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PUNE: Deposits to the tune of Rs 6 crore, aided by 1,000 new accounts in just five days, has lent unexpected buoyancy to the economy of the Chennai-based Indian Overseas Bank (IOB) that took over the Shree Suvarna Sahakari Bank (SSSB) and started operations of the acquired branches on May 20. Generating confidence among the SSSB's customer base of 2.5 lakh depositors, the IOB also had 10,000 fixed deposits (receipts) worth Rs 1 crore renewed in the first five days of the merger.
"There were days when depositors of the SSSB were looking forward to withdrawing their deposits once the bank's merger...