Anand is the administrative center of the eponymous district in the Indian state of Gujarat. It is situated in the Charotar region which consists of the Anand and Kheda Districts. This city is popularly known as the Milk Capital of India as it was the seat of the milk revolution started by Verghese Kurien who established the first plant of AMUL at Anand in 1946. The Head Office of Gujarat Cooperative Milk Marketing Federation Ltd is located in Anand. There are many other reputed organizations based in this area such as NDDB of India, Vidya Dairy, the Institute of Rural Management Anand and the Anand Agricultural University. Vallabh Vidhyanagar, an educational suburb of Anand, is home to thousands of students from all over India. The vibrant economy of the Anand ranges from farming to large-scale industries. Major crops that are grown in the area are tobacco and banana. Dairy farming is the leading source of economy in Anand. Vitthal Udhyog Nagar, a huge industrial belt located on the outskirts of Anand, has many famous industries such as Elecon Engineering, Vulcan Industrial Engineering Co. Ltd, The Charotar Iron Factory, Milcent and Atlanta Electrics and Warm Steam, etc. Three thriving vegetable markets have developed in this city. Anand houses around 3 lakh residents who speak mainly in Gujarati and also in Hindi.
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.