REPORT ON

INTERNSHIP TRAINING UNDERTAKEN AT

INDIAN OVERSEAS BANK

(PURASAWALKAM BRANCH)

SUBMITTEDIN PARTIAL FULFILLMENT

FOR THE AWARD OF DEGREE

BACHELOR OF COMMERCE (HONS)

BY

J. SREEVARTHINI
REGISTRATION NO.: 2113321038041
BACHELOR OF COMMERCE (HONS)
ETHIRAJ COLLEGE FOR WOMEN
Chennai - 600008
2022 - 2023

DATE OF SUBMISSION:16/08/2022
DECLARATION

I hereby declare that the internship training undergone at the INDIAN OVERSEAS BANK
from 27thJune 2022 to 16thAugust 2022 for the reward of the degree of Bachelor of Commerce
(Hons) submitted by me, is a record of original work done by me.

J. SREEVARTHINI
Registration No.: 2113321038041
Date: 16/08/2022

Dr. L. LOURDES ANGELINE ABILAKSHA Tmt. R.RAJARAJESHWARI

Head of the Department Assistant Professor
Department of Commerce (Hons) Department of Commerce (Hons)
ACKNOWLEDGEMENT

I would like to express my gratitude and thanks to Dr. Tmt. S. KOTHAI, M.Sc., M.Phil., Ph.D.,
Principal and Secretary In-charge of Ethiraj College for Women, who has encouraged us in all
ventures. I also express my thanks to the Head of the Department, Dr. Tmt. L. LOURDES
ANGELINE ABILAKSHA who has been an integral part and has helped and given guidance
during this period. I express my humility to my guide and mentor, Tmt.IMMACULATE
CYNTHIA, Assistant Professor, Department of Commerce (Hons).

I would like to express my gratitude and respect to Shri. SUBHASISHGIRI, Chief Manager,
Indian Overseas Bank, Purasawalkam Branch for making the training program, an intellectual
and learning experience.

J. SREEVARTHINI
Registration No.: 2113321038041
Date: 16/08/2022
 CONTENT

1.0 Introduction ……………………………………………………………………………………………………………………………………………………………………………………………………….……………………………... 1

2.0 Type of banking ……………..………………………………………………………………………...………………………………………………………………………………………….…………..………………………… 2
3.0 Banking system in India …………………………………………………………...………………………………………………………………………………………….…………..…………………………… 3
4.0 Indian Overseas Bank and its services ………………………………………………………………………………………………….……………………………………………….... 5
4.1 About the Indian Overseas Bank
4.2 Board of directors
4.3 Journey and Milestones
4.4 Mission and Vision
5.0 Branch profile …………………………………...………………………………...……………………………………………………………………………………………………………………………………………………...…. 8
5.1 Loans offering by the branch
6.0 Training and experience ……………………………………...……………………………………………………………………………………………………………………………………………………...…. 11
7.0 Conclusion ……………………………………………………………………………………………………………………………………………………………………………………………………...………………………………….. 14
8.0 Bibliography …………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 15
1.0 INTRODUCTION
The term ‘Bank’ is derived from the French word ‘Banco’ which means a Bench or Money
exchange table. In olden days, European money lenders or money changers used to display
(show) coins of different countries in big heaps (quantity) on benches or tables for the
purpose of lending or exchanging.

Oxford Dictionary defines a bank as “an establishment for custody of money, which it pays
out on customer’s order.”According to Professor Sayers, “A bank is an institution whose
debts are widely accepted in settlement of other people’s debts to each other.” In this
definition Professor Sayers has emphasized the transactions from debts which are raised by a
financial institution.

According to the Indian Banking Company Act, 1949, “a banking company means any
company which transacts the business of banking. Banking means accepting for the purpose
of lending or investment, of deposits of money from the public, repayable on demand or
other wise and withdrawable by cheque, draft or otherwise.”This definition throws light on
the three major functions of a bank.

A bank is a financial institution that provides banking and other financial services to their
customers. A bank is an institution which provides fundamental banking services such as
accepting deposits and lending loans. As financial intermediaries, banks stand between
depositors who supply capital and borrowers who demand capital. When banks accept
deposits its liabilities increase and it becomes a debtor, but when it makes advances its assets
increases and it becomes a creditor.

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2.0 TYPES OF BANKING

 Branch Banking
 Unit Banking
 Mixed Banking
 Chain Banking
 Retail Banking
 Wholesale Banking
 Relationship Banking
 Correspondent Banking
 Universal Banking
 Social Banking
 Virtual Banking
 Narrow Banking
 Islamic Banking
 Shadow Banking

Branch Banking:Branch Banking involves business of banking via branches. The branches
are set up under Section 23 of Banking Regulations Act, 1949. Branch Banking refers to a
system in which a bank provides banking services through a wide network of branch offices.
If a bank has ten branches in a city, account-holders can choose a nearby branch to make
deposits, withdrawals and avail of other services.

Unit Banking:Unit Banking is a system of banking wherein a bank operates in a limited
area, does not open any branches in other places and is more responsive to local needs. These
independent and isolated units have to take care of the entire banking operations and
maintain good health.

Mixed Banking: Mixed Banking is an approach where banks undertake both commercial
and industrial banking and is a popular banking model in countries like Germany and Japan.

Retail Banking:Retail banking, also known as consumer banking or personal banking,

is banking that provides financial services to individual consumers rather than businesses.
Retail banking is a way for individual consumers to manage their money, have access to
credit, and deposit their money in a secure manner.

They are commercial banks, credit unions, and certain investment funds that offer retail
banking services

Universal Banking:Universal banking is a system in which banks provide a wide variety of

comprehensive financial services, including those tailored to retail, commercial, and
investment services. Universal banking is common in some European countries, including
Switzerland.

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3.0 BANKING SYSTEM IN INDIA
Banking in India forms the base for the economic development of the country. Major
changes in the banking system and management have been seen over the years with the
advancement in technology, considering the needs of people.

The History of Banking in India dates back to before India got independence in 1947 and is a
key topic in terms of questions asked in various Government exams.

The first bank of India was the “Bank of Hindustan”, established in 1770 and located in the
then Indian capital, Calcutta. However, this bank failed to work and ceased operations in
1832. 

During the Pre Independence period over 600 banks had been registered in the country, but
only a few managed to survive.

Following the path of Bank of Hindustan, various other banks were established in India.
 The General Bank of India (1786-1791)
 Oudh Commercial Bank (1881-1958)
 Bank of Bengal (1809)      
 Bank of Bombay (1840)    
 Bank of Madras (1843)   

During the British rule in India, The East India Company had established three banks:
1. Bank of Bengal;
2. Bank of Bombay; and
3. Bank of Madras and called them the Presidential Banks.
These three banks were later merged into one single bank in 1921, which was called the
“Imperial Bank of India.”

The Imperial Bank of India was later nationalised in 1955 and was named The State Bank of
India, which is currently the largest Public sector bank.

At the time when India got independence, all the major Banks of the country were led
privately which was a cause of concern, as the people belonging to rural areas were still
dependent on money lenders for financial assistance.

With an aim to solve this problem, the then Government decided to nationalise the Banks.
These banks were nationalised under the Banking Regulation Act, 1949. Whereas, the
Reserve Bank of India was nationalised in 1949.

Given below is the list of these 14 Banks nationalised in 1969:

1. Allahabad Bank               
2. Bank of India                          
3. Bank of Baroda
4. Bank of Maharashtra         

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 5. Central Bank of India
6. Canara Bank         
7. Dena Bank
8. Indian Overseas Bank
9. Indian Bank
10. Punjab National Bank                         
11. Syndicate Bank             
12. Union Bank of India
13. United Bank 
14. UCO Bank

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4.0 INDIAN OVERSEAS BANK AND ITS SERVICES

4.1. About Indian Overseas Bank:

 Indian Overseas Bank (‘IOB’) was founded on 10 thFebruary 1937 by Shri. M.Ct.M.
Chidambaram Chettyar,a pioneer in many fields.
 The Bank’s main objective was to specialize in foregin exchange business.
 IOB started business simultaneously - at Karaikudi, Chennai and Rangoon in Burma
(presently Myanmar) followed by a branch in Penang, Malaysia.
 At the dawn of dependence IOB had 38 branches in India and 7 branches abroad and
deposits stood at ₹6.64 Crore and advances at ₹3.23 Crore at that time.
 IOB was one of the 14 major banks that were nationalized in 1969. On the eve of
Nationalized in 1969,
 IOB has 3214 branches in INDIA with aggregate deposits of ₹67.70Crore and
advances of ₹44.90Crore.
 Bank presently has its overseas presence in 4 countries Singapore, Hong Kong,
Thailand and Sri Lanka.

4.2. Board of Directors:

At present, Indian Overseas Bank has Nine (9)directors in its Board, as below:

S.
Name of the Director Designation
No.
1. Shri Paratha PratimSenguputa Managing Director and CEO
2. Shri Ajay Kumar Srivastava Executive Director
3. Ms. S Srimathy Executive Director
4. Ms. Annie George Mathew Government Nominee Director
5. Shri Vivek Aggarwal RBI Nominee Director
6. Shri Navin Prakash Sinha Shareholders Director
7. Shri Suresh Kumar Rungta Director
8. Shri B Chandra Reddy Director
9. Shri Deepak Sharma Director

4.3. Journey and Milestones:

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 Year Journey and Milestone of IOB
1937 Opening of Bank Branch Simultaneously in India & Abroad
In Meity’s fortnightly scorecard for bank during FY2018-2019, for the
1938 Opening
fortnight Branch
ending in
15Kuala
th Lumpur2018, our bank secured a score of 70
September
1941 Opening
and was Branch
ranked infirst
Singapore
among public sector banks and ranked ninth
1945 amongst
Opening 56 scheduled
Branch commercial banks.
in Colombo
2018-19
1955 Opening Branch in Hong Kong
Under Digidhan Mission: bank has also been awarwed with Digital
1957 Bank established
payments awardsits2018-2019
own trainingforcentre
outstanding performance in POS
Inaugurationinof
deployment IOB’s head office in Mount Road, Chennai - A
Northeast.
1964
monument of highest banking tradition
1969 Nationalisation of the bank
1974 Official language department established
Bank moved its staff college premises to a own spacious learning zone
1991
at Koyembedu, Chennai
2000 Initial Public Offer (‘IPO’), follow on public offer in 2003
2005 Launched Debit cards
Launched Visa cards, Retail sale of Gold and Non-life joint Insurance
2006
Bank reached ₹1 Lac Crore mark in total business
2006-2007 Bharat Overseas Bank Limited was merged with IOB
2009 100% CBS
Number of branches in Tamil Nadu reached 1000, IOB celebrated
2011-2012
platinum jubilee
Received National Award for Excellence in MSME Lending and for
2012-2013 outstanding performance for implementing PMEGPprogramme in
south zone
Received bankers Vaniangudi opened on 17.08.2013 by Honourable
Finance Minister
IOB awarded Best Public Sector Lending by Dun & Bradstreet
The New Indian Express & Sunday Standards awarded the Best
2013-2014
Bankers Award
Agriculture Leadership Award 2013 Conferred to Indian Overseas
Bank
Award for Best RSETI in the Country Received by our RSETITanjore
IOB has Migrated from in-house CBS Software “CROWN” to Finacle
IOB adjudged Skoch Order of Merit for Finacial inclusion and
2015-2016
Automated Data Flow/MIS Project
IBA Award for the best use data
 Express intelligent PSU Award received for implementation of
CBS migration to Finacle 10.x Projects in India, Conferred
SKOCH Order of merit Award during 46thSKOTH summit.
 In May 2018 Bank received special award from NPCL in
recognition of excellent performance in Rupay, NFS ATM
2016-2017 network, CTS and NACH.
 In Feb 2019, Bank was declared WINNER by IBA for Best use of
Data analytics in the group of medium size Banks.
 In Mar 2019, DFS honored Bank with EASE Banking Reform
Page | 6 Awards 2019 - Winner award for deep ending financial inclusion
&digitalization
 4.4. Mission and Vision:
Mission:
The Core Values of IOB are Customer Centricity, Honest, Integrity, Fairness, and
Transparency, Innovation and Risk Appetite, Green Banking, etc., It endeavors to build
leaders for the Banking industry, Equipped with a team of skilled and dedicated
employees.

Vision:
It also seeks to attain global recognition, led by high standards of governance and ethics.
The bank focuses on emerging as the “most preferred banking partner” to unlock value to
all its stakeholders.

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5.0 BRANCH PROFILE
Indian Overseas Bank, Purasawalkam is also one of the important branches in Chennai. This
branch has more than 64500 account and also issuing pension like Chennai Corporation, Port
Trust, Government hospitals, Railway’s, MTS, PWD, Tele-communication department, etc.
This service has been offering by the Branch for past 65 years. The Branch has 21working
staff with the experienced Chief Manager (Branch Manager). The Branch is dealing the
foreign exchange also for both export and import. All type of the loans are also providing to
the customers. The Locker, DD, BC, Gold coins etc., are the notable facilities available in
this branch.

Department No. of staff

Chief Manager 1
Supervising staff 4
Retail mart 3
Staff clerical 7
Staff subordinate 2
Security 4

Other Branch details

IFSC IOBA0000075
MICR Code 600020009
Branch Code 000075 (Last Six Characters of IFSC Code)
Branch Purasawalkam, Chennai
Address 15, Hunters Road, Doveton, Chennai - 600012

5.1. Loans offering by the branch

IOB Clean Loan

A personal loan by Indian Overseas Bank aimed at individuals for providing financial
aid concerning any purpose. This loan features low interest rates and fast approval times.

The eligibility criteria to be met in order for the institution to be able to sanction the loan
include the following:

 Applicants should be employees in government, public sector undertakings, reputed

private enterprises, firms, companies or the like and confirmed in service
 The applicant should be at least 21 years of age when the loan is being sanctioned
and shouldn’t exceed the retirement age of the employee with the repayment period
being considered
 The applicant should have a satisfactory conduct of account and good repayment
history with Indian Overseas Bank if he/she is an existing customer

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  The applicant’s take home salary, post the deduction of the loan instalment should be
more than 50% of the gross pay
 The above criteria are as per Indian Overseas Bank and might be subject to change
based on the financial institution’s discretion.

IOB Household Goods

 Purpose of loan
This loan is available for purchasing any household goods

 Eligibility 
The bank requires the applicants to meet the following parameters for this loan
 Age - minimum age 25 years, maximum age 60 years (at time of maturity of the
loan)
 Income - minimum regular income ₹75,000
 Work experience - 2 years of service in the same organization

Pension Loan:
 Category A
All Central Government, State Government, Defense, Railway and TNEBpensioners,
Retired IOBemployes, are come under the Category A pensioners.
 Category B
All Pilot Pensioners, such as state Govermentpentioners, pensioners of municipal
Corporations, Ex-gratia pensioners etc, are comes under the Category B.
 Category C
Family pensioners of all the categories for (eg) Staff members of our Bank, in
services, who are also pensioner under any of the above category are not eligible for
loan under his scheme

Vehicle Loan:Pushpakha (Car Loan)

Car finance for purchase of new as well as used car and two wheelers 90% of a cost of
new car and two wheeler and 75% cost of old car two wheeler or financed against
hypothecation of vehicles. Repayment shall be 60 EMI for New car and 36 EMI for Old
car.

Eligibility:
Permanent Employment
 A Government Office
 A Public Sector Undertaking
 A Reputed Private Enterprise
 A Self-employed Professional

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 Loan against Property:
Eligibility:
 Self Employed professionals like Doctors, Chartered Accountants, Engineers,
Architects and salaried employees of select Public and Private limited companies,
state and local bodies, Professors of colleges/Universities, High end IT employees
etc.
 Individuals of age 20 Years and above earning minimum salary/income of ₹30,000
monthly with a minimum of 2 year completed service in the same organization
Purpose
For any social/financial commitments, acquiring assets, etc.

Loan of MSME(Micro Small & Medium)

Processing of loan under MSME
MSME - Micro Small & Medium enterprises. A branch of the government of India in the apex
executive body for the formulation and administration of rule regulation and law relating to
Micro and Small , Medium enterprises in India the ministry of MSME is Narayan rane

Annual budget under the provided by Indian government is ₹6,552.61 Crore.

Loan & under MSME:

Bank and financial institution are provided funding maintenance under this scheme so that the
can in turn lend collateral free credit to MSME.

Nature of Assistance:
Funding support to bank and financial institution for lending collateral - free credit to MSME.

Eligibility to apply:
Bank and financial institution can apply to office DC-MSME for available support .it needs
directly contract to respective bank for getting credit.

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6.0 TRAINING AND EXPERIENCE
I was trained for seven weeks in Indian Overseas Bank, Purasawalkam branch on various
roles and responsibilities from the handling the day to day banking operation to manage the
customers for their requirement including the opening of bank and loan accounts.

I have prepared the time-sheet on-daily basis, as below summary:

Week Period Nature of work/training

1 28.06.2022 to 02.07.2022 As summaried below
2 04.07.2022 to 08.07.2022 As summaried below
3 11.07.2022 to 16.07.2022 As summaried below
4 18.07.2022 to 22.07.2022 As summaried below
5 25.07.2022 to 30.07.2022 As summaried below
6 01.08.2022 to 06.08.2022 As summaried below
7 08.08.2022 to 12.08.2022 As summaried below
And on 16.08.2022 (Final day)

WEEK1
1. Pension list of July month was created in excel sheet by adding their names,
address,P.P.O.numberand took print out of those pages and pasted them in pension note
and was assigned to verify life certificate details from respected parties from month of
June.
2. CIBIL score reports generated as per the instruction given by first line Manager in the
Branch.
3. Feeding of CMA-Credit Monitory arrangement was done for the customer M/s. Sri Balaji
Enterprises with the help of Income-tax Returns (ITR) for the past three years andcurrent
year unaudited financials and projection/estimation for next four years.
4. Learnt how to write branch coverings and further process like dispatching the letters.
5. Processed an online vehicle loan which was applied by the customer M/s. Dhanalakshmi
Gas Agency in Indian Overseas bank online website.
6. Verified Import transaction with the support of bill of Entry with the physical copy
7. Learnt how to check eligibility for a clean loan applied by the customer with the
CIBILreport generated and with his income statement
8. Sent a letter regarding cancellation of payment of debt to the customers
9. Write the Letter to the Regional offices regarding internship and duly obtained the seal
and signature from the Chief Manager.

WEEK 2
1. The loans taken by the Customers were segregated based on their loan amount and their
date of application. Lost details was noted and assigned to intimated the same to the
customers to resubmit with the necessary details.
2. Verified KYC forms (Know Your Customer) which was submitted for various updating
such as address change, dormant accounts, signature update, name update, linking of
PAN and Aadhar.

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 3. Learnt how to verify New opening account for saving bank with original Aadhar and
PAN and copies attached by the customers.
4. Segregated the Debit cards in alphabetical order which was returned to the Bank.
5. Segregated assignments such as OBDF, IBDF, IR, OR, ADVP, etc.,
6. Learnt how to deal with customer and replying to their queries by sitting with one of the
clerical staff
7. Segregation of loan documents and arranging it in their respective departments

WEEK 3
1. Computised a housing loan and taken print out ofthe agreement papers which need to be
signed by thecustomer
2. Updated a customers’ loan details from official note
3. Segregation of documents of respective companies and arranging it in their file
4. Leant how to verify life certificates which is collected from the pensioners and attesting
seal in their passbook
5. Learnt about inward return cheques and outward cheque
6. Scanning of assignments such as OD
7. Scanning of export bills which were sent by customers of branch after completing
shipping of goods

WEEK 4
1. Calculation of rating who have got new loans so that their eligibility to repay their loan is
known.
2. Calculated GST rates and Gross sales from customers to calculate their profit ratio easily.
3. Segregated customers’ pension loan account based on active and non-active account.
4. CERCAIreport was generated to customers who have got new loan so that first
preference will be generated from our bank.
5. Analysedthe data regarding import/export and downloaded it form website for
verification for account.
6. Processed Swanidhi loan and handed over papers for authority signatures.

WEEK 5
1. Processed and verified Subhagraha loan with help of Aadhar, Pan and last three years of
ITR
2. Evaluation of BOE (Bill of Entries)
3. Analysedthe data regarding import/export and downloaded it form website for
verification for account.
4. Segregation of documents of respective Companies and arranging it in their file
5. Learnt how to write branch coverings and further process like dispatching the letters.
6. Feeding of CMA-Credit Monitory arrangement was done for the customer M/s. Devi
Prasad & Co with help of Income tax returns for the past three years and current year
unaudited financials and projection/estimation for next four years

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 WEEK 6
1. Processed an online Vehicle loan which was applied by Ocean Traders in Indian
Overseas bank online website.
2. Processed pension loan for EB(Electricity Board) pensioners.
3. Verified KYC forms (Know Your Customer) which us submitted for various updating
such as address change, dormant accounts, signature update, name update,linking of PAN
and Aadhar .
4. Passbook entries were done using QR(Quick Response) code.
5. CRRrating were taken based on past years IT Returns.
6. Computised a housing loan and taken print out of the agreement papers which need to be
signed by the customer

WEEK 7
1. Processed clean loan.
2. Re-entering of prime security by eliminating old values and updating it with new values.
3. Support to the Concurrent Auditorsto verify the KYC forms, voucher entires,cheque
transactions, etc.,
4. Computised a housing loan and taken print out of the agreement papers which need to be
signed by the customer
5. Verified new opening account for saving bank with original Aadhar and PAN and copies
attached by the customer.
6. Arranged different loans like Vehicle loan, Subhagraha, Pension loan, Education loan,
etc.,
7.

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7.0 CONCLUSION
Overall I have learnt the people management in the banking sector and how to deal with the
customers from various backgrounds,how to have good communication with higher officials,
it enhanced the multi-tasking skills and helped to improve our time managing system. I was
able to witness the banker-customer relationship and also understand the importance of bank
in the economic development of any country. I was able to have a clear glance at the banking
sector and learn useful concepts. I also got to learn the basics of the banker’s software,
Finacle. Adding to this we learnt how to handle pressure in hectic situation by working with
various designated staff. We involved ourselves in various tasks which take place everyday
and by using computers on daily basis we have got good improvement in computer skills.
Atlast I realized how banking system plays a vital role in an individual’s life in day to day
operation.

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8.0 BIBLIOGRAPHY

 https://www.iob.in
 https://www.iob.in/IOB_Genesis

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