Bhilwara, a town in the Mewar region of the Indian state of Rajasthan, is the 7th largest city in the state. The city has several seasonal rivers like Kothari, Menali, Bedach, Banas, Khari and Mansi meandering through it. The city depends upon its ponds and dams for irrigation. The major industry in Bhilwara is textiles. There are more than 850 textile manufacturing units that specialize in the synthetic fabric used in trousers. Bhilwara is also the one and only center in India that produces insulation bricks. The city has around 33 units for it. Bhilwara also has a thriving mining industry in which large-scale mining is done for sandstone, soapstone, feldspar, quartz, China clay, mica, etc. The city has recently caught the attention of the iron ore industries as it has enormous deposits of low-grade iron. A huge plant for iron ore mining and beneficiation has been set up at Bhilwara recently, which has made this city a magnet for all the major steel companies of India and has simultaneously made Rajasthan an important name for the steel industries of the country.
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.