IOB opens 50th regional office at Tirupati, introduces tab banking

The 50th regional office of Indian Overseas Bank (IOB) was inaugurated here on Friday by Ajay Kumar Srivastava, MD & CEO of the bank in the presence of B. Chandra Reddy, Director, Anup Deo Rao Wasnik, Senior Regional Manager, Vijayawada and Sanjay Kumar Jha, Senior Regional Manager, Tirupati.

IOB introduced a new innovative account opening through tab banking services using facial authentication on the inaugural day. The service validates the customer's details by matching them with the biometric information in the UIDAI database.

Earlier IOB launched account opening in tab banking solutions by validating fingerprint data. The extension to facial recognition authentication aims to alleviate difficulties faced by customers with unclear fingerprints. This innovative process ensures immediate KYC compliance and allows instant opening of savings bank accounts and access to services such as internet banking, mobile banking, ATM cards, and cheque books within minutes. These services can be provided at the customer's doorstep, eliminating the need to visit any branch.

Speaking on the occasion, Ajay Kumar Srivastava stated that the inauguration of the 50th regional office in Tirupati perfectly aligns with IOB’s strategic goals to expand its branch network this fiscal year and deepen its presence in this region.

This milestone will facilitate a focused approach to delivering comprehensive financial solutions tailored to local needs, fostering new connections, and driving growth. He further highlighted that IOB Bank remains committed to continuous innovation and customisation of its banking products to meet the evolving needs of its customers. Notably, IOB has become the first public sector bank to offer account opening services via tab banking, employing advanced facial recognition and customer authentication technologies.