Davanagere is an emerging city in the Indian state of Karnataka. This city has been selected by PM Narendra Modi to be developed into a smart city under the ambitious flagship Smart Cities Mission. It is a cotton hub and has often been referred to as the Manchester of Karnataka. Currently, the city is commercially venturing into the fields of education and agro-processing industries. Located in the Maidan region on the Deccan Plateau, the city is often called the "Heart of Karnataka" as it is literally located in the center of the state. This city houses Asias 2nd largest irrigation tank known as "Shanti Sagar," which serves as a major water source for farmers in the region. There are roughly half a million residents in Devanagere who mostly speak in Kannada. The city is well connected to the rest of the state as well as the country through a decent network of roads and railway.
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.