Kolkata or Calcutta is a 350-year-old metropolis which is not only the capital of the Indian state of West Bengal but was also the erstwhile capital city of India. Kolkata is located on the bank of the Hooghly River, and the city is undoubtedly the principal cultural, educational and commercial center of East India. The Port of Kolkata on the Hooghly River is the oldest operating river port in India. The British East India Company had primarily developed the city after a long era of the Nawabi Rule. The native Bengali inhabitants of the city consider Kolkata to be India?s intellectual, artistic and cultural capital. Often called the "City of Joy," this friendly city and its friendlier people are extremely passionate about their culture and heritage, Tagore, politics and literature. Kolkata experiences a hot and sultry summer and a moderately cold winter. The city celebrates almost every Indian festival and gets especially decked up in autumn during the Durga Puja. A typical street in Kolkata consists of distinctively close-knit neighborhoods, freestyle intellectual exchanges, old yellow ambassador taxis, street food joints and sweet shops. North Kolkata hosts the older neighborhoods with huge old-fashioned houses and narrow streets, whereas South Kolkata is home to the posh and upscale Bengalis. Central Kolkata has the central business district; East Kolkata is the new and upcoming area of the city that is randomly developing.
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.