Mr.

Partha Pratim Sengupta 27-7-2020

MD & CEO
Indian Overseas Bank
Central ofce
CHENNAI 600 002.

Respected Sir
‘

Hearty Welcome to IOB

–a space for ‘Good People To
Grow With’

IOB has a distinct culture. Its ingredients are informality and

free interaction at all levels, no hierarchical barriers in
1
working relationship, ample freedom for experimentation, a
strong family feelings among employees, challenges accepted
as a matter of fact, success achieved even in adverse
circumstances and unhelpful environment, hard work as a
way of life, tolerance to dissent but enforcing discipline
strictly, concern for people within and outside, strongly
manifesting in action. Such an organizational culture allows
people to develop their potentials and further their growth.

To every man there comes in his lifetime that special moment

when he is guratively tapped on his shoulder and offered to
do a special thing unique to him and tted to his talent. Such
a special moment is bestowed upon us with you donning the
mantle of IOB. We felicitate you on your elevation as MD &
CEO of ‘Good People to Grow With’ which only singularly
fortunate and Akamai ,multitalented broad and open minded,
progressive, exible, objective, unbiased and amenable .person
get chance to take our mantle .
We are condent that IOB an iobians will grow with your
insight, experience and vision.

Often one hears of IOB family, IOB culture, IOB tradition, IOB
Industrial Relations which stands apart from the rest of the
crowd. Yes, IOB has been a family of Good People to grow
with, which has culture of itself because irrespective of cadres
and categories there has been always oneness in thinking and
feeling on everything. There is perfect understanding between
employer and employee, which is actualized by the
progressiveness of our Union. Rapport of high standard has
been maintained cutting across cadres irrespective of caste,
creed, religion, nationality, etc. The respect for the Bilateralism
maintained steadfastly throughout by all executives. They with
their vital grasp of human labour and the legitimate and critical
need to remain united through cooperative work have brought
about a paradigm shift in healthy industrial relations.

There has been mutual rapport and coordination resulting in

cooperation among all sections of the employees’ right from
Top Echelons in the Bank.

2
Dissipation of ssiparous tendencies were countenanced
particularly by the Management than the Union themselves in
accordance with the spirit of recognition status accorded to us.
The Bank as whole has always functioned as a well-knit unit,
which has resulted in the Bank’s growth in all major
parameters this year.

We believe in the conviction that ‘our duties are

management rights and management duties are our
rights’ .As leaders we had set an example to others by taking
the under mentioned progressive steps unto ourselves in times
of our bank’s crisis ever since our bank came under the
purview of PCR framework , thinking and acting creatively in
difcult situations.

Ø Mobilisation of CASA: We camped for months in the

shanty slums of Dharavi and canvased over 10000
accounts during the PCR period

Ø Recoveries: We were the part of the most active

recovery force of our Regional Ofce and together
ensured massive recoveries, using different strategies to
difdent defaulters which the entire recovery team ofcial
in charge will vouch far

Ø Stock option: ensured that 100% of our members to

subscribe to IOB Employees Stock Option Scheme. We
are glad that the value of our shares has increased this
month silencing the doom prophets.

But we are equally seized of the fact that we cannot be

oblivious to the winds of change blowing across the globe and
ignore signals being sent by the environment. In pursuit of
taking IOB to the pinnacle of glory we shall bridge the
chasm between what we can and we ought to do in this
regard.

With this message to our members, reinforcing our sincere

admiration and abiding love we extend you our best wishes and
cooperation on your covetous assignment. The task of yours is
both easy as well as difcult. The task is easy because of the
3
fruition of collective efforts of your processors steering the
loss-making IOB into protability. After making losses
continuously for the last eighteen quarters, IOB reported a net
prot of Rs.144 core for the fourth quarter of FY’2020, paving
the way for the bank to come out of the prompt corrective
action (PCA) imposed by the RBI, some ve years ago. IOB had
reported a net loss of Rs 1,985 crore in Q4 of the last nancial
year and a net loss of Rs 6,075 crore in the last quarter,
sequentially.

Your task is difcult because of the expectation of the necessity

to further build and continue to build on this experience and
collective efforts of iobians in these difcult days Banking
Industry is passing through to resurrect the bank to
preeminent days of 2007 when IOB was declared as number
one Public Sector Bank.

All of us at the IOB look forward to continuing the quality

customer service that you have come to expect. The magic
wind that IOB applies to distinguish itself equitably in the
industry are;
Alertness: Being aware of the services that customers want
from us
Attentiveness: showing the worth of our customers by giving
them undivided attention.
Availability: Making our own priorities secondary to the wishes
of our clients
Creativity: Generating new ideas that inures the customers’
business prospects
Deference: Limiting our freedom in order not to offend our
cherished customers
Dependability: Fullling what we promise our shareholders,
customers and all other stakeholders
Discernment: Understanding the deeper reasons why our
clients behave in a particular way and respond to them
accordingly
Enthusiasm: Expression of joy in all tasks that we perform for
our clients by giving off our best

4
Flexibility: Willingness to change our activities to the direction
of our stakeholders
Endurance: We endure in all situations to remain steadfast in
serving our clients through our inward strength

One thing that has not changed in nearly over 75 years is our
commitment to our customers IOB prides itself on building
lifetime relationships with our customers and we support
multiple communities with charitable giving and volunteerism.

In business circle everyone is paid in two coins, experience

and cash. We shall avail of the experience of a "Professional
Banker" like you who has more than three decades of
experience with an India’s premier bank SBI having served in
various capacities in different geographies and has hands-on
experience both in retail and corporate bankingand churn out
CASH with our devotion to duty. Be rest assured that with the
spirit of continued collective cooperation and consensus, we
shall further ‘consolidate’ our gains during your purposeful
tenure. We take s your reciprocal cooperation as granted.

We hope that you will develop—early—a clear transition

communications strategy, both for internal and external
audiences, recognising that what appears in the external media
has a bigger inuence on internal and board perceptions than
you might initially think.

It is our ardent wish to meet you in person to covey our

felicitations. But because of pandemic Corona restrictions and
since we are stationed at Mumbai we have to deny ourselves
the privilege & pleasure of the same. Kindly treat this letter as
felicitations to your coveted assignment in person .We shall be
highly obliged if your good selves can arrange for video
conference with us to catch up with you soon
.