Udaipur is popularly known as the "City of Lakes." It is a major city in the Indian state of Rajasthan, which serves as the administrative headquarters of the Udaipur district. It was founded by the Rajput ruler Maharana Udai Singh II in 1559 and was the capital of the historic kingdom of Mewar in the earlier Rajputana Agency. The British annexed it into their territory as a princely state in 1818. The region became a part of Rajasthan after independence in 1947. The scenic city is surrounded by the Aravali Range, which separates it from the Thar Desert. Udaipur is a popular tourist destination. It is known for its ancient history, culture, spectacular locations and the palaces of the Rajput-era. It has a sophisticated lake system which earned it the nickname of the "City of Lakes." There are five the major lakes in and around the city. Udaipur is extremely popular for its huge historic forts, marvelous palaces, verdurous gardens, architectural temples, ancient structures, colorful festivals, traditional fairs, historical museums and galleries. Tourism primarily fuels the economy of Udaipur. However, smaller industries such as marble processing, chemical manufacturing, minerals, electronic manufacturing and the handicraft industry are also great contributors to the citys economy. A few popular tourist destinations in and around Udaipur are the renowned Jain Temple at Ranakpur, Chittorgarh, Mount Abu, Udaisagar Lake, Haldighati, Kumbhalgarh Wildlife Sanctuary, 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.