Indian Bank 1
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Indian Bank, established in 1907 and headquartered in Chennai, India, is an Indian state-owned financial services company. With 20,924 staff, 6,089 branches with 5,022 ATMs, and 1,494 cash deposit machines, it serves over 100 million customers and is one of India’s top-performing public sector banks. As of 31 March 2019, the bank’s total revenue has crossed 430,000 crores (US$60 billion). Bank Information Systems and Security processes are certified with the ISO27001:2013 standard and are worldwide certified among very few banks. It has overseas branches in Colombo and Singapore, including Colombo and Jaffna’s Foreign Currency Banking Unit. In 75 countries, it has 227 Overseas Correspondent banks. The government of India has owned the bank since 1978. As announced on 30 August 2019 by Indian Finance Minister Nirmala Sitharaman, Allahabad Bank merged on 1 April 2020, making it the country’s seventh-largest bank.

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Indian Bank Company Profile

  • Name of Company: Indian Bank
  • Company Type: Public
  • Industry of this company: Banking Financial Services
  • Year Company was Founded: 1907
  • Founder of this company: Mr. S. Rm. M. Ramaswami Chettiar.
  • Headquarters: Chennai, Tamil-Nadu, India
  • Main Leaders in this company: Mr. Padmaja Chunduru (MD & CEO)
  • Subsidiaries: Indbank Merchant Banking Svc

Madras (now Chennai) was hit in the last quarter of 1906 by the worst financial crisis that the city had ever suffered. Of the three best-known British trade names in Madras in the 19th century, one crashed; a second had to be resurrected through a sale of distress, and a benevolent benefactor had to bail out the third. The soundest of the three was considered to be Arbuthnot & Co, which failed. Parry’s (now EID Parry), may have been the earliest of them, and the founders of Binny and Co. may have had the oldest associations with Madras, but it was Arbuthnot, founded in the 1810s, in the 19th century, that was the strongest business organization in the city.


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The Madras lawyer, V. Krishnaswamy Iyer, who founded the Indian bank, which was an offshoot of nationalist fervor and the Swadeshi movement, was a key figure in the Arbuthnot’s bankruptcy case when the then British Arbuthnot Bank collapsed and the Indian Bank emerged. Mr. V. Krishnaswamy Iyer sought help from Mr. Ramasamy Chettiar, who was the elder brother of Annamalai Chettiar, for the Nagarathar Chettiars. The first directors of the Indian Bank were Sri V. Krishnaswamy Iyer and Mr. Ramasamy Chettiar. Mr. Annamalai Chettiar was later admitted to the board of the Indian Bank in 1915. On 15 August 1907, with its head office in Parry’s Building, Parry Corner, Madras, it began operations.

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IB opened a branch in Colombo in 1932. It opened its second branch in 1935 at Jaffna in Ceylon but closed it in 1939. In the late 1940s, IB next opened a branch in Rangoon, Burma. IB then opened branches in Singapore, Kuala Lumpur, Ipoh, and Penang in late 1941. The demands of war forced the IB to close its branches in Singapore and Malaya for months. The closure of the Singapore branch resulted in a minor loss for IB; it was much more expensive to lose the branches in Malaya.


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The Second World War led to additional financial problems for the IB and it was forced to close a number of its branches in India in 1942, as well as its branch in Colombo.

Finance Minister Nirmala Sitharaman announced on 30 August 2019 that Allahabad Bank would be merged with an Indian bank. The proposed merger would create the nation’s seventh-largest public sector bank with assets of US$110 billion (US$8.08 lakh crore). The merger was approved by the Union Cabinet on 4 March 2020. On 1 April 2020, the Indian Bank assumed control of Allahabad Bank.

 

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