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Rental Deposit Loans from Indian Overseas Bank in Hindupur

Hindupur is located in the Anantapur district of Andhra Pradesh. It functions as the headquarters of the Hindupur revenue division and mandal. This town houses more than 1.5 lakh residents who primarily speak in Telugu. Hindupur is a commercially and industrially populous town. Hindupur is an important pilgrim; Sri Ranganath Swamy Temple and near Lepakshi temple attracts thousands of pilgrims every year. The municipal town of Hindupur is divided into 38 election wards and 30 revenue wards to ensure effective governance. Hindupur lies on the banks of River Penna. However, the agricultural scenario in the area is largely dependant upon rains and often suffers from the shortage of drinking water and crop failures due to the lack of adequate rain. agricultural requirements. Hindupur is a leading commercial center in the Rayalaseema Region. Cloth business is the most important business in Hindupur along with various products such as jaggery, tamarind, groundnuts, chilies and pulses. Mulberry cocoons are also procured in this town which results in the production of silk threads and silk sarees. Silk trade is gaining momentum at Hindupur as one of the important commercial activities and it might soon develop for the foreign export of silk fabrics. The area also has a few cottage industries like starch factories, beedi making, oil mills, match factories and agarbathi units.

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Low interest rate Rental Deposit Loan in Hindupur, 07 July 2020 from Indian Overseas Bank

In 2000, Indian Overseas Bank engaged in an initial public offering (IPO) that brought the governments share in the banks equity down to 75%. In 2001, the IOB acquired the Mumbai-based Adarsha Janata Sahakari Bank. Then in 2009, the bank took over Shree Suvarna Sahakari Bank, which was founded in 1969 and had its head office in Pune. Since 2006, Shree Suvarna Sahakari Bank had been in administration. It had nine offices in Pune, 2 in Mumbai and 1 in Shirpur. The total strength of employees was estimated to be more than 100. On 29 August 2003, the Indian Overseas Bank has opened an extension counter at New Kathiresan Temple complex, Bambalapitiya, Ceylon. The IOB opened a representative office in Guangzhou, China in 2005 followed which the bank opened another representative office in Kuala Lumpur and 2009 in Dubai, UAE. In the new millennium, international expansion started once again. The bank took over Bharat Overseas Bank in 2007. After three years, Malaysia granted a commercial banking license to a local bank jointly owned by BOB, IOB, and the Andhra Bank. The new bank named, India International Bank ( IIB Malaysia), began its business in 2012 in Kuala Lumpur and had a large population of Indians. The Andhra Bank holds 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 opened an offshore banking unit in Colombo, Sri Lanka. The bank also converted its existing Extension Counter at Ceylon into a full-fledged branch.

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