Jaunpur is a town as well as a municipal board in the Jaunpur district of Uttar Pradesh. Jaunpur is located in the Purvanchal area, towards the northwest of the Varanasi district in the eastern part of the state. A greenfield airport is currently under construction in Jaunpur. Jaunpur was founded 1359 by the Sultan of Delhi Feroz Shah Tughlaq and was then known as Sheeraz-e-Hind. However, the ruler of Jaunpur soon broke off from the Delhi Sultanate and founded the Sharqi dynasty at Jaunpur and continued to rule for over a century till the Delhi Sultanate reconquered Jaunpur in 1493. It passed on to the Lodis and the Mughals and finally to the British after the Permanent settlement of 1779. Jaunpur has extremely fertile land due to the presence of five rivers namely Gomti, Sai, Varuna, Pili, and Basuhi. The Indian government initiated industrialization in 1976. The Satharia Industrial Development Authority was set up with more than 500 acres of land to promote industrial, commercial and social development. Pepsico India Pvt. Ltd and Hawkins Cooker Limited have their manufacturing units in this area. The area is dotted with great historical monuments and a few worth visiting are Shahi Quila Jaunpur Fort, Shahi Bridge, Jaunpur Atala Masjid, Jaunpur Jama Masjid, Lal Darwaza Masjid, etc.
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.