The scenic city of Imphal is the capital of the Indian state of Manipur. The ruins of the ancient Palace of Kangla, which is surrounded by a moat, is located in the center of this city. It used to be the royal seat of Kingdom of Manipur. The city is known for its several prestigious educational institutions such as IIIT Manipur, Manipur Institute of Technology, NIT Manipur, Manipur Technical University, Jawaharlal Nehru Institute of Medical Science, Manipur Central University, Central Agricultural University, National Sports University, Manipur University of Culture, etc. There are several branches of Don Bosco, DAV Public School, Kendriya Vidyalaya and Jawahar Navodaya Schools in and around the city that makes Imphal an educational hub. Imphal serves as an important location for tourism in Manipur - the Kangla Fort on the banks of the Imphal River has many temples inside and is surrounded by a beautiful lake. The Hiyangthang Lairembi Temple Complex, Imphal War Cemetery, India Peace Memorial on Red Hill, Ima Keithel Womens Market are few of the places in the city that are worth visiting. The economy of Imphal is primarily agrarian. The soil and the climatic conditions support the cultivation of various grains, oilseeds, fruits and vegetables. The handloom and handicraft industry is the largest cottage industry in the city and excels in weaving as well as cane and bamboo crafts. Tourism also fuels the citys economy.
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.