Indian Overseas Bank (IOB) has announced that the Government of India (GoI) appointing Nirmal Chand as RBI nominee director.

S V. Raghavan, RBI nominee director, ceases to be a director on the board from the close of office/business hours of Mar. 12, 2014.

Shares of the bank gained Rs 1, or 2.18%, to settle at Rs 46.90. The total volume of shares traded was 74,314 at the BSE (Friday).