Tuesday, 28 February 2017

Indian Overseas Bank to receive authorised capital of Rs 10,000 cr

Leading PSU bank, Indian Overseas Bank has informed in a filing to the Bombay Stock Exchange that as per Department of Financial Services, Ministry of Finance, Government of India, notification dated February 27, 2017, the authorized capital of the Bank is increased from three thousand crores rupees to ten thousand crores rupees in exercise of the powers conferred by sub-section (2A) of Section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, (5 of 1970). 

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