Indian Overseas Bank Sets Bold Vision for 2047

Indian Overseas Bank, a public sector entity, is strategically planning for the year 2047 to align with India's growth aspirations. M Nagaraju, Secretary at the Department of Financial Services, emphasized the importance of serving customers with innovation and integrity.

At a recent event, significant initiatives were unveiled, including the introduction of WhatsApp-based banking services and Re-KYC through Banking Correspondents. These measures aim to improve customer service and the overall efficiency of the bank's operations. The bank's Managing Director and CEO, Ajay Kumar Srivastava, also attended the launch.

A notable innovation is the QR-based Real-Time Customer Feedback System. This new tool, monitored centrally, enables immediate feedback and swift corrective action when needed. It also highlights positive customer experiences to reward outstanding staff performance. These efforts underscore the bank's commitment to digital transformation and financial inclusion.

(With inputs from agencies.)