Public sector lender, Indian Overseas Bank aims to introduce a financial services wing in the country by 2012. Apart from this the bank also harbors plans to set up branches exclusively focusing on gold loans.
Speaking about the plans, M Narendra, chairman and managing director, Indian Overseas Bank, said, "We have an approval from the Reserve Bank of India to start an NBFC. We will use this to offer a bouquet of products, including wealth management and other capital market services such as asset management and online broking. We will tie up with brokers."
The bank has requested for capital infusion from the government to carry forward its ambitious plans.
The government holds 61% stake in the bank. "The whole idea is to maintain the government share in the bank's equity capital at 61%," said Mr Narendran.