Dharmavaram is situated in the Anantapur district of Andhra Pradesh. It functions as the divisional headquarter of the Dharmavaram revenue division and the Dharmavaram Mandal. The huge tank at Dharmavaram was built by Kriyasakthi Odeyar, whose mothers name was Dharmamba. The city has got its name there. Dharmavaram is known for cotton and silk weaving industries. The handloom silk sarees of Dharmavaram are popular all over South India. It is often called the silk City of Andhra Pradesh. The economy of the town is driven by the weaving industry. The major crop cultivated in this area is groundnut. Leather puppets are manufactured at Dharmavaram and the city is quite famous for it. Around 1.2 lakh residents live in Dharmavaram, who mostly speak in Telugu. Dharmavaram has adequate government schools to impart primary and secondary school education. It also has a few aided and private schools and colleges. The city has good connectivity in terms 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.