The Hindu Business Line : IOB sees Rs 70-cr fee-based income

INDIAN Overseas Bank (IOB) expects to earn about Rs 60 crore-70 crore of fee-based income this year, the bank's Chairman and Managing Director, Mr T.S. Narayanasami, told journalists on Friday.

Last year's figures were not readily available, but Mr Narayanasami said that current year's fee income would be substantially higher than last year's.

Mr Narayanasami said this on the sidelines of a meeting organised here to announce a tie-up between the bank and Cholamandalam Mutual Fund. The arrangement is for the bank to distribute Chola's mutual fund products.

In the current year, the bank plans to sell Rs 600 crore of mutual funds of various companies, which would earn the bank a commission income of over Rs 10 crore.

Meanwhile, it is learnt that the bank has decided to buy about 350 currency-counting machines. These machines cost between Rs 15,000 and Rs 1 lakh.

The bank has also tendered for a range of servers and peripherals. It also intends to build a data centre and a disaster recovery centre, which would be the hub of the bank's activities for its core banking software.

The data centre is to be set up for transformation of IT infrastructure and significant reengineering of the bank's business process, sources in the bank said.

The proposed data centre and disaster recovery site would support the bank's business processes, such as core banking solution, total branch automation, data warehousing, ATM and IOB's backbone IOBNET.

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