Kolhapur is a city in the Indian state of Maharashtra. It serves as the administrative headquarters of Kolhapur District. Kolhapur has a vast historical and cultural background and is often recognized by its historical name of Karvir. Its history is marked by the rule of several dynasties who left their marks at various places in the city is marked in terms of palaces and other landmarks. The economy of the city is fuelled by manufacturing industries like textiles, leather and handicraft. Tourism and agriculture are the other two source of income for people in this city. The city is famous for its nation-wide popular Kolhapuri chappal, which is a hand-crafted buffalo leather slipper, locally tanned using vegetable dyes. Other handicrafts include manual block printing on textiles, silver goods, oxidized silver artwork, jewelry crafting, pottery, wood carving, lacquerware, brass sheet work and embroidery. The Marathi Film Industry is based out of Kolhapur and considerably contributes to the citys economic growth. The tourism industry draws devotees and tourists alike to this city. The city serves as a religious and tourist destination for Indians due to places like Mahalaxmi Temple, Jyotiba Temple, Siddhagiri Museum, Panhala Fort, Rankala Lake, 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.