Navi Mumbai is a planned township in the Indian state of Maharashtra. It is a beautiful and well-organized city located in the Thane district towards the north-east of Mumbai. Navi Mumbai was originally planned in 1971 with an aim to decongest the great city of Mumbai. This new township is a fast developing residential and commercial area that offers all modern infrastructure and amenities. A considerable amount of commercial activities are being gradually shifted from Mumbai to this new township. Navi Mumbai flouts its organized roads that offer excellent connectivity. A new international airport at Navi Mumbai is currently under construction. Navi Mumbai is also famous for its many shopping malls and upcoming residential complexes. Most of the software companies that are operational in Maharashtra have opened their offices in Navi Mumbai. The government of Maharashtra has taken initiatives to set up IT parks at Navi Mumbai to cater to the growing demand or this rapidly growing city. It also helps declutter Mumbai and takes considerable pressure off it. Various educational institutions have come up in Navi Mumbai, offering courses in a variety of streams including engineering, medical sciences, hotel management, interior designing, etc. This young city has already become an active business hub since most of the MNCs based in Mumbai have set up their offices in this new city. Along with plenty of employment opportunities, this city offers entertainment and recreational facilities to ensure a comfortable life for the residents.
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.