Amidst reduced demand for credit, rising NPA worries and slump in the banking sector, one of the public sector banks in the country, Indian Overseas Bank (IOB), is on an expansion mode. The bank is set to open its 3000th branch in Vaniankudi in Tamil Nadu on Saturday which will be inaugurated by the finance minister P. Chidambaram. A day later, the bank will add another branch in Kothakottai.

In the last three years, the state-run bank has aggressively expanded its domestic presence by adding around 1,000 branches across the country. According to the bank’s chairman and managing director, M. Narendra, IOB has become the seventh largest public sector bank after it was nationalised in 1969.