Indian Overseas Bank (IOB) has taken a significant step towards financial inclusion by partnering with Network People Services Technologies Limited (NPST) to implement UPI 123Pay, a voice-based payment system. This innovative solution aims to bring digital payment capabilities to a vast segment of the Indian population that has not yet adopted conventional UPI services.

Targeting the Underserved

The UPI 123Pay system is designed to cater to approximately 850 million Indians who have been left out of the digital payment revolution. This includes:

• 400 million feature phone users
• Smartphone users uncomfortable with digital interfaces

How UPI 123Pay Works

The system operates through a user-friendly process:

1. Users initiate a transaction by giving a missed call
2. They receive an IVR (Interactive Voice Response) callback
3. Transaction details are input through voice or keypad prompts

Key Features

• No Internet Required: Functions without internet connectivity
• Language Support: Available in 12 Indian languages
• Comprehensive Services: Offers balance checks, transaction history, and dispute resolution
• Security: Includes UPI PIN management for user protection

Bridging the Digital Divide

Deepak Chand Thakur, Chairman of NPST, described this initiative as a "transformative step toward an inclusive digital economy." The system's ability to operate without internet connectivity and its support for multiple languages make it particularly valuable for rural and semi-urban areas where digital literacy and internet penetration may be lower.

Future Prospects

NPST has indicated plans to further enhance the system's capabilities by integrating with AI platforms such as Alexa and Google Assistant. This could potentially expand the reach and functionality of UPI 123Pay, making it even more accessible to a wider range of users.

Implications for Financial Inclusion

The partnership between Indian Overseas Bank and NPST represents a significant move towards bridging the gap in digital financial services. By providing a voice-based alternative to traditional UPI apps, IOB is positioning itself to serve a large, previously untapped market segment.

This initiative aligns with the broader national goal of financial inclusion and could potentially accelerate the adoption of digital payment solutions among demographics that have been slow to embrace such technologies.

As the system rolls out, it will be interesting to observe its impact on transaction volumes and the expansion of IOB's customer base, particularly in regions where traditional banking services have had limited penetration.

Indian Overseas Bank (IOB) has announced the cancellation of its Extraordinary General Meeting (EGM) scheduled for November 20, 2025, following the receipt of only one valid nomination for the position of shareholder director. The bank's Nomination and Remuneration Committee has deemed the sole nominee, Shri G. Venkataramanan, fit and proper for the role, effectively electing him to the position.

Key Developments

• EGM Cancellation: The bank has called off the EGM as the election of a shareholder director was the only agenda item.
• E-voting Cancelled: The e-voting process, initially set for November 17-19, 2025, has been cancelled.
• New Shareholder Director: Shri G. Venkataramanan, 60, has been elected as the new Shareholder Director.

Profile of the New Director

Professional Background

Shri G. Venkataramanan brings a wealth of experience to IOB, having spent over three and a half decades in the life insurance industry. His career at Life Insurance Corporation of India (LIC) began in 1989 as a Direct Recruit Officer. Throughout his tenure, he held various significant positions, including:

• Head of Marketing and Customer Relationship Management for the South Zone
• Served at LIC's Corporate Office in the Marketing Department
• Concluded his career as Zonal Manager In-Charge of the South Zone, Chennai, at the rank of Executive Director

Appointment Process

The appointment of Shri G. Venkataramanan aligns with several regulatory requirements:

1. Indian Overseas Bank (Shares and Meetings) Regulations, 2003 (Amended up to 2008)
2. Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970
3. Banking Regulation Act, 1949
4. Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970
5. RBI Master Directions 2019 on 'Fit and Proper' Criteria for Elected Directors on the Boards of PSBs

Implications

This appointment marks a significant change in IOB's board composition. Venkataramanan's extensive experience in the insurance sector, particularly in marketing and customer relationship management, could bring valuable insights to the bank's strategic decisions and customer-centric initiatives.

The smooth election process, despite resulting in the cancellation of the EGM, demonstrates the bank's adherence to regulatory requirements and corporate governance practices. It also ensures continuity in the bank's leadership without the need for a potentially complex election process.

As IOB moves forward with its new shareholder director, stakeholders will be keen to observe how Venkataramanan's expertise might influence the bank's strategies and operations in the coming years.