Ongole is located in the Prakasam district of the South-Indian state of Andhra Pradesh. The city operates as a municipal corporation as well as the headquarters of the Prakasam district. Ongole also serves as the headquarters of the Ongole mandal in the Ongole revenue division. The city is known for its Ongole cattle, which is a breed of oxen and is a part of the worlds major zebu cattle breeds. The narrow streams of the Gundlakamma river pass through the city. Ongole has around 2 lakh residents who speak in Telugu. Agriculture fuels the economy of Ongole. The city is a center for trading tobacco in Andhra Pradesh. Many units of Galaxy Granite polishing provide a huge employment source to the residents of Ongole. The famous Ongole bulls are actually a breed of Oxen. These animals are exported to various countries. The Brahman bull found in America is considered to be an off-breed of the Ongole. Such off-breeds are found in Malaysia and Brazil too. The original breed of this animal is found in a tiny region around the town, in between the Gundlakamma and Musi Rivers. Ongole is also known for its beautiful parks and educational institutes.
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.