Indian Overseas Bank

Directors' Report : 1970 The year 1970 witnessed a phase of continued expansion lor the banking industry functionally, geographically and in terms of deposit growth and credit extension. The number of commercial bank branches crossed the 10,000 mark and stood at 11.184 at the end of 1970. During the year, 2,134 new branches were opened against only 1,389 in 1969 and 877 in 1968, A great majority of the new branches were located in rural and semi-rural centres which were exposed to modern banking for the first time. Aggregate bank deposits rose by Rs 798 crores or 16.4% compared to an increase of Rs 656 crores or 15.5% in 1969. Bank credit, however, grew even faster