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Indian Overseas Bank (IOB) has informed BSE that the Board of Directors of the Bank at its meeting held on June 13, 2008, inter alia, has transacted the following :

1. Approved the Revised Audited Financial Results of the Bank as on March 31, 2008.

2. Considered and recommended a Dividend of 35% i.e., Rs 3.50 per Equity share of Rs 10/- each for the financial year 2007-2008.

The revised financial results and revised recommendation of dividend is being placed to the shareholders for their approval at the 8th AGM of the Bank to be held on June 14, 2008.

Indian Overseas Bank (IOB) has informed BSE that The Government of India, vide its notification dated June 10, 2008 and in exercise of the powers conferred by clause (b) of sub-section (3) of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 read with sub-clause (1) of clause 3 of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980, has nominated Smt. Vinita Kumar, (Economic Advisor, Department of Financial Services) as Director of the Bank in place of Dr. Shashank Saksena with effect from June 10, 2008 (being the date of GOI notification).

Indian Overseas Bank (IOB) has informed BSE that the Government of India, vide its notification dated May 16, 2008 and in exercise of the powers conferred by clause (a) of sub-section (3) of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980 read with sub-clause (1) of clause 3, sub-clause (1) of clause 8 of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980, has appointed Shri. Y L Madan presently General Manager, Canara Bank, as a whole time Director (designated as Executive Director) of the Bank with effect from May 16, 2008 (being the date of his taking over charge of the post) and till the date of his superannuation i.e. upto August 31, 2010 or until further orders, whichever is earlier.

Indian Overseas Bank (IOB) has informed BSE about the details of changes in the Central Statutory Auditors of the Bank for the year 2007-08.

Retiring Auditors :

M/s. C S Hariharan & Co., Chartered Accountants, Chennai.

Incoming Auditors :

M/s. Om Agarwal & Co., Chartered Accountants, Jaipur.

Indian Overseas Bank (IOB) has informed BSE that the Board of Directors of the Bank at its meeting held on March 29, 2008, has approved in principle the proposed takeover of M/s. Shree Suvarna Sahakari Bank Ltd., Pune (under moratorium) subject to due diligence evaluation and approval from the Regulatory and Statutory authorities concerned.

Indian Overseas Bank (IOB) has informed BSE that the Bank has been informed by the Indian Banks’ Association that the United Forum of Bank Unions (UFBU) has given a call for observance of a strike on February 25, 2008 and February 26, 2008 for certain demands. If the strike materializes, a section of the Bank’s employees may take part in the proposed strike on the said dates, in which case, the normal functioning of the branches / offices of the Bank may be affected.