Indian Overseas Bank and Indian Institute of Banking & Finance Join Forces for Enhanced Compliance Education

On the 12th of January 2024, Indian Overseas Bank (IOB) and the Indian Institute of Banking & Finance (IIBF) marked a significant milestone by signing a Memorandum of Understanding (MoU). The ceremony, held at IOB’s Central Office in Chennai, witnessed the august presence of Shri Ajay Kumar Srivastava, MD & CEO of IOB, along with esteemed dignitaries.

The MOU, signed by Shri Nataraj Karyampudi, Chief Compliance Officer of IOB, and Dr. S Muralidaran, Director Academics of IIBF, signifies a collaborative effort towards the development of a customized E-Learning and Certification Program on Compliance for employees of Indian Overseas Bank.

The distinguished guests present at the event included Shri Biswa Ketan Das, CEO of IIBF, Shri Sanjay Vinayak Mudaliar, Executive Director of IOB, Smt. S Srimathy, Executive Director of IOB, Shri Pritam Kar, Deputy Director Academics of IIBF, and Shri Govindrajan, PDC Head South of IIBF.

The primary objective of this MOU is to enhance the Compliance Culture of the Bank by bringing compliance initiatives to the grassroots level, exhibiting zero tolerance towards non-compliance, and sensitizing all staff members on the importance of compliance.

As a pivotal component of this collaboration, IIBF has developed a customized courseware in the form of an e-Book for IOB employees. The certification process will be conducted through remote proctored mode, ensuring a seamless and secure examination environment. Upon successfully passing the examination, staff members will receive a certificate jointly signed by officials from IOB and IIBF.

This collaboration underscores the commitment of both institutions to elevate banking education and foster a culture of compliance within the industry. The IOB and IIBF look forward to the positive impact of this initiative on the professional development of IOB’s workforce and the broader banking community.