Indian Overseas Bank (IOB) and Punjab & Sind Bank have announced plans to raise a combined ₹7,000 crore through Qualified Institutional Placements (QIP) during the current quarter. These capital-raising initiatives are aimed at strengthening the banks' capital adequacy ratios and supporting credit growth. Indian Overseas Bank is set to raise ₹4,000 crore. The lender has secured all requisite regulatory approvals and is currently in the process of appointing merchant bankers to manage the share sale. Punjab & Sind Bank intends to raise ₹3,000 crore via equity capital. The bank has scheduled an Extraordinary General Meeting (EGM) for January 21 to seek shareholder approval for the proposed issuance.