). On 29 August 2003, the Indian Overseas Bank has opened an extension counter at Bambalapitiya, Ceylon. In 2005, the IOB began a representative office in Guangzhou; China followed which the bank opened another representative office in Kuala Lumpur and Dubai, UAE. In 2007 The bank took over Bharat Overseas Bank. After three years, Malaysia granted a commercial banking license to a local bank jointly owned by Bank Of Baroda, Indian Overseas Bank, and the Andhra Bank. The new bank named, India International Bank (IIB Malaysia), began its operations in 2012 in Kuala Lumpur and had a large population of Indians. The Andhra Bank has a 25% stake in its joint-venture, BOB owns 40%, and remaining 35% is with IOB. On 31 August 2013, the Indian Overseas Bank has incorporated an offshore banking unit in Colombo, Sri Lanka. The bank also converted its existing Extension Counter at Ceylon into a full-fledged branch. In 2014-15, the IOB bank has crossed the target of 3000 ATMs as on 2014.IOB also launched m passbook app as a new mobile banking initiative.