south Dumdum is an emerging city in the Indian state of West Bengal. It is a municipality in the Barrackpore subdivision of the North 24 Parganas district and consists of localities like Nagerbazar, Dum Dum Park, Lake Town, Bangur Avenue. The South Dumdum municipality was established in 1870. During the partition of Bengal in 1947, several refugees had migrated to this area from erstwhile East Pakistan. Initially, the bulk of refugees were mostly non-agriculturists and they made some vocational arrangements of their own by taking to squatting. They indulged in the forcible occupation of barracks and collectively took-over the private and government lands. By the year 1949, 65 refugee colonies had emerged in the area. Within very less time, these squatters not only found places to stay but also developed a properly functioning society with markets, schools, temples and eventually built colleges, hospitals and recreational centers. The South Dum Dum has over 4 lakh residents now. It has developed well with all civic amenities. It is mostly a residential city and most of the residents travel to the adjoining metro city of Kolkata for work.
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.