New Delhi: Public sector Indian Overseas Bank (IOB) has drawn up plans to set up 88 new branches across India this financial year, a top official has said.

The Chennai-headquartered bank under its expansion drive recently inaugurated a new branch in Nagapattinam and the 126th ATM in neighbouring Puducherry.

Indian Overseas Bank Managing Director and CEO Ajay Kumar Srivastava after inaugurating the 3,240th branch of the bank at the Medical College in Nagapattinam highlighted the bank's aggressive plans, a press release said here on Friday.

He stated that Indian Overseas Bank aims to open 88 new branches across India this year, with 8 branches targeted specifically in Puducherry, Cuddalore, Nagapattinam and Mayiladuthurai districts to serve the unbanked rural areas.

Indian Overseas Bank is committed to introduce innovative banking products to suit customer needs. The bank's total business crossed Rs 5 lakh crore, showcasing substantial growth, the release added.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)