Indian Overseas Bank has signed a memorandum of understanding with the Indian Institute of Banking and Finance to jointly offer e-learning solutions to bank employees. IOB Chief Compliance Officer Nataraj Karyampudi exchanged documents with IIBF Director (Academics) S Muralidharan in the presence of the public sector bank's Managing Director and CEO Ajay Kumar Srivastava here. 

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"The primary objective of this MoU is to enhance the compliance culture of the banking sector by bringing initiatives to the grassroots level, exhibiting zero tolerance towards non-compliance and sensitizing all staff members on its importance," the press release from the Chennai-headquartered bank said on Tuesday. 

The Indian Institute of Banking and Finance has developed a customized course for the employees of IOB. 

After successful completion of an examination, the staff would receive a certificate from IOB and IIBF, the release said. 

The collaboration underscores the commitment of both institutions to elevate banking education and foster a culture of compliance within the industry. 

Meanwhile, in another statement, IOB said it has revised interest rates on Rupees Retail Term Deposits up to 80 basis points with immediate effect. 

"Depositors will get an interest rate up to 7.65 per cent (conditions apply) for fresh term deposits opened for a period of one year and less than two years," the bank said.