Public sector Indian Overseas Bank has launched the facility of issuance of e-BG (Electronic Bank Guarantee) scheme in association with the National e-Governance Services Ltd. The e-BG is an instrument issued by the city-headquartered bank in which the bank undertakes to guarantee a specific amount against the non-fulfillment of some action/performance of the applicant.
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Indian Overseas Bank (IOB) is an Indian public sector bank based in Chennai. It has about 3,214 domestic branches, about 4 foreign branches, and a representative office. The bank was founded in February 1937 by M. Ct. M. Chidambaram Chettyar with twin objectives of specializing in foreign exchange business and overseas banking, it has created various milestones in Indian Banking Sector.
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