The city of Bhusawal is also a municipal council in the Jalgaon district of the Indian state of Maharashtra. Situated near River Tapi, Bhusawal is the second largest town in the district. The city lies very near to the great and famous Ajanta Caves. Major industrial facilities at Bhusawal include the Bhusawal Thermal Power Station, two Ordnance Factories, Orient Cement Grinding Unit, a depot of Indian Oil Corporation Limited, Electricity Locomotive Workshop, etc. Bhusawal is known for its cultivation of bananas. Traders buy raw bananas from Bhusawal and export them across the world. This city is also known for the production of its special white brinjals that are grown locally. Bhusawal Junction railway station is a divisional headquarters of Central Railway and has good rail services. The population of this city is within a lakh and the residents mostly speak in Marathi.
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.