The city of Machilipatnam in the Krishna district of Andhra Pradesh functions as a municipal corporation, as well as the administrative, headquarter of its district. The city is also known as Masulipatnam and Bandar. It is an ancient port town which served as the settlement of the European traders in the 16th century. The British, Dutch and French used it as a major trading port in the 17th century. Machilipatnam experiences a tropical savanna climate with hot and humid summers and moderate winters. The city gets torrential rainfall during July, August and September. Owing to its vicinity to the Bay of Bengal, Machilipatnam is frequently hit by cyclones originating in the sea. The Machilipatnam Municipal Corporation is the civic body responsible for the governance of the city. This seaside city is known for its handloom industry, specializing in Kalamkari textiles that are exported to the United States and other Asian countries. Building boats and fishing are the other notable industries. Machilipatnam used to be a trading base for the Europeans and was known for the minting of copper coins, exporting diamonds and textiles. The AP state government is trying to revive the glory of the former port city. The Machilipatnam Area Development Authority is planning to set up a deep seaport and its associated industrial corridor at Machilipatnam which is expected to employ over 25,000 people.
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.