Muzaffarnagar is a city as well as a municipal council in the Indian state of Uttar Pradesh. It is a part of the National Capital Region. It lies in the Doab region of Indo-Gangetic Plain. A Mughal Commander by the name of Sayyid Muzaffar Khan founded the city near the ancient town of Sarwat in 1633 during the reign of Shah Jahan. The native language of the city is Khari Boli, which is a prestigious dialect of Hindi. It resembles the Haryanvi dialect of Hindi. The economy of Muzaffarnagar depends upon the sugar and jaggery production. The farming activities in the area are focussed on jaggery and the city boasts of its huge jaggery trading business. There are eight sugar mills in the district of Muzaffarnagar. Apart from sugar and jaggery, Muzaffarnagar is also known for its production of steel and paper. The famous Shiv Chowk at the center of the city attracts many devotees of Lord Shiva during the Maha Shivratri ceremony every year. The city is known for its delectable cuisine, especially the chaats and sweets like "ghevar" are wildly craved for.
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.