IOB's Vision 2047: Aligning with India's Growth

Chennai, Jul 12 (PTI) Public sector Indian Overseas Bank must have a Vision for 2047 aligning with India's growth aspirations, M Nagaraju, Secretary, Department of Financial Services, Union Ministry of Finance, said.


He urged the city-headquartered bank to continue serving the evolving needs of its customers with 'innovation and integrity.'





Launching some of the key banking services at an event on Friday evening in the presence of the bank's Managing Director and CEO Ajay Kumar Srivastava, Nagaraju said the introduction of WhatsApp based banking services and Re-KYC (Know Your Customer) through Banking Correspondents would enhance customer service and overall performance of the bank.




"The Bank must have a vision for 2047, aligned with India's growth aspirations, to continue serving the evolving needs of its customers with innovation and integrity," he was quoted as saying in a press release on Saturday.

The other key initiatives launched by Nagaraju were the QR-based Real-Time Customer Feedback System, which is monitored centrally at the Customer Service Department of the Central Office of the bank. It is a seamless and accessible platform for customers to instantly share their service experience. Senior officials are alerted in real-time to enable swift corrective action, the bank said.


Positive feedback is also used to recognise and motivate employees who deliver exemplary services.

The WhatsApp-based banking services allow customers to check balances, obtain mini-statements and also locate branches of the bank. This service is available in regional languages, thereby promoting financial inclusion among rural and non-English speaking populations.

Indian Overseas Bank continues to strengthen its digital footprint with a customer-first approach, contributing actively to the Government of India's vision of a digitally empowered economy, the bank said.