Public sector lender, Indian Overseas Bank is eyeing to enter into the IT sector by way of joint venture with some Indian IT company. The bank aims to offer consultancy services to customers through this venture.

The product planned to be offered will be core banking solution (CBS) and other softwares.

IOB has come up with unique in house developed core banking solution which has been spread across all its 2026 branches.

Regarding this venture, proposals have been sought from IT companies.

"To capitalise on the domain knowledge and software development skills of its IT team, the bank wants to form a joint venture company (JV) with an information technology company, registered in India. The bank plans to sell its CBS and other software through such a joint venture and has a well-defined product roadmap for the same. The bank has called for an expression of interest and short listed prospective IT companies for forming a JV," IOB said.