Hospet, officially renamed as Hospete, is also known as Nagalapura. It is a heritage city in the Indian state of Karnataka. The city has flourished on the banks of the Thungabadra. Hospet was built by Krishnadevaraya of the Vijayanagar Dynasty in 1520 AD in the memory of his mother, Nagalambika. The people here are employed majorly in the cultivation of Ragi and other crops as agriculture is the main source of economy of this city. The administrative infrastructure of the city is done through its division into 23 wards that are serviced by elected representatives. Hospete has many educational institutions like Hampi University besides several other schools and colleges. Hospete is the gateway to Hampi, the famous UNESCO World Heritage site. Hospete is well-known as a tourist destination for its innumerable temples, forts and picturesque views which attract visitors from India and abroad. The Hampi Stone Chariot, Nandanavana Park, Virupaksha Temple, Shri Ramulu Park, Chakra Vana, Queens Bath, the Tungabhadra dam, etc. are places worth visiting in Hospet.
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.