Public sector lender, Indian Overseas Bank has aims to increase contributions coming from its offshore operations to 15% of its total business this fiscal. So far the contributions from overseas business amounted to 10% of the total business.

The lender has plans to gain entry in Dubai and China this fiscal too.

So far the bank has 6 overseas branches in Seoul, Bangkok, Singapore, Colombo and two in Hong Kong. Also, it has representative offices in China and Vietnam.

"We are planning to open new branches in Dubai and China. We have already sought permission from the Reserve Bank of India (RBI) in this regard," Mr M. Narendra, Chairman and Managing Director, IOB, said.

Expansion plans to Africa, Australia and New Zealand is also on the cards for the bank.

"The new bank is expected to come up in another three months time," Mr Narendra said.